UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
| Robert Griffith, Esq. |
Stephen H. Bier, Esq. | |
| Goldman Sachs & Co. LLC |
Dechert LLP | |
| 200 West Street |
1095 Avenue of the Americas | |
| New York, New York 10282 |
New York, NY 10036 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: March 31
Date of reporting period: March 31, 2024
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
| The Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds Annual Report March 31, 2024 Multi Sector Fixed Income Funds Bond Core Fixed Income Global Core Fixed Income Income Strategic Income
Goldman Sachs Multi Sector Fixed Income Funds
| ∎ |
BOND |
| ∎ |
CORE FIXED INCOME |
| ∎ |
GLOBAL CORE FIXED INCOME |
| ∎ |
INCOME |
| ∎ |
STRATEGIC INCOME |
| 1 | ||||
| 3 | ||||
| 30 | ||||
| 143 | ||||
| 150 | ||||
| 150 | ||||
| 158 | ||||
| 166 | ||||
| 173 | ||||
| 179 | ||||
| 186 | ||||
| 217 | ||||
| 218 | ||||
| 221 | ||||
Effective January 24, 2023, open-end mutual funds and exchange traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||||
Goldman Sachs Multi Sector Fixed Income Funds
During the 12 months ended March 31, 2024 (the “Reporting Period”), the performance of the global fixed income markets was broadly influenced by central bank monetary policies, interest rate volatility, inflation and other macroeconomic data, resilient corporate balance sheets and optimism about a soft landing1 for the U.S. economy.
In April 2023, when the Reporting Period began, global bond yields fluctuated in response to sticky inflation data, signs of moderating economic growth, developments in the banking sector and concerns over tightening credit conditions. The performance of spread, or non-government bond, sectors was rather flat overall, with better than consensus expected earnings and robust supply and demand providing support for investment grade and high yield corporate bonds. In May, spread sectors broadly weakened on concerns surrounding U.S. debt ceiling negotiations and banking sector stress. Heightened U.S./China geopolitical tensions, speculation about U.S. Federal Reserve (“Fed”) policy, the outlook for corporate earnings and growing focus on the rise of artificial intelligence also fueled market volatility. At their May policy meetings, the U.S. Fed, European Central Bank (“ECB”) and Bank of England (“BoE”) raised short-term interest rates. The Bank of Japan (“BoJ”) made no changes to its monetary policy. Market conditions improved in June, as investors priced in the view the U.S. would avoid recession. The Fed opted for a hawkish pause. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In other words, the Fed halted monetary policy action for the first time in more than a year but still maintained higher-for-longer messaging on interest rates.
July 2023 was a mixed month for global fixed income overall, as spread sectors delivered strong performance but sovereign government bonds faltered amid continued central bank tightening. The Fed, ECB and BoE each raised their policy rates during the month and stated that incoming data would determine upcoming monetary policy actions. In contrast, the BoJ relaxed its “yield curve control.”2 (Yield curve indicates a spectrum of maturities.)
During August, global fixed income sectors broadly weakened amidst deteriorating risk sentiment, driven in part by investor concerns about China’s property market and worries about softening economic growth in Europe. Investors also remained wary of inflation, as data indicated it might be stickier than consensus expected. Overall, developed markets’ central banks maintained a tightening bias. Yields rose, especially among developed markets sovereign bonds. The 10-year U.S. Treasury yield hit 4.36% on August 22nd, its highest level since 2007. Also in August, Fitch Ratings downgraded long-term U.S. sovereign debt from AAA to AA+, reflecting U.S. governance and medium-term fiscal challenges. September was a weak month for global fixed income. Although the Fed left short-term interest rates unchanged, policymakers suggested there would likely be one more rate hike in 2023. Global bond yields broadly rose, with the 10-year U.S. Treasury yield climbing above 4.5% for the first time since 2007. Meanwhile, investor concerns around China’s economy persisted. Weaker than consensus expected data reflected a short-lived service sector rebound, while exports remained soft and the country’s property sector slump continued.
Global fixed income assets broadly sold off during October 2023, as global bond yields rose to multi-year highs. In the U.S., the 10-year U.S. Treasury yield briefly breached 5% for the first time since 2007. The increase was driven, in our view, by better than previously anticipated U.S. economic growth prospects, which dampened market expectations for Fed interest rate cuts in 2024. November 2023 then saw the greatest easing of U.S. financial conditions in any month during the previous 40 years. Factors behind the easing included ongoing disinflation, soft landing optimism and expectations of a dovish Fed pivot. (Dovish suggests lower interest rates; opposite of hawkish.) Global bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points in November. (One basis point is 1/100th of a percentage point.) At both their November and December meetings, Fed policymakers left the targeted federal funds rate unchanged in a range between 5.25% and 5.50%. In December, the Fed signaled it may have reached the peak of its current monetary policy tightening cycle, with its median dot plot projection showing 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) Following the Fed meeting, U.S. financial conditions eased further, and the 10-year U.S. Treasury yield fell below 4% for the first time since August 2023. During the fourth quarter overall, the ECB, BoE and BoJ left monetary policy unchanged, though the BoJ further increased the flexibility of its yield curve control.
| 1 | A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. |
| 2 | The BoJ had introduced the yield curve control in 2016 to steepen Japan’s government bond yield curve and alleviate the impact on financial institutions of low longer-term rates. A steepening yield curve is one wherein yields on longer-term maturities become increasingly greater than yields on shorter-term maturities. |
| 1 |
Global bond yields continued to fluctuate during January 2024. They were, by turns, pushed up by hawkish Fed commentary and optimism about a soft landing and pushed down by progress on disinflation and expectations about potential central bank rate cuts. Although developed markets’ central banks maintained their policy stance during the month and indicated interest rate cuts were unlikely in the first calendar quarter, they generally removed their hiking biases from policy statements and signaled they expected policy rates to be lower at the end of 2024. In February, ongoing strength in the U.S. economy and improving investor sentiment in Europe boosted the performance of risk assets overall. Markets pulled back their expectations for the timing of central bank rate cuts, which sent government bond yields lower. However, in March, global government bond yields rose overall. Signals of strong U.S. economic growth and bumpy inflation led investors to anticipate the Fed would further delay its plan to cut interest rates. In fact, at its March policy meeting, the Fed opted to keep interest rates unchanged and delivered relatively dovish commentary. The ECB and BoE also remained on hold. In contrast, the Swiss National Bank cut interest rates, reflecting Switzerland’s disinflation progress. Lastly, and momentously, the BoJ raised interest rates—for the first time since 2007—and ended its yield curve control.
During the Reporting Period overall, spread sectors broadly produced positive absolute returns, with virtually all outperforming U.S. Treasury securities. Bank loans, high yield corporate bonds and sovereign emerging markets debt performed best. Investment grade corporate bonds, commercial mortgage-backed securities, asset-backed securities, mortgage-backed securities and agency securities also delivered positive returns, albeit to a more modest degree. U.S. Treasury inflation protected securities (“TIPS”) generated only a slightly positive return during the Reporting Period but still outperformed U.S. Treasury securities. Lower quality securities generally outperformed those of higher quality during the Reporting Period.
U.S. Treasury yields rose across the yield curve, with intermediate- and longer-term U.S. Treasury yields increasing more than shorter-term U.S. Treasury yields. The yield on the bellwether 10-year U.S. Treasury rose approximately 72 basis points to end the Reporting Period at 4.20%.
Looking Ahead
At the end of the Reporting Period, we noted growing normalization in economic data trends. In our view, low unemployment and disinflation were bolstering real wage growth, which, along with rising consumer confidence, should sustain consumer spending—a crucial driver of growth in major economies. Manufacturing activity appeared to be set for gradual recovery, supported by steady global economic growth as well as by anticipated central bank interest rate reductions. That said, we thought the range of potential outcomes was wide, amplified by uncertainties, including the lingering impact of higher interest rates and geopolitical instability.
Despite a bump in inflation early in 2024, we believed disinflationary conditions persisted at the end of the Reporting Period. In developed economies, consensus inflation expectations were stable, and the breadth of inflation had fallen, with extreme price rises in the U.S. and Europe becoming less common. Developed markets’ central banks, despite maintaining unchanged monetary policies in the first quarter of 2024, were signaling a dovish turn, provided inflation data did not surprise to the upside. Within emerging markets, we noted the pace of disinflation was accelerating, particularly in Central and Eastern Europe and Latin America—regions that had previously experienced the highest inflation rates. Overall, we thought emerging markets’ central banks would likely continue cutting interest rates. In our view, this trend would be helped if developed markets’ central banks cut their policy rates, as it would reduce the risk of emerging markets seeing currency depreciation.
Regarding the fixed income markets, at the end of the Reporting Period we thought the easing of central bank monetary policy, combined with solid private sector balance sheets and steady economic growth, should continue to support strong performance in spread sectors. That said, the landscape was not without its challenges. Downside risks to economic growth and upside risks to inflation and geopolitical instability underscored the importance of active security selection and the strategic role of government bonds and relatively safe-haven currencies, such as the U.S. dollar, in mitigating risks.
| 2 |
PORTFOLIO RESULTS
Goldman Sachs Bond Fund
Investment Objective
The Fund seeks a total return consisting of capital appreciation and income.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Bond Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 2.44%, 1.68%, 2.78%, 2.31%, 2.69%, 2.79%, 2.19% and 2.79%, respectively. These returns compare to the 1.69% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Bloomberg Index”), during the same time period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Within our top-down strategies, contributing most positively to relative results during the Reporting Period was the Fund’s cross-sector strategy. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. However, also within the cross-sector strategy, the Fund’s credit hedge, which pairs an overweight to corporate credit with an overweight to U.S. interest rates, detracted, as rates rose during the Reporting Period. |
| To a lesser degree, the Fund’s relative value country strategy also contributed positively, attributable primarily to long U.K., Sweden and Switzerland rates positions versus short Europe, Australia and Japan rates positions. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures. Tactical management of the Fund’s duration and yield curve positioning strategy boosted relative performance during the Reporting Period as well. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Our top-down currency strategy overall also contributed positively, albeit modestly, |
| to the Fund’s relative results during the Reporting Period, primarily due to the Fund’s U.S. dollar overweight. The currency strategy is primarily implemented via currency forwards. |
| Bottom-up individual issue selection overall generated positive results during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Implemented via our cross-sector strategy, the Fund’s sector overweights to corporate credit, both investment grade and high yield, and to collateralized loan obligations (“CLOs”) contributed most positively to its relative results. The Fund’s overweight to commercial mortgage-backed securities also added to the Fund’s performance. Partially offsetting these positive contributors was the Fund’s overweight to agency mortgage-backed securities, which detracted, especially during the third quarter of 2023. |
| Individual issue selection within the corporate credit sector enhanced the Fund’s performance during the Reporting Period. The Fund’s emphasis on lower quality credits and on the intermediate segment of the credit curve especially helped. Additionally, the Fund’s tactical allocation to the credit default swap index added to returns. |
| Individual issue selection within the securitized sector also contributed positively, driven by selection of asset-backed securities and non-agency mortgage-backed securities. |
| Individual issue selection within the government/swaps sector further boosted the Fund’s relative results due primarily to our U.S. Treasury versus swap relative value trade and the Fund’s forward steepener positions. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures. |
| 3 |
PORTFOLIO RESULTS
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by our systematic auction strategy and directional long position in U.K. rates. Throughout the Reporting Period, the Fund’s duration strategy was tactically managed with relatively small deviations from that of the Bloomberg Index. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options and currency forwards. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, federal funds futures, Treasury futures and other futures contracts were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund used CLOs, collateralized mortgage obligations (“CMOs”) and TBAs (“to be announced”) within its securitized selection strategy. |
| Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. During the Reporting Period, positions in CLOs, CMOs, credit default swaps, interest rate swaps, swaptions, TBAs and currency options contributed positively to relative results, while positions in forward foreign currency exchange contracts and Treasury futures detracted from relative results. |
| Positions in the remaining derivatives and similar instruments mentioned above did not meaningfully impact Fund performance during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | At the start of the Reporting Period in April 2023, we decreased the Fund’s overweight exposure to agency mortgage-backed securities following a strong rally in spreads, or yield differentials to duration-equivalent U.S. Treasuries, at the start of the calendar year. Then, from June through August 2023, we rather steadily added to the Fund’s overweight in agency mortgage-backed securities as we sought to take advantage of widening spreads stemming from rate volatility. Deteriorating valuations and weak economic growth led us to reduce corporate credit beta and adjust credit hedge pairing to move into a more defensive stance. (Beta is a measure of the volatility, or systematic risk, of a security or sector compared to the market as a whole.) |
| In September 2023, we moderated the Fund’s overweight to investment grade corporate credit given what we viewed as significant economic uncertainty. In November 2023, we reduced the Fund’s overweight to agency mortgage-backed securities following a rally off the back of a stronger macroeconomic picture. In December 2023, we sought to take advantage of the rally following the Federal Reserve’s dovish meeting that month to reduce the Fund’s overweight exposures to both agency mortgage-backed securities and corporate credit. (Dovish tends to suggest lower interest rates; opposite of hawkish.) We rotated some of this exposure into securitized credit where we believed there was attractive relative value. |
| Throughout the Reporting Period, the Fund held short exposure to Japanese interest rates on the expectation that the Bank of Japan would need to shift its monetary policy, i.e., tweak or abandon its yield curve control, due to inflation. We reduced this trade in the fourth quarter of 2023 and first quarter of 2024 as our view began to materialize and rates started to sell off. |
| Within the corporate credit sector, we held a bias for the Fund to be overweight BBB-rated securities throughout the Reporting Period due to what we saw as strong corporate balance sheets and our view that company management teams would be conservative with their capital in order to retain investment grade status. |
| 4 |
PORTFOLIO RESULTS
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective February 15, 2024, Lindsay Rosner, CFA, Managing Director-Head of Multi-Sector Investing, and Simon Dangoor, CFA, Managing Director-Head of Macro Rates Investing, began serving as portfolio managers for the Fund. Ron Arons, Managing Director, who has managed the Fund since October 2022, and Ashish Shah, Managing Director, Chief Investment Officer of Public Investing, who has managed the Fund since 2019, continue to serve as portfolio managers for the Fund. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | At the end of March 2024, the Fund had overweighted allocations relative to the Bloomberg Index on a market-value weighted basis in asset-backed securities, investment grade corporate bonds and, to a lesser extent, commercial mortgage-backed securities, high yield corporate bonds and non-agency CMOs. The Fund had underweighted exposure relative to the Bloomberg Index in U.S. government securities and quasi-government securities and held a rather neutral position compared to the Bloomberg Index in emerging markets debt. The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a modestly shorter overall duration compared to that of the Bloomberg Index at the end of the Reporting Period. |
| * | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages. |
| 5 |
FUND BASICS
Bond Fund
as of March 31, 2024
| FUND COMPOSITION* | ||||||||||
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| ~ | “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 6 |
GOLDMAN SACHS BOND FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Bond Fund’s 10 Year Performance |
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
2.44% | 0.60% | 1.40% | — | ||||||||
| Including sales charges |
-1.41% | -0.17% | 1.01% | — | ||||||||
|
|
||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
1.68% | -0.15% | 0.65% | — | ||||||||
| Including contingent deferred sales charges |
0.67% | -0.15% | 0.65% | — | ||||||||
|
|
||||||||||||
| Institutional |
2.78% | 0.93% | 1.74% | — | ||||||||
|
|
||||||||||||
| Service |
2.31% | 0.44% | 1.24% | — | ||||||||
|
|
||||||||||||
| Investor |
2.69% | 0.84% | 1.66% | — | ||||||||
|
|
||||||||||||
| Class R6 (Commenced July 31, 2015) |
2.79% | 0.94% | N/A | 1.53% | ||||||||
|
|
||||||||||||
| Class R |
2.19% | 0.34% | 1.15% | — | ||||||||
|
|
||||||||||||
| Class P (Commenced April 20, 2018) |
2.79% | 0.94% | N/A | 1.57% | ||||||||
|
|
||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 7 |
PORTFOLIO RESULTS
Goldman Sachs Core Fixed Income Fund
March 31, 2024
Investment Objective
The Fund seeks a total return consisting of capital appreciation and income.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 1.61%, 0.86%, 1.95%, 1.44%, 1.86%, 1.96%, 1.36% and 1.96%, respectively. These returns compare to the 1.69% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Bloomberg Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Within our top-down strategies, contributing most positively to relative results during the Reporting Period was the Fund’s cross-sector strategy. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. However, also within the cross-sector strategy, the Fund’s credit hedge, which pairs an overweight to corporate credit with an overweight to U.S. interest rates, detracted, as rates rose during the Reporting Period. |
| To a lesser degree, the Fund’s relative value country strategy also contributed positively, attributable primarily to long U.K., Sweden and Switzerland rates positions versus short Europe, Australia and Japan rates positions. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures. Tactical management of the Fund’s duration and yield curve positioning strategy boosted relative performance during the Reporting Period as well. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Our top-down currency |
| strategy overall also contributed positively, albeit modestly, to the Fund’s relative results during the Reporting Period, primarily due to the Fund’s U.S. dollar overweight. The currency strategy is primarily implemented via currency forwards. |
| Bottom-up individual issue selection overall generated positive results during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Implemented via our cross-sector strategy, the Fund’s sector overweights to corporate credit, both investment grade and high yield, and to collateralized loan obligations (“CLOs”) contributed most positively to its relative results. The Fund’s overweight to commercial mortgage-backed securities also added to the Fund’s performance. Partially offsetting these positive contributors was the Fund’s overweight to agency mortgage-backed securities, which detracted, especially during the third quarter of 2023. |
| Individual issue selection within the corporate credit sector enhanced the Fund’s performance during the Reporting Period. The Fund’s emphasis on lower quality credits and on the intermediate segment of the credit curve especially helped. Additionally, the Fund’s tactical allocation to the credit default swap index added to returns. |
| Individual issue selection within the securitized sector also contributed positively, driven by selection of CLOs and non-agency mortgage-backed securities. |
| Individual issue selection within the government/swaps sector further boosted the Fund’s relative results due primarily to our U.S. Treasury versus swap relative value trade and the Fund’s forward steepener positions. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures. |
| 8 |
PORTFOLIO RESULTS
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by our tactical positioning and systematic auction strategy. Throughout the Reporting Period, the Fund’s duration strategy was tactically managed with relatively small deviations from that of the Bloomberg Index. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options and currency forwards. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, federal funds futures, Treasury futures and other futures contracts were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund used CLOs, collateralized mortgage obligations (“CMOs”) and TBAs (“to be announced”) within its securitized selection strategy. |
| Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. During the Reporting Period, positions in CLOs, CMOs, credit default swaps, swaptions and TBAs contributed positively to relative results, while positions in forward foreign currency exchange contracts and Treasury futures |
| detracted from relative results. Positions in the remaining derivatives and similar instruments mentioned above did not meaningfully impact Fund performance during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | At the start of the Reporting Period in April 2023, we decreased the Fund’s overweight exposure to agency mortgage-backed securities following a strong rally in spreads, or yield differentials to duration-equivalent U.S. Treasuries, at the start of the calendar year. Then, from June through August 2023, we rather steadily added to the Fund’s overweight in agency mortgage-backed securities as we sought to take advantage of widening spreads stemming from rate volatility. Deteriorating valuations and weak economic growth led us to reduce corporate credit beta and adjust credit hedge pairing to move into a more defensive stance. (Beta is a measure of the volatility, or systematic risk, of a security or sector compared to the market as a whole.) |
| In September 2023, we moderated the Fund’s overweight to investment grade corporate credit given what we viewed as significant economic uncertainty. In November 2023, we reduced the Fund’s overweight to agency mortgage-backed securities following a rally off the back of a stronger macroeconomic picture. In December 2023, we sought to take advantage of the rally following the Federal Reserve’s dovish meeting that month to reduce the Fund’s overweight exposures to both agency mortgage-backed securities and corporate credit. (Dovish tends to suggest lower interest rates; opposite of hawkish.) We rotated some of this exposure into securitized credit where we believed there was attractive relative value. |
| Throughout the Reporting Period, the Fund held short exposure to Japanese interest rates on the expectation that the Bank of Japan would need to shift its monetary policy, i.e., tweak or abandon its yield curve control, due to inflation. We reduced this trade in the fourth quarter of 2023 and first quarter of 2024 as our view began to materialize and rates started to sell off. |
| Within the corporate credit sector, we held a bias for the Fund to be overweight BBB-rated securities throughout the Reporting Period due to what we saw as strong corporate balance sheets and our view that company management teams would be conservative with their capital in order to retain investment grade status. |
| 9 |
PORTFOLIO RESULTS
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective February 15, 2024, Lindsay Rosner, CFA, Managing Director-Head of Multi-Sector Investing, and Simon Dangoor, CFA, Managing Director-Head of Macro Rates Investing, began serving as portfolio managers for the Fund. Ron Arons, Managing Director, who has managed the Fund since October 2022, and Ashish Shah, Managing Director, Chief Investment Officer of Public Investing, who has managed the Fund since 2019, continue to serve as portfolio managers for the Fund. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | At the end of March 2024, the Fund had its most overweighted allocations relative to the Bloomberg Index on a market-value weighted basis in asset-backed securities, investment grade corporate bonds and, to a lesser extent, non-agency CMOs and commercial mortgage-backed securities. The Fund had underweighted exposure relative to the Bloomberg Index in U.S. government securities and held rather neutral positions compared to the Bloomberg Index in quasi-government securities and emerging markets debt. The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a modestly shorter overall duration compared to that of the Bloomberg Index at the end of the Reporting Period. |
| * | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages. |
| 10 |
FUND BASICS
Core Fixed Income Fund
as of March 31, 2024
| FUND COMPOSITION* | ||||||||||
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| ~ | “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 11 |
GOLDMAN SACHS CORE FIXED INCOME FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Core Fixed Income Fund’s 10 Year Performance |
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
1.61% | 0.39% | 1.38% | — | ||||||||
| Including sales charges |
-2.17% | -0.38% | 1.00% | — | ||||||||
|
|
||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
0.86% | -0.35% | 0.63% | — | ||||||||
| Including contingent deferred sales charges |
-0.14% | -0.35% | 0.63% | — | ||||||||
|
|
||||||||||||
| Institutional |
1.95% | 0.73% | 1.73% | — | ||||||||
|
|
||||||||||||
| Service |
1.44% | 0.21% | 1.21% | — | ||||||||
|
|
||||||||||||
| Investor |
1.86% | 0.64% | 1.64% | — | ||||||||
|
|
||||||||||||
| Class R6 (Commenced July 31, 2015) |
1.96% | 0.74% | N/A | 1.51% | ||||||||
|
|
||||||||||||
| Class R |
1.36% | 0.14% | 1.13% | — | ||||||||
|
|
||||||||||||
| Class P (Commenced April 20, 2018) |
1.96% | 0.72% | N/A | 1.52% | ||||||||
|
|
||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 12 |
PORTFOLIO RESULTS
Goldman Sachs Global Core Fixed Income Fund
March 31, 2024
Investment Objective
The Fund seeks a total return consisting of capital appreciation and income.
Portfolio Management Discussion and Analysis
Effective May 26, 2023, the Goldman Sachs Global Core Fixed Income Fund’s (the “Fund”) principal investment strategy was revised. Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 4.15%, 3.30%, 4.48%, 3.88%, 4.42%, 4.39% and 4.48%, respectively. These returns compare to the 4.12% average annual total return of the Fund’s benchmark, the Bloomberg Global Aggregate Bond Index (Gross, USD, hedged) (the “Bloomberg Index”), during the same time period. |
| Q | How did the Fund’s principal investment strategy change? |
| Effective May 26, 2023, the Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a portfolio of fixed income securities of U.S. and foreign issuers. Foreign securities include securities of issuers located outside the U.S. or securities quoted or denominated in a currency other than the U.S. dollar. The Fund also enters into transactions in foreign currencies, typically through the use of forward contracts and swap contracts. The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Under normal market conditions, the Fund will: have at least 30% of its Net Assets, after considering the effect of currency positions, denominated in U.S. dollars; have investments economically tied to at least three countries, including the U.S.; and seek to meet its investment objective by pursuing investment |
| opportunities in foreign and domestic fixed income securities markets and by engaging in currency transactions to seek to enhance returns and to seek to hedge its portfolio against currency exchange rate fluctuations. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Within our top-down strategies, the Fund’s cross-sector strategy contributed most positively to relative results during the Reporting Period. The cross-sector strategy is primarily implemented via cash bonds and index/single-name credit default swaps. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. However, also within the cross-sector strategy, the Fund’s credit hedge, which pairs an overweight to corporate credit with an overweight to U.S. interest rates, detracted, as rates rose during the Reporting Period. |
| Our country strategy also contributed positively to the Fund’s performance during the Reporting Period. Helping most within this relative value strategy was the Fund’s long U.K., Sweden and Switzerland rates positions versus short Europe, Australia and Japan rates positions. The country strategy is primarily implemented via interest rate swaps and/or futures. |
| Conversely, the Fund’s currency strategy detracted. The Fund’s currency strategy primarily implements relative value positions in developed and emerging market currencies, using valuations relative to short- and medium-term fundamentals. |
| Our duration and yield curve strategy also dampened the Fund’s relative results during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Our cross-macro strategies |
| 13 |
PORTFOLIO RESULTS
| further detracted, albeit slightly, from the Fund’s performance during the Reporting Period. The cross-macro strategy is one in which we hold relative value positions across rates, currencies and credit within the Fund. The cross-macro strategy is primarily implemented via interest rate swaps and/or futures. |
| Bottom-up individual issue selection, which are strategies that reflect any active views we take on particular sectors, contributed most positively overall to the Fund’s results during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Implemented via our cross-sector strategy, the Fund’s sector overweights to corporate credit and to securitized credit, including collateralized loan obligations (“CLOs”) and commercial mortgage-backed securities, contributed most positively to its relative results. Only partially offsetting these positive contributors was the Fund’s tactical exposure to mortgage-backed securities and agency securities within our cross-sector strategy, which detracted modestly. |
| Individual issue selection within the corporate credit sector enhanced the Fund’s performance most during the Reporting Period. The Fund’s emphasis on lower quality credits and on the intermediate segment of the credit curve especially helped. Additionally, the Fund’s tactical allocation to the credit default swap index added to returns. So, too, did the Fund’s selection of investment grade financial and industrial credits contribute positively to results. |
| Individual issue selection within the government/swaps sector further boosted the Fund’s relative results due primarily to our U.S. Treasury versus swap relative value trade and the Fund’s forward steepener positions. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures. |
| Our selection of emerging markets debt also added notable value overall. |
| Individual issue selection within the securitized sector, however, detracted from the Fund’s relative results, driven primarily by our selection of agency mortgage-backed securities, specifically mortgage-backed securities pass-throughs. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | The Fund’s duration and yield curve positioning detracted slightly from its results during the Reporting Period, primarily due to the Fund’s U.S. forward curve steepener position and its U.K. curve flattener trade. However, our tactical systematic auction strategies, which proved effective, offset some of these losses. Throughout the Reporting Period, the Fund’s duration strategy was tactically managed with relatively small deviations from that of the Bloomberg Index. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | We used derivatives and similar instruments for the efficient management of the Fund. These derivatives and similar instruments allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash* to implement our views in the Fund. |
| During the Reporting Period, we used Treasury futures, Eurodollar futures, federal funds futures, interest rate and bond exchange traded futures contracts and swaptions to implement duration and country strategies within the Fund, especially in the U.S., Eurozone, U.K. and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Interest rate swaps, basis swaps and credit default swaps were also used as cost-efficient instruments to help grant us greater precision and versatility in the management of active strategies. Forward sales contracts were used to implement currency transactions based on our active views and for hedging purposes. Written option |
| * | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages. |
| 14 |
PORTFOLIO RESULTS
| contracts were used to implement active views within our top-down and bottom-up selection strategies and for hedging purposes. The Fund used collateralized loan obligations, collateralized mortgage obligations, interest only mortgage-backed securities and TBAs (“to be announced”) within its securitized selection strategy. |
| During the Reporting Period, the use of currency forwards, federal funds futures, interest rate and bond exchange traded futures contracts, swaptions, credit default swaps and interest rate swaps had a positive impact on the Fund’s results. The use of Treasury futures had a negative impact on the Fund’s results during the Reporting Period. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | At the start of the Reporting Period in April 2023, we decreased the Fund’s overweight exposure to agency mortgage-backed securities following a strong rally in spreads, or yield differentials to duration-equivalent U.S. Treasuries, at the start of the calendar year. In November 2023, we further reduced the Fund’s overweight to agency mortgage-backed securities following a rally off the back of a stronger macroeconomic picture. In December 2023, we sought to take advantage of the rally following the Federal Reserve’s dovish meeting that month to reduce the Fund’s overweight exposures to both agency mortgage-backed securities and corporate credit. (Dovish tends to suggest lower interest rates; opposite of hawkish.) We rotated some of this exposure into securitized credit where we believed there was attractive relative value. |
| Throughout the Reporting Period, the Fund held short exposure to Japanese interest rates on the expectation that the Bank of Japan would need to shift its monetary policy, i.e., tweak or abandon its yield curve control, due to inflation. We reduced this trade in the fourth quarter of 2023 and first quarter of 2024 as our view began to materialize and rates started to sell off. |
| Within the corporate credit sector, we held a bias for the Fund to be overweight BBB-rated securities throughout the Reporting Period due to what we saw as strong corporate balance sheets and our view that company management teams would be conservative with their capital in order to retain investment grade status. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective February 15, 2024, Lindsay Rosner, CFA, Managing Director-Head of Multi-Sector Investing, began serving as a portfolio manager for the Fund. Simon Dangoor, CFA, Managing Director-Head of Macro Rates Investing, who has managed the Fund since 2019, and Sophia Ferguson, Vice President, who has managed the Fund since 2022, continue to serve as portfolio managers for the Fund. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | At the end of March 2024, on a market-value weighted basis, the Fund had overweighted allocations relative to the Bloomberg Index in asset-backed securities, investment grade corporate bonds, residential mortgage-backed securities and commercial mortgage-backed securities. The Fund had underweighted exposures relative to the Bloomberg Index in government securities and emerging markets debt and, to a lesser degree, quasi-government securities. The Fund had no positions in high yield corporate bonds or covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period. |
| From a country perspective, on a market-value weighted basis, the Fund was overweight relative to the Bloomberg Index in the U.S. and Japan at the end of March 2024. The Fund was underweight compared to the Bloomberg Index in Australia, Canada, the U.K., the Eurozone overall and the emerging markets overall. Within the Eurozone, the Fund was most underweight France and Germany and was rather neutrally weighted to the remaining Eurozone markets at the end of the Reporting Period. Within the emerging markets, the Fund was rather neutrally weighted to each of the regional constituent markets, with the exception of Asia, where the Fund was significantly underweighted. The Fund had a modestly shorter duration than that of the Bloomberg Index at the end of the Reporting Period. |
| 15 |
FUND BASICS
Global Core Fixed Income Fund
as of March 31, 2024
| CURRENCY ALLOCATION+ |
| Percentage of Net Assets | ||||||||||
| as of 3/31/24
|
as of 3/31/23
| |||||||||
| U.S. Dollar |
71.6 | % | 65.8 | % | ||||||
| Japanese Yen |
12.9 | 20.7 | ||||||||
| Euro |
11.9 | 10.6 | ||||||||
| British Pound |
2.6 | 2.7 | ||||||||
| Canadian Dollar |
1.0 | 1.1 | ||||||||
| Indonesia Rupiah |
0.6 | 0.3 | ||||||||
| South Korean Won |
0.5 | 0.6 | ||||||||
| Israeli Shekel |
0.2 | 0.2 | ||||||||
| Thailand Baht |
0.1 | 0.2 | ||||||||
| Peru Nuevo Sol |
0.1 | 0.0 | ||||||||
| Colombia Peso |
0.1 | 0.0 | ||||||||
| Singapore Dollar |
0.1 | 0.3 | ||||||||
| Romania New Leu
|
|
0.0
|
|
|
0.1
|
| ||||
| + | The percentage shown for each currency reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 16 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Global Core Fixed Income Fund’s 10 Year Performance |
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
4.15% | 0.88% | 1.78% | — | ||||||||
| Including sales charges |
0.23% | 0.11% | 1.39% | — | ||||||||
|
|
||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
3.30% | 0.13% | 1.02% | — | ||||||||
| Including contingent deferred sales charges |
2.29% | 0.13% | 1.02% | — | ||||||||
|
|
||||||||||||
| Institutional |
4.48% | 1.20% | 2.11% | — | ||||||||
|
|
||||||||||||
| Service |
3.88% | 0.69% | 1.56% | — | ||||||||
|
|
||||||||||||
| Investor |
4.42% | 1.13% | 2.03% | — | ||||||||
|
|
||||||||||||
| Class R6 (Commenced July 31, 2015) |
4.39% | 1.21% | N/A | 1.90% | ||||||||
|
|
||||||||||||
| Class P (Commenced April 20, 2018) |
4.48% | 1.23% | N/A | 1.82% | ||||||||
|
|
||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 17 |
PORTFOLIO RESULTS
Goldman Sachs Income Fund
March 31, 2024
Investment Objective
The Fund seeks a high level of current income, and secondarily, capital appreciation.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 10.29%, 9.35%, 10.53%, 10.56%, 10.54% and 10.54%, respectively. These returns compare to the 1.69% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Bloomberg Index”), during the same period. |
| Effective July 14, 2023, Class R Shares of the Fund were terminated, per approval of the Board of Trustees of Goldman Sachs Trust at its meeting held on June 13-14, 2023. |
| We note that the Fund’s benchmark being the Bloomberg Index is a means of emphasizing that the Fund has a flexible and multi-sector fixed income strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to strike a balance between top-down sector positioning and rigorous bottom-up fundamental credit research. |
| Among our top-down strategies, our cross-sector strategy overall contributed most positively to the Fund’s performance during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. |
| Tactical management of the Fund’s duration and yield curve positioning strategy also contributed positively to its performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps |
| and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. |
| Bottom-up individual issue selection as a whole also added significant value during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | The Fund seeks to be higher yielding than a typical bond strategy with less risk than high yield or emerging markets debt, with investments typically limited to no greater than 65% of net assets in non-investment grade issues and no greater than 35% in emerging markets debt. The Fund can be utilized as a complement to an established core bond strategy. |
| Implemented via our cross-sector strategy, the Fund’s overweights to high yield corporate bonds contributed most positively to returns, as high yield spreads, or yield differentials to duration comparable U.S. Treasuries, tightened during the Reporting Period. Additionally, the Fund’s overweights to emerging markets debt and emerging markets debt corporate bonds added significant value. The Fund’s positioning in collateralized loan obligations (“CLOs”) and investment grade corporate bonds also boosted relative results. On the other hand, the Fund’s long U.S. rates position, which was paired with a long credit position, dampened results, as rates sold off, or rose, during the Reporting Period. |
| Among our security selection strategies, our selection of corporate bonds contributed positively overall, with our lower quality bias and tactical credit curve positioning adding to relative returns within the corporate credit sector. So, too, did the Fund’s selection of investment grade banking and investment grade electric utilities credits contribute |
| 18 |
PORTFOLIO RESULTS
| positively to results. Our selection of industrial investment grade corporate bonds also bolstered returns, offset by selection of industrial high yield corporate bonds, which detracted. |
| Our selection of external emerging markets debt added value overall, especially selection among the external debt from Ukraine and Argentina. |
| Selection within the government/swaps sector also boosted the Fund’s performance during the Reporting Period, though selection within the securitized sector dampened returns. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | The Fund’s duration will typically range from three to six years. Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, as the Fund’s shorter duration relative to the Bloomberg Index proved beneficial as interest rates rose. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily forward foreign exchange contracts and exchange-traded options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury and other futures contracts were used as warranted to facilitate specific duration and yield curve strategies; credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. |
| Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. During the Reporting Period, positions in currency forwards and exchange-traded options as well as credit default swaps positively impacted the Fund’s performance, while positioning in interest rate swaps and futures, especially Treasury futures, had a negative impact on the Fund’s results. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | The Fund’s flexible management style and multi-sector approach allow us to allocate to sectors that offer what we believe to be the best total return opportunity and reduce exposures to sectors when spreads offer what we see as poor compensation for risk. |
| During the Reporting Period, we remained constructive on corporate credit, as we believed there were still opportunities for risk assets. We believed corporate credit fundamentals had peaked but remained on solid footing. As such, we saw investment opportunities in companies with what we considered to be solid balance sheets and high margin earnings profiles and those in defensive sectors, which should enable them, in our view, to withstand macroeconomic headwinds. |
| As such, the Fund remained moderately overweight investment grade corporate credit, having increased the Fund’s exposure to the sector during the Reporting Period based on our view of solid corporate fundamentals and attractive carry and roll. (Carry and roll are related but fundamentally different. We define carry to be a certain number, and roll to be an uncertain number, subject to specific assumptions being met. Carry for a certain horizon is equal to the certain payment(s) encountered over that period, i.e., payments known at the current time. Roll for a certain horizon is equal to the value appreciated simply by letting time elapse, i.e., it is the “return” stemming from a future curve being equal to today’s curve. It is not an expectation.) At the end of the Reporting Period, we did not foresee meaningful tightening of corporate spreads from then-current levels in the near term but viewed absolute yield levels above 5% as attractive for the sector to benefit from strong income generation. |
| In aggregate, corporate fundamentals remained healthy, in our opinion. Balance sheets entered the current cycle from a position of relative strength. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and balance sheet liquidity remained above year-end 2019 levels and equity cushions had recovered from their 2022 lows. A slower macroeconomic environment and abating inflationary pressures led to weaker revenue growth in 2023, but pricing power, cost cuts and operating leverage were supporting EBITDA margins, translating into modest EBITDA growth. Nonetheless, EBITDA margins showed signs of stabilization in 2023. Consensus expectations at the end of the Reporting Period pointed to an acceleration in revenue and EBITDA growth in 2024 compared to the prior calendar year. We |
| 19 |
PORTFOLIO RESULTS
| recognized that amidst a complex macroeconomic backdrop characterized by higher interest rates, the environment during the Reporting Period remained one in which active security selection was critical, and we remained tactical in adjusting the Fund’s positioning in response to market-driven opportunities. |
| Given the possibility of a more challenged economic environment going forward, we were defensive in our overall portfolio positioning. For example, we preferred companies in sectors that may withstand a potential growth slowdown, such as large banks. In our view, banks offer attractive carry, as capital levels provide protection against normalizing asset quality and net interest margin compression. (Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative.) That said, we were watching deposit levels during the Reporting Period. We remained cautious on U.S. utilities companies, as we believed financing for the energy transition is costly and could lead to a deterioration in credit quality in the near term and rating pressure over the medium term. |
| From a ratings perspective, we maintained a selective lower quality bias in the Fund and an overweight to BBB-rated bonds, with a focus on companies that can reduce leverage. In our view, corporate management teams remain committed to maintain their investment grade ratings through conservative capital management, though we saw scope for select AA-rated and A-rated companies to migrate lower within investment grade if shareholder activity is prioritized over balance sheet quality. We maintained the Fund’s overweight to the intermediate maturity portion of the corporate credit curve, or spectrum of maturities, in an effort to harvest carry and roll. |
| We maintained a constructive view on the high yield corporate bond sector, having slightly reduced the Fund’s exposure to the sector during the Reporting Period given what we saw as solid corporate balance sheets with healthy cash balances, balanced technicals (supply/demand factors) and improving capital market access. In addition, the secular, or rating, improvement for the market, observed during the past decade, provides incremental support for valuations seen at the end of the Reporting Period, in our opinion. Additionally, the substantial move in rates during the last two years has created a market trading at a substantial discount to par, i.e., there is implicit market convexity that is not captured in credit spreads. (Convexity reflects the rate at which the duration of a bond changes as interest rates change.) At the end of the Reporting Period, we expected to selectively utilize potential spread widening occurrences to increase exposure to select discounted credits where catalysts |
| could drive a refinancing that would speed the pull to par. (Pull to par is the movement of a bond’s price toward its face value as it approaches its maturity date.) |
| During the Reporting Period, we slightly reduced the Fund’s exposure to bank loans in favor of credit-specific opportunities in high yield. We remained constructive on the leveraged loan market and believed the set-up for calendar year 2024 was conducive for what we saw as attractive returns. Moreover, fourth quarter 2023 corporate earnings results were better than consensus expected, with the majority of issuers providing solid forward guidance. That said, we remained selective and tilted up-in-quality where higher interest expense levels may have relatively less impact on free cash flows. We were also focused on issuer diversification, relative value opportunities and market dislocations. |
| We slightly increased the Fund’s exposure to CLOs during the Reporting Period. Given that AAA-rated CLO spreads materially tightened, our view no longer centered around value but rather on the sector’s strong risk-adjusted carry as well as on the ongoing presence of robust structures with high levels of credit enhancement. Mezzanine tranches of the CLO universe were, however, screening as attractive compared to their high yield corporate bond counterparts, and we selectively added to this market segment during the Reporting Period. (There are two main types of tranches used when selling a CLO: debt tranches and equity tranches. Debt tranches, also called mezzanine, are those that offer the investor a specified stream of interest and principal payments, similar to those offered by other debt instruments such as debentures or corporate bonds.) |
| Finally, we reduced the Fund’s exposure to emerging markets debt and emerging markets corporate bonds during the Reporting Period due to geopolitical and election risks globally. Emerging markets countries have been and continue to face an unprecedented number of elections in 2024, namely, India, Indonesia and Mexico, which could significantly impact macroeconomic and market outlooks as well as the Fund’s positioning within the sector. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| 20 |
PORTFOLIO RESULTS
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | The Fund has the ability to invest across a variety of fixed income sectors, including government securities, mortgage-backed securities, securitized issues, investment grade corporate bonds, high yield corporate bonds and emerging markets debt. At the end of March 2024, the Fund had its most overweighted allocations relative to the Bloomberg Index on a market-value weighted basis in high yield corporate bonds, emerging markets debt, investment grade corporate bonds and, to a lesser extent, asset-backed securities. The Fund had its most underweighted exposure relative to the Bloomberg Index in U.S. Treasuries, pass-through mortgage-backed securities and, to a lesser extent, quasi-government securities. The Fund had no exposure at the end of the Reporting Period to commercial mortgage-backed securities. The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a significantly shorter overall duration compared to that of the Bloomberg Index at the end of the Reporting Period, including a shorter U.S. duration position. |
| * | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages. |
| 21 |
FUND BASICS
Income Fund
as of March 31, 2024
| FUND COMPOSITION* |
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 22 |
GOLDMAN SACHS INCOME FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on December 3, 2019 (commencement of operations) in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Income Fund’s Lifetime Performance |
| Average Annual Total Return through March 31, 2024* | One Year | Since Inception | ||||||||||
| Class A (Commenced December 03, 2019) |
||||||||||||
| Excluding sales charges |
10.29% | 2.45% | ||||||||||
| Including sales charges |
6.20% | 1.55% | ||||||||||
|
| ||||||||||||
| Class C (Commenced December 03, 2019) |
||||||||||||
| Excluding contingent deferred sales charges |
9.35% | 1.66% | ||||||||||
| Including contingent deferred sales charges |
8.30% | 1.66% | ||||||||||
|
| ||||||||||||
| Institutional (Commenced December 3, 2019) |
10.53% | 2.77% | ||||||||||
|
| ||||||||||||
| Investor (Commenced December 3, 2019) |
10.56% | 2.71% | ||||||||||
|
| ||||||||||||
| Class R6 (Commenced December 3, 2019) |
10.54% | 2.78% | ||||||||||
|
| ||||||||||||
| Class P (Commenced December 3, 2019) |
10.54% | 2.78% | ||||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 23 |
PORTFOLIO RESULTS
Goldman Sachs Strategic Income Fund
March 31, 2024
Investment Objective
The Fund seeks total return comprised of income and capital appreciation.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 8.30%, 7.50%, 8.65%, 8.68%, 8.67%, 8.05% and 8.68%, respectively. These returns compare to the 5.23% average annual total return of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Treasury Bill Index”), during the same period. |
| We note that the Fund’s benchmark being the Treasury Bill Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Within our top-down strategies, contributing most positively to results during the Reporting Period was the Fund’s cross-sector strategy. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. However, also within the cross-sector strategy, the Fund’s credit hedge, which pairs an overweight to corporate credit with an overweight to U.S. interest rates, detracted, as rates rose during the Reporting Period. |
| To a lesser degree, the Fund’s country strategy also contributed positively, attributable primarily to long U.K., Sweden and Switzerland rates positions versus short Europe, Norway and Japan rates positions. The Fund’s country strategy is primarily implemented via interest rate |
| swaps and/or futures. Tactical management of the Fund’s duration and yield curve positioning strategy boosted Fund performance during the Reporting Period as well. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Our top-down currency strategy overall also contributed positively, albeit modestly, to the Fund’s results during the Reporting Period, primarily due to the Fund’s U.S. dollar overweight and long euro position. The currency strategy is primarily implemented via currency forwards. |
| Bottom-up individual issue selection overall generated positive results during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Implemented via our cross-sector strategy, the Fund’s sector overweights to corporate credit, both investment grade and high yield, and to commercial mortgage-backed securities and collateralized loan obligations (“CLOs”) contributed most positively to its results. Partially offsetting these positive contributors was the Fund’s overweight to mortgage-backed securities, which detracted. |
| Individual issue selection within the government/swaps sector was strongest, largely driven by the Fund’s European butterfly position, i.e., an overweight exposure to the intermediate segment of the European yield curve and underweight exposure to the shorter and longer dated segments of the curve. Our U.S. Treasury versus swap relative value trade also boosted the Fund’s results during the Reporting Period. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures. |
| Individual issue selection within the securitized sector also contributed positively, driven by selection of non-agency mortgage-backed securities. Individual issue selection within the emerging markets debt sector also added significant value. |
| 24 |
PORTFOLIO RESULTS
| Individual issue selection within the corporate credit sector, however, detracted from the Fund’s performance during the Reporting Period due primarily to our specific name selection among high yield industrial credits. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by our tactical rates positioning and discretionary interest rate trades. Throughout the Reporting Period, the Fund’s duration strategy was tactically managed with relatively small deviations from that of the Bloomberg Index. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | We used derivatives and similar instruments for the efficient management of the Fund. These derivatives and similar instruments allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. |
| During the Reporting Period, we used interest rate and bond exchange traded futures contracts to implement duration and country strategies within the Fund, especially in the U.S., Eurozone and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing OTC options and currency forwards. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, we used swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and basis swaps and interest rate swaps to manage exposure to fluctuations in interest rates. Our currency strategy used forward sales contracts to implement long and short views within the strategy. We additionally used equity swaps to manage fixed income spread sector exposures via exchange-traded funds; |
| federal funds futures and Treasury futures to manage duration exposures and curve positioning; structured securities to gain exposure to local emerging market interest rates; yield curve options for hedging in the U.S.; and interest-only mortgage-backed securities to invest in mortgage pools. The Fund used CLOs, collateralized mortgage obligations (“CMOs”) and TBAs (“to be announced”) within its securitized selection strategy. |
| During the Reporting Period, the use of CLOs, CMOs, credit default swaps, interest rate swaps, Treasury futures, swaptions, federal funds futures and currency options had a positive impact on Fund performance. The use of forward foreign currency exchange contracts and TBAs had a negative impact on Fund performance during the Reporting Period. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | The Fund is a broadly diversified, multi-sector portfolio designed to provide total return opportunities from across the fixed income spectrum, including government, securitized, corporate credit and emerging markets fixed income sectors. |
| Throughout the Reporting Period, we increased the Fund’s allocation to securitized credit, as we believed there was attractive relative value. |
| From June through August 2023, we rather steadily added to the Fund’s overweight in agency mortgage-backed securities as we sought to take advantage of widening spreads stemming from rate volatility. Deteriorating valuations and weak economic growth led us to reduce corporate credit beta and adjust credit hedge pairing to move into a more defensive stance. (Beta is a measure of the volatility, or systematic risk, of a security or sector compared to the market as a whole.) |
| In September 2023, we moderated the Fund’s overweight to investment grade corporate credit given what we viewed as their rich valuations relative to other spread, or non-government bond, sectors. We also increased the Fund’s allocation to high yield corporate credit in the third and fourth quarters of 2023 given what we saw as strong corporate balance sheets with healthy cash balances, solid technicals (i.e., supply/demand factors) and attractive yield advantage. |
| In December 2023, we sought to take advantage of tightening spreads, or yield differentials to duration-equivalent U.S. Treasuries, following the Federal Reserve’s dovish |
| 25 |
PORTFOLIO RESULTS
| meeting that month to reduce the Fund’s overweight exposures to both agency mortgage-backed securities and corporate credit. (Dovish tends to suggest lower interest rates; opposite of hawkish.) We rotated some of this exposure into securitized credit where, as mentioned, we believed there was attractive relative value. |
| We continued to reduce the Fund’s exposure to agency mortgage-backed securities, eventually moving to a tactically short position in February 2024 based on what we saw as a challenging technical picture. We then added back exposure to the sector, moving to a modestly long position through March 2024, as we believed these technical factors had faded. |
| Throughout the Reporting Period, the Fund held short exposure to Japanese interest rates on the expectation that the Bank of Japan would need to shift its monetary policy, i.e., tweak or abandon its yield curve control, due to inflation. We reduced this trade in the fourth quarter of 2023 and first quarter of 2024 as our view began to materialize and rates started to sell off. |
| Within the corporate credit sector, we held a bias for the Fund to be overweight BBB-rated securities throughout the Reporting Period due to what we saw as strong corporate balance sheets and our view that company management teams would be conservative with their capital in order to retain investment grade status. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective February 15, 2024, Lindsay Rosner, CFA, Managing Director-Head of Multi-Sector Investing, and Simon Dangoor, CFA, Managing Director-Head of Macro Rates Investing, began serving as portfolio managers for the Fund. Ron Arons, Managing Director, who has managed the Fund since October 2022, and Ashish Shah, Managing Director, Chief Investment Officer of Public Investing, who has managed the Fund since 2019, continue to serve as portfolio managers for the Fund. |
| Q | How was the Fund positioned at the end of March 2024? |
| A | At the end of March 2024, the Fund had the majority of its total net assets invested in asset-backed securities, high yield corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities and U.S. Treasuries. To more modest degrees, the Fund also had exposure to emerging markets debt, investment grade corporate bonds |
| and quasi-government securities at the end of the Reporting Period. The Fund also had modest exposure to cash* at the end of the Reporting Period. |
| Based on currency of issue on a market-value basis, the Fund had long positions in the U.S., Europe overall, the U.K. and the emerging markets overall at the end of the Reporting Period and short positions in Norway, Canada, Sweden, Australia and Japan. Based on currency of issue on a contribution to duration basis, the Fund had long positions in the U.S., Norway, Sweden, Canada, the U.K. and Australia and short positions in Japan and Europe overall. |
| * | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates and agency-backed adjustable-rate mortgages. |
| 26 |
FUND BASICS
Strategic Income Fund
as of March 31, 2024
| FUND COMPOSITION* |
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 27 |
GOLDMAN SACHS STRATEGIC INCOME FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Strategic Income Fund’s 10 Year Performance |
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||
| Class A |
||||||||||||||||||||
| Excluding sales charges |
8.30% | 3.40% | 1.58% | — | ||||||||||||||||
| Including sales charges |
4.25% | 2.62% | 1.20% | — | ||||||||||||||||
|
| ||||||||||||||||||||
| Class C |
||||||||||||||||||||
| Excluding contingent deferred sales charges |
7.50% | 2.64% | 0.84% | — | ||||||||||||||||
| Including contingent deferred sales charges |
6.47% | 2.64% | 0.84% | — | ||||||||||||||||
|
| ||||||||||||||||||||
| Institutional |
8.65% | 3.76% | 1.92% | — | ||||||||||||||||
|
| ||||||||||||||||||||
| Investor |
8.68% | 3.68% | 1.85% | — | ||||||||||||||||
|
| ||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) |
8.67% | 3.75% | N/A | 2.40% | ||||||||||||||||
|
| ||||||||||||||||||||
| Class R |
8.05% | 3.16% | 1.34% | — | ||||||||||||||||
|
| ||||||||||||||||||||
| Class P (Commenced April 20, 2018) |
8.68% | 3.75% | N/A | 3.13% | ||||||||||||||||
|
| ||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 28 |
FUND BASICS
Index Definitions
| The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
| The Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged), an unmanaged index, provides a broad based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
| The ICE BofAML Three-Month U.S. Treasury Bill Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that Issue is sold and rolled into a newly selected issue. |
| 29 |
GOLDMAN SACHS BOND FUND
March 31, 2024
| Principal
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Mortgage-Backed Obligations – 60.5% | ||||||||||||||||
| Collateralized Mortgage Obligations – 4.9% |
| |||||||||||||||
| Interest Only(a) – 0.2% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| $ | 245,633 | 0.617 | %(b) | 03/15/44 | $ | 21,338 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI |
| |||||||||||||||
| 1,180,928 | 4.000 | 08/25/50 | 239,875 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 375,043 | 0.665 | (b) | 05/25/47 | 39,841 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) |
| |||||||||||||||
| 154,936 | 0.515 | (b) | 02/25/42 | 12,725 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 127,987 | 0.657 | (b)(c) | 10/20/43 | 5,354 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 67,986 | 0.757 | (b)(c) | 11/20/45 | 6,636 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 103,597 | 0.157 | (b)(c) | 09/20/44 | 6,938 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 345,389 | 0.757 | (b)(c) | 09/20/48 | 35,571 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 75,919 | 0.607 | (b)(c) | 01/20/49 | 7,145 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 69,441 | 0.607 | (b)(c) | 01/20/49 | 6,441 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 87,298 | 0.157 | (b)(c) | 11/20/44 | 6,179 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 141,901 | 0.807 | (b)(c) | 09/20/45 | 14,009 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 119,300 | 4.000 | (c) | 06/20/45 | 15,037 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 226,697 | 0.757 | (b)(c) | 09/20/48 | 22,870 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 1,039,638 | 4.000 | (c) | 12/20/49 | 203,523 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Mortgage-Backed Obligations – (continued) | ||||||||||||||||
| Interest Only(a) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| |||||||||||||||
| $ | 368,241 | 0.807 | %(b)(c) | 02/20/40 | $ | 32,785 | ||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 112,876 | 0.807 | (b)(c) | 08/20/45 | 11,065 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 181,853 | 0.657 | (b)(c) | 11/20/43 | 16,385 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
|
|
84,304
|
|
|
0.807
|
(b)(c)
|
11/20/45
|
|
7,849
|
| |||||||
|
|
|
|||||||||||||||
|
|
711,566
|
| ||||||||||||||
|
|
||||||||||||||||
| Sequential Fixed Rate – 1.2% |
| |||||||||||||||
| BRAVO Residential Funding Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| 490,955 | 5.943 | (c)(d)(e) | 12/01/63 | 489,567 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2012-111, Class B |
| |||||||||||||||
| 13,824 | 7.000 | 10/25/42 | 14,596 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012-153, Class B |
| |||||||||||||||
| 37,229 | 7.000 | 07/25/42 | 40,026 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| |||||||||||||||
| 152,778 | 5.000 | 06/25/41 | 151,788 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2005-70, Class PA |
| |||||||||||||||
| 19,475 | 5.500 | 08/25/35 | 19,635 | |||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 2,603,977 | 2.000 | (c) | 08/20/51 | 2,091,226 | ||||||||||||
| OBX Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| 1,050,950 | 5.928 | (c)(d)(e) | 11/25/63 | 1,048,979 | ||||||||||||
| OBX Trust Series 2024-NQM1, Class A2 |
| |||||||||||||||
| 97,763 | 6.253 | (c)(d)(e) | 11/25/63 | 97,619 | ||||||||||||
|
|
|
|||||||||||||||
|
|
3,953,436
|
| ||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(c) – 3.5% |
| |||||||||||||||
| Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| |||||||||||||||
| 231,893 | 1.458 | (b)(d) | 09/25/66 | 187,766 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5 |
| |||||||||||||||
| 150,000 | 6.000 | (b)(d) | 02/25/55 | 152,284 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| |||||||||||||||
| 225,000 | 5.500 | (b)(d) | 02/25/55 | 222,710 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| |||||||||||||||
| 100,000 | 6.000 | (b)(d) | 02/25/55 | 101,170 | ||||||||||||
| CIM Trust Series 2019-INV3, Class A15 |
| |||||||||||||||
| 54,744 | 3.500 | (b)(d) | 08/25/49 | 48,020 | ||||||||||||
|
|
||||||||||||||||
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Principal Amount
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Mortgage-Backed Obligations – (continued) | ||||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) |
| |||||||||||||||
| $ | 1,122,548 | 5.944 | %(b) | 11/25/36 | $ | 931,581 | ||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 597,321 | 11.435 | (b)(d) | 08/25/50 | 676,082 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 754,000 | 10.120 | (b)(d) | 10/25/50 | 851,088 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 407,200 | 10.685 | (b)(d) | 09/25/50 | 449,373 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 258,000 | 8.670 | (b)(d) | 06/25/43 | 272,909 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 1,050,000 | 6.569 | (b)(d) | 03/25/44 | 1,052,625 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 700,000 | 6.569 | (b)(d) | 03/25/44 | 700,437 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 300,000 | 7.319 | (b)(d) | 03/25/44 | 300,094 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2020-R01, Class 1M2 (1 mo. USD Term SOFR + 2.164%) |
| |||||||||||||||
| 10,457 | 7.485 | (b)(d) | 01/25/40 | 10,612 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 142,434 | 9.220 | (b)(d) | 04/25/43 | 151,858 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 130,000 | 8.421 | (b)(d) | 06/25/43 | 136,329 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 120,000 | 7.820 | (b)(d) | 10/25/43 | 122,998 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| |||||||||||||||
| 330,000 | 8.870 | (b)(d) | 10/25/43 | 342,506 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) |
| |||||||||||||||
| 350,000 | 8.020 | (b)(d) | 01/25/44 | 351,695 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Mortgage-Backed Obligations – (continued) | ||||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| $ | 225,000 | 7.120 | %(b)(d) | 01/25/44 | $ | 225,679 | ||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 575,000 | 7.120 | (b)(d) | 02/25/44 | 577,679 | ||||||||||||
| JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) |
| |||||||||||||||
| 115,062 | 5.764 | (b) | 12/25/36 | 104,254 | ||||||||||||
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| |||||||||||||||
| 780,175 | 2.520 | (b)(d) | 05/25/52 | 641,935 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| |||||||||||||||
| 675,000 | 5.990 | (b)(d) | 07/25/64 | 675,758 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| |||||||||||||||
| 1,050,000 | 3.000 | (b)(d) | 05/25/54 | 926,937 | ||||||||||||
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| |||||||||||||||
| 105,796 | 3.250 | (b)(d) | 07/25/59 | 101,294 | ||||||||||||
| Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 |
| |||||||||||||||
| 720,000 | 3.000 | (b)(d) | 08/25/59 | 642,308 | ||||||||||||
| Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 |
| |||||||||||||||
| 760,000 | 2.500 | (b)(d) | 11/25/60 | 638,145 | ||||||||||||
| Towd Point Mortgage Trust Series 2017-3, Class B2 |
| |||||||||||||||
| 100,000 | 3.914 | (b)(d) | 07/25/57 | 87,788 | ||||||||||||
| Verus Securitization Trust Series 2022-INV1, Class A1 |
| |||||||||||||||
| 84,834 | 5.041 | (d)(e) | 08/25/67 | 84,176 | ||||||||||||
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| |||||||||||||||
| 25,554 | 3.500 | (b)(d) | 07/25/49 | 22,778 | ||||||||||||
|
|
|
|||||||||||||||
|
|
11,790,868
|
| ||||||||||||||
|
|
||||||||||||||||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |
16,455,870 | |||||||||||||||
|
|
||||||||||||||||
| Commercial Mortgage-Backed Securities – 7.2% |
||||||||||||||||
| Sequential Fixed Rate – 3.6% |
||||||||||||||||
| Bank Series 2021-BN35, Class A5 |
| |||||||||||||||
| $ | 950,000 | 2.285 | %(c) | 06/15/64 | $ | 790,168 | ||||||||||
| Bank Series 2023-BNK46, Class A4 |
| |||||||||||||||
| 1,000,000 | 5.745 | (c) | 08/15/56 | 1,049,781 | ||||||||||||
| Bank Series 2017-BNK6, Class A5 |
| |||||||||||||||
| 525,000 | 3.518 | (c) | 07/15/60 | 496,817 | ||||||||||||
| Benchmark Mortgage Trust Series 2021-B29, Class A5 |
| |||||||||||||||
| 750,000 | 2.388 | (c) | 09/15/54 | 626,948 | ||||||||||||
| Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| |||||||||||||||
| 700,000 | 5.754 | (c) | 07/15/56 | 733,731 | ||||||||||||
| BMO Mortgage Trust Series 2022-C3, Class A5 |
| |||||||||||||||
| 150,000 | 5.313 | (c) | 09/15/54 | 152,298 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class A5 |
| |||||||||||||||
| 900,000 | 6.160 | (c) | 12/15/56 | 972,137 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 |
| |||||||||||||||
| 255,000 | 3.102 | (c) | 12/15/72 | 228,167 | ||||||||||||
| DOLP Trust Series 2021-NYC, Class A |
||||||||||||||||
| 1,100,000 | 2.956 | (d) | 05/10/41 | 923,467 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal Amount
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Fixed Rate – (continued) |
| |||||||||||||||
| GS Mortgage Securities Trust Series 2017-GS7, Class A4 |
| |||||||||||||||
| $ | 550,000 | 3.430 | %(c) | 08/10/50 | $ | 514,157 | ||||||||||
| GS Mortgage Securities Trust Series 2020-GC45, Class A5 |
| |||||||||||||||
| 600,000 | 2.911 | (c) | 02/13/53 | 532,034 | ||||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||||||
| 598,000 | 3.024 | (d) | 01/05/39 | 529,645 | ||||||||||||
| Manhattan West Mortgage Trust Series 2020-1MW, Class A |
| |||||||||||||||
| 750,000 | 2.130 | (d) | 09/10/39 | 666,338 | ||||||||||||
| Morgan Stanley Capital I Trust Series 2018-H4, Class A4 |
| |||||||||||||||
| 400,000 | 4.310 | (c) | 12/15/51 | 384,503 | ||||||||||||
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| |||||||||||||||
| 800,000 | 6.890 | (c) | 12/15/56 | 853,578 | ||||||||||||
| One Bryant Park Trust Series 2019-OBP, Class A |
| |||||||||||||||
| 580,000 | 2.516 | (d) | 09/15/54 | 495,537 | ||||||||||||
| SLG Office Trust Series 2021-OVA, Class A |
| |||||||||||||||
| 600,000 | 2.585 | (d) | 07/15/41 | 495,401 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 |
| |||||||||||||||
| 1,125,000 | 3.418 | (c) | 09/15/50 | 1,056,103 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| |||||||||||||||
| 825,000 | 2.626 | (c) | 04/15/54 | 702,275 | ||||||||||||
|
|
|
|||||||||||||||
|
|
12,203,085
|
| ||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(b) – 3.6% |
| |||||||||||||||
| Bank Series 2022-BNK44, Class A5 |
| |||||||||||||||
| 500,000 | 5.745 | (c) | 11/15/55 | 526,859 | ||||||||||||
| Bank5 Series 2023-5YR3, Class AS |
| |||||||||||||||
| 800,000 | 7.315 | (c) | 09/15/56 | 857,617 | ||||||||||||
| Bank5 Series 2023-5YR4, Class AS |
| |||||||||||||||
| 200,000 | 7.274 | (c) | 12/15/56 | 214,277 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| |||||||||||||||
| 325,000 | 6.245 | (d) | 03/15/37 | 312,469 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-5C23, Class AS |
| |||||||||||||||
| 350,000 | 7.455 | (c) | 12/15/56 | 378,531 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| |||||||||||||||
| 225,000 | 6.494 | (d) | 03/15/37 | 209,404 | ||||||||||||
| BBCMS Mortgage Trust Series 2024-5C25, Class C |
| |||||||||||||||
| 475,000 | 6.643 | (c) | 03/15/57 | 477,211 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class C (1 mo. USD Term SOFR + 1.318%) |
| |||||||||||||||
| 375,000 | 6.644 | (d) | 03/15/37 | 345,178 | ||||||||||||
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| |||||||||||||||
| 625,000 | 6.668 | (d) | 03/15/41 | 625,195 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class B |
| |||||||||||||||
| 350,000 | 6.674 | (c) | 12/15/56 | 374,375 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| |||||||||||||||
| 1,100,000 | 6.767 | (d) | 02/15/39 | 1,101,719 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(b) – (continued) |
| |||||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| $ | 575,000 | 6.692 | %(d) | 03/15/41 | $ | 575,072 | ||||||||||
| BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) |
| |||||||||||||||
| 625,000 | 6.891 | (d) | 03/15/34 | 623,436 | ||||||||||||
| BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) |
| |||||||||||||||
| 566,320 | 7.776 | (d) | 08/15/39 | 569,838 | ||||||||||||
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| |||||||||||||||
| 1,050,000 | 6.967 | (d) | 02/15/41 | 1,051,493 | ||||||||||||
| DC Trust Series 2024-HLTN, Class A |
| |||||||||||||||
| 350,000 | 5.727 | (d) | 04/13/28 | 351,146 | ||||||||||||
| ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) |
| |||||||||||||||
| 998,838 | 6.142 | (d) | 11/15/38 | 990,052 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| |||||||||||||||
| 552,251 | 6.000 | (c) | 02/25/33 | 550,961 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
| |||||||||||||||
| 279,306 | 5.990 | (c) | 11/25/29 | 278,455 | ||||||||||||
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| |||||||||||||||
| 575,000 | 6.391 | (d) | 01/15/36 | 560,304 | ||||||||||||
| SCG Mortgage Trust Series 2024-MSP, Class A (1 mo. USD Term SOFR + 1.741%) |
| |||||||||||||||
| 500,000 | 7.041 | (d) | 04/15/41 | 498,833 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 |
| |||||||||||||||
| 800,000 | 4.000 | (c) | 04/15/55 | 741,687 | ||||||||||||
|
|
|
|||||||||||||||
| 12,214,112 | ||||||||||||||||
|
|
||||||||||||||||
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES |
$ | 24,417,197 | ||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 48.4% |
||||||||||||||||
| Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% |
| |||||||||||||||
| (RFUCC 1 yr. Treasury + 1.772%) |
||||||||||||||||
| $ | 16,873 | 6.018 | % | 09/01/35 | $ | 17,163 | ||||||||||
|
|
||||||||||||||||
| Federal Home Loan Mortgage Corp. – 0.5% |
||||||||||||||||
| 30,512 | 6.000 | 08/01/27 | 30,626 | |||||||||||||
| 5,597 | 5.000 | 08/01/33 | 5,608 | |||||||||||||
| 886 | 5.000 | 09/01/33 | 888 | |||||||||||||
| 1,249 | 5.000 | 10/01/33 | 1,251 | |||||||||||||
| 1,308 | 5.000 | 11/01/34 | 1,311 | |||||||||||||
| 50,921 | 5.000 | 12/01/34 | 51,027 | |||||||||||||
| 1,803 | 5.000 | 07/01/35 | 1,806 | |||||||||||||
| 2 | 5.000 | 11/01/35 | 2 | |||||||||||||
| 23,411 | 5.000 | 03/01/39 | 23,486 | |||||||||||||
| 1,557 | 5.000 | 05/01/39 | 1,562 | |||||||||||||
| 1,254 | 5.000 | 08/01/40 | 1,266 | |||||||||||||
|
|
||||||||||||||||
| 32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. – (continued) |
| |||||||||||||||
| $ |
13,751 | 4.000 | % | 02/01/41 | $ | 13,146 | ||||||||||
| 1,267 | 5.000 | 06/01/41 | 1,278 | |||||||||||||
| 342,486 | 4.000 | 03/01/48 | 322,938 | |||||||||||||
| 349,180 | 4.000 | 04/01/48 | 328,665 | |||||||||||||
| 974,692 | 4.500 | 08/01/48 | 949,341 | |||||||||||||
|
|
|
|||||||||||||||
| 1,734,201 | ||||||||||||||||
|
|
||||||||||||||||
| Federal National Mortgage Association – 0.8% |
| |||||||||||||||
| 2,857,749 | 3.500 | 09/01/62 | 2,482,234 | |||||||||||||
|
|
||||||||||||||||
| Government National Mortgage Association – 18.2% |
| |||||||||||||||
| 10,217 | 5.500 | 11/15/32 | 10,370 | |||||||||||||
| 3,187 | 5.500 | 01/15/33 | 3,223 | |||||||||||||
| 15,097 | 5.500 | 02/15/33 | 15,407 | |||||||||||||
| 16,252 | 5.500 | 03/15/33 | 16,571 | |||||||||||||
| 19,648 | 5.500 | 07/15/33 | 19,905 | |||||||||||||
| 7,358 | 5.500 | 08/15/33 | 7,490 | |||||||||||||
| 3,100 | 5.500 | 09/15/33 | 3,141 | |||||||||||||
| 7,580 | 5.500 | 04/15/34 | 7,713 | |||||||||||||
| 6,377 | 5.500 | 05/15/34 | 6,486 | |||||||||||||
| 76,332 | 5.500 | 09/15/34 | 78,296 | |||||||||||||
| 77,248 | 5.500 | 12/15/34 | 79,346 | |||||||||||||
| 58,981 | 5.500 | 01/15/35 | 60,615 | |||||||||||||
| 169 | 5.500 | 05/15/36 | 172 | |||||||||||||
| 2,492 | 4.000 | 02/20/41 | 2,380 | |||||||||||||
| 3,977 | 4.000 | 11/20/41 | 3,793 | |||||||||||||
| 665 | 4.000 | 01/20/42 | 635 | |||||||||||||
| 2,115 | 4.000 | 04/20/42 | 2,016 | |||||||||||||
| 1,334 | 4.000 | 10/20/42 | 1,271 | |||||||||||||
| 336,515 | 4.000 | 08/20/43 | 320,316 | |||||||||||||
| 1,882 | 4.000 | 03/20/44 | 1,790 | |||||||||||||
| 2,325 | 4.000 | 05/20/44 | 2,211 | |||||||||||||
| 161,374 | 4.000 | 11/20/44 | 153,705 | |||||||||||||
| 38,891 | 4.000 | 12/20/44 | 37,043 | |||||||||||||
| 10,559 | 4.000 | 05/20/45 | 10,044 | |||||||||||||
| 38,046 | 4.000 | 07/20/45 | 36,191 | |||||||||||||
| 208,565 | 4.000 | 01/20/46 | 198,133 | |||||||||||||
| 668,793 | 4.500 | 05/20/48 | 651,191 | |||||||||||||
| 1,014,809 | 4.500 | 08/20/48 | 986,832 | |||||||||||||
| 116,461 | 5.000 | 08/20/48 | 115,835 | |||||||||||||
| 707,294 | 4.500 | 09/20/48 | 687,794 | |||||||||||||
| 847,606 | 5.000 | 10/20/48 | 841,990 | |||||||||||||
| 468,423 | 5.000 | 11/20/48 | 465,319 | |||||||||||||
| 474,015 | 5.000 | 12/20/48 | 470,875 | |||||||||||||
| 1,087,868 | 4.500 | 01/20/49 | 1,056,176 | |||||||||||||
| 882,110 | 5.000 | 01/20/49 | 875,990 | |||||||||||||
| 432,588 | 4.000 | 02/20/49 | 408,922 | |||||||||||||
| 898,288 | 4.500 | 02/20/49 | 872,120 | |||||||||||||
| 23,000 | 4.500 | 03/20/49 | 22,330 | |||||||||||||
| 279,472 | 4.000 | 03/20/49 | 264,183 | |||||||||||||
| 77,768 | 5.000 | 03/20/49 | 77,253 | |||||||||||||
| 478,141 | 4.000 | 04/20/49 | 451,983 | |||||||||||||
| 619,323 | 3.000 | 08/20/49 | 551,063 | |||||||||||||
| 277,857 | 4.500 | 10/20/49 | 269,849 | |||||||||||||
| 282,202 | 4.500 | 12/20/49 | 273,981 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ |
1,206,141 | 3.000 | % | 03/20/50 | $ | 1,072,178 | ||||||||||
| 259,245 | 4.000 | 01/20/51 | 243,706 | |||||||||||||
| 294,333 | 2.500 | 09/20/51 | 247,382 | |||||||||||||
| 2,550,041 | 3.000 | 11/20/51 | 2,244,897 | |||||||||||||
| 551,598 | 2.500 | 11/20/51 | 463,953 | |||||||||||||
| 315,913 | 2.500 | 12/20/51 | 265,716 | |||||||||||||
| 1,768,648 | 4.500 | 09/20/52 | 1,699,398 | |||||||||||||
| 5,953,613 | 7.000 | 01/20/54 | 6,081,432 | |||||||||||||
| 2,000,000 | 2.000 | TBA-30yr(f) | 1,638,640 | |||||||||||||
| 22,000,000 | 4.500 | TBA-30yr(f) | 21,137,791 | |||||||||||||
| 4,000,000 | 2.500 | TBA-30yr(f) | 3,406,683 | |||||||||||||
| 3,000,000 | 3.500 | TBA-30yr(f) | 2,729,651 | |||||||||||||
| 5,000,000 | 5.000 | TBA-30yr(f) | 4,914,804 | |||||||||||||
| 2,000,000 | 6.000 | TBA-30yr(f) | 2,017,908 | |||||||||||||
| 3,000,000 | 6.500 | TBA-30yr(f) | 3,049,863 | |||||||||||||
|
|
|
|||||||||||||||
| 61,635,951 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 28.9% |
| |||||||||||||||
| 4,859 | 4.500 | 02/01/39 | 4,768 | |||||||||||||
| 1,582 | 4.500 | 04/01/39 | 1,549 | |||||||||||||
| 3,541 | 4.500 | 08/01/39 | 3,467 | |||||||||||||
| 45,746 | 4.500 | 12/01/39 | 44,801 | |||||||||||||
| 36,687 | 4.500 | 06/01/40 | 35,967 | |||||||||||||
| 18,570 | 4.500 | 08/01/41 | 18,168 | |||||||||||||
| 31,270 | 3.000 | 12/01/42 | 28,334 | |||||||||||||
| 74,896 | 3.000 | 01/01/43 | 67,669 | |||||||||||||
| 21,060 | 3.000 | 02/01/43 | 19,031 | |||||||||||||
| 7,422 | 3.000 | 03/01/43 | 6,741 | |||||||||||||
| 124,678 | 3.000 | 04/01/43 | 112,230 | |||||||||||||
| 19,125 | 3.000 | 05/01/43 | 17,162 | |||||||||||||
| 27,866 | 3.000 | 06/01/43 | 25,020 | |||||||||||||
| 8,018 | 3.000 | 07/01/43 | 7,199 | |||||||||||||
| 10,145 | 5.000 | 06/01/44 | 10,118 | |||||||||||||
| 261,257 | 4.000 | 12/01/44 | 249,099 | |||||||||||||
| 12,076 | 3.500 | 03/01/45 | 11,052 | |||||||||||||
| 874,956 | 4.500 | 04/01/45 | 855,491 | |||||||||||||
| 315,645 | 3.000 | 04/01/45 | 279,977 | |||||||||||||
| 110,352 | 4.500 | 05/01/45 | 107,793 | |||||||||||||
| 399,017 | 4.500 | 06/01/45 | 389,615 | |||||||||||||
| 530,361 | 4.000 | 08/01/45 | 502,701 | |||||||||||||
| 174,351 | 4.000 | 11/01/45 | 164,892 | |||||||||||||
| 58,654 | 4.000 | 03/01/46 | 55,419 | |||||||||||||
| 32,348 | 4.000 | 06/01/46 | 30,539 | |||||||||||||
| 9,572 | 4.000 | 08/01/46 | 9,037 | |||||||||||||
| 78,556 | 4.000 | 10/01/46 | 74,164 | |||||||||||||
| 58,069 | 4.000 | 06/01/47 | 54,859 | |||||||||||||
| 318,733 | 4.500 | 07/01/47 | 309,451 | |||||||||||||
| 144,017 | 4.500 | 11/01/47 | 139,778 | |||||||||||||
| 185,233 | 4.000 | 12/01/47 | 175,341 | |||||||||||||
| 518,090 | 4.000 | 01/01/48 | 490,261 | |||||||||||||
| 541,076 | 4.000 | 02/01/48 | 512,217 | |||||||||||||
| 368,842 | 4.000 | 03/01/48 | 349,029 | |||||||||||||
| 450,748 | 4.500 | 05/01/48 | 436,072 | |||||||||||||
| 533,322 | 4.000 | 06/01/48 | 504,341 | |||||||||||||
| 249,820 | 4.500 | 09/01/48 | 242,936 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal Amount
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 1,107,398 | 5.000 | % | 11/01/48 | $ | 1,106,312 | ||||||||||
| 79,943 | 4.500 | 06/01/49 | 77,196 | |||||||||||||
| 1,652,551 | 3.000 | 09/01/49 | 1,451,355 | |||||||||||||
| 32,962 | 4.500 | 10/01/49 | 31,776 | |||||||||||||
| 758,685 | 4.500 | 01/01/50 | 732,639 | |||||||||||||
| 2,002,804 | 4.000 | 03/01/50 | 1,883,957 | |||||||||||||
| 4,719,250 | 4.500 | 03/01/50 | 4,570,253 | |||||||||||||
| 869,458 | 2.500 | 09/01/50 | 734,220 | |||||||||||||
| 5,640,520 | 2.000 | 10/01/50 | 4,500,493 | |||||||||||||
| 6,588,762 | 3.000 | 10/01/50 | 5,763,539 | |||||||||||||
| 2,036,306 | 3.000 | 11/01/50 | 1,780,752 | |||||||||||||
| 5,642,316 | 2.000 | 11/01/50 | 4,507,379 | |||||||||||||
| 2,411,355 | 3.000 | 12/01/50 | 2,111,746 | |||||||||||||
| 2,761,496 | 2.500 | 02/01/51 | 2,298,137 | |||||||||||||
| 3,089,556 | 2.000 | 03/01/51 | 2,466,073 | |||||||||||||
| 543,917 | 2.000 | 04/01/51 | 432,625 | |||||||||||||
| 10,543,543 | 2.000 | 05/01/51 | 8,382,939 | |||||||||||||
| 4,348,965 | 2.500 | 05/01/51 | 3,645,125 | |||||||||||||
| 989,438 | 2.500 | 08/01/51 | 831,209 | |||||||||||||
| 5,769,852 | 2.500 | 09/01/51 | 4,833,272 | |||||||||||||
| 3,164,309 | 6.000 | 11/01/52 | 3,236,549 | |||||||||||||
| 566,777 | 6.000 | 12/01/52 | 581,487 | |||||||||||||
| 2,882,179 | 4.500 | 05/01/53 | 2,784,737 | |||||||||||||
| 2,892,162 | 6.500 | 09/01/53 | 2,976,120 | |||||||||||||
| 980,959 | 6.500 | 12/01/53 | 1,018,632 | |||||||||||||
| 2,000,000 | 2.500 | TBA-30yr(f) | 1,653,203 | |||||||||||||
| 1,000,000 | 3.500 | TBA-30yr(f) | 894,727 | |||||||||||||
| 13,000,000 | 5.500 | TBA-30yr(f) | 12,937,539 | |||||||||||||
| 7,000,000 | 6.000 | TBA-30yr(f) | 7,066,445 | |||||||||||||
| 6,000,000 | 7.000 | TBA-30yr(f) | 6,176,572 | |||||||||||||
|
|
|
|||||||||||||||
| 97,813,296 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES |
$ | 163,682,845 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS |
$ | 204,555,912 | ||||||||||||||
|
|
||||||||||||||||
| Corporate Obligations – 40.5% |
| |||||||||||||||
| Aerospace & Defense – 1.6% |
| |||||||||||||||
| Boeing Co. (c) |
| |||||||||||||||
| $ | 1,400,000 | 3.450 | % | 11/01/28 | $ | 1,278,564 | ||||||||||
| 1,350,000 | 5.150 | 05/01/30 | 1,306,463 | |||||||||||||
| 15,000 | 3.600 | 05/01/34 | 12,441 | |||||||||||||
| 80,000 | 3.250 | 02/01/35 | 63,022 | |||||||||||||
| 15,000 | 3.375 | 06/15/46 | 10,137 | |||||||||||||
| Howmet Aerospace, Inc. |
| |||||||||||||||
| 65,000 | 5.900 | 02/01/27 | 65,957 | |||||||||||||
| RTX Corp. (c) |
| |||||||||||||||
| 65,000 | 3.125 | 05/04/27 | 61,567 | |||||||||||||
| 1,385,000 | 6.100 | 03/15/34 | 1,481,257 | |||||||||||||
| TransDigm, Inc. (c)(d) |
| |||||||||||||||
| 285,000 | 6.375 | 03/01/29 | 285,872 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount
|
Interest
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Aerospace & Defense – (continued) |
| |||||||||||||||
| $ | 670,000 | 6.875 | % | 12/15/30 | $ | 683,440 | ||||||||||
|
|
|
|||||||||||||||
| 5,248,720 | ||||||||||||||||
|
|
||||||||||||||||
| Agriculture – 0.0% |
| |||||||||||||||
| Altria Group, Inc. |
| |||||||||||||||
| 25,000 | 3.400 | (c) | 02/04/41 | 18,356 | ||||||||||||
| 5,000 | 4.250 | 08/09/42 | 4,099 | |||||||||||||
| 10,000 | 4.450 | (c) | 05/06/50 | 7,964 | ||||||||||||
| BAT Capital Corp. (c) |
| |||||||||||||||
| 10,000 | 4.758 | 09/06/49 | 7,971 | |||||||||||||
| Philip Morris International, Inc. |
| |||||||||||||||
| 25,000 | 5.625 | (c) | 11/17/29 | 25,751 | ||||||||||||
| 10,000 | 4.375 | 11/15/41 | 8,641 | |||||||||||||
| 10,000 | 4.500 | 03/20/42 | 8,741 | |||||||||||||
| 10,000 | 4.125 | 03/04/43 | 8,275 | |||||||||||||
| Reynolds American, Inc. (c) |
| |||||||||||||||
| 5,000 | 5.700 | 08/15/35 | 4,887 | |||||||||||||
| 20,000 | 5.850 | 08/15/45 | 18,602 | |||||||||||||
|
|
|
|||||||||||||||
| 113,287 | ||||||||||||||||
|
|
||||||||||||||||
| Apparel(c) – 0.0% |
| |||||||||||||||
| NIKE, Inc. |
| |||||||||||||||
| 5,000 | 2.750 | 03/27/27 | 4,736 | |||||||||||||
|
|
||||||||||||||||
| Automotive – 0.2% |
| |||||||||||||||
| Aptiv PLC (c) |
| |||||||||||||||
| 10,000 | 3.100 | 12/01/51 | 6,289 | |||||||||||||
| Cummins, Inc. (c) |
| |||||||||||||||
| 30,000 | 2.600 | 09/01/50 | 18,946 | |||||||||||||
| General Motors Co. |
| |||||||||||||||
| 25,000 | 6.600 | (c) | 04/01/36 | 26,576 | ||||||||||||
| 10,000 | 6.250 | 10/02/43 | 10,221 | |||||||||||||
| 5,000 | 5.400 | (c) | 04/01/48 | 4,582 | ||||||||||||
| General Motors Financial Co., Inc. (c) |
| |||||||||||||||
| 300,000 | 4.300 | 07/13/25 | 295,350 | |||||||||||||
| 500,000 | 2.350 | 01/08/31 | 413,330 | |||||||||||||
|
|
|
|||||||||||||||
| 775,294 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 9.7% |
| |||||||||||||||
| Banco do Brasil SA (b)(c) (10 yr. CMT + 4.398%) |
| |||||||||||||||
| 200,000 | 6.250 | 10/15/24 | 199,922 | |||||||||||||
| Banco Mercantil del Norte SA (b)(c)(d) (5 yr. CMT + 4.643%) |
| |||||||||||||||
| 260,000 | 5.875 | 01/24/27 | 247,325 | |||||||||||||
| Banco Santander SA |
| |||||||||||||||
| 800,000 | 2.746 | 05/28/25 | 773,296 | |||||||||||||
| 600,000 | 4.250 | 04/11/27 | 581,370 | |||||||||||||
| 200,000 | 2.749 | 12/03/30 | 165,160 | |||||||||||||
| 600,000 | 6.921 | 08/08/33 | 627,438 | |||||||||||||
| Bank of America Corp. (c) |
| |||||||||||||||
| 925,000 | 4.183 | 11/25/27 | 897,019 | |||||||||||||
| (3 mo. USD Term SOFR + 1.252%) |
| |||||||||||||||
| 75,000 | 2.496 | (b) | 02/13/31 | 64,547 | ||||||||||||
| (3 mo. USD Term SOFR + 1.322%) |
| |||||||||||||||
| 45,000 | 3.559 | (b) | 04/23/27 | 43,426 | ||||||||||||
| (3 mo. USD Term SOFR + 1.572%) |
| |||||||||||||||
| 750,000 | 4.271 | (b) | 07/23/29 | 723,007 | ||||||||||||
|
|
||||||||||||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN S ACHS BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
|
|
(3 mo. USD Term SOFR + 1.582%) |
| ||||||||||||||
| $ | 10,000 | 4.078 | %(b) | 04/23/40 | $ | 8,644 | ||||||||||
| (3 mo. USD Term SOFR + 1.837%) |
| |||||||||||||||
| 525,000 | 3.824 | (b) | 01/20/28 | 505,633 | ||||||||||||
| (3 mo. USD Term SOFR + 3.412%) |
| |||||||||||||||
| 5,000 | 4.083 | (b) | 03/20/51 | 4,108 | ||||||||||||
| (5 yr. CMT + 1.200%) |
| |||||||||||||||
| 475,000 | 2.482 | (b) | 09/21/36 | 379,506 | ||||||||||||
| (Secured Overnight Financing Rate + 0.910%) |
| |||||||||||||||
| 70,000 | 1.658 | (b) | 03/11/27 | 65,201 | ||||||||||||
| (Secured Overnight Financing Rate + 0.960%) |
| |||||||||||||||
| 45,000 | 1.734 | (b) | 07/22/27 | 41,503 | ||||||||||||
| (Secured Overnight Financing Rate + 1.050%) |
| |||||||||||||||
| 65,000 | 2.551 | (b) | 02/04/28 | 60,407 | ||||||||||||
| (Secured Overnight Financing Rate + 1.060%) |
| |||||||||||||||
| 40,000 | 2.087 | (b) | 06/14/29 | 35,347 | ||||||||||||
| (Secured Overnight Financing Rate + 1.220%) |
| |||||||||||||||
| 550,000 | 2.651 | (b) | 03/11/32 | 464,348 | ||||||||||||
| (Secured Overnight Financing Rate + 1.330%) |
| |||||||||||||||
| 325,000 | 2.972 | (b) | 02/04/33 | 275,736 | ||||||||||||
| (Secured Overnight Financing Rate + 1.530%) |
| |||||||||||||||
| 600,000 | 1.898 | (b) | 07/23/31 | 492,582 | ||||||||||||
| (Secured Overnight Financing Rate + 1.630%) |
| |||||||||||||||
| 1,600,000 | 5.202 | (b) | 04/25/29 | 1,601,680 | ||||||||||||
| (Secured Overnight Financing Rate + 1.830%) |
| |||||||||||||||
| 275,000 | 4.571 | (b) | 04/27/33 | 261,159 | ||||||||||||
| (Secured Overnight Financing Rate + 2.040%) |
| |||||||||||||||
| 550,000 | 4.948 | (b) | 07/22/28 | 545,660 | ||||||||||||
| Bank of Montreal (b)(c) (Secured Overnight Financing Rate + 0.603%) |
| |||||||||||||||
| 25,000 | 0.949 | 01/22/27 | 23,183 | |||||||||||||
| Bank of New York Mellon Corp. (b)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 1.598%) |
| |||||||||||||||
| 65,000 | 6.317 | 10/25/29 | 68,600 | |||||||||||||
| (Secured Overnight Financing Rate + 1.755%) |
| |||||||||||||||
| 70,000 | 4.596 | 07/26/30 | 68,772 | |||||||||||||
| Barclays PLC (b)(c) |
| |||||||||||||||
| (1 yr. CMT + 3.050%) |
| |||||||||||||||
| 875,000 | 7.325 | 11/02/26 | 896,175 | |||||||||||||
| (Secured Overnight Financing Rate + 2.714%) |
| |||||||||||||||
| 825,000 | 2.852 | 05/07/26 | 799,763 | |||||||||||||
| BNP Paribas SA (d) |
| |||||||||||||||
| 346,000 | 3.375 | 01/09/25 | 340,229 | |||||||||||||
| (Secured Overnight Financing Rate + 1.004%) |
| |||||||||||||||
| 725,000 | 1.323 | (b)(c) | 01/13/27 | 673,982 | ||||||||||||
| (Secured Overnight Financing Rate + 2.074%) |
| |||||||||||||||
| 350,000 | 2.219 | (b)(c) | 06/09/26 | 336,546 | ||||||||||||
| BPCE SA (d) |
| |||||||||||||||
| 525,000 | 4.625 | 09/12/28 | 513,697 | |||||||||||||
| Citigroup, Inc. |
| |||||||||||||||
| 125,000 | 4.300 | 11/20/26 | 121,908 | |||||||||||||
| (Secured Overnight Financing Rate + 0.765%) |
| |||||||||||||||
| 65,000 | 1.122 | (b)(c) | 01/28/27 | 60,128 | ||||||||||||
| (Secured Overnight Financing Rate + 0.770%) |
| |||||||||||||||
| 70,000 | 1.462 | (b)(c) | 06/09/27 | 64,278 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 1.146%) |
| |||||||||||||||
| $ | 40,000 | 2.666 | %(b)(c) | 01/29/31 | $ | 34,680 | ||||||||||
| (Secured Overnight Financing Rate + 1.280%) |
| |||||||||||||||
| 15,000 | 3.070 | (b)(c) | 02/24/28 | 14,111 | ||||||||||||
| (Secured Overnight Financing Rate + 1.422%) |
| |||||||||||||||
| 550,000 | 2.976 | (b)(c) | 11/05/30 | 488,460 | ||||||||||||
| (Secured Overnight Financing Rate + 2.086%) |
| |||||||||||||||
| 800,000 | 4.910 | (b)(c) | 05/24/33 | 771,328 | ||||||||||||
| Citizens Financial Group, Inc. (b)(c) (Secured Overnight Financing Rate + 2.010%) |
| |||||||||||||||
| 30,000 | 5.841 | 01/23/30 | 29,953 | |||||||||||||
| Credit Agricole SA (b)(c)(d) |
| |||||||||||||||
| (5 yr. USD Swap + 4.319%) |
| |||||||||||||||
| 250,000 | 6.875 | 09/23/24 | 249,827 | |||||||||||||
| (Secured Overnight Financing Rate + 1.676%) |
| |||||||||||||||
| 375,000 | 1.907 | 06/16/26 | 358,582 | |||||||||||||
| Credit Suisse AG |
| |||||||||||||||
| 300,000 | 2.950 | 04/09/25 | 292,008 | |||||||||||||
| Deutsche Bank AG (b)(c) (Secured Overnight Financing Rate + 1.870%) |
| |||||||||||||||
| 450,000 | 2.129 | 11/24/26 | 424,575 | |||||||||||||
| Fifth Third Bancorp (c) |
| |||||||||||||||
| 375,000 | 2.375 | 01/28/25 | 364,920 | |||||||||||||
| (Secured Overnight Financing Rate + 2.192%) |
| |||||||||||||||
| 65,000 | 6.361 | (b) | 10/27/28 | 66,541 | ||||||||||||
| First Horizon Corp. (c) |
| |||||||||||||||
| 700,000 | 4.000 | 05/26/25 | 681,989 | |||||||||||||
| First-Citizens Bank & Trust Co. (b)(c) (3 mo. USD Term SOFR + 1.715%) |
| |||||||||||||||
| 600,000 | 2.969 | 09/27/25 | 586,176 | |||||||||||||
| HSBC Holdings PLC |
| |||||||||||||||
| 5,000 | 6.100 | 01/14/42 | 5,411 | |||||||||||||
| Huntington Bancshares, Inc. (c) |
| |||||||||||||||
| 825,000 | 4.000 | 05/15/25 | 810,076 | |||||||||||||
| ING Groep NV (b)(c)(d) (1 yr. CMT + 1.100%) |
| |||||||||||||||
| 950,000 | 1.400 | 07/01/26 | 901,968 | |||||||||||||
| JPMorgan Chase & Co. (c) |
| |||||||||||||||
| 425,000 | 3.625 | 12/01/27 | 404,872 | |||||||||||||
| (3 mo. USD Term SOFR + 1.507%) |
| |||||||||||||||
| 475,000 | 3.960 | (b) | 01/29/27 | 463,890 | ||||||||||||
| (3 mo. USD Term SOFR + 2.515%) |
| |||||||||||||||
| 200,000 | 2.956 | (b) | 05/13/31 | 175,030 | ||||||||||||
| (Secured Overnight Financing Rate + 0.885%) |
| |||||||||||||||
| 25,000 | 1.578 | (b) | 04/22/27 | 23,184 | ||||||||||||
| (Secured Overnight Financing Rate + 1.015%) |
| |||||||||||||||
| 60,000 | 2.069 | (b) | 06/01/29 | 53,213 | ||||||||||||
| (Secured Overnight Financing Rate + 1.170%) |
| |||||||||||||||
| 60,000 | 2.947 | (b) | 02/24/28 | 56,375 | ||||||||||||
| (Secured Overnight Financing Rate + 1.580%) |
| |||||||||||||||
| 25,000 | 3.328 | (b) | 04/22/52 | 18,108 | ||||||||||||
| (Secured Overnight Financing Rate + 1.800%) |
| |||||||||||||||
| 901,000 | 4.586 | (b) | 04/26/33 | 862,581 | ||||||||||||
| (Secured Overnight Financing Rate + 1.890%) |
| |||||||||||||||
| 55,000 | 2.182 | (b) | 06/01/28 | 50,335 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 2.440%) |
| |||||||||||||||
| $ | 30,000 | 3.109 | %(b) | 04/22/51 | $ | 20,909 | ||||||||||
| Macquarie Group Ltd. (b)(c)(d) (Secured Overnight Financing Rate + 1.069%) |
| |||||||||||||||
| 450,000 | 1.340 | 01/12/27 | 417,460 | |||||||||||||
| Mitsubishi UFJ Financial Group, Inc. |
| |||||||||||||||
| 30,000 | 4.286 | 07/26/38 | 27,741 | |||||||||||||
| Morgan Stanley |
| |||||||||||||||
| 174,000 | 3.950 | 04/23/27 | 168,046 | |||||||||||||
| (3 mo. USD Term SOFR + 1.890%) |
| |||||||||||||||
| 200,000 | 4.431 | (b)(c) | 01/23/30 | 193,566 | ||||||||||||
| (Secured Overnight Financing Rate + 0.720%) |
| |||||||||||||||
| 70,000 | 0.985 | (b)(c) | 12/10/26 | 64,861 | ||||||||||||
| (Secured Overnight Financing Rate + 0.858%) |
| |||||||||||||||
| 40,000 | 1.512 | (b)(c) | 07/20/27 | 36,708 | ||||||||||||
| (Secured Overnight Financing Rate + 0.879%) |
| |||||||||||||||
| 70,000 | 1.593 | (b)(c) | 05/04/27 | 64,742 | ||||||||||||
| (Secured Overnight Financing Rate + 1.000%) |
| |||||||||||||||
| 10,000 | 2.475 | (b)(c) | 01/21/28 | 9,302 | ||||||||||||
| (Secured Overnight Financing Rate + 1.034%) |
| |||||||||||||||
| 780,000 | 1.794 | (b)(c) | 02/13/32 | 623,610 | ||||||||||||
| (Secured Overnight Financing Rate + 1.143%) |
| |||||||||||||||
| 725,000 | 2.699 | (b)(c) | 01/22/31 | 633,614 | ||||||||||||
| (Secured Overnight Financing Rate + 1.290%) |
| |||||||||||||||
| 141,000 | 2.943 | (b)(c) | 01/21/33 | 119,775 | ||||||||||||
| (Secured Overnight Financing Rate + 1.590%) |
| |||||||||||||||
| 1,395,000 | 5.164 | (b)(c) | 04/20/29 | 1,394,121 | ||||||||||||
| NatWest Group PLC (b)(c) (5 yr. CMT + 2.100%) |
| |||||||||||||||
| 200,000 | 3.754 | 11/01/29 | 196,746 | |||||||||||||
| Santander Holdings USA, Inc. (b)(c) (Secured Overnight Financing Rate + 3.280%) |
| |||||||||||||||
| 25,000 | 7.660 | 11/09/31 | 27,209 | |||||||||||||
| State Street Corp. (b)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 1.484%) |
| |||||||||||||||
| 65,000 | 5.684 | 11/21/29 | 66,742 | |||||||||||||
| (Secured Overnight Financing Rate + 1.715%) |
| |||||||||||||||
| 15,000 | 5.820 | 11/04/28 | 15,437 | |||||||||||||
| Toronto-Dominion Bank |
| |||||||||||||||
| 625,000 | 4.456 | 06/08/32 | 597,825 | |||||||||||||
| Truist Financial Corp. (b)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.609%) |
| |||||||||||||||
| 35,000 | 1.267 | 03/02/27 | 32,343 | |||||||||||||
| (Secured Overnight Financing Rate + 0.862%) |
| |||||||||||||||
| 70,000 | 1.887 | 06/07/29 | 60,838 | |||||||||||||
| (Secured Overnight Financing Rate + 2.050%) |
| |||||||||||||||
| 150,000 | 6.047 | 06/08/27 | 152,010 | |||||||||||||
| U.S. Bancorp (b)(c) |
| |||||||||||||||
| (5 yr. CMT + 2.541%) |
| |||||||||||||||
| 650,000 | 3.700 | 01/15/27 | 562,321 | |||||||||||||
| (Secured Overnight Financing Rate + 0.730%) |
| |||||||||||||||
| 25,000 | 2.215 | 01/27/28 | 23,057 | |||||||||||||
| (Secured Overnight Financing Rate + 2.020%) |
| |||||||||||||||
| 60,000 | 5.775 | 06/12/29 | 61,055 | |||||||||||||
| (Secured Overnight Financing Rate + 2.090%) |
| |||||||||||||||
| 10,000 | 5.850 | 10/21/33 | 10,209 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| UBS Group AG |
| |||||||||||||||
| $ | 307,000 | 4.550 | % | 04/17/26 | $ | 302,113 | ||||||||||
| 2,025,000 | 4.282 | (c)(d) | 01/09/28 | 1,953,457 | ||||||||||||
| (5 yr. CMT + 4.758%) |
| |||||||||||||||
| 200,000 | 9.250 | (b)(c)(d) | 11/13/33 | 225,480 | ||||||||||||
| (Secured Overnight Financing Rate + 1.560%) |
| |||||||||||||||
| 302,000 | 2.593 | (b)(c)(d) | 09/11/25 | 297,745 | ||||||||||||
| Virgin Money U.K. PLC (b)(c) (5 yr. U.K. Government Bond + 8.307%) |
| |||||||||||||||
| GBP | 325,000 | 9.250 | 06/08/24 | 411,417 | ||||||||||||
| Wells Fargo & Co. |
| |||||||||||||||
| $ | 675,000 | 3.000 | 10/23/26 | 639,117 | ||||||||||||
| 600,000 | 4.300 | 07/22/27 | 584,358 | |||||||||||||
| 75,000 | |
4.150 |
(c) |
01/24/29 | 72,275 | |||||||||||
| (3 mo. USD Term SOFR + 1.262%) |
| |||||||||||||||
| 30,000 | 2.572 | (b)(c) | 02/11/31 | 25,850 | ||||||||||||
| (3 mo. USD Term SOFR + 1.432%) |
| |||||||||||||||
| 60,000 | 3.196 | (b)(c) | 06/17/27 | 57,293 | ||||||||||||
| (3 mo. USD Term SOFR + 1.432%) |
| |||||||||||||||
| 10,000 | 2.879 | (b)(c) | 10/30/30 | 8,841 | ||||||||||||
| (3 mo. USD Term SOFR + 4.502%) |
| |||||||||||||||
| 25,000 | 5.013 | (b)(c) | 04/04/51 | 23,492 | ||||||||||||
| (Secured Overnight Financing Rate + 1.980%) |
| |||||||||||||||
| 400,000 | 4.808 | (b)(c) | 07/25/28 | 394,156 | ||||||||||||
| (Secured Overnight Financing Rate + 2.100%) |
| |||||||||||||||
| 75,000 | 2.393 | (b)(c) | 06/02/28 | 68,663 | ||||||||||||
| (Secured Overnight Financing Rate + 2.100%) |
| |||||||||||||||
| 932,000 | 4.897 | (b)(c) | 07/25/33 | 897,451 | ||||||||||||
|
|
|
|||||||||||||||
| 32,761,433 | ||||||||||||||||
|
|
||||||||||||||||
| Beverages – 1.2% |
| |||||||||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (c) |
| |||||||||||||||
| 700,000 | 4.700 | 02/01/36 | 679,427 | |||||||||||||
| 314,000 | 4.900 | 02/01/46 | 298,523 | |||||||||||||
| Anheuser-Busch InBev Finance, Inc. (c) |
| |||||||||||||||
| 35,000 | 4.900 | 02/01/46 | 32,929 | |||||||||||||
| Anheuser-Busch InBev Worldwide, Inc. |
| |||||||||||||||
| 80,000 | 8.200 | 01/15/39 | 103,778 | |||||||||||||
| Constellation Brands, Inc. (c) |
| |||||||||||||||
| 625,000 | 4.400 | 11/15/25 | 615,606 | |||||||||||||
| 500,000 | 3.600 | 02/15/28 | 474,925 | |||||||||||||
| 325,000 | 2.250 | 08/01/31 | 268,508 | |||||||||||||
| JDE Peet’s NV (c)(d) |
| |||||||||||||||
| 375,000 | 1.375 | 01/15/27 | 338,085 | |||||||||||||
| Keurig Dr Pepper, Inc. (c) |
| |||||||||||||||
| 575,000 | 4.597 | 05/25/28 | 567,473 | |||||||||||||
| 925,000 | 2.250 | 03/15/31 | 771,598 | |||||||||||||
| PepsiCo, Inc. (c) |
| |||||||||||||||
| 10,000 | 1.625 | 05/01/30 | 8,392 | |||||||||||||
|
|
|
|||||||||||||||
| 4,159,244 | ||||||||||||||||
|
|
||||||||||||||||
| Biotechnology(c) – 1.2% |
| |||||||||||||||
| Amgen, Inc. |
| |||||||||||||||
| 1,278,000 | 5.250 | 03/02/30 | 1,298,167 | |||||||||||||
|
|
||||||||||||||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Principal
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Biotechnology(c) – (continued) |
| |||||||||||||||
| $ |
1,400,000 | 4.200 | % | 03/01/33 | $ | 1,308,790 | ||||||||||
| 800,000 | 5.250 | 03/02/33 | 806,800 | |||||||||||||
| Biogen, Inc. |
| |||||||||||||||
| 25,000 | 3.150 | 05/01/50 | 16,675 | |||||||||||||
| CSL Finance PLC (d) |
| |||||||||||||||
| 100,000 | 3.850 | 04/27/27 | 96,513 | |||||||||||||
| Gilead Sciences, Inc. |
| |||||||||||||||
| 50,000 | 3.650 | 03/01/26 | 48,703 | |||||||||||||
| Royalty Pharma PLC |
| |||||||||||||||
| 425,000 | 1.200 | 09/02/25 | 400,103 | |||||||||||||
| 10,000 | 3.300 | 09/02/40 | 7,456 | |||||||||||||
| 10,000 | 3.550 | 09/02/50 | 6,889 | |||||||||||||
|
|
|
|||||||||||||||
| 3,990,096 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(c) – 0.6% |
| |||||||||||||||
| Carrier Global Corp. |
| |||||||||||||||
| 1,180,000 | 5.900 | 03/15/34 | 1,240,640 | |||||||||||||
| 35,000 | 3.577 | 04/05/50 | 26,114 | |||||||||||||
| Fortune Brands Innovations, Inc. |
| |||||||||||||||
| 5,000 | 4.500 | 03/25/52 | 4,101 | |||||||||||||
| Masco Corp. |
| |||||||||||||||
| 325,000 | 1.500 | 02/15/28 | 284,710 | |||||||||||||
| Smyrna Ready Mix Concrete LLC (d) |
| |||||||||||||||
| 475,000 | 8.875 | 11/15/31 | 507,537 | |||||||||||||
| Vulcan Materials Co. |
| |||||||||||||||
| 20,000 | 3.900 | 04/01/27 | 19,388 | |||||||||||||
|
|
|
|||||||||||||||
| 2,082,490 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals – 1.4% |
| |||||||||||||||
| Albemarle Corp. (c) |
| |||||||||||||||
| 15,000 | 5.650 | 06/01/52 | 13,757 | |||||||||||||
| Ashland Services BV (c) |
| |||||||||||||||
| EUR | 650,000 | 2.000 | 01/30/28 | 641,716 | ||||||||||||
| Axalta Coating Systems LLC (c)(d) |
| |||||||||||||||
| $ | 475,000 | 3.375 | 02/15/29 | 425,538 | ||||||||||||
| Celanese U.S. Holdings LLC (c) |
| |||||||||||||||
| 30,000 | 6.165 | 07/15/27 | 30,557 | |||||||||||||
| 735,000 | 6.350 | 11/15/28 | 762,607 | |||||||||||||
| 40,000 | 6.330 | 07/15/29 | 41,483 | |||||||||||||
| Dow Chemical Co. (c) |
| |||||||||||||||
| 35,000 | 6.300 | 03/15/33 | 37,700 | |||||||||||||
| Huntsman International LLC (c) |
| |||||||||||||||
| 350,000 | 4.500 | 05/01/29 | 334,296 | |||||||||||||
| 250,000 | 2.950 | 06/15/31 | 208,328 | |||||||||||||
| Ingevity Corp. (c)(d) |
| |||||||||||||||
| 360,000 | 3.875 | 11/01/28 | 325,231 | |||||||||||||
| International Flavors & Fragrances, Inc. (c) |
| |||||||||||||||
| 650,000 | 1.832 | (d) | 10/15/27 | 576,537 | ||||||||||||
| 10,000 | 5.000 | 09/26/48 | 8,559 | |||||||||||||
| LYB International Finance BV |
| |||||||||||||||
| 20,000 | 5.250 | 07/15/43 | 18,717 | |||||||||||||
| PPG Industries, Inc. (c) |
| |||||||||||||||
| 5,000 | 1.200 | 03/15/26 | 4,634 | |||||||||||||
| Sherwin-Williams Co. (c) |
| |||||||||||||||
| 500,000 | 3.450 | 06/01/27 | 477,920 | |||||||||||||
|
|
||||||||||||||||
| Principal
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Chemicals – (continued) |
| |||||||||||||||
| $ |
475,000 | 2.950 | % | 08/15/29 | $ | 430,777 | ||||||||||
| SNF Group SACA (c)(d) |
| |||||||||||||||
| 590,000 | 3.375 | 03/15/30 | 510,356 | |||||||||||||
|
|
|
|||||||||||||||
| 4,848,713 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services(c) – 0.5% |
| |||||||||||||||
| Ashtead Capital, Inc. (d) |
| |||||||||||||||
| 301,000 | 5.800 | 04/15/34 | 300,796 | |||||||||||||
| CoStar Group, Inc. (d) |
| |||||||||||||||
| 625,000 | 2.800 | 07/15/30 | 534,031 | |||||||||||||
| Global Payments, Inc. |
| |||||||||||||||
| 5,000 | 3.200 | 08/15/29 | 4,492 | |||||||||||||
| 15,000 | 5.950 | 08/15/52 | 14,965 | |||||||||||||
| MPH Acquisition Holdings LLC (d) |
| |||||||||||||||
| 542,000 | 5.750 | 11/01/28 | 427,969 | |||||||||||||
| Quanta Services, Inc. |
| |||||||||||||||
| 30,000 | 3.050 | 10/01/41 | 21,435 | |||||||||||||
| TriNet Group, Inc. (d) |
| |||||||||||||||
| 500,000 | 7.125 | 08/15/31 | 513,150 | |||||||||||||
|
|
|
|||||||||||||||
| 1,816,838 | ||||||||||||||||
|
|
||||||||||||||||
| Computers(c) – 0.2% |
| |||||||||||||||
| Dell International LLC/EMC Corp. |
| |||||||||||||||
| 268,000 | 6.020 | 06/15/26 | 271,524 | |||||||||||||
| 75,000 | 5.300 | 10/01/29 | 75,906 | |||||||||||||
| 50,000 | 6.200 | 07/15/30 | 52,650 | |||||||||||||
| 10,000 | 8.100 | 07/15/36 | 12,093 | |||||||||||||
| 35,000 | 8.350 | 07/15/46 | 45,265 | |||||||||||||
| Hewlett Packard Enterprise Co. |
| |||||||||||||||
| 15,000 | 6.350 | 10/15/45 | 16,032 | |||||||||||||
| Western Digital Corp. |
| |||||||||||||||
| 30,000 | 2.850 | 02/01/29 | 26,136 | |||||||||||||
|
|
|
|||||||||||||||
| 499,606 | ||||||||||||||||
|
|
||||||||||||||||
| Cosmetics & Personal Care(c) – 0.2% |
| |||||||||||||||
| Haleon U.S. Capital LLC |
| |||||||||||||||
| 875,000 | 3.375 | 03/24/27 | 837,489 | |||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services(c) – 1.5% |
| |||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| |||||||||||||||
| 295,000 | 6.500 | 07/15/25 | 298,030 | |||||||||||||
| 675,000 | 3.000 | 10/29/28 | 611,388 | |||||||||||||
| 275,000 | 3.400 | 10/29/33 | 231,819 | |||||||||||||
| Air Lease Corp. |
| |||||||||||||||
| 225,000 | 3.375 | 07/01/25 | 219,256 | |||||||||||||
| 875,000 | 3.750 | 06/01/26 | 844,095 | |||||||||||||
| (5 yr. CMT + 3.149%) |
| |||||||||||||||
| 750,000 | 4.125 | (b) | 12/15/26 | 649,492 | ||||||||||||
| American Express Co. |
| |||||||||||||||
| 15,000 | 1.650 | 11/04/26 | 13,756 | |||||||||||||
| 5,000 | 2.550 | 03/04/27 | 4,669 | |||||||||||||
| (Secured Overnight Financing Rate + 1.280%) |
| |||||||||||||||
| 60,000 | 5.282 | (b) | 07/27/29 | 60,350 | ||||||||||||
| Aviation Capital Group LLC (d) |
| |||||||||||||||
| 375,000 | 1.950 | 01/30/26 | 349,972 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Diversified Financial Services(c) – (continued) |
| |||||||||||||||
| Avolon Holdings Funding Ltd. (d) |
| |||||||||||||||
| $ | 425,000 | 3.950 | % | 07/01/24 | $ | 422,620 | ||||||||||
| 675,000 | 2.875 | 02/15/25 | 657,011 | |||||||||||||
| 175,000 | 4.250 | 04/15/26 | 169,053 | |||||||||||||
| Brookfield Finance, Inc. |
| |||||||||||||||
| 20,000 | 3.500 | 03/30/51 | 14,431 | |||||||||||||
| Capital One Financial Corp. (b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.855%) |
| |||||||||||||||
| 45,000 | 1.878 | 11/02/27 | 41,164 | |||||||||||||
| (Secured Overnight Financing Rate + 1.790%) |
| |||||||||||||||
| 55,000 | 3.273 | 03/01/30 | 49,551 | |||||||||||||
| Charles Schwab Corp. (b) |
| |||||||||||||||
| (5 yr. CMT + 4.971%) |
| |||||||||||||||
| 322,000 | 5.375 | 06/01/25 | 319,640 | |||||||||||||
| (Secured Overnight Financing Rate + 1.878%) |
| |||||||||||||||
| 65,000 | 6.196 | 11/17/29 | 67,549 | |||||||||||||
| (Secured Overnight Financing Rate + 2.500%) |
| |||||||||||||||
| 5,000 | 5.853 | 05/19/34 | 5,117 | |||||||||||||
| Discover Financial Services |
| |||||||||||||||
| 70,000 | 4.100 | 02/09/27 | 67,515 | |||||||||||||
| Macquarie Airfinance Holdings Ltd. (d) |
| |||||||||||||||
| 70,000 | 6.400 | 03/26/29 | 71,073 | |||||||||||||
| Mastercard, Inc. |
| |||||||||||||||
| 5,000 | 3.300 | 03/26/27 | 4,812 | |||||||||||||
| 10,000 | 3.850 | 03/26/50 | 8,290 | |||||||||||||
| Synchrony Financial |
| |||||||||||||||
| 25,000 | 2.875 | 10/28/31 | 19,984 | |||||||||||||
|
|
|
|||||||||||||||
| 5,200,637 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical – 1.3% |
| |||||||||||||||
| Ameren Corp. (c) |
| |||||||||||||||
| 125,000 | 3.500 | 01/15/31 | 113,009 | |||||||||||||
| American Electric Power Co., Inc. (c) |
| |||||||||||||||
| 20,000 | 2.300 | 03/01/30 | 17,018 | |||||||||||||
| Appalachian Power Co. (c) |
| |||||||||||||||
| 30,000 | 3.700 | 05/01/50 | 21,300 | |||||||||||||
| Berkshire Hathaway Energy Co. (c) |
| |||||||||||||||
| 225,000 | 3.250 | 04/15/28 | 212,285 | |||||||||||||
| 400,000 | 3.700 | 07/15/30 | 374,784 | |||||||||||||
| Constellation Energy Generation LLC (c) |
| |||||||||||||||
| 15,000 | 5.600 | 06/15/42 | 14,816 | |||||||||||||
| Duke Energy Corp. (c) |
| |||||||||||||||
| 40,000 | 5.000 | 08/15/52 | 36,278 | |||||||||||||
| Duke Energy Progress LLC (c) |
| |||||||||||||||
| 15,000 | 3.450 | 03/15/29 | 14,114 | |||||||||||||
| Edison International (c) |
| |||||||||||||||
| 20,000 | 6.950 | 11/15/29 | 21,457 | |||||||||||||
| Emera U.S. Finance LP (c) |
| |||||||||||||||
| 10,000 | 4.750 | 06/15/46 | 8,235 | |||||||||||||
| Entergy Louisiana LLC (c) |
| |||||||||||||||
| 25,000 | 4.750 | 09/15/52 | 22,279 | |||||||||||||
| Exelon Corp. (c) |
| |||||||||||||||
| 30,000 | 4.450 | 04/15/46 | 25,676 | |||||||||||||
| NextEra Energy Capital Holdings, Inc. (c) |
| |||||||||||||||
| 525,000 | 1.900 | 06/15/28 | 465,145 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Electrical – (continued) |
| |||||||||||||||
| NRG Energy, Inc. (c)(d) |
| |||||||||||||||
| $ | 675,000 | 3.750 | % | 06/15/24 | $ | 671,119 | ||||||||||
| Ohio Edison Co. |
| |||||||||||||||
| 5,000 | 6.875 | 07/15/36 | 5,602 | |||||||||||||
| Pacific Gas & Electric Co. (c) |
| |||||||||||||||
| 250,000 | 2.100 | 08/01/27 | 225,125 | |||||||||||||
| 5,000 | 4.500 | 07/01/40 | 4,266 | |||||||||||||
| 125,000 | 3.300 | 08/01/40 | 91,800 | |||||||||||||
| 5,000 | 4.000 | 12/01/46 | 3,739 | |||||||||||||
| 30,000 | 4.950 | 07/01/50 | 25,844 | |||||||||||||
| PacifiCorp (c) |
| |||||||||||||||
| 30,000 | 4.150 | 02/15/50 | 23,540 | |||||||||||||
| 660,000 | 5.800 | 01/15/55 | 650,740 | |||||||||||||
| Public Service Co. of Colorado (c) |
| |||||||||||||||
| 35,000 | 4.500 | 06/01/52 | 29,414 | |||||||||||||
| Sempra (c) |
| |||||||||||||||
| 5,000 | 3.700 | 04/01/29 | 4,677 | |||||||||||||
| Southern California Edison Co. (c) |
| |||||||||||||||
| 450,000 | 4.200 | 03/01/29 | 433,939 | |||||||||||||
| 25,000 | 4.875 | 03/01/49 | 22,387 | |||||||||||||
| Southern Power Co. (c) |
| |||||||||||||||
| 30,000 | 4.950 | 12/15/46 | 26,699 | |||||||||||||
| Xcel Energy, Inc. (c) |
| |||||||||||||||
| 900,000 | 3.350 | 12/01/26 | 853,596 | |||||||||||||
|
|
|
|||||||||||||||
| 4,418,883 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical Components & Equipment(c)(d) – 0.1% |
| |||||||||||||||
| WESCO Distribution, Inc. |
| |||||||||||||||
| 195,000 | 6.375 | 03/15/29 | 197,050 | |||||||||||||
| 145,000 | 6.625 | 03/15/32 | 147,404 | |||||||||||||
|
|
|
|||||||||||||||
| 344,454 | ||||||||||||||||
|
|
||||||||||||||||
| Electronics(c) – 0.3% |
| |||||||||||||||
| Amphenol Corp. |
| |||||||||||||||
| 5,000 | 2.800 | 02/15/30 | 4,475 | |||||||||||||
| Atkore, Inc. (d) |
| |||||||||||||||
| 945,000 | 4.250 | 06/01/31 | 839,340 | |||||||||||||
| Flex Ltd. |
| |||||||||||||||
| 10,000 | 4.875 | 06/15/29 | 9,802 | |||||||||||||
| Jabil, Inc. |
| |||||||||||||||
| 30,000 | 3.600 | 01/15/30 | 27,212 | |||||||||||||
|
|
|
|||||||||||||||
| 880,829 | ||||||||||||||||
|
|
||||||||||||||||
| Energy-Alternate Sources(c)(d) – 0.1% |
| |||||||||||||||
| Greenko Power II Ltd. |
| |||||||||||||||
| 180,000 | 4.300 | 12/13/28 | 164,700 | |||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(c) – 0.3% |
| |||||||||||||||
| MasTec, Inc. (d) |
| |||||||||||||||
| 610,000 | 4.500 | 08/15/28 | 580,452 | |||||||||||||
| Mexico City Airport Trust |
| |||||||||||||||
| 200,000 | 4.250 | 10/31/26 | 193,156 | |||||||||||||
| 250,000 | 3.875 | (d) | 04/30/28 | 234,453 | ||||||||||||
|
|
|
|||||||||||||||
| 1,008,061 | ||||||||||||||||
|
|
||||||||||||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Entertainment(c) – 0.8% |
| |||||||||||||||
| Caesars Entertainment, Inc. (d) |
| |||||||||||||||
| $ | 305,000 | 6.500 | % | 02/15/32 | $ | 307,992 | ||||||||||
| Merlin Entertainments Group U.S. Holdings, Inc. (d) |
| |||||||||||||||
| 505,000 | 7.375 | 02/15/31 | 509,161 | |||||||||||||
| Warnermedia Holdings, Inc. |
| |||||||||||||||
| 775,000 | 6.412 | 03/15/26 | 775,023 | |||||||||||||
| 450,000 | 4.054 | 03/15/29 | 421,466 | |||||||||||||
| 850,000 | 4.279 | 03/15/32 | 759,721 | |||||||||||||
|
|
|
|||||||||||||||
| 2,773,363 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(c)(d) – 0.3% |
| |||||||||||||||
| Veralto Corp. |
| |||||||||||||||
| 980,000 | 5.450 | 09/18/33 | 992,034 | |||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing – 0.8% |
| |||||||||||||||
| Campbell Soup Co. (c) |
| |||||||||||||||
| 380,000 | 5.400 | 03/21/34 | 382,751 | |||||||||||||
| Conagra Brands, Inc. (c) |
| |||||||||||||||
| 5,000 | 5.300 | 11/01/38 | 4,761 | |||||||||||||
| General Mills, Inc. (c) |
| |||||||||||||||
| 300,000 | 4.200 | 04/17/28 | 292,485 | |||||||||||||
| J M Smucker Co. (c) |
| |||||||||||||||
| 449,000 | 5.900 | 11/15/28 | 465,846 | |||||||||||||
| 725,000 | 6.200 | 11/15/33 | 774,097 | |||||||||||||
| Kellanova |
| |||||||||||||||
| 50,000 | 7.450 | 04/01/31 | 56,181 | |||||||||||||
| Kraft Heinz Foods Co. |
| |||||||||||||||
| 30,000 | 6.875 | 01/26/39 | 33,900 | |||||||||||||
| Kroger Co. (c) |
| |||||||||||||||
| 10,000 | 2.200 | 05/01/30 | 8,503 | |||||||||||||
| Post Holdings, Inc. (c)(d) |
| |||||||||||||||
| 498,000 | 5.625 | 01/15/28 | 488,956 | |||||||||||||
| 155,000 | 6.250 | 02/15/32 | 156,080 | |||||||||||||
| Sysco Corp. (c) |
| |||||||||||||||
| 50,000 | 6.600 | 04/01/40 | 55,419 | |||||||||||||
| 25,000 | 4.500 | 04/01/46 | 21,871 | |||||||||||||
| Tyson Foods, Inc. (c) |
| |||||||||||||||
| 10,000 | 3.550 | 06/02/27 | 9,546 | |||||||||||||
| 20,000 | 5.100 | 09/28/48 | 18,015 | |||||||||||||
|
|
|
|||||||||||||||
| 2,768,411 | ||||||||||||||||
|
|
||||||||||||||||
| Gas(c) – 0.1% |
| |||||||||||||||
| East Ohio Gas Co. (d) |
| |||||||||||||||
| 150,000 | 1.300 | 06/15/25 | 142,566 | |||||||||||||
| NiSource, Inc. |
| |||||||||||||||
| 100,000 | 3.600 | 05/01/30 | 92,197 | |||||||||||||
|
|
|
|||||||||||||||
| 234,763 | ||||||||||||||||
|
|
||||||||||||||||
| Hand/Machine Tools(c) – 0.0% |
| |||||||||||||||
| Stanley Black & Decker, Inc. |
| |||||||||||||||
| 55,000 | 2.300 | 03/15/30 | 46,554 | |||||||||||||
| 5,000 | 4.850 | 11/15/48 | 4,394 | |||||||||||||
|
|
|
|||||||||||||||
| 50,948 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Healthcare Providers & Services – 1.4% |
| |||||||||||||||
| Abbott Laboratories (c) |
| |||||||||||||||
| $ | 5,000 | 3.750 | % | 11/30/26 | $ | 4,888 | ||||||||||
| Baxter International, Inc. (c) |
| |||||||||||||||
| 179,000 | 1.915 | 02/01/27 | 163,427 | |||||||||||||
| Centene Corp. (c) |
| |||||||||||||||
| 165,000 | 4.250 | 12/15/27 | 157,344 | |||||||||||||
| 60,000 | 3.375 | 02/15/30 | 53,182 | |||||||||||||
| CommonSpirit Health (c) |
| |||||||||||||||
| 635,000 | 3.910 | 10/01/50 | 496,759 | |||||||||||||
| 610,000 | 6.461 | 11/01/52 | 700,994 | |||||||||||||
| Elevance Health, Inc. (c) |
| |||||||||||||||
| 25,000 | 6.100 | 10/15/52 | 27,084 | |||||||||||||
| HCA, Inc. (c) |
| |||||||||||||||
| 420,000 | 5.450 | 04/01/31 | 422,428 | |||||||||||||
| 5,000 | 5.500 | 06/15/47 | 4,753 | |||||||||||||
| 10,000 | 5.250 | 06/15/49 | 9,135 | |||||||||||||
| 15,000 | 3.500 | 07/15/51 | 10,367 | |||||||||||||
| 685,000 | 5.900 | 06/01/53 | 688,918 | |||||||||||||
| Laboratory Corp. of America Holdings (c) |
| |||||||||||||||
| 70,000 | 1.550 | 06/01/26 | 64,833 | |||||||||||||
| Quest Diagnostics, Inc. (c) |
| |||||||||||||||
| 10,000 | 2.950 | 06/30/30 | 8,878 | |||||||||||||
| Revvity, Inc. (c) |
| |||||||||||||||
| 20,000 | 3.300 | 09/15/29 | 18,157 | |||||||||||||
| Solventum Corp. (c)(d) |
| |||||||||||||||
| 700,000 | 5.400 | 03/01/29 | 701,645 | |||||||||||||
| 345,000 | 5.600 | 03/23/34 | 346,087 | |||||||||||||
| STERIS Irish FinCo UnLtd Co. (c) |
| |||||||||||||||
| 218,000 | 2.700 | 03/15/31 | 186,272 | |||||||||||||
| UnitedHealth Group, Inc. |
| |||||||||||||||
| 525,000 | 5.300 | (c) | 02/15/30 | 537,337 | ||||||||||||
| 10,000 | 2.000 | 05/15/30 | 8,499 | |||||||||||||
| 10,000 | 6.875 | 02/15/38 | 11,741 | |||||||||||||
| 25,000 | 4.250 | (c) | 06/15/48 | 21,582 | ||||||||||||
|
|
|
|||||||||||||||
| 4,644,310 | ||||||||||||||||
|
|
||||||||||||||||
| Home Builders(c) – 0.0% |
| |||||||||||||||
| PulteGroup, Inc. |
| |||||||||||||||
| 5,000 | 5.500 | 03/01/26 | 5,007 | |||||||||||||
|
|
||||||||||||||||
| Household Products(c) – 0.0% |
| |||||||||||||||
| Kimberly-Clark Corp. |
| |||||||||||||||
| 10,000 | 2.875 | 02/07/50 | 6,883 | |||||||||||||
|
|
||||||||||||||||
| Insurance(c) – 0.3% |
| |||||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. (d) |
| |||||||||||||||
| 536,000 | 4.250 | 02/15/29 | 484,013 | |||||||||||||
| Allstate Corp. |
| |||||||||||||||
| 70,000 | 0.750 | 12/15/25 | 64,901 | |||||||||||||
| American International Group, Inc. |
| |||||||||||||||
| 250,000 | 3.400 | 06/30/30 | 228,737 | |||||||||||||
| 10,000 | 4.750 | 04/01/48 | 9,255 | |||||||||||||
| Aon Corp. |
| |||||||||||||||
| 10,000 | 2.800 | 05/15/30 | 8,818 | |||||||||||||
| Berkshire Hathaway Finance Corp. |
| |||||||||||||||
| 35,000 | 3.850 | 03/15/52 | 28,302 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Insurance(c) – (continued) |
| |||||||||||||||
| Brighthouse Financial, Inc. |
| |||||||||||||||
| $ | 10,000 | 4.700 | % | 06/22/47 | $ | 7,953 | ||||||||||
| Brown & Brown, Inc. |
| |||||||||||||||
| 20,000 | 2.375 | 03/15/31 | 16,594 | |||||||||||||
| Progressive Corp. |
| |||||||||||||||
| 5,000 | 3.200 | 03/26/30 | 4,566 | |||||||||||||
| Reinsurance Group of America, Inc. |
| |||||||||||||||
| 40,000 | 3.900 | 05/15/29 | 37,805 | |||||||||||||
| Willis North America, Inc. |
| |||||||||||||||
| 70,000 | 2.950 | 09/15/29 | 62,752 | |||||||||||||
|
|
|
|||||||||||||||
| 953,696 | ||||||||||||||||
|
|
||||||||||||||||
| Internet – 1.0% |
| |||||||||||||||
| Amazon.com, Inc. (c) |
| |||||||||||||||
| 20,000 | 1.000 | 05/12/26 | 18,474 | |||||||||||||
| 10,000 | 3.875 | 08/22/37 | 9,028 | |||||||||||||
| Expedia Group, Inc. (c) |
| |||||||||||||||
| 260,000 | 4.625 | 08/01/27 | 255,154 | |||||||||||||
| 200,000 | 3.250 | 02/15/30 | 180,122 | |||||||||||||
| 81,000 | 2.950 | 03/15/31 | 70,604 | |||||||||||||
| Meta Platforms, Inc. (c) |
| |||||||||||||||
| 2,000 | 3.850 | 08/15/32 | 1,876 | |||||||||||||
| Netflix, Inc. |
| |||||||||||||||
| 495,000 | 6.375 | 05/15/29 | 527,333 | |||||||||||||
| 1,275,000 | 4.875 | (c)(d) | 06/15/30 | 1,266,381 | ||||||||||||
| Prosus NV (c)(d) |
| |||||||||||||||
| 200,000 | 3.832 | 02/08/51 | 122,500 | |||||||||||||
| Uber Technologies, Inc. (c)(d) |
| |||||||||||||||
| 880,000 | 4.500 | 08/15/29 | 836,845 | |||||||||||||
|
|
|
|||||||||||||||
| 3,288,317 | ||||||||||||||||
|
|
||||||||||||||||
| Iron/Steel – 0.3% |
| |||||||||||||||
| ArcelorMittal SA |
| |||||||||||||||
| 15,000 | 6.750 | 03/01/41 | 15,609 | |||||||||||||
| Cleveland-Cliffs, Inc. (c)(d) |
| |||||||||||||||
| 435,000 | 7.000 | 03/15/32 | 441,112 | |||||||||||||
| Nucor Corp. (c) |
| |||||||||||||||
| 5,000 | 3.125 | 04/01/32 | 4,404 | |||||||||||||
| Steel Dynamics, Inc. (c) |
| |||||||||||||||
| 150,000 | 2.400 | 06/15/25 | 144,443 | |||||||||||||
| 275,000 | 1.650 | 10/15/27 | 245,245 | |||||||||||||
|
|
|
|||||||||||||||
| 850,813 | ||||||||||||||||
|
|
||||||||||||||||
| Leisure Time(c) – 0.0% |
| |||||||||||||||
| Brunswick Corp. |
| |||||||||||||||
| 10,000 | 4.400 | 09/15/32 | 9,111 | |||||||||||||
|
|
||||||||||||||||
| Lodging(c) – 0.8% |
| |||||||||||||||
| Hilton Domestic Operating Co., Inc. (d) |
| |||||||||||||||
| 470,000 | 5.875 | 04/01/29 | 470,710 | |||||||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (d) |
| |||||||||||||||
| 125,000 | 4.875 | 07/01/31 | 111,976 | |||||||||||||
| Hyatt Hotels Corp. |
| |||||||||||||||
| 475,000 | 1.800 | 10/01/24 | 464,930 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Lodging(c) – (continued) |
| |||||||||||||||
| Marriott International, Inc. |
| |||||||||||||||
| $ | 475,000 | 5.000 | % | 10/15/27 | $ | 473,813 | ||||||||||
| 70,000 | 4.000 | 04/15/28 | 67,386 | |||||||||||||
| 221,000 | 4.875 | 05/15/29 | 218,852 | |||||||||||||
| MGM Resorts International |
| |||||||||||||||
| 605,000 | 6.500 | 04/15/32 | 603,469 | |||||||||||||
| Sands China Ltd. |
| |||||||||||||||
| 200,000 | 5.400 | 08/08/28 | 196,198 | |||||||||||||
|
|
|
|||||||||||||||
| 2,607,334 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(c) – 0.1% |
| |||||||||||||||
| AGCO Corp. |
| |||||||||||||||
| 210,000 | 5.800 | 03/21/34 | 212,633 | |||||||||||||
| Otis Worldwide Corp. |
| |||||||||||||||
| 175,000 | 2.293 | 04/05/27 | 162,232 | |||||||||||||
| 25,000 | 2.565 | 02/15/30 | 21,988 | |||||||||||||
|
|
|
|||||||||||||||
| 396,853 | ||||||||||||||||
|
|
||||||||||||||||
| Media – 0.3% |
| |||||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital (c) |
| |||||||||||||||
| 425,000 | 4.908 | 07/23/25 | 419,964 | |||||||||||||
| 25,000 | 2.250 | 01/15/29 | 21,273 | |||||||||||||
| 5,000 | 6.384 | 10/23/35 | 4,946 | |||||||||||||
| 40,000 | 5.375 | 04/01/38 | 34,809 | |||||||||||||
| 5,000 | 6.484 | 10/23/45 | 4,639 | |||||||||||||
| Comcast Corp. |
| |||||||||||||||
| 6,000 | 6.500 | 11/15/35 | 6,654 | |||||||||||||
| 75,000 | 3.750 | (c) | 04/01/40 | 62,315 | ||||||||||||
| Fox Corp. (c) |
| |||||||||||||||
| 20,000 | 5.476 | 01/25/39 | 19,046 | |||||||||||||
| NBCUniversal Media LLC |
| |||||||||||||||
| 458,000 | 4.450 | 01/15/43 | 406,548 | |||||||||||||
| Time Warner Cable LLC |
| |||||||||||||||
| 15,000 | 6.750 | 06/15/39 | 14,276 | |||||||||||||
| 5,000 | 5.875 | (c) | 11/15/40 | 4,362 | ||||||||||||
|
|
|
|||||||||||||||
| 998,832 | ||||||||||||||||
|
|
||||||||||||||||
| Mining(c) – 0.3% |
| |||||||||||||||
| Alcoa Nederland Holding BV (d) |
| |||||||||||||||
| 230,000 | 7.125 | 03/15/31 | 234,345 | |||||||||||||
| Freeport-McMoRan, Inc. |
| |||||||||||||||
| 15,000 | 5.450 | 03/15/43 | 14,342 | |||||||||||||
| Glencore Funding LLC (d) |
| |||||||||||||||
| 450,000 | 1.625 | 04/27/26 | 417,172 | |||||||||||||
| 250,000 | 2.625 | 09/23/31 | 208,213 | |||||||||||||
|
|
|
|||||||||||||||
| 874,072 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.2% |
| |||||||||||||||
| 3M Co. (c) |
| |||||||||||||||
| 70,000 | 2.375 | 08/26/29 | 61,408 | |||||||||||||
| GE Capital International Funding Co. Unlimited Co. |
| |||||||||||||||
| 230,000 | 4.418 | 11/15/35 | 216,205 | |||||||||||||
|
|
||||||||||||||||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Miscellaneous Manufacturing – (continued) |
| |||||||||||||||
| Hillenbrand, Inc. (c) |
| |||||||||||||||
| $ | 309,000 | 6.250 | % | 02/15/29 | $ | 311,413 | ||||||||||
|
|
|
|||||||||||||||
| 589,026 | ||||||||||||||||
|
|
||||||||||||||||
| Multi-National(c)(d) – 0.1% |
| |||||||||||||||
| African Export-Import Bank |
| |||||||||||||||
| 270,000 | 2.634 | 05/17/26 | 252,123 | |||||||||||||
| 240,000 | 3.798 | 05/17/31 | 204,319 | |||||||||||||
|
|
|
|||||||||||||||
| 456,442 | ||||||||||||||||
|
|
||||||||||||||||
| Office & Business Equipment(c) – 0.0% |
| |||||||||||||||
| CDW LLC/CDW Finance Corp. |
| |||||||||||||||
| 60,000 | 3.250 | 02/15/29 | 54,389 | |||||||||||||
|
|
||||||||||||||||
| Oil & Gas(c) – 0.0% |
| |||||||||||||||
| Apache Corp. |
| |||||||||||||||
| 15,000 | 5.100 | 09/01/40 | 12,869 | |||||||||||||
| BP Capital Markets America, Inc. |
| |||||||||||||||
| 50,000 | 3.588 | 04/14/27 | 48,214 | |||||||||||||
| Occidental Petroleum Corp. |
| |||||||||||||||
| 45,000 | 8.500 | 07/15/27 | 48,784 | |||||||||||||
|
|
|
|||||||||||||||
| 109,867 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 1.3% |
| |||||||||||||||
| Aker BP ASA (c)(d) |
| |||||||||||||||
| 404,000 | 2.000 | 07/15/26 | 373,385 | |||||||||||||
| Devon Energy Corp. (c) |
| |||||||||||||||
| 165,000 | 5.600 | 07/15/41 | 159,149 | |||||||||||||
| Diamondback Energy, Inc. (c) |
| |||||||||||||||
| 30,000 | 6.250 | 03/15/33 | 31,990 | |||||||||||||
| Ecopetrol SA (c) |
| |||||||||||||||
| 90,000 | 8.625 | 01/19/29 | 95,009 | |||||||||||||
| 40,000 | 6.875 | 04/29/30 | 38,780 | |||||||||||||
| 230,000 | 8.875 | 01/13/33 | 241,613 | |||||||||||||
| EQT Corp. (c) |
| |||||||||||||||
| 145,000 | 3.900 | 10/01/27 | 137,789 | |||||||||||||
| 45,000 | 7.000 | 02/01/30 | 47,749 | |||||||||||||
| 610,000 | 3.625 | (d) | 05/15/31 | 537,941 | ||||||||||||
| Halliburton Co. |
| |||||||||||||||
| 5,000 | 6.700 | 09/15/38 | 5,637 | |||||||||||||
| Hess Corp. |
| |||||||||||||||
| 5,000 | 5.600 | 02/15/41 | 5,092 | |||||||||||||
| Marathon Petroleum Corp. (c) |
| |||||||||||||||
| 5,000 | 6.500 | 03/01/41 | 5,445 | |||||||||||||
| Occidental Petroleum Corp. |
| |||||||||||||||
| 278,000 | 7.875 | 09/15/31 | 315,227 | |||||||||||||
| Permian Resources Operating LLC (c)(d) |
| |||||||||||||||
| 471,000 | 7.000 | 01/15/32 | 488,272 | |||||||||||||
| Petroleos de Venezuela SA (g) |
| |||||||||||||||
| 2,950,000 | 6.000 | 10/28/22 | 204,332 | |||||||||||||
| 1,110,000 | 5.375 | 04/12/27 | 101,010 | |||||||||||||
| Phillips 66 (c) |
| |||||||||||||||
| 200,000 | 1.300 | 02/15/26 | 186,132 | |||||||||||||
| Shell International Finance BV |
| |||||||||||||||
| 40,000 | 6.375 | 12/15/38 | 45,304 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Oil Field Services – (continued) |
| |||||||||||||||
| Southwestern Energy Co. (c) |
| |||||||||||||||
| $ | 855,000 | 5.375 | % | 02/01/29 | $ | 830,940 | ||||||||||
| Sunoco LP/Sunoco Finance Corp. (c)(d) |
| |||||||||||||||
| 510,000 | 7.000 | 09/15/28 | 521,179 | |||||||||||||
| TotalEnergies Capital International SA (c) |
| |||||||||||||||
| 15,000 | 3.455 | 02/19/29 | 14,224 | |||||||||||||
| 50,000 | 2.829 | 01/10/30 | 45,203 | |||||||||||||
| 15,000 | 3.127 | 05/29/50 | 10,683 | |||||||||||||
|
|
|
|||||||||||||||
| 4,442,085 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(c) – 0.1% |
| |||||||||||||||
| Berry Global, Inc. |
| |||||||||||||||
| 375,000 | 1.570 | 01/15/26 | 351,082 | |||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(c) – 1.7% |
| |||||||||||||||
| AbbVie, Inc. |
| |||||||||||||||
| 535,000 | 4.950 | 03/15/31 | 539,820 | |||||||||||||
| 515,000 | 5.050 | 03/15/34 | 521,371 | |||||||||||||
| 800,000 | 4.500 | 05/14/35 | 769,384 | |||||||||||||
| 225,000 | 4.450 | 05/14/46 | 201,848 | |||||||||||||
| AdaptHealth LLC (d) |
| |||||||||||||||
| 595,000 | 5.125 | 03/01/30 | 518,947 | |||||||||||||
| Becton Dickinson & Co. |
| |||||||||||||||
| 5,000 | 3.700 | 06/06/27 | 4,804 | |||||||||||||
| 20,000 | 1.957 | 02/11/31 | 16,411 | |||||||||||||
| 10,000 | 4.298 | 08/22/32 | 9,479 | |||||||||||||
| Bristol-Myers Squibb Co. |
| |||||||||||||||
| 15,000 | 3.200 | 06/15/26 | 14,464 | |||||||||||||
| 20,000 | 3.400 | 07/26/29 | 18,790 | |||||||||||||
| 516,000 | 5.200 | 02/22/34 | 524,060 | |||||||||||||
| 15,000 | 4.125 | 06/15/39 | 13,293 | |||||||||||||
| 255,000 | 6.250 | 11/15/53 | 287,418 | |||||||||||||
| Cardinal Health, Inc. |
| |||||||||||||||
| 247,000 | 5.125 | 02/15/29 | 247,558 | |||||||||||||
| Cencora, Inc. |
| |||||||||||||||
| 250,000 | 3.450 | 12/15/27 | 237,668 | |||||||||||||
| Cigna Group |
| |||||||||||||||
| 184,000 | 2.400 | 03/15/30 | 158,917 | |||||||||||||
| 200,000 | 5.125 | 05/15/31 | 200,256 | |||||||||||||
| 5,000 | 4.800 | 08/15/38 | 4,701 | |||||||||||||
| 25,000 | 3.400 | 03/15/50 | 17,775 | |||||||||||||
| CVS Health Corp. |
| |||||||||||||||
| 1,388,000 | 4.780 | 03/25/38 | 1,282,484 | |||||||||||||
| 15,000 | 2.700 | 08/21/40 | 10,436 | |||||||||||||
| Merck & Co., Inc. |
| |||||||||||||||
| 10,000 | 3.400 | 03/07/29 | 9,476 | |||||||||||||
| PRA Health Sciences, Inc. (d) |
| |||||||||||||||
| 200,000 | 2.875 | 07/15/26 | 186,352 | |||||||||||||
| Viatris, Inc. |
| |||||||||||||||
| 20,000 | 4.000 | 06/22/50 | 13,759 | |||||||||||||
|
|
|
|||||||||||||||
| 5,809,471 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines – 1.5% |
| |||||||||||||||
| Cheniere Energy Partners LP (c) |
| |||||||||||||||
| 230,000 | 5.950 | 06/30/33 | 235,035 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pipelines – (continued) |
| |||||||||||||||
| DCP Midstream Operating LP (c) |
| |||||||||||||||
| $ | 455,000 | 3.250% | 02/15/32 | $ | 391,732 | |||||||||||
| Enbridge Energy Partners LP |
| |||||||||||||||
| 10,000 | 7.500 | 04/15/38 | 11,701 | |||||||||||||
| Energy Transfer LP (c) |
| |||||||||||||||
| 725,000 | 5.500 | 06/01/27 | 729,734 | |||||||||||||
| 550,000 | 5.250 | 04/15/29 | 551,111 | |||||||||||||
| 5,000 | 6.125 | 12/15/45 | 5,031 | |||||||||||||
| 75,000 | 5.400 | 10/01/47 | 69,249 | |||||||||||||
| 5,000 | 6.000 | 06/15/48 | 4,973 | |||||||||||||
| 20,000 | 6.250 | 04/15/49 | 20,537 | |||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. (d) |
| |||||||||||||||
| 200,000 | 2.625 | 03/31/36 | 163,188 | |||||||||||||
| Global Partners LP/GLP Finance Corp. (c)(d) |
| |||||||||||||||
| 250,000 | 8.250 | 01/15/32 | 259,377 | |||||||||||||
| Kinder Morgan, Inc. |
| |||||||||||||||
| 500 | 7.750 | 01/15/32 | 568 | |||||||||||||
| 27,000 | 5.450(c) | 08/01/52 | 25,469 | |||||||||||||
| Kinetik Holdings LP (c)(d) |
| |||||||||||||||
| 435,000 | 6.625 | 12/15/28 | 442,438 | |||||||||||||
| MPLX LP (c) |
| |||||||||||||||
| 225,000 | 4.800 | 02/15/29 | 222,397 | |||||||||||||
| 200,000 | 4.500 | 04/15/38 | 177,648 | |||||||||||||
| 10,000 | 4.700 | 04/15/48 | 8,536 | |||||||||||||
| NuStar Logistics LP (c) |
| |||||||||||||||
| 495,000 | 5.750 | 10/01/25 | 492,926 | |||||||||||||
| Targa Resources Corp. (c) |
| |||||||||||||||
| 235,000 | 4.200 | 02/01/33 | 214,496 | |||||||||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. (c) |
| |||||||||||||||
| 65,000 | 4.875 | 02/01/31 | 62,356 | |||||||||||||
| 10,000 | 4.000 | 01/15/32 | 8,998 | |||||||||||||
| Venture Global LNG, Inc. (c)(d) |
| |||||||||||||||
| 495,000 | 8.375 | 06/01/31 | 510,988 | |||||||||||||
| Western Midstream Operating LP (c) |
| |||||||||||||||
| 20,000 | 5.250 | 02/01/50 | 17,880 | |||||||||||||
| Williams Cos., Inc. |
| |||||||||||||||
| 425,000 | 5.650(c) | 03/15/33 | 436,454 | |||||||||||||
| 5,000 | 6.300 | 04/15/40 | 5,282 | |||||||||||||
| 20,000 | 5.300(c) | 08/15/52 | 19,098 | |||||||||||||
|
|
|
|||||||||||||||
| 5,087,202 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(c) – 1.5% |
| |||||||||||||||
| Alexandria Real Estate Equities, Inc. |
| |||||||||||||||
| 350,000 | 3.375 | 08/15/31 | 312,225 | |||||||||||||
| American Homes 4 Rent LP |
| |||||||||||||||
| 180,000 | 2.375 | 07/15/31 | 146,196 | |||||||||||||
| American Tower Corp. |
| |||||||||||||||
| 55,000 | 3.125 | 01/15/27 | 52,027 | |||||||||||||
| 5,000 | 3.650 | 03/15/27 | 4,795 | |||||||||||||
| 10,000 | 3.950 | 03/15/29 | 9,452 | |||||||||||||
| 20,000 | 2.300 | 09/15/31 | 16,301 | |||||||||||||
| Boston Properties LP |
| |||||||||||||||
| 25,000 | 2.750 | 10/01/26 | 23,310 | |||||||||||||
| 25,000 | 3.400 | 06/21/29 | 22,434 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Real Estate Investment Trust(c) – (continued) |
| |||||||||||||||
| $ | 10,000 | 2.900 | % | 03/15/30 | $ | 8,571 | ||||||||||
| Brixmor Operating Partnership LP |
| |||||||||||||||
| 5,000 | 3.900 | 03/15/27 | 4,798 | |||||||||||||
| Crown Castle, Inc. |
| |||||||||||||||
| 35,000 | 4.450 | 02/15/26 | 34,422 | |||||||||||||
| 45,000 | 4.000 | 03/01/27 | 43,542 | |||||||||||||
| CubeSmart LP |
| |||||||||||||||
| 90,000 | 2.500 | 02/15/32 | 73,572 | |||||||||||||
| Equinix, Inc. |
| |||||||||||||||
| 45,000 | 2.900 | 11/18/26 | 42,236 | |||||||||||||
| 10,000 | 2.500 | 05/15/31 | 8,347 | |||||||||||||
| GLP Capital LP/GLP Financing II, Inc. |
| |||||||||||||||
| 60,000 | 5.375 | 04/15/26 | 59,506 | |||||||||||||
| Host Hotels & Resorts LP |
| |||||||||||||||
| 40,000 | 3.375 | 12/15/29 | 35,650 | |||||||||||||
| 224,000 | 2.900 | 12/15/31 | 186,204 | |||||||||||||
| Invitation Homes Operating Partnership LP |
| |||||||||||||||
| 300,000 | 2.300 | 11/15/28 | 265,524 | |||||||||||||
| Kilroy Realty LP |
| |||||||||||||||
| 397,000 | 4.750 | 12/15/28 | 379,484 | |||||||||||||
| 10,000 | 3.050 | 02/15/30 | 8,507 | |||||||||||||
| NNN REIT, Inc. |
| |||||||||||||||
| 400,000 | 4.000 | 11/15/25 | 391,308 | |||||||||||||
| Omega Healthcare Investors, Inc. |
| |||||||||||||||
| 50,000 | 4.500 | 04/01/27 | 48,386 | |||||||||||||
| 15,000 | 3.625 | 10/01/29 | 13,378 | |||||||||||||
| Prologis LP |
| |||||||||||||||
| 600,000 | 1.750 | 07/01/30 | 499,326 | |||||||||||||
| Public Storage Operating Co. |
| |||||||||||||||
| 40,000 | 1.950 | 11/09/28 | 35,343 | |||||||||||||
| Regency Centers LP |
| |||||||||||||||
| 700,000 | 2.950 | 09/15/29 | 626,220 | |||||||||||||
| Retail Opportunity Investments Partnership LP |
| |||||||||||||||
| 550,000 | 6.750 | 10/15/28 | 569,811 | |||||||||||||
| Simon Property Group LP |
| |||||||||||||||
| 60,000 | 3.300 | 01/15/26 | 58,038 | |||||||||||||
| UDR, Inc. |
| |||||||||||||||
| 150,000 | 2.100 | 08/01/32 | 117,759 | |||||||||||||
| VICI Properties LP |
| |||||||||||||||
| 15,000 | 5.625 | 05/15/52 | 13,897 | |||||||||||||
| VICI Properties LP/VICI Note Co., Inc. (d) |
| |||||||||||||||
| 590,000 | 3.750 | 02/15/27 | 558,889 | |||||||||||||
| Welltower OP LLC |
| |||||||||||||||
| 55,000 | 4.125 | 03/15/29 | 52,648 | |||||||||||||
| WP Carey, Inc. |
| |||||||||||||||
| 105,000 | 4.000 | 02/01/25 | 103,464 | |||||||||||||
| 425,000 | 3.850 | 07/15/29 | 396,640 | |||||||||||||
|
|
|
|||||||||||||||
| 5,222,210 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing – 1.6% |
| |||||||||||||||
| Arko Corp. (c)(d) |
| |||||||||||||||
| 470,000 | 5.125 | 11/15/29 | 389,625 | |||||||||||||
| AutoNation, Inc. (c) |
| |||||||||||||||
| 317,000 | 4.500 | 10/01/25 | 312,134 | |||||||||||||
| 450,000 | 4.750 | 06/01/30 | 432,513 | |||||||||||||
|
|
||||||||||||||||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Retailing – (continued) |
| |||||||||||||||
| AutoZone, Inc. (c) |
| |||||||||||||||
| $ | 5,000 | 3.750 | % | 04/18/29 | $ | 4,731 | ||||||||||
| CK Hutchison International 20 Ltd. (c)(d) |
| |||||||||||||||
| 200,000 | 2.500 | 05/08/30 | 174,313 | |||||||||||||
| Dollar General Corp. (c) |
| |||||||||||||||
| 10,000 | 3.500 | 04/03/30 | 9,141 | |||||||||||||
| Dollar Tree, Inc. (c) |
| |||||||||||||||
| 975,000 | 4.000 | 05/15/25 | 958,844 | |||||||||||||
| Home Depot, Inc. |
| |||||||||||||||
| 125,000 | 3.250 | (c) | 04/15/32 | 111,765 | ||||||||||||
| 45,000 | 5.875 | 12/16/36 | 48,290 | |||||||||||||
| 10,000 | 5.950 | (c) | 04/01/41 | 10,749 | ||||||||||||
| LCM Investments Holdings II LLC (c)(d) |
| |||||||||||||||
| 490,000 | 8.250 | 08/01/31 | 512,217 | |||||||||||||
| Lowe’s Cos., Inc. (c) |
| |||||||||||||||
| 125,000 | 3.100 | 05/03/27 | 118,528 | |||||||||||||
| 425,000 | 1.700 | 09/15/28 | 371,790 | |||||||||||||
| 650,000 | 1.700 | 10/15/30 | 531,109 | |||||||||||||
| 1,450,000 | 3.750 | 04/01/32 | 1,331,694 | |||||||||||||
| McDonald’s Corp. |
| |||||||||||||||
| 30,000 | 6.300 | 03/01/38 | 33,002 | |||||||||||||
|
|
|
|||||||||||||||
| 5,350,445 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(c) – 1.1% |
| |||||||||||||||
| Broadcom Corp./Broadcom Cayman Finance Ltd. |
| |||||||||||||||
| 25,000 | 3.875 | 01/15/27 | 24,222 | |||||||||||||
| Broadcom, Inc. (d) |
| |||||||||||||||
| 65,000 | 4.000 | 04/15/29 | 61,952 | |||||||||||||
| 302,000 | 4.150 | 04/15/32 | 279,876 | |||||||||||||
| 490,000 | 2.600 | 02/15/33 | 397,483 | |||||||||||||
| 640,000 | 3.469 | 04/15/34 | 548,749 | |||||||||||||
| 651,000 | 3.137 | 11/15/35 | 526,236 | |||||||||||||
| 650,000 | 3.500 | 02/15/41 | 504,712 | |||||||||||||
| Intel Corp. |
| |||||||||||||||
| 60,000 | 3.900 | 03/25/30 | 57,126 | |||||||||||||
| 650,000 | 5.200 | 02/10/33 | 659,087 | |||||||||||||
| 159,000 | 5.150 | 02/21/34 | 159,447 | |||||||||||||
| Micron Technology, Inc. |
| |||||||||||||||
| 50,000 | 6.750 | 11/01/29 | 53,662 | |||||||||||||
| 350,000 | 2.703 | 04/15/32 | 292,544 | |||||||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
| |||||||||||||||
| 275,000 | 3.400 | 05/01/30 | 249,472 | |||||||||||||
| Qorvo, Inc. |
| |||||||||||||||
| 20,000 | 4.375 | 10/15/29 | 18,750 | |||||||||||||
| QUALCOMM, Inc. |
| |||||||||||||||
| 5,000 | 3.250 | 05/20/27 | 4,792 | |||||||||||||
| 35,000 | 4.650 | 05/20/35 | 34,715 | |||||||||||||
|
|
|
|||||||||||||||
| 3,872,825 | ||||||||||||||||
|
|
||||||||||||||||
| Software – 1.8% |
| |||||||||||||||
| Autodesk, Inc. (c) |
| |||||||||||||||
| 10,000 | 2.850 | 01/15/30 | 8,938 | |||||||||||||
| Black Knight InfoServ LLC (c)(d) |
| |||||||||||||||
| 190,000 | 3.625 | 09/01/28 | 179,645 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Software – (continued) |
| |||||||||||||||
| Fiserv, Inc. (c) |
| |||||||||||||||
| $ | 60,000 | 3.200 | % | 07/01/26 | $ | 57,511 | ||||||||||
| MSCI, Inc. (c)(d) |
| |||||||||||||||
| 760,000 | 3.875 | 02/15/31 | 677,418 | |||||||||||||
| Oracle Corp. |
| |||||||||||||||
|
|
||||||||||||||||
| 10,000 | 2.650 | (c) | 07/15/26 | 9,467 | ||||||||||||
| 2,239,000 | 2.950 | (c) | 04/01/30 | 1,993,091 | ||||||||||||
| 500,000 | 4.650 | (c) | 05/06/30 | 490,105 | ||||||||||||
| 490,000 | 2.875 | (c) | 03/25/31 | 426,163 | ||||||||||||
| 5,000 | 6.125 | 07/08/39 | 5,237 | |||||||||||||
| 30,000 | 3.600 | (c) | 04/01/40 | 23,657 | ||||||||||||
| 5,000 | 5.375 | 07/15/40 | 4,853 | |||||||||||||
| 10,000 | 4.125 | (c) | 05/15/45 | 8,075 | ||||||||||||
| 10,000 | 4.000 | (c) | 07/15/46 | 7,878 | ||||||||||||
| 10,000 | 3.950 | (c) | 03/25/51 | 7,616 | ||||||||||||
| 467,000 | 6.900 | (c) | 11/09/52 | 537,358 | ||||||||||||
| PTC, Inc. (c)(d) |
| |||||||||||||||
| 855,000 | 3.625 | 02/15/25 | 836,592 | |||||||||||||
| Salesforce, Inc. (c) |
| |||||||||||||||
| 10,000 | 2.900 | 07/15/51 | 6,745 | |||||||||||||
| Take-Two Interactive Software, Inc. (c) |
| |||||||||||||||
| 360,000 | 3.700 | 04/14/27 | 345,503 | |||||||||||||
| |
VMware LLC |
(c) |
||||||||||||||
| 35,000 | 4.650 | 05/15/27 | 34,424 | |||||||||||||
| 175,000 | 1.800 | 08/15/28 | 152,520 | |||||||||||||
| Workday, Inc. (c) |
| |||||||||||||||
| 225,000 | 3.500 | 04/01/27 | 215,433 | |||||||||||||
| 150,000 | 3.800 | 04/01/32 | 136,572 | |||||||||||||
|
|
|
|||||||||||||||
| 6,164,801 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services – 2.4% |
| |||||||||||||||
| AT&T, Inc. (c) |
| |||||||||||||||
| 336,000 | 2.300 | 06/01/27 | 309,698 | |||||||||||||
| 100,000 | 1.650 | 02/01/28 | 88,581 | |||||||||||||
| 500,000 | 2.750 | 06/01/31 | 430,570 | |||||||||||||
| 175,000 | 4.900 | 08/15/37 | 165,946 | |||||||||||||
| 450,000 | 3.500 | 06/01/41 | 350,991 | |||||||||||||
| 65,000 | 4.750 | 05/15/46 | 58,207 | |||||||||||||
| 100,000 | 5.150 | 11/15/46 | 94,518 | |||||||||||||
| 35,000 | 4.500 | 03/09/48 | 29,789 | |||||||||||||
| British Telecommunications PLC |
| |||||||||||||||
| 35,000 | 9.625 | 12/15/30 | 42,926 | |||||||||||||
| Cisco Systems, Inc. |
| |||||||||||||||
| 162,000 | 5.050 | (c) | 02/26/34 | 164,106 | ||||||||||||
| 20,000 | 5.900 | 02/15/39 | 21,757 | |||||||||||||
| Deutsche Telekom International Finance BV |
| |||||||||||||||
| 50,000 | 8.750 | 06/15/30 | 59,116 | |||||||||||||
| Motorola Solutions, Inc. (c) |
| |||||||||||||||
| 30,000 | 2.750 | 05/24/31 | 25,438 | |||||||||||||
| Rogers Communications, Inc. (c) |
| |||||||||||||||
| 1,215,000 | 3.200 | 03/15/27 | 1,153,971 | |||||||||||||
| 25,000 | 4.350 | 05/01/49 | 20,502 | |||||||||||||
| Telefonica Emisiones SA |
| |||||||||||||||
| 10,000 | 7.045 | 06/20/36 | 11,187 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Telecommunication Services – (continued) |
| |||||||||||||||
| T-Mobile USA, Inc. (c) |
| |||||||||||||||
| $ | 408,000 | 3.500 | % | 04/15/25 | $ | 399,999 | ||||||||||
| 375,000 | 1.500 | 02/15/26 | 350,130 | |||||||||||||
| 5,000 | 2.625 | 04/15/26 | 4,750 | |||||||||||||
| 225,000 | 3.750 | 04/15/27 | 216,662 | |||||||||||||
| 65,000 | 5.375 | 04/15/27 | 65,333 | |||||||||||||
| 275,000 | 2.050 | 02/15/28 | 246,384 | |||||||||||||
| 10,000 | 3.375 | 04/15/29 | 9,255 | |||||||||||||
| 520,000 | 2.875 | 02/15/31 | 452,202 | |||||||||||||
| 1,500,000 | 3.500 | 04/15/31 | 1,355,085 | |||||||||||||
| 350,000 | 5.200 | 01/15/33 | 350,385 | |||||||||||||
| 5,000 | 4.375 | 04/15/40 | 4,454 | |||||||||||||
| 450,000 | 3.000 | 02/15/41 | 331,411 | |||||||||||||
| Verizon Communications, Inc. |
| |||||||||||||||
| 467,000 | 4.329 | 09/21/28 | 456,749 | |||||||||||||
| 975,000 | 2.550 | (c) | 03/21/31 | 832,991 | ||||||||||||
| 80,000 | 2.875 | (c) | 11/20/50 | 52,282 | ||||||||||||
|
|
|
|||||||||||||||
| 8,155,375 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunications – 0.2% |
| |||||||||||||||
| AT&T, Inc. (c) |
| |||||||||||||||
| 694,000 | 2.550 | 12/01/33 | 556,394 | |||||||||||||
| Verizon Communications, Inc. |
| |||||||||||||||
| 10,000 | 4.812 | 03/15/39 | 9,447 | |||||||||||||
|
|
|
|||||||||||||||
| 565,841 | ||||||||||||||||
|
|
||||||||||||||||
| Toys/Games/Hobbies(c) – 0.0% |
| |||||||||||||||
| Hasbro, Inc. |
| |||||||||||||||
| 5,000 | 3.550 | 11/19/26 | 4,765 | |||||||||||||
| 10,000 | 3.900 | 11/19/29 | 9,283 | |||||||||||||
|
|
|
|||||||||||||||
| 14,048 | ||||||||||||||||
|
|
||||||||||||||||
| Transportation – 0.1% |
| |||||||||||||||
| Canadian National Railway Co. (c) |
| |||||||||||||||
| 40,000 | 2.450 | 05/01/50 | 25,009 | |||||||||||||
| Canadian Pacific Railway Co. |
| |||||||||||||||
| 200,000 | 2.050 | (c) | 03/05/30 | 170,232 | ||||||||||||
| 25,000 | 5.950 | 05/15/37 | 26,129 | |||||||||||||
| FedEx Corp. (c) |
| |||||||||||||||
| 5,000 | 4.550 | 04/01/46 | 4,311 | |||||||||||||
| 5,000 | 4.050 | 02/15/48 | 3,983 | |||||||||||||
|
|
|
|||||||||||||||
| 229,664 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $142,866,309) |
$ | 137,085,030 | ||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities(c) – 15.1% |
| |||||||||||||||
| Automotive – 0.7% |
| |||||||||||||||
| Exeter Automobile Receivables Trust Series 2024-1A, Class A3 |
| |||||||||||||||
| $ | 600,000 | 5.310 | % | 08/16/27 | $ | 598,663 | ||||||||||
| Santander Drive Auto Receivables Trust Series 2023-6, Class A2 | ||||||||||||||||
| 891,533 | 6.080 | 05/17/27 | 893,539 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(c) – (continued) |
| |||||||||||||||
| Automotive – (continued) |
| |||||||||||||||
| Santander Drive Auto Receivables Trust Series 2024-1, Class A2 |
| |||||||||||||||
| $ |
775,000 | 5.710 | % | 02/16/27 | $ | 775,334 | ||||||||||
|
|
|
|||||||||||||||
| 2,267,536 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations – 9.1% |
| |||||||||||||||
| AGL CLO 3 Ltd. Series 2020-3A, Class A(b)(d) (3 mo. USD Term SOFR + 1.562%) |
| |||||||||||||||
| 1,300,000 | 6.876 | 01/15/33 | 1,300,689 | |||||||||||||
| AMMC CLO XI Ltd. Series 2012-11A, Class A1R2(b)(d) (3 mo. USD Term SOFR + 1.272%) |
| |||||||||||||||
| 601,995 | 6.589 | 04/30/31 | 602,329 | |||||||||||||
| ARES LXIV CLO Ltd. Series 2022-64A, Class A1(b)(d) (3 mo. USD Term SOFR + 1.440%) |
| |||||||||||||||
| 1,925,000 | 6.754 | 04/15/35 | 1,925,857 | |||||||||||||
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class A(b)(d) (3 mo. USD Term SOFR + 1.900%) |
| |||||||||||||||
| 2,400,000 | 7.218 | 04/20/35 | 2,399,846 | |||||||||||||
| Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A(b)(d) (3 mo. USD Term SOFR + 1.352%) |
| |||||||||||||||
| 1,819,978 | 6.669 | 04/20/31 | 1,820,706 | |||||||||||||
| Carlyle U.S. CLO Ltd. Series 2024-1A, Class A(b)(d) (3 mo. USD Term SOFR + 1.530%) |
| |||||||||||||||
| 1,450,000 | 6.824 | 04/15/37 | 1,452,522 | |||||||||||||
| CBAM Ltd. Series 2017-2A, Class AR(b)(d) (3 mo. USD Term SOFR + 1.452%) |
| |||||||||||||||
| 2,000,000 | 6.768 | 07/17/34 | 2,000,048 | |||||||||||||
| CIFC Funding Ltd. Series 2023-3A, Class E(b)(d) (3 mo. USD Term SOFR + 7.650%) |
| |||||||||||||||
| 500,000 | 12.966 | 01/20/37 | 506,504 | |||||||||||||
| CIFC Funding Ltd. Series 2023-3A, Class B(b)(d) (3 mo. USD Term SOFR + 2.300%) |
| |||||||||||||||
| 400,000 | 7.616 | 01/20/37 | 402,244 | |||||||||||||
| Crown City CLO IV Series 2022-4A, Class C1R(b)(d) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 650,000 | 9.829 | 04/20/37 | 650,114 | |||||||||||||
| Dryden 68 CLO Ltd. Series 2019-68A, Class AR(b)(d) (3 mo. USD Term SOFR + 1.432%) |
| |||||||||||||||
| 2,200,000 | 6.746 | 07/15/35 | 2,201,481 | |||||||||||||
| HalseyPoint CLO 5 Ltd. Series 2021-5A, Class A1A(b)(d) (3 mo. USD Term SOFR + 1.472%) |
| |||||||||||||||
| 1,300,000 | 6.789 | 01/30/35 | 1,299,997 | |||||||||||||
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A(b)(d) (3 mo. USD Term SOFR + 2.250%) |
| |||||||||||||||
| 1,750,000 | 7.568 | 07/20/36 | 1,768,543 | |||||||||||||
| Hayfin U.S. XII Ltd. Series 2018-8A, Class A(b)(d) (3 mo. USD Term SOFR + 1.382%) |
| |||||||||||||||
| 262,586 | 6.699 | 04/20/31 | 262,675 | |||||||||||||
| Helios Issuer LLC Series 2023-GRID1, Class 1A(d) |
| |||||||||||||||
| 97,672 | 5.750 | 12/20/50 | 98,633 | |||||||||||||
| Invesco CLO Ltd. Series 2021-2A, Class A(b)(d) (3 mo. USD Term SOFR + 1.382%) |
| |||||||||||||||
| 400,000 | 6.696 | 07/15/34 | 399,994 | |||||||||||||
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1(b)(d) (1 mo. USD Term SOFR + 1.600%) |
| |||||||||||||||
| 308,454 | 6.920 | 05/25/54 | 310,380 | |||||||||||||
|
|
||||||||||||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(c) – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations – (continued) |
| |||||||||||||||
| Logan CLO I Ltd. Series 2021-1A, Class A(b)(d) (3 mo. USD Term SOFR + 1.422%) |
| |||||||||||||||
| $ | 1,900,000 | 6.739 | % | 07/20/34 | $ | 1,901,410 | ||||||||||
| MidOcean Credit CLO VIII Series 2018-8X, Class A2(b) (3 mo. USD Term SOFR + 1.562%) |
| |||||||||||||||
| 500,000 | 6.881 | 02/20/31 | 499,401 | |||||||||||||
| Mountain View CLO LLC Series 2016-1A, Class AR(b)(d) (3 mo. USD Term SOFR + 1.622%) |
| |||||||||||||||
| 1,200,000 | 6.936 | 04/14/33 | 1,199,708 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 44 Ltd. Series 2021-44A, Class D(b)(d) (3 mo. USD Term SOFR + 3.112%) |
| |||||||||||||||
| 550,000 | 8.426 | 10/16/34 | 547,556 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 45 Ltd. Series 2021-45A, Class A(b)(d) (3 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 460,000 | 6.706 | 10/14/35 | 460,300 | |||||||||||||
| Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1R(b)(d) (3 mo. USD Term SOFR + 1.432%) |
| |||||||||||||||
| 900,000 | 6.749 | 01/20/35 | 900,245 | |||||||||||||
| OHA Credit Funding 15 Ltd. Series 2023-15A, Class A(b)(d) (3 mo. USD Term SOFR + 1.830%) |
| |||||||||||||||
| 900,000 | 7.148 | 04/20/35 | 904,985 | |||||||||||||
| Pikes Peak CLO 3 Series 2019-3A, Class ARR(b)(d) (3 mo. USD Term SOFR + 1.462%) |
| |||||||||||||||
| 900,000 | 6.786 | 10/25/34 | 900,002 | |||||||||||||
| Southwick Park CLO LLC Series 2019-4A, Class A1R(b)(d) (3 mo. USD Term SOFR + 1.322%) |
| |||||||||||||||
| 1,000,000 | 6.639 | 07/20/32 | 1,000,498 | |||||||||||||
| TCW CLO Ltd. Series 2023-1A, Class A1N(b)(d) (3 mo. USD Term SOFR + 2.070%) |
| |||||||||||||||
| 1,800,000 | 7.390 | 04/28/36 | 1,811,250 | |||||||||||||
| Voya CLO Ltd. Series 2019-2A, Class AR(b)(d) (-1X 3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| 1,350,000 | 1.000 | 07/20/32 | 1,350,240 | |||||||||||||
|
|
|
|||||||||||||||
| 30,878,157 | ||||||||||||||||
|
|
||||||||||||||||
| Home Equity(b) – 0.3% |
| |||||||||||||||
| Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) |
| |||||||||||||||
| 195,307 | 6.119 | 10/25/35 | 187,744 | |||||||||||||
| Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) |
| |||||||||||||||
| 352 | 5.233 | 01/25/32 | 340 | |||||||||||||
| Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) |
| |||||||||||||||
| 257 | 6.044 | 11/25/32 | 231 | |||||||||||||
| Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) |
| |||||||||||||||
| 436,143 | 5.674 | 04/25/37 | 412,509 | |||||||||||||
| Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) |
| |||||||||||||||
| 2,420,227 | 5.884 | 04/25/37 | 621,559 | |||||||||||||
|
|
|
|||||||||||||||
| 1,222,383 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(c) – (continued) |
| |||||||||||||||
| Student Loan(b) – 5.0% |
| |||||||||||||||
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| |||||||||||||||
| $ | 265,495 | 5.825% | 09/26/33 | $ | 261,593 | |||||||||||
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR(d) (-1X 3 mo. USD Term SOFR + 1.420%) |
| |||||||||||||||
| 1,525,000 | 1.000 | 04/20/36 | 1,525,273 | |||||||||||||
| CIFC Falcon Ltd. Series 2019-FAL, Class A(d) (3 mo. USD Term SOFR + 1.262%) |
| |||||||||||||||
| 1,000,000 | 6.579 | 01/20/33 | 1,000,471 | |||||||||||||
| Contego CLO VII DAC Series 7X, Class A (3 mo. EUR EURIBOR + 0.930%) |
| |||||||||||||||
| EUR | 1,000,000 | 4.888 | 05/14/32 | 1,071,124 | ||||||||||||
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(d) (3 mo. USD Term SOFR + 1.830%) |
| |||||||||||||||
| $ | 600,000 | 7.144 | 01/15/37 | 605,641 | ||||||||||||
| Flatiron CLO 20 Ltd. Series 2020-1A, Class AR(d) (-1X 3 mo. USD Term SOFR + 1.380%) |
| |||||||||||||||
| 1,100,000 | 1.000 | 05/20/36 | 1,100,197 | |||||||||||||
| Katayma CLO II Ltd. Series 2024-2A, Class B(d) (3 mo. USD Term SOFR + 2.150%) |
| |||||||||||||||
| 600,000 | 7.438 | 04/20/37 | 600,207 | |||||||||||||
| Marathon Static CLO Ltd. Series 2022-18A, Class A1R2(d) (3 mo. USD Term SOFR + 1.150%) |
| |||||||||||||||
| 1,009,216 | 6.483 | 07/20/30 | 1,009,210 | |||||||||||||
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(d) (3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| 1,500,000 | 6.531 | 01/20/32 | 1,499,973 | |||||||||||||
| Navient Student Loan Trust Series 2017-2A, Class A(d) (1 mo. USD Term SOFR + 1.164%) |
| |||||||||||||||
| 2,345,376 | 6.485 | 12/27/66 | 2,343,450 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(d) (3 mo. USD Term SOFR + 1.530%) |
| |||||||||||||||
| 1,000,000 | 6.849 | 04/20/38 | 1,002,321 | |||||||||||||
| OCP CLO Ltd. Series 2016-11A, Class A1R2(d) (3 mo. USD Term SOFR + 1.420%) |
| |||||||||||||||
| 1,175,000 | 6.741 | 04/26/36 | 1,175,195 | |||||||||||||
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR(d) (3 mo. USD Term SOFR + 1.400%) |
| |||||||||||||||
| 1,000,000 | 6.721 | 04/15/31 | 999,991 | |||||||||||||
| PHEAA Student Loan Trust Series 2016-1A, Class A(d) (1 mo. USD Term SOFR + 1.264%) |
| |||||||||||||||
| 575,200 | 6.585 | 09/25/65 | 576,039 | |||||||||||||
| RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) |
| |||||||||||||||
| EUR | 1,500,000 | 5.392 | 07/15/35 | 1,585,451 | ||||||||||||
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR(d) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| $ | 500,000 | 9.823 | 01/20/37 | 505,875 | ||||||||||||
|
|
|
|||||||||||||||
| 16,862,011 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $51,289,556) |
$ | 51,230,087 | ||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2024
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Debt Obligations – 1.2% |
| |||||||||||||||
| California – 0.4% |
| |||||||||||||||
| California State GO Bonds Build America Taxable Series 2009(c) |
| |||||||||||||||
| $ | 210,000 | 7.550 | % | 04/01/39 | $ | 257,112 | ||||||||||
| East Bay Municipal Utility District Water System RB Build |
| |||||||||||||||
| America Sub Series 2010 |
| |||||||||||||||
| 900,000 | 5.874 | 06/01/40 | 964,441 | |||||||||||||
|
|
|
|||||||||||||||
| 1,221,553 | ||||||||||||||||
|
|
||||||||||||||||
| Illinois – 0.4% |
| |||||||||||||||
| Illinois State GO Bonds Build America Series 2010 |
| |||||||||||||||
| 723,022 | 7.350 | 07/01/35 | $ | 779,814 | ||||||||||||
| Illinois State GO Bonds Taxable-Pension Series 2003 |
| |||||||||||||||
| 530,000 | 5.100 | 06/01/33 | 526,142 | |||||||||||||
|
|
|
|||||||||||||||
| 1,305,956 | ||||||||||||||||
|
|
||||||||||||||||
| New York – 0.3% |
| |||||||||||||||
| New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B |
| |||||||||||||||
| 800,000 | 5.175 | 11/15/49 | 741,780 | |||||||||||||
| Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 |
| |||||||||||||||
| 375,000 | 4.810 | 10/15/65 | 357,770 | |||||||||||||
|
|
|
|||||||||||||||
| 1,099,550 | ||||||||||||||||
|
|
||||||||||||||||
| Ohio – 0.1% |
| |||||||||||||||
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| |||||||||||||||
| 235,000 | 6.270 | 02/15/50 | 249,811 | |||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $4,011,496) |
$ | 3,876,870 | ||||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations – 0.7% |
| |||||||||||||||
| Euro – 0.2% |
| |||||||||||||||
| Ivory Coast Government International Bonds |
| |||||||||||||||
| EUR | 120,000 | 4.875 | % | 01/30/32 | $ | 111,499 | ||||||||||
| 130,000 | 6.625 | 03/22/48 | 114,392 | |||||||||||||
| Romania Government International Bonds |
| |||||||||||||||
| 10,000 | 2.875 | 03/11/29 | 9,949 | |||||||||||||
| 190,000 | 3.624 | (d) | 05/26/30 | 189,532 | ||||||||||||
| 70,000 | 2.000 | (d) | 01/28/32 | 60,109 | ||||||||||||
| 70,000 | 3.375 | 01/28/50 | 53,289 | |||||||||||||
| 80,000 | 3.375 | (d) | 01/28/50 | 60,901 | ||||||||||||
|
|
|
|||||||||||||||
| 599,671 | ||||||||||||||||
|
|
||||||||||||||||
| United States Dollar – 0.5% |
| |||||||||||||||
| Ecuador Government International Bonds (d)(h) |
| |||||||||||||||
| $ | 41,572 | 0.000 | 07/31/30 | 20,495 | ||||||||||||
| Hungary Government International Bonds |
| |||||||||||||||
| 400,000 | 6.125 | 05/22/28 | 410,125 | |||||||||||||
| Ivory Coast Government International Bonds |
| |||||||||||||||
| 200,000 | 6.125 | 06/15/33 | 179,750 | |||||||||||||
| Mexico Government International Bonds (c) |
| |||||||||||||||
| 624,000 | 3.771 | 05/24/61 | 406,380 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – (continued) |
| |||||||||||||||
| United States Dollar – (continued) |
| |||||||||||||||
| Panama Government International Bonds (c) |
| |||||||||||||||
| $ | 200,000 | 4.500 | % | 01/19/63 | $ | 127,875 | ||||||||||
| Peru Government International Bonds (c) |
| |||||||||||||||
| 20,000 | 2.780 | 12/01/60 | 11,544 | |||||||||||||
| 100,000 | 3.230 | (i) | 07/28/21 | 57,594 | ||||||||||||
| Republic of Poland Government International Bonds (c) |
| |||||||||||||||
| 290,000 | 5.125 | 09/18/34 | 289,063 | |||||||||||||
| 350,000 | 5.500 | 03/18/54 | 347,392 | |||||||||||||
|
|
|
|||||||||||||||
| 1,850,218 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,984,302) |
$ | 2,449,889 | ||||||||||||||
|
|
||||||||||||||||
| Bank Loans(b)(j) – 0.1% |
| |||||||||||||||
| Entertainment – 0.1% |
| |||||||||||||||
| SeaWorld Parks & Entertainment, Inc. (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| $ | 249,375 | 7.830 | % | 08/25/28 | $ | 248,939 | ||||||||||
| (Cost $249,993) |
| |||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations – 0.7% |
| |||||||||||||||
| U.S. Treasury Inflation-Indexed Bonds(k) |
| |||||||||||||||
| $ | 2,697,162 | 1.500 | % | 02/15/53 | $ | 2,358,284 | ||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| 2,600 | 3.500 | 04/30/30 | 2,499 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,157,375) |
$ | 2,360,783 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 118.8% (Cost $413,004,766) |
$ | 401,807,510 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (18.8)% |
(63,528,229 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 338,279,281 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. |
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $67,623,826 which represents approximately 20.1% of net assets as of March 31, 2024. |
| (g) | Security is currently in default and/or non-income producing. |
| (h) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (i) | Actual maturity date is July 28, 2121. |
| (j) | 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 March 31, 2024. 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. |
| (k) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||
|
|
||||||||||||||||||||
| JPMorgan Securities, Inc. |
AUD | 456,250 | NZD | 492,244 | 04/08/24 | $ | 3,289 | |||||||||||||
| AUD | 7,846,405 | NZD | 8,516,835 | 04/24/24 | 28,089 | |||||||||||||||
| AUD | 3,733,668 | USD | 2,431,387 | 04/30/24 | 3,756 | |||||||||||||||
| CHF | 424,221 | EUR | 436,250 | 04/24/24 | 542 | |||||||||||||||
| CHF | 121,598 | USD | 135,000 | 04/24/24 | 191 | |||||||||||||||
| CLP | 286,908,121 | USD | 289,850 | 06/21/24 | 2,375 | |||||||||||||||
| COP | 6,380,744,241 | USD | 1,576,076 | 05/10/24 | 63,374 | |||||||||||||||
| COP | 3,530,493,614 | USD | 889,570 | 06/20/24 | 11,679 | |||||||||||||||
| CZK | 6,996,627 | EUR | 276,025 | 04/24/24 | 182 | |||||||||||||||
| EUR | 1,434,748 | CHF | 1,383,935 | 04/24/24 | 10,726 | |||||||||||||||
| EUR | 121,746 | PLN | 523,385 | 04/15/24 | 407 | |||||||||||||||
| EUR | 434,913 | PLN | 1,875,938 | 04/24/24 | 100 | |||||||||||||||
| EUR | 339,497 | SEK | 3,825,787 | 04/11/24 | 8,852 | |||||||||||||||
| EUR | 338,041 | SEK | 3,805,668 | 04/16/24 | 9,164 | |||||||||||||||
| EUR | 5,195,001 | SEK | 59,170,615 | 04/24/24 | 76,798 | |||||||||||||||
| EUR | 1,095,000 | SEK | 12,550,616 | 06/20/24 | 8,770 | |||||||||||||||
| EUR | 6,368,805 | USD | 6,800,908 | 04/05/24 | 71,413 | |||||||||||||||
| EUR | 1,265,532 | USD | 1,358,043 | 04/15/24 | 8,090 | |||||||||||||||
| EUR | 300,906 | USD | 324,172 | 05/08/24 | 955 | |||||||||||||||
| EUR | 553,710 | USD | 597,191 | 05/21/24 | 1,406 | |||||||||||||||
| EUR | 490,307 | USD | 530,143 | 06/20/24 | 563 | |||||||||||||||
| EUR | 37,546 | USD | 40,638 | 07/24/24 | 65 | |||||||||||||||
| EUR | 1,132,882 | USD | 1,223,350 | 08/06/24 | 5,492 | |||||||||||||||
| GBP | 1,545,266 | EUR | 1,806,116 | 04/24/24 | 215 | |||||||||||||||
| GBP | 816,166 | USD | 1,026,818 | 04/10/24 | 3,362 | |||||||||||||||
| GBP | 1,381,267 | USD | 1,740,798 | 04/22/24 | 2,778 | |||||||||||||||
| GBP | 902,580 | USD | 1,138,040 | 06/03/24 | 1,550 | |||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS BOND FUND
Schedule of Investments (continued)
March 31, 2023
| 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) |
GBP | 470,186 | USD | 592,000 | 06/20/24 | $ | 1,699 | |||||||||||||
| HUF | 164,717,871 | USD | 450,732 | 04/08/24 | 256 | |||||||||||||||
| HUF | 3,813,425 | USD | 9,619 | 04/15/24 | 817 | |||||||||||||||
| HUF | 401,960,998 | USD | 1,091,129 | 05/13/24 | 7,018 | |||||||||||||||
| HUF | 684,436,710 | USD | 1,859,951 | 06/03/24 | 7,972 | |||||||||||||||
| MXN | 14,578,512 | USD | 789,534 | 04/10/24 | 86,038 | |||||||||||||||
| MXN | 50,073,117 | USD | 2,944,753 | 06/20/24 | 29,022 | |||||||||||||||
| NOK | 170,209 | USD | 14,909 | 04/26/24 | 779 | |||||||||||||||
| NZD | 9,711 | USD | 4,999 | 05/07/24 | 803 | |||||||||||||||
| NZD | 2,016,303 | USD | 1,204,394 | 05/22/24 | 323 | |||||||||||||||
| PLN | 523,385 | EUR | 121,015 | 04/15/24 | 382 | |||||||||||||||
| PLN | 878,726 | EUR | 203,059 | 04/24/24 | 669 | |||||||||||||||
| PLN | 267,922 | USD | 67,000 | 04/24/24 | 62 | |||||||||||||||
| USD | 438,000 | AUD | 669,563 | 04/24/24 | 1,380 | |||||||||||||||
| USD | 289,329 | AUD | 441,781 | 06/20/24 | 788 | |||||||||||||||
| USD | 2,069,856 | BRL | 10,333,636 | 04/02/24 | 9,914 | |||||||||||||||
| USD | 595,344 | BRL | 2,971,654 | 04/15/24 | 3,749 | |||||||||||||||
| USD | 582,772 | BRL | 2,914,152 | 05/03/24 | 3,641 | |||||||||||||||
| USD | 1,337,925 | CAD | 1,802,034 | 05/02/24 | 6,946 | |||||||||||||||
| USD | 2,461,642 | CAD | 3,320,002 | 06/20/24 | 7,780 | |||||||||||||||
| USD | 1,090,341 | CHF | 950,022 | 05/23/24 | 30,638 | |||||||||||||||
| USD | 4,246,641 | CHF | 3,704,647 | 06/20/24 | 101,757 | |||||||||||||||
| USD | 589,000 | CLP | 566,912,500 | 06/21/24 | 11,581 | |||||||||||||||
| USD | 5,939,050 | CNH | 42,624,470 | 06/20/24 | 47,726 | |||||||||||||||
| USD | 608,000 | CZK | 14,184,526 | 04/24/24 | 3,331 | |||||||||||||||
| USD | 6,061,052 | EUR | 5,548,214 | 04/03/24 | 74,663 | |||||||||||||||
| USD | 6,016,262 | EUR | 5,512,920 | 04/05/24 | 67,493 | |||||||||||||||
| USD | 1,653,134 | EUR | 1,526,882 | 04/15/24 | 4,877 | |||||||||||||||
| USD | 362,909 | EUR | 334,467 | 04/16/24 | 1,840 | |||||||||||||||
| USD | 304,000 | EUR | 280,160 | 04/24/24 | 1,459 | |||||||||||||||
| USD | 2,606,487 | EUR | 2,382,097 | 05/02/24 | 33,262 | |||||||||||||||
| USD | 18,876,880 | EUR | 17,425,277 | 05/08/24 | 48,916 | |||||||||||||||
| USD | 8,167,873 | EUR | 7,513,513 | 05/21/24 | 45,262 | |||||||||||||||
| USD | 3,053,615 | EUR | 2,784,421 | 06/20/24 | 39,768 | |||||||||||||||
| USD | 1,075,278 | EUR | 977,524 | 07/17/24 | 15,927 | |||||||||||||||
| USD | 1,820,384 | EUR | 1,664,011 | 07/24/24 | 16,503 | |||||||||||||||
| USD | 1,281,447 | EUR | 1,175,546 | 08/06/24 | 6,327 | |||||||||||||||
| USD | 2,936,581 | EUR | 2,677,455 | 09/19/24 | 26,453 | |||||||||||||||
| USD | 5,312,291 | GBP | 4,182,225 | 04/08/24 | 33,467 | |||||||||||||||
| USD | 2,173,332 | GBP | 1,708,871 | 04/10/24 | 16,363 | |||||||||||||||
| USD | 8,723,698 | GBP | 6,889,267 | 04/22/24 | 27,365 | |||||||||||||||
| USD | 439,000 | GBP | 347,523 | 04/24/24 | 316 | |||||||||||||||
| USD | 1,709,864 | GBP | 1,353,876 | 06/03/24 | 472 | |||||||||||||||
| USD | 571,227 | GBP | 451,442 | 06/05/24 | 1,235 | |||||||||||||||
| USD | 2,134,707 | GBP | 1,671,053 | 06/20/24 | 24,687 | |||||||||||||||
| USD | 502,045 | HUF | 181,540,490 | 04/08/24 | 4,998 | |||||||||||||||
| USD | 250,092 | HUF | 90,622,381 | 04/15/24 | 2,090 | |||||||||||||||
| USD | 5,046,866 | HUF | 1,827,740,709 | 05/13/24 | 53,521 | |||||||||||||||
| USD | 597,591 | HUF | 217,463,314 | 06/20/24 | 4,538 | |||||||||||||||
| USD | 3,543,000 | INR | 294,478,643 | 06/20/24 | 20,318 | |||||||||||||||
| USD | 1,271,615 | JPY | 187,242,008 | 05/07/24 | 27,587 | |||||||||||||||
| USD | 2,662,000 | JPY | 389,950,135 | 06/20/24 | 53,857 | |||||||||||||||
| USD | 1,483,000 | KRW | 1,960,470,239 | 06/20/24 | 24,067 | |||||||||||||||
| USD | 59,638 | NOK | 641,285 | 04/26/24 | 529 | |||||||||||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| 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 | 1,266,681 | NOK | 13,307,332 | 04/30/24 | $ | 39,992 | |||||||||||||||||
| USD | 98,698 | NOK | 1,058,738 | 05/31/24 | 1,031 | |||||||||||||||||||
| USD | 2,868,249 | NOK | 29,993,799 | 06/20/24 | 100,177 | |||||||||||||||||||
| USD | 3,780,258 | NZD | 6,180,034 | 04/02/24 | 87,995 | |||||||||||||||||||
| USD | 2,763,131 | NZD | 4,601,401 | 04/04/24 | 14,020 | |||||||||||||||||||
| USD | 5,766,733 | NZD | 9,532,586 | 04/15/24 | 71,404 | |||||||||||||||||||
| USD | 4,434,698 | NZD | 7,411,158 | 04/22/24 | 6,782 | |||||||||||||||||||
| USD | 594,260 | NZD | 993,181 | 05/03/24 | 858 | |||||||||||||||||||
| USD | 1,208,012 | NZD | 1,961,744 | 05/07/24 | 35,911 | |||||||||||||||||||
| USD | 4,661,295 | NZD | 7,661,958 | 05/22/24 | 83,369 | |||||||||||||||||||
| USD | 1,045,572 | NZD | 1,718,704 | 05/31/24 | 18,658 | |||||||||||||||||||
| USD | 2,986,208 | NZD | 4,885,971 | 06/20/24 | 66,935 | |||||||||||||||||||
| USD | 687,525 | PLN | 2,735,111 | 04/24/24 | 2,913 | |||||||||||||||||||
| USD | 471,107 | PLN | 1,875,938 | 06/03/24 | 1,749 | |||||||||||||||||||
| USD | 593,000 | PLN | 2,326,191 | 06/20/24 | 11,125 | |||||||||||||||||||
| USD | 498,099 | SEK | 5,232,082 | 04/24/24 | 8,833 | |||||||||||||||||||
| USD | 5,909,589 | SEK | 61,289,311 | 04/25/24 | 178,030 | |||||||||||||||||||
| USD | 889,695 | SEK | 9,109,634 | 06/20/24 | 35,787 | |||||||||||||||||||
| USD | 6,772,543 | SGD | 9,113,495 | 04/24/24 | 15,530 | |||||||||||||||||||
| USD | 2,470,519 | SGD | 3,282,053 | 06/20/24 | 30,853 | |||||||||||||||||||
| USD | 451,840 | ZAR | 8,434,743 | 04/04/24 | 6,637 | |||||||||||||||||||
| USD | 404,360 | ZAR | 7,591,432 | 04/12/24 | 3,922 | |||||||||||||||||||
| USD | 358,531 | ZAR | 6,793,585 | 05/10/24 | 1,002 | |||||||||||||||||||
| USD | 1,185,800 | ZAR | 22,313,158 | 06/20/24 | 15,562 | |||||||||||||||||||
| USD | 426,177 | ZAR | 8,156,894 | 09/06/24 | 1,484 | |||||||||||||||||||
| ZAR | 11,521,990 | USD | 601,056 | 04/04/24 | 7,099 | |||||||||||||||||||
| ZAR | 3,466,776 | USD | 182,714 | 04/12/24 | 154 | |||||||||||||||||||
| ZAR | 17,613,615 | USD | 926,206 | 05/10/24 | 756 | |||||||||||||||||||
| ZAR | 6,138,910 | USD | 318,799 | 09/06/24 | 827 | |||||||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL |
$ | 2,216,809 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
|
| |||||||||||||||||||||||
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||||||
|
|
||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
AUD | 206,287 | USD | 135,000 | 04/24/24 | $ | (481 | ) | ||||||||||||||||
| AUD | 7,334,106 | USD | 4,829,980 | 06/20/24 | (39,853 | ) | ||||||||||||||||||
| AUD | 178,927 | USD | 117,286 | 09/26/24 | (141 | ) | ||||||||||||||||||
| AUD | 179,440 | USD | 117,695 | 09/27/24 | (210 | ) | ||||||||||||||||||
| AUD | 203,250 | USD | 133,372 | 10/02/24 | (290 | ) | ||||||||||||||||||
| BRL | 11,714,226 | USD | 2,347,556 | 04/02/24 | (12,403 | ) | ||||||||||||||||||
| CAD | 1,829,463 | USD | 1,358,290 | 05/02/24 | (7,052 | ) | ||||||||||||||||||
| CAD | 3,986,223 | USD | 2,955,000 | 06/20/24 | (8,725 | ) | ||||||||||||||||||
| CHF | 268,141 | EUR | 277,510 | 04/24/24 | (1,564 | ) | ||||||||||||||||||
| CHF | 977,426 | USD | 1,121,793 | 05/23/24 | (31,522 | ) | ||||||||||||||||||
| CHF | 516,466 | USD | 593,000 | 06/20/24 | (15,160 | ) | ||||||||||||||||||
| CLP | 842,678,731 | USD | 889,268 | 06/21/24 | (30,973 | ) | ||||||||||||||||||
| CNH | 16,895,797 | USD | 2,359,000 | 06/20/24 | (23,754 | ) | ||||||||||||||||||
| CZK | 14,977,291 | USD | 639,369 | 04/24/24 | (906 | ) | ||||||||||||||||||
| CZK | 44,025,229 | USD | 1,900,600 | 06/20/24 | (23,313 | ) | ||||||||||||||||||
| EUR | 2,851,307 | CHF | 2,783,208 | 04/24/24 | (15,240 | ) | ||||||||||||||||||
| EUR | 537,130 | CZK | 13,653,404 | 04/24/24 | (1,989 | ) | ||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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) |
EUR | 1,126,322 | GBP | 967,240 | 04/24/24 | $ | (4,663 | ) | ||||||||||||
| EUR | 1,083,910 | JPY | 176,872,139 | 06/20/24 | (9,772 | ) | ||||||||||||||
| EUR | 203,213 | PLN | 878,726 | 04/08/24 | (678 | ) | ||||||||||||||
| EUR | 823,914 | PLN | 3,565,311 | 04/24/24 | (2,683 | ) | ||||||||||||||
| EUR | 5,548,365 | USD | 6,071,635 | 04/03/24 | (85,084 | ) | ||||||||||||||
| EUR | 6,851,663 | USD | 7,478,612 | 04/05/24 | (85,260 | ) | ||||||||||||||
| EUR | 51,053 | USD | 55,401 | 04/15/24 | (290 | ) | ||||||||||||||
| EUR | 552,148 | USD | 599,038 | 04/24/24 | (2,781 | ) | ||||||||||||||
| EUR | 2,785,858 | USD | 3,032,773 | 05/02/24 | (23,393 | ) | ||||||||||||||
| EUR | 13,572,252 | USD | 14,691,579 | 05/08/24 | (26,798 | ) | ||||||||||||||
| EUR | 5,194,255 | USD | 5,649,200 | 05/21/24 | (33,864 | ) | ||||||||||||||
| EUR | 3,601,764 | USD | 3,948,705 | 06/14/24 | (51,179 | ) | ||||||||||||||
| EUR | 4,124,300 | USD | 4,510,172 | 06/20/24 | (46,045 | ) | ||||||||||||||
| EUR | 1,494,984 | USD | 1,638,889 | 07/17/24 | (18,762 | ) | ||||||||||||||
| EUR | 1,618,986 | USD | 1,769,155 | 07/24/24 | (14,083 | ) | ||||||||||||||
| EUR | 570,002 | USD | 619,352 | 08/06/24 | (1,068 | ) | ||||||||||||||
| EUR | 344,301 | USD | 378,456 | 09/18/24 | (4,252 | ) | ||||||||||||||
| EUR | 4,739,289 | USD | 5,183,826 | 09/19/24 | (32,691 | ) | ||||||||||||||
| GBP | 830,441 | EUR | 971,657 | 04/24/24 | (999 | ) | ||||||||||||||
| GBP | 3,395,598 | USD | 4,329,068 | 04/08/24 | (43,130 | ) | ||||||||||||||
| GBP | 778,187 | USD | 989,694 | 04/10/24 | (7,452 | ) | ||||||||||||||
| GBP | 8,206,396 | USD | 10,411,417 | 04/22/24 | (52,473 | ) | ||||||||||||||
| GBP | 485,094 | USD | 613,307 | 04/24/24 | (965 | ) | ||||||||||||||
| GBP | 3,177,993 | USD | 4,013,826 | 06/03/24 | (1,318 | ) | ||||||||||||||
| GBP | 1,887,153 | USD | 2,399,303 | 06/20/24 | (16,416 | ) | ||||||||||||||
| HUF | 273,773,484 | USD | 752,732 | 04/08/24 | (3,156 | ) | ||||||||||||||
| HUF | 1,318,106,837 | USD | 3,648,279 | 04/15/24 | (41,087 | ) | ||||||||||||||
| HUF | 1,130,088,752 | USD | 3,105,270 | 05/13/24 | (17,896 | ) | ||||||||||||||
| INR | 296,475,523 | USD | 3,568,462 | 06/20/24 | (21,892 | ) | ||||||||||||||
| JPY | 177,942,051 | USD | 1,210,017 | 05/07/24 | (27,777 | ) | ||||||||||||||
| JPY | 605,497,273 | USD | 4,139,746 | 06/20/24 | (89,936 | ) | ||||||||||||||
| KRW | 4,324,399,887 | USD | 3,275,499 | 06/20/24 | (57,389 | ) | ||||||||||||||
| NOK | 13,513,401 | USD | 1,286,296 | 04/30/24 | (40,612 | ) | ||||||||||||||
| NOK | 2,590,396 | USD | 239,269 | 05/31/24 | (309 | ) | ||||||||||||||
| NOK | 8,223,472 | USD | 794,738 | 06/20/24 | (35,809 | ) | ||||||||||||||
| NZD | 493,269 | AUD | 456,250 | 04/08/24 | (2,676 | ) | ||||||||||||||
| NZD | 3,112,085 | AUD | 2,863,000 | 04/24/24 | (7,584 | ) | ||||||||||||||
| NZD | 1,463,718 | AUD | 1,354,250 | 06/20/24 | (9,959 | ) | ||||||||||||||
| NZD | 6,179,817 | USD | 3,771,567 | 04/02/24 | (79,432 | ) | ||||||||||||||
| NZD | 4,602,316 | USD | 2,780,089 | 04/04/24 | (30,433 | ) | ||||||||||||||
| NZD | 8,186,053 | USD | 5,015,664 | 04/15/24 | (124,832 | ) | ||||||||||||||
| NZD | 5,993,942 | USD | 3,623,085 | 04/22/24 | (41,907 | ) | ||||||||||||||
| NZD | 4,448,171 | USD | 2,660,006 | 05/03/24 | (2,331 | ) | ||||||||||||||
| NZD | 2,734,599 | USD | 1,662,810 | 05/07/24 | (28,945 | ) | ||||||||||||||
| NZD | 12,746,863 | USD | 7,751,867 | 05/22/24 | (135,768 | ) | ||||||||||||||
| NZD | 1,813,152 | USD | 1,106,386 | 05/31/24 | (23,040 | ) | ||||||||||||||
| NZD | 469,774 | USD | 284,337 | 06/20/24 | (3,656 | ) | ||||||||||||||
| PLN | 878,726 | EUR | 204,450 | 04/08/24 | (657 | ) | ||||||||||||||
| PLN | 5,140,643 | EUR | 1,191,903 | 04/24/24 | (390 | ) | ||||||||||||||
| PLN | 1,875,938 | USD | 470,540 | 06/03/24 | (1,182 | ) | ||||||||||||||
| PLN | 8,862,552 | USD | 2,255,715 | 06/20/24 | (38,830 | ) | ||||||||||||||
| SEK | 3,825,787 | EUR | 336,208 | 04/11/24 | (5,302 | ) | ||||||||||||||
| SEK | 12,315,883 | EUR | 1,084,375 | 06/20/24 | (19,272 | ) | ||||||||||||||
| SEK | 3,805,668 | USD | 362,980 | 04/16/24 | (7,216 | ) | ||||||||||||||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| 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) |
SEK | 1,785,977 | USD | 169,000 | 04/24/24 | $ | (1,988 | ) | ||||||||||||||||
| SEK | 61,319,575 | USD | 5,900,481 | 04/25/24 | (166,091 | ) | ||||||||||||||||||
| SEK | 9,307,744 | USD | 912,930 | 06/20/24 | (40,453 | ) | ||||||||||||||||||
| SGD | 6,911,337 | USD | 5,142,817 | 04/24/24 | (18,551 | ) | ||||||||||||||||||
| USD | 2,313,750 | AUD | 3,553,023 | 04/30/24 | (3,574 | ) | ||||||||||||||||||
| USD | 274,684 | BRL | 1,380,590 | 04/02/24 | (527 | ) | ||||||||||||||||||
| USD | 2,445,794 | CAD | 3,314,004 | 06/20/24 | (3,635 | ) | ||||||||||||||||||
| USD | 795,215 | CHF | 714,492 | 06/20/24 | (4,182 | ) | ||||||||||||||||||
| USD | 505,025 | CLP | 496,767,607 | 06/21/24 | (949 | ) | ||||||||||||||||||
| USD | 1,937,810 | COP | 7,867,986,487 | 05/10/24 | (83,765 | ) | ||||||||||||||||||
| USD | 889,000 | COP | 3,521,968,600 | 06/20/24 | (10,072 | ) | ||||||||||||||||||
| USD | 7,468,016 | EUR | 6,996,269 | 04/05/24 | (81,375 | ) | ||||||||||||||||||
| USD | 357,459 | GBP | 284,659 | 04/10/24 | (1,842 | ) | ||||||||||||||||||
| USD | 1,175,951 | GBP | 933,205 | 06/20/24 | (2,396 | ) | ||||||||||||||||||
| USD | 2,021,755 | HUF | 741,782,009 | 04/15/24 | (8,240 | ) | ||||||||||||||||||
| USD | 563,415 | HUF | 207,829,915 | 06/20/24 | (3,366 | ) | ||||||||||||||||||
| USD | 1,188,000 | INR | 99,394,020 | 06/20/24 | (995 | ) | ||||||||||||||||||
| USD | 818,783 | MXN | 14,578,513 | 04/10/24 | (56,790 | ) | ||||||||||||||||||
| USD | 1,238,003 | MXN | 21,045,362 | 06/20/24 | (11,852 | ) | ||||||||||||||||||
| USD | 565,487 | SGD | 770,860 | 04/24/24 | (6,052 | ) | ||||||||||||||||||
| USD | 33,722 | TRY | 1,223,088 | 06/20/24 | (688 | ) | ||||||||||||||||||
| USD | 161,557 | ZAR | 3,089,413 | 04/04/24 | (1,509 | ) | ||||||||||||||||||
| USD | 1,133,711 | ZAR | 21,497,988 | 04/12/24 | (281 | ) | ||||||||||||||||||
| USD | 115,927 | ZAR | 2,244,354 | 09/06/24 | (926 | ) | ||||||||||||||||||
| ZAR | 14,480,091 | USD | 772,635 | 04/12/24 | (8,829 | ) | ||||||||||||||||||
| ZAR | 10,119,495 | USD | 531,262 | 09/06/24 | (4,385 | ) | ||||||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL |
$ | (2,202,263 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||
|
|
||||||||||||||||||||
| Government National Mortgage Association |
3.000 | % | TBA - 30yr | 04/20/24 | $ | (3,000,000 | ) | $ | (2,646,056 | ) | ||||||||||
| Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 04/01/24 | (37,000,000 | ) | (35,232,384 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
5.000 | TBA - 30yr | 04/01/24 | (21,000,000 | ) | (20,496,328 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
3.000 | TBA - 30yr | 04/01/24 | (5,000,000 | ) | (4,302,734 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 04/01/24 | (2,000,000 | ) | (1,852,031 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
2.000 | TBA - 30yr | 04/01/24 | (2,000,000 | ) | (1,582,293 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 05/01/24 | (3,000,000 | ) | (3,063,047 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
7.000 | TBA - 30yr | 04/01/24 | (6,000,000 | ) | (6,176,210 | ) | |||||||||||||
|
|
||||||||||||||||||||
| (PROCEEDS RECEIVED: $ (75,502,871)) |
$ | (75,351,083 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized (Depreciation) | ||||||||||
|
| ||||||||||||||
| Long position contracts: |
||||||||||||||
| 10 Year U.S. Treasury Notes |
157 | 06/18/24 | $ 17,395,109 | $ 1,398 | ||||||||||
| 2 Year U.S. Treasury Notes |
152 | 06/28/24 | 31,081,625 | (31,728) | ||||||||||
| 20 Year U.S. Treasury Bonds |
87 | 06/18/24 | 10,478,063 | 82,904 | ||||||||||
| 5 Year U.S. Treasury Notes |
521 | 06/28/24 | 55,755,141 | 56,397 | ||||||||||
| Ultra Long U.S. Treasury Bonds |
178 | 06/18/24 | 22,962,000 | 273,059 | ||||||||||
|
| ||||||||||||||
| Total |
$382,030 | |||||||||||||
|
| ||||||||||||||
| Short position contracts: |
||||||||||||||
| 10 Year U.K. Long Gilt |
(1) | 06/26/24 | (126,139) | (3,005) | ||||||||||
| 2 Year German Euro-Schatz |
(103) | 06/06/24 | (11,745,547) | (1,437) | ||||||||||
| 5 Year German Euro-Bobl |
(66) | 06/06/24 | (8,419,884) | (25,412) | ||||||||||
| 5 Year German Euro-Bund |
(3) | 06/06/24 | (431,691) | (3,112) | ||||||||||
| 5 Year German Euro-Oat |
(1) | 06/06/24 | (138,276) | (865) | ||||||||||
| Euro-Buxl |
(1) | 06/06/24 | (146,508) | (2,569) | ||||||||||
| Ultra 10-Year U.S. Treasury Note |
(56) | 06/18/24 | (6,418,125) | (32,214) | ||||||||||
|
| ||||||||||||||
| Total |
$ (68,614) | |||||||||||||
|
| ||||||||||||||
| TOTAL FUTURES CONTRACTS |
$313,416 | |||||||||||||
|
| ||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 12M EURO(b) |
3.883%(b) | 06/12/24 | EUR | 98,538 | $ | (1,860 | ) | $ | — | $ | (1,860 | ) | ||||||||||
| 1M BID Average(c) |
12.060(c) | 01/02/25 | BRL | 4,500 | (312 | ) | 72,871 | (73,183 | ) | |||||||||||||
| 1M BID Average(c) |
12.064(c) | 01/02/25 | 5,320 | 9,532 | 85,808 | (76,276 | ) | |||||||||||||||
| 13.300%(c) |
1M BID Average(c) | 01/02/25 | 3,370 | (17,660 | ) | (71,422 | ) | 53,762 | ||||||||||||||
| 1M BID Average(c) |
10.850(c) | 01/02/26 | 16,520 | 11,870 | 3,346 | 8,524 | ||||||||||||||||
| 9.750(c) |
1M BID Average(c) | 01/02/26 | 560 | 495 | 501 | (6 | ) | |||||||||||||||
| 12M EURO(b) |
2.250(b) | 02/17/26 | EUR | 10,120 | (27,425 | ) | (2,647 | ) | (24,778 | ) | ||||||||||||
| 3.750(b) |
12M SOFR(b) | 02/18/26 | $ | 8,680 | 30,355 | (890 | ) | 31,245 | ||||||||||||||
| 3.750(d) |
12M CDOR(d) | 02/21/26 | CAD | 15,060 | 3,799 | (2,088 | ) | 5,887 | ||||||||||||||
| 3M AUDOR(e) |
3.750(e) | 02/21/26 | AUD | 21,370 | 3,256 | (5,895 | ) | 9,151 | ||||||||||||||
| 3.750(e) |
3M AUDOR(e) | 02/28/26 | 20,690 | (4,007 | ) | 14,407 | (18,414 | ) | ||||||||||||||
| 3M NZDOR(e) |
4.500(d) | 02/28/26 | NZD | 18,630 | 16,537 | (16,837 | ) | 33,374 | ||||||||||||||
| 12M EURO(f) |
2.820(f) | 03/19/26 | EUR | 11,040 | (1,234 | ) | (5,468 | ) | 4,234 | |||||||||||||
| Mexico Interbank |
||||||||||||||||||||||
| TIIE 28 Days(c) |
9.250(c) | 06/17/26 | MXN | 44,390 | (9,340 | ) | (1,989 | ) | (7,351 | ) | ||||||||||||
| 1.000(f) |
12M CHFOR(f) | 06/19/26 | CHF | 46,860 | (4,541 | ) | 23,189 | (27,730 | ) | |||||||||||||
| 3M CNRR(e) |
2.000(e) | 06/19/26 | CNY | 7,800 | 1,690 | 1,575 | 115 | |||||||||||||||
| 12M EURO(f) |
3.000(f) | 06/19/26 | EUR | 2,700 | 14,606 | 15,308 | (702 | ) | ||||||||||||||
| 3M KWCDC(e) |
3.250(e) | 06/19/26 | KRW | 2,885,370 | (3,113 | ) | (3,633 | ) | 520 | |||||||||||||
| 3M STIBOR(e) |
3.250(f) | 06/19/26 | SEK | 344,840 | 137,291 | 213,758 | (76,467 | ) | ||||||||||||||
| 4.000(e) |
3M AUDOR(e) | 06/19/26 | AUD | 23,740 | (44,672 | ) | (43,382 | ) | (1,290 | ) | ||||||||||||
| 12M CDOR(d) |
4.250(d) | 06/19/26 | CAD | 31,720 | 110,352 | 125,052 | (14,700 | ) | ||||||||||||||
| 6M NIBOR(d) |
4.500(f) | 06/19/26 | NOK | 279,620 | 118,367 | 205,786 | (87,419 | ) | ||||||||||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 5.000%(f) |
6M WIBOR(d) | 06/19/26 | PLN | 4,590 | $ | 5,181 | $ | 4,468 | $ | 713 | ||||||||||||
| 4.000(d) |
12M CDOR(d) | 06/28/26 | CAD | 2,201 | (628 | ) | 1,770 | (2,398 | ) | |||||||||||||
| 4.250(f) |
12M SOFR(f) | 06/28/26 | $ | 4,424 | 7,467 | 11,426 | (3,959 | ) | ||||||||||||||
| 3.000(f) |
6M EURO(d) | 06/28/26 | EUR | 987 | (1,196 | ) | 564 | (1,760 | ) | |||||||||||||
| 3M AUDOR(e) |
3.750%(e) | 06/29/26 | AUD | 500 | (550 | ) | (1,209 | ) | 659 | |||||||||||||
| 1M BID Average(c) |
13.030(c) | 01/04/27 | BRL | 930 | 10,782 | — | 10,782 | |||||||||||||||
| 11.230(c) |
1M BID Average(c) | 01/04/27 | 2,840 | (3,059 | ) | 4,991 | (8,050 | ) | ||||||||||||||
| 10.286(c) |
1M BID Average(c) | 01/04/27 | 3,450 | 1,517 | — | 1,517 | ||||||||||||||||
| 12M SOFR(f) |
3.350(f) | 10/06/27 | $ | 44,210 | (250,993 | ) | (157,895 | ) | (93,098 | ) | ||||||||||||
| 6M EURO(d) |
3.000(f) | 10/20/27 | EUR | 9,590 | 116,745 | (183,856 | ) | 300,601 | ||||||||||||||
| 12M SOFR(f) |
3.730(f) | 11/28/27 | $ | 4,120 | 6,720 | 16,896 | (10,176 | ) | ||||||||||||||
| 12M EURO(f) |
2.673(f) | 04/22/28 | EUR | 20,080 | 273,852 | 83,326 | 190,526 | |||||||||||||||
| 2.852(f) |
3M EURO(e) | 04/22/28 | 20,080 | (288,683 | ) | (71,843 | ) | (216,840 | ) | |||||||||||||
| 3.975(f) |
12M SOFR(f) | 08/31/28 | $ | 27,130 | (2,583 | ) | (6,942 | ) | 4,359 | |||||||||||||
| 12M SOFR(f) |
3.696(f) | 09/22/28 | 36,080 | 85,939 | (76,498 | ) | 162,437 | |||||||||||||||
| 11.500(c) |
1M BID Average(c) | 01/02/29 | BRL | 3,620 | (19,626 | ) | (13,400 | ) | (6,226 | ) | ||||||||||||
| 12M EURO(f) |
2.470(f) | 04/12/29 | EUR | 7,740 | 28,245 | (2,950 | ) | 31,195 | ||||||||||||||
| 8.500(c) |
Mexico Interbank TIIE 28 Days(c) | 06/13/29 | MXN | 26,300 | 11,524 | 89 | 11,435 | |||||||||||||||
| 3.500(d) |
12M CDOR(d) | 06/19/29 | CAD | 3,920 | (6,609 | ) | (24,854 | ) | 18,245 | |||||||||||||
| 1.250(f) |
12M CHFOR(f) | 06/19/29 | CHF | 3,940 | (47,221 | ) | (43,577 | ) | (3,644 | ) | ||||||||||||
| 0.500(f) |
12M JYOR(f) | 06/19/29 | JPY | 6,634,000 | 102,197 | 73,649 | 28,548 | |||||||||||||||
| 3M KWCDC(e) |
3.250(e) | 06/19/29 | KRW | 1,031,870 | 449 | (1,314 | ) | 1,763 | ||||||||||||||
| 12M GBP(f) |
3.750(f) | 06/19/29 | GBP | 600 | 1,156 | (2,340 | ) | 3,496 | ||||||||||||||
| 2.000(e) |
3M CNRR(e) | 06/19/29 | CNY | 10,860 | 7,442 | 9,151 | (1,709 | ) | ||||||||||||||
| 6M NIBOR(d) |
4.000(f) | 06/19/29 | NOK | 87,810 | 71,662 | 66,252 | 5,410 | |||||||||||||||
| 6M AUDOR(d) |
4.250(d) | 06/19/29 | AUD | 3,690 | 30,796 | 25,921 | 4,875 | |||||||||||||||
| 3.000(f) |
6M EURO(d) | 06/19/29 | EUR | 1,060 | (21,920 | ) | (15,538 | ) | (6,382 | ) | ||||||||||||
| 12M SOFR(f) |
3.750(f) | 06/20/29 | $ | 9,600 | (64,454 | ) | (78,856 | ) | 14,402 | |||||||||||||
| 2.680(f) |
12M SOFR(f) | 07/28/32 | 10,090 | 370,393 | 125,890 | 244,503 | ||||||||||||||||
| 1.250(f) |
12M JYOR(f) | 08/03/33 | JPY | 776,000 | (34,722 | ) | (41,401 | ) | 6,679 | |||||||||||||
| 12M SOFR(f) |
4.306(f) | 10/05/33 | $ | 8,360 | 210,595 | (54,437 | ) | 265,032 | ||||||||||||||
| 6M EURO(d) |
3.000(f) | 11/10/33 | EUR | 11,940 | 290,415 | 82,802 | 207,613 | |||||||||||||||
| 12M SOFR(f) |
3.849(f) | 11/15/33 | $ | 9,100 | 31,884 | 8,639 | 23,245 | |||||||||||||||
| 12M EURO(f) |
2.370(f) | 01/19/34 | EUR | 13,880 | 98,439 | (12,593 | ) | 111,032 | ||||||||||||||
| 2.535(f) |
6M EURO(d) | 01/19/34 | 13,880 | (121,339 | ) | 13,930 | (135,269 | ) | ||||||||||||||
| 8.500(c) |
Mexico Interbank TIIE 28 Days(c) | 06/07/34 | MXN | 3,540 | 2,364 | 277 | 2,087 | |||||||||||||||
| 12M CHFOR(f) |
1.250(f) | 06/19/34 | CHF | 1,720 | 19,075 | 9,127 | 9,948 | |||||||||||||||
| 1.000(f) |
12M JYOR(f) | 06/19/34 | JPY | 354,000 | (27,521 | ) | (28,094 | ) | 573 | |||||||||||||
| 12M EURO(f) |
3.000(f) | 06/19/34 | EUR | 1,310 | 75,841 | 67,600 | 8,241 | |||||||||||||||
| 6M EURO(d) |
3.000(f) | 06/19/34 | 6,220 | 267,194 | 211,180 | 56,014 | ||||||||||||||||
| 3M KWCDC(e) |
3.250(e) | 06/19/34 | KRW | 519,420 | 97 | (1,957 | ) | 2,054 | ||||||||||||||
| 12M CDOR(d) |
3.500(d) | 06/19/34 | CAD | 2,000 | 7,006 | 19,836 | (12,830 | ) | ||||||||||||||
| 12M GBP(f) |
3.750(f) | 06/19/34 | GBP | 140 | 1,895 | 892 | 1,003 | |||||||||||||||
| 2.750(f) |
3M STIBOR(e) | 06/19/34 | SEK | 18,820 | (20,511 | ) | (37,743 | ) | 17,232 | |||||||||||||
| 6M AUDOR(d) |
4.500(d) | 06/19/34 | AUD | 3,820 | 57,077 | 42,040 | 15,037 | |||||||||||||||
| 3M NZDOR(e) |
4.500(d) | 06/19/34 | NZD | 960 | 7,491 | 2,946 | 4,545 | |||||||||||||||
| 6M WIBOR(d) |
4.750(f) | 06/19/34 | PLN | 3,120 | (11,427 | ) | (5,351 | ) | (6,076 | ) | ||||||||||||
| 4.000(f) |
6M NIBOR(d) | 06/19/34 | NOK | 10,720 | (28,399 | ) | (23,935 | ) | (4,464 | ) | ||||||||||||
| 3M JIBAR(e) |
9.750(e) | 06/19/34 | ZAR | 4,880 | (1,932 | ) | 3,740 | (5,672 | ) | |||||||||||||
| 3.750(f) |
12M SOFR(f) | 06/20/34 | $ | 270 | 681 | 781 | (100 | ) | ||||||||||||||
| 12M SOFR(f) |
3.750(f) | 06/20/34 | 590 | (2,229 | ) | (1,275 | ) | (954 | ) | |||||||||||||
| 3.240(f) |
12M SOFR(f) | 10/06/35 | 10,150 | 334,463 | (93,091 | ) | 427,554 | |||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 3.781%(f) |
12M SOFR(f) | 09/22/36 | $ | 8,140 | $ | (70,829 | ) | $ | 119,870 | $ (190,699 | ) | |||||||||||
| 12M SOFR(f) |
2.910%(f) | 07/28/37 | 27,130 | (790,614 | ) | (375,954 | ) | (414,660 | ) | |||||||||||||
| 6M EURO(d) |
2.152(f) | 08/09/37 | EUR | 11,580 | (233,153 | ) | (520,124 | ) | 286,971 | |||||||||||||
| 12M SOFR(f) |
3.391(f) | 05/10/38 | $ | 28,210 | (385,732 | ) | (230,346 | ) | (155,386 | ) | ||||||||||||
| 12M JYOR(f) |
1.500(f) | 08/03/38 | JPY | 841,000 | (35,347 | ) | (63,611 | ) | 28,264 | |||||||||||||
| 6M EURO(d) |
3.000(f) | 01/25/39 | EUR | 5,880 | 80,091 | 19,764 | 60,327 | |||||||||||||||
| 1.451(f) |
6M EURO(d) | 08/10/42 | 29,640 | 1,041,437 | 868,499 | 172,938 | ||||||||||||||||
| 2.500(f) |
6M EURO(d) | 01/25/44 | 14,060 | (105,193 | ) | (16,118 | ) | (89,075 | ) | |||||||||||||
| 2.080(f) |
12M SOFR(f) | 07/28/47 | $ | 26,920 | 762,448 | 432,164 | 330,284 | |||||||||||||||
| 6M EURO(d) |
1.051(f) | 08/11/47 | EUR | 17,340 | (492,796 | ) | (376,787 | ) | (116,009 | ) | ||||||||||||
| 6M EURO(d) |
2.000(f) | 01/25/49 | 8,390 | 42,651 | (1,614 | ) | 44,265 | |||||||||||||||
| 2.564(f) |
12M SOFR(f) | 05/11/53 | $ | 24,010 | 498,508 | 191,978 | 306,530 | |||||||||||||||
| 2.000(f) |
6M EURO(d) | 05/17/53 | EUR | 2,850 | (5,650 | ) | (3,172 | ) | (2,478 | ) | ||||||||||||
| 2.500(f) |
6M EURO(d) | 11/10/53 | 6,420 | (335,423 | ) | (221,203 | ) | (114,220 | ) | |||||||||||||
| 3.613(f) |
12M SOFR(f) | 11/15/53 | $ | 5,440 | (123,075 | ) | (41,395 | ) | (81,680 | ) | ||||||||||||
| 3.512(f) |
12M SOFR(f) | 11/29/53 | 1,400 | (22,396 | ) | (27,498 | ) | 5,102 | ||||||||||||||
| 2.750(f) |
6M EURO(d) | 06/19/54 | EUR | 2,760 | (282,492 | ) | (217,419 | ) | (65,073 | ) | ||||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | 1,467,403 | $ | 51,618 | $1,415,785 | |||||||||||||||||
|
|
||||||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b) | Payments made at maturity. |
| (c) | Payments made monthly. |
| (d) | Payments made semi-annually. |
| (e) | Payments made quarterly. |
| (f) | Payments made annually. |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
| Reference Obligation/Index | Financing Rate by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||||||||
| CMBX.NA.BBB.17 |
3.000% | 4.968% | JPMorgan Securities, Inc. | 12/15/56 | $2,000 | $(239,734 | ) | $(257,579 | ) | $17,845 | ||||||||||||||||||||
| CMBX.NA.AAA.16 |
0.500 | 0.714 | MS & Co. Int. PLC | 04/17/65 | 3,700 | (51,069 | ) | (70,103 | ) | 19,034 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL | $(290,803 | ) | $(327,682 | ) | $36,879 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (a) | Payments made monthly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||||||
| General Electric Co. 6.750%, 03/15/32 |
1.000% | 0.167% | 06/20/26 | $1,525 | $27,502 | $9,221 | $18,281 | |||||||||||||||||||||
| The Boeing Co., 8.750%, 06/20/24 |
1.000 | 0.339 | 06/20/24 | 500 | 918 | 475 | 443 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL | $28,420 | $9,696 | $18,724 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Payments made quarterly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Fund had the following purchased and written options:
OVER-THE-COUNTER INTEREST RATE SWAPTIONS
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts |
|
|||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.550% | 04/22/2024 | 21,400,000 | $21,400,000 | $ 67,809 | $ 57,102 | $ 10,707 | ||||||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.520 | 04/30/2024 | 10,770,000 | 10,770,000 | 35,799 | 28,716 | 7,083 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts | 32,170,000 | $32,170,000 | $ 103,608 | $ 85,818 | $ 17,790 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
|
|||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | 04/15/2024 | (2,360,000) | (2,360,000) | (28,625) | (18,144) | (10,481) | ||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (2,380,000) | (2,380,000) | (26,434) | (17,488) | (8,946) | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (2,390,000) | (2,390,000) | (11,794) | (20,355) | 8,561 | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (2,530,000) | (2,530,000) | (26,299) | (22,833) | (3,466) | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.577 | 04/29/2024 | (2,380,000) | (2,380,000) | (18,833) | (17,749) | (1,084) | ||||||||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (2,570,000) | (2,570,000) | (207) | (20,689) | 20,482 | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (2,540,000) | (2,540,000) | (2,996) | (25,146) | 22,150 | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (2,520,000) | (2,520,000) | (23,878) | (23,311) | (567) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (19,670,000) | $(19,670,000) | $(139,066) | $(165,715) | $ 26,649 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.723 | 04/22/2024 | (21,400,000) | (21,400,000) | (30,591) | (35,688) | 5,097 | ||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.896 | 04/22/2024 | (21,400,000) | (21,400,000) | (7,590) | (21,413) | 13,823 | ||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | 04/15/2024 | (2,360,000) | (2,360,000) | (4,087) | (18,144) | 14,057 | ||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (2,380,000) | (2,380,000) | (7,914) | (17,488) | 9,574 | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (2,390,000) | (2,390,000) | (6,144) | (20,355) | 14,211 | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (2,530,000) | (2,530,000) | (11,957) | (22,833) | 10,876 | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.577 | 04/29/2024 | (2,380,000) | (2,380,000) | (16,022) | (17,749) | 1,727 | ||||||||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (2,570,000) | (2,570,000) | (207) | (20,689) | 20,482 | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (2,540,000) | (2,540,000) | (27,307) | (25,146) | (2,161) | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (2,520,000) | (2,520,000) | (9,137) | (23,310) | 14,173 | ||||||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.860 | 04/30/2024 | (10,770,000) | (10,770,000) | (5,951) | (10,939) | 4,988 | ||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 3M IRS | UBS AG (London) | 4.690 | % | 04/30/2024 | (10,770,000) | $ (10,770,000) | $ (17,908) | $ (17,776) | $ (132) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (84,010,000) | $ (84,010,000) | $(144,815) | $(251,530) | $106,715 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts | (103,680,000) | $(103,680,000) | $(283,881) | $(417,245) | $133,364 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL | (71,510,000) | $ (71,510,000) | $(180,273) | $(331,427) | $ 151,154 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY
| Description | Counterparty | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| Call USD/Put ZAR | Barclays Bank PLC | $ | 19.480 | 04/02/2024 | 1,174,000 | $ | 1,174,000 | $ | 6 | $ | 12,186 | $ (12,180) | ||||||||||||||||||
| Call EUR/Put USD | BNP Paribas SA | 1.089 | 08/02/2024 | 550,000 | 550,000 | 6,615 | 11,042 | (4,427) | ||||||||||||||||||||||
| Call USD/Put NOK | Citibank NA | 10.975 | 04/24/2024 | 4,737,500 | 4,737,500 | 22,446 | 22,740 | (294) | ||||||||||||||||||||||
| Call USD/Put ZAR | Citibank NA | 20.860 | 09/04/2024 | 9,494,000 | 9,494,000 | 117,564 | 141,769 | (24,205) | ||||||||||||||||||||||
| Call USD/Put ZAR | Deutsche Bank AG (London) | 19.350 | 05/08/2024 | 2,373,000 | 2,373,000 | 18,244 | 22,430 | (4,186) | ||||||||||||||||||||||
| Call USD/Put NOK | HSBC Bank PLC | 11.033 | 05/29/2024 | 4,752,000 | 4,752,000 | 38,382 | 30,508 | 7,874 | ||||||||||||||||||||||
| Call USD/Put HUF | JPMorgan Securities, Inc. |
367.400 | 04/11/2024 | 2,345,000 | 2,345,000 | 8,705 | 12,757 | (4,052) | ||||||||||||||||||||||
| Call USD/Put ZAR | JPMorgan Securities, Inc. |
18.950 | 04/10/2024 | 2,390,000 | 2,390,000 | 14,555 | 20,701 | (6,146) | ||||||||||||||||||||||
| Call EUR/Put USD | MS & Co. Int. PLC | 1.101 | 07/22/2024 | 1,076,000 | 1,076,000 | 6,641 | 17,806 | (11,165) | ||||||||||||||||||||||
| Call USD/Put HUF | MS & Co. Int. PLC | 367.400 | 04/11/2024 | 2,345,000 | 2,345,000 | 8,704 | 29,711 | (21,007) | ||||||||||||||||||||||
| Call USD/Put HUF | MS & Co. Int. PLC | 369.000 | 05/09/2024 | 4,676,000 | 4,676,000 | 38,180 | 61,115 | (22,935) | ||||||||||||||||||||||
| Call USD/Put HUF | MS & Co. Int. PLC | 371.600 | 05/30/2024 | 4,760,000 | 4,760,000 | 55,145 | 55,145 | — | ||||||||||||||||||||||
| Call EUR/Put USD | UBS AG (London) | 1.106 | 07/15/2024 | 1,076,000 | 1,076,000 | 4,719 | 17,553 | (12,834) | ||||||||||||||||||||||
| Call USD/Put COP | UBS AG (London) | 4,232.000 | 05/08/2024 | 552,000 | 552,000 | 390 | 25,337 | (24,947) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 42,300,500 | $ | 42,300,500 | $ | 340,296 | $ | 480,800 | $(140,504) | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Put AUD/Call USD | Barclays Bank PLC | 0.621 | 09/24/2024 | 9,014,000 | 9,014,000 | 41,799 | 46,963 | (5,164) | ||||||||||||||||||||||
| Put NZD/Call USD | Barclays Bank PLC | 0.603 | 04/02/2024 | 7,740,000 | 7,740,000 | 34,765 | 19,710 | 15,055 | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.087 | 05/17/2024 | 7,040,000 | 7,040,000 | 79,811 | 45,710 | 34,101 | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.089 | 08/02/2024 | 550,000 | 550,000 | 8,617 | 11,042 | (2,425) | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.061 | 09/16/2024 | 6,507,000 | 6,507,000 | 48,488 | 33,974 | 14,514 | ||||||||||||||||||||||
| Put GBP/Call USD | BNP Paribas SA | 1.264 | 04/18/2024 | 7,397,000 | 7,397,000 | 55,148 | 47,521 | 7,627 | ||||||||||||||||||||||
| Put GBP/Call USD | BNP Paribas SA | 1.255 | 05/30/2024 | 7,538,000 | 7,538,000 | 68,597 | 72,298 | (3,701) | ||||||||||||||||||||||
| Put AUD/Call USD | BofA Securities LLC |
0.622 | 09/25/2024 | 9,110,000 | 9,110,000 | 44,251 | 46,520 | (2,269) | ||||||||||||||||||||||
| Put EUR/Call USD | BofA Securities LLC |
1.067 | 04/11/2024 | 3,267,000 | 3,267,000 | 2,358 | 25,069 | (22,711) | ||||||||||||||||||||||
| Put GBP/Call USD | BofA Securities LLC |
1.266 | 04/04/2024 | 2,804,000 | 2,804,000 | 14,379 | 16,041 | (1,662) | ||||||||||||||||||||||
| Put NZD/Call USD | BofA Securities LLC |
0.595 | 05/03/2024 | 5,842,000 | 5,842,000 | 26,421 | 39,239 | (12,818) | ||||||||||||||||||||||
| Put NZD/Call USD | Citibank NA | 0.610 | 05/20/2024 | 11,458,000 | 11,458,000 | 165,047 | 77,804 | 87,243 | ||||||||||||||||||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| 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 by Fund |
Unrealized Appreciation/ |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Put EUR/Call USD | Deutsche Bank AG (London) | $ | 1.090 | 04/29/2024 | 4,371,000 | $ 4,371,000 | $ 52,334 | $ 28,731 | $ 23,603 | |||||||||||||||||||||
| Put EUR/Call USD | HSBC Bank PLC | 1.074 | 05/17/2024 | 3,506,000 | 3,506,000 | 18,504 | 31,625 | (13,121) | ||||||||||||||||||||||
| Put GBP/Call USD | HSBC Bank PLC | 1.276 | 04/04/2024 | 5,578,000 | 5,578,000 | 77,260 | 35,429 | 41,831 | ||||||||||||||||||||||
| Put NZD/Call USD | JPMorgan Securities, Inc. |
0.597 | 05/20/2024 | 11,610,000 | 11,610,000 | 75,870 | 58,870 | 17,000 | ||||||||||||||||||||||
| Put EUR/Call USD | MS & Co. Int. PLC | 1.101 | 07/22/2024 | 1,076,000 | 1,076,000 | 24,425 | 17,807 | 6,618 | ||||||||||||||||||||||
| Put GBP/Call USD | MS & Co. Int. PLC | 1.264 | 04/18/2024 | 5,569,000 | 5,569,000 | 41,520 | 33,813 | 7,707 | ||||||||||||||||||||||
| Put AUD/Call USD | UBS AG (London) | 0.623 | 09/30/2024 | 9,073,000 | 9,073,000 | 46,850 | 45,052 | 1,798 | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.060 | 04/03/2024 | 3,336,569 | 3,336,569 | 4 | 75,885 | (75,881) | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.089 | 06/12/2024 | 8,762,000 | 8,762,000 | 118,832 | 72,010 | 46,822 | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.106 | 07/15/2024 | 1,076,000 | 1,076,000 | 28,152 | 17,553 | 10,599 | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.058 | 09/17/2024 | 6,493,000 | 6,493,000 | 44,312 | 34,360 | 9,952 | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.611 | 04/11/2024 | 11,644,000 | 11,644,000 | 148,039 | 46,275 | 101,764 | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.600 | 04/18/2024 | 11,610,000 | 11,610,000 | 59,570 | 41,754 | 17,816 | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.594 | 05/01/2024 | 11,900,000 | 11,900,000 | 44,997 | 47,777 | (2,780) | ||||||||||||||||||||||
| Put USD/Call COP | UBS AG (London) | 4,232.000 | 05/08/2024 | 552,000 | 552,000 | 49,916 | 25,337 | 24,579 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 174,423,569 | $ 174,423,569 | $ 1,420,266 | $ 1,094,169 | $ 326,097 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts | 216,724,069 | $ 216,724,069 | $ 1,760,562 | $ 1,574,969 | $ 185,593 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| Call AUD/Put NZD | Barclays Bank PLC | 1.088 | 04/30/2024 | (2,905,000) | (2,905,000) | (11,633) | (8,807) | (2,826) | ||||||||||||||||||||||
| Call EUR/Put CZK | Barclays Bank PLC | 25.385 | 04/09/2024 | (437,000) | (437,000) | (438) | (2,361) | 1,923 | ||||||||||||||||||||||
| Call EUR/Put SEK | Barclays Bank PLC | 11.190 | 04/09/2024 | (874,000) | (874,000) | (27,198) | (6,289) | (20,909) | ||||||||||||||||||||||
| Call EUR/Put SEK | Barclays Bank PLC | 11.175 | 04/12/2024 | (876,000) | (876,000) | (28,475) | (9,606) | (18,869) | ||||||||||||||||||||||
| Call USD/Put SGD | Barclays Bank PLC | 1.342 | 04/04/2024 | (949,000) | (949,000) | (5,473) | (3,459) | (2,014) | ||||||||||||||||||||||
| Call AUD/Put NZD | BNP Paribas SA | 1.071 | 04/04/2024 | (1,460,000) | (1,460,000) | (16,798) | (4,242) | (12,556) | ||||||||||||||||||||||
| Call EUR/Put CZK | BNP Paribas SA | 25.340 | 04/03/2024 | (435,000) | (435,000) | (220) | (2,482) | 2,262 | ||||||||||||||||||||||
| Call EUR/Put GBP | BNP Paribas SA | 0.856 | 05/01/2024 | (1,760,000) | (1,760,000) | (7,774) | (8,137) | 363 | ||||||||||||||||||||||
| Call AUD/Put NZD | BofA Securities LLC |
1.088 | 04/23/2024 | (2,900,000) | (2,900,000) | (10,010) | (8,878) | (1,132) | ||||||||||||||||||||||
| Call EUR/Put CZK | BofA Securities LLC |
25.290 | 04/23/2024 | (872,000) | (872,000) | (3,435) | (4,473) | 1,038 | ||||||||||||||||||||||
| Call EUR/Put CZK | BofA Securities LLC |
25.310 | 04/29/2024 | (876,000) | (876,000) | (3,713) | (4,451) | 738 | ||||||||||||||||||||||
| Call EUR/Put PLN | BofA Securities LLC |
4.322 | 04/04/2024 | (876,000) | (876,000) | (233) | (3,693) | 3,460 | ||||||||||||||||||||||
| Call USD/Put SGD | BofA Securities LLC |
1.336 | 04/18/2024 | (1,887,000) | (1,887,000) | (18,861) | (7,482) | (11,379) | ||||||||||||||||||||||
| Call EUR/Put GBP | Citibank NA | 0.855 | 04/09/2024 | (874,000) | (874,000) | (1,916) | (4,157) | 2,241 | ||||||||||||||||||||||
| Call EUR/Put PLN | Citibank NA | 4.320 | 04/18/2024 | (865,000) | (865,000) | (1,783) | (5,113) | 3,330 | ||||||||||||||||||||||
| Call EUR/Put SEK | Citibank NA | 11.190 | 04/09/2024 | (874,000) | (874,000) | (27,199) | (5,634) | (21,565) | ||||||||||||||||||||||
| Call USD/Put NOK | Citibank NA | 10.750 | 04/24/2024 | (2,368,500) | (2,368,500) | (32,927) | (27,475) | (5,452) | ||||||||||||||||||||||
| Call USD/Put ZAR | Citibank NA | 19.270 | 09/04/2024 | (4,748,000) | (4,748,000) | (160,435) | (177,419) | 16,984 | ||||||||||||||||||||||
| Call EUR/Put CHF | Deutsche Bank AG (London) | 0.955 | 04/04/2024 | (876,000) | (876,000) | (17,873) | (5,619) | (12,254) | ||||||||||||||||||||||
| Call EUR/Put GBP | Deutsche Bank AG (London) | 0.857 | 04/03/2024 | (870,000) | (870,000) | (345) | (4,045) | 3,700 | ||||||||||||||||||||||
| Call EUR/Put PLN | Deutsche Bank AG (London) | 4.310 | 04/26/2024 | (876,000) | (876,000) | (3,285) | (4,920) | 1,635 | ||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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 by Fund |
Unrealized Appreciation/ |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Call USD/Put ZAR | Deutsche Bank AG (London) | $ | 18.950 | 04/10/2024 | (2,390,000) | $ (2,390,000) | $ (14,555) | $ (22,511) | $ 7,956 | |||||||||||||||||||||
| Call USD/Put NOK | HSBC Bank PLC | 10.720 | 05/29/2024 | (2,376,000) | (2,376,000) | (48,207) | (38,408) | (9,799) | ||||||||||||||||||||||
| Call EUR/Put CHF | JPMorgan Securities, Inc. |
0.959 | 04/17/2024 | (1,732,000) | (1,732,000) | (26,356) | (10,147) | (16,209) | ||||||||||||||||||||||
| Call USD/Put ZAR | JPMorgan Securities, Inc. |
19.480 | 04/02/2024 | (1,174,000) | (1,174,000) | (6) | (2,215) | 2,209 | ||||||||||||||||||||||
| Call AUD/Put NZD | MS & Co. Int. PLC | 1.079 | 04/18/2024 | (2,871,000) | (2,871,000) | (21,300) | (9,509) | (11,791) | ||||||||||||||||||||||
| Call EUR/Put CHF | MS & Co. Int. PLC | 0.972 | 04/23/2024 | (1,745,000) | (1,745,000) | (8,792) | (9,965) | 1,173 | ||||||||||||||||||||||
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.859 | 04/24/2024 | (1,744,000) | (1,744,000) | (4,333) | (8,847) | 4,514 | ||||||||||||||||||||||
| Call EUR/Put SEK | MS & Co. Int. PLC | 11.233 | 04/16/2024 | (1,735,000) | (1,735,000) | (47,168) | (11,527) | (35,641) | ||||||||||||||||||||||
| Call USD/Put HUF | MS & Co. Int. PLC | 367.400 | 04/11/2024 | (4,690,000) | (4,690,000) | (29,852) | (29,852) | — | ||||||||||||||||||||||
| Call USD/Put SGD | MS & Co. Int. PLC | 1.343 | 04/25/2024 | (1,901,000) | (1,901,000) | (11,165) | (8,136) | (3,029) | ||||||||||||||||||||||
| Call EUR/Put CHF | UBS AG (London) | 0.958 | 04/09/2024 | (874,000) | (874,000) | (14,348) | (5,573) | (8,775) | ||||||||||||||||||||||
| Call EUR/Put PLN | UBS AG (London) | 4.280 | 04/11/2024 | (874,000) | (874,000) | (4,611) | (5,013) | 402 | ||||||||||||||||||||||
| Call EUR/Put SEK | UBS AG (London) | 11.182 | 04/03/2024 | (870,000) | (870,000) | (27,747) | (6,228) | (21,519) | ||||||||||||||||||||||
| Call EUR/Put SEK | UBS AG (London) | 11.175 | 04/12/2024 | (876,000) | (876,000) | (28,475) | (6,106) | (22,369) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (55,310,500) | $ (55,310,500) | $ (666,939) | $ (482,779) | $(184,160) | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Put AUD/Call NZD | Barclays Bank PLC | 1.088 | 04/30/2024 | (2,905,000) | (2,905,000) | (6,492) | (8,807) | 2,315 | ||||||||||||||||||||||
| Put AUD/Call USD | Barclays Bank PLC | 0.647 | 09/24/2024 | (3,605,000) | (3,605,000) | (42,067) | (44,842) | 2,775 | ||||||||||||||||||||||
| Put EUR/Call CZK | Barclays Bank PLC | 25.385 | 04/09/2024 | (437,000) | (437,000) | (3,070) | (2,361) | (709) | ||||||||||||||||||||||
| Put EUR/Call SEK | Barclays Bank PLC | 11.190 | 04/09/2024 | (874,000) | (874,000) | (1) | (6,291) | 6,290 | ||||||||||||||||||||||
| Put EUR/Call SEK | Barclays Bank PLC | 11.175 | 04/12/2024 | (876,000) | (876,000) | (7) | (2,595) | 2,588 | ||||||||||||||||||||||
| Put USD/Call SGD | Barclays Bank PLC | 1.342 | 04/04/2024 | (949,000) | (949,000) | (185) | (3,459) | 3,274 | ||||||||||||||||||||||
| Put AUD/Call NZD | BNP Paribas SA | 1.071 | 04/04/2024 | (1,460,000) | (1,460,000) | — | (4,242) | 4,242 | ||||||||||||||||||||||
| Put EUR/Call CZK | BNP Paribas SA | 25.340 | 04/03/2024 | (435,000) | (435,000) | (2,141) | (2,482) | 341 | ||||||||||||||||||||||
| Put EUR/Call GBP | BNP Paribas SA | 0.856 | 05/01/2024 | (1,760,000) | (1,760,000) | (8,043) | (8,136) | 93 | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.067 | 04/11/2024 | (3,267,000) | (3,267,000) | (2,358) | (7,354) | 4,996 | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.074 | 05/17/2024 | (3,506,000) | (3,506,000) | (18,504) | (12,810) | (5,694) | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.089 | 09/16/2024 | (2,169,000) | (2,169,000) | (36,909) | (27,199) | (9,710) | ||||||||||||||||||||||
| Put GBP/Call USD | BNP Paribas SA | 1.276 | 04/04/2024 | (5,578,000) | (5,578,000) | (77,260) | (57,833) | (19,427) | ||||||||||||||||||||||
| Put GBP/Call USD | BNP Paribas SA | 1.264 | 04/18/2024 | (7,397,000) | (7,397,000) | (55,148) | (58,808) | 3,660 | ||||||||||||||||||||||
| Put AUD/Call NZD | BofA Securities LLC |
1.088 | 04/23/2024 | (2,900,000) | (2,900,000) | (6,053) | (8,878) | 2,825 | ||||||||||||||||||||||
| Put AUD/Call USD | BofA Securities LLC |
0.648 | 09/25/2024 | (3,644,000) | (3,644,000) | (43,419) | (44,043) | 624 | ||||||||||||||||||||||
| Put EUR/Call CZK | BofA Securities LLC |
25.290 | 04/23/2024 | (872,000) | (872,000) | (4,533) | (4,473) | (60) | ||||||||||||||||||||||
| Put EUR/Call CZK | BofA Securities LLC |
25.310 | 04/29/2024 | (876,000) | (876,000) | (5,232) | (4,451) | (781) | ||||||||||||||||||||||
| Put EUR/Call PLN | BofA Securities LLC |
4.322 | 04/04/2024 | (876,000) | (876,000) | (6,775) | (6,353) | (422) | ||||||||||||||||||||||
| Put NZD/Call USD | BofA Securities LLC |
0.603 | 04/02/2024 | (7,740,000) | (7,740,000) | (34,765) | (34,462) | (303) | ||||||||||||||||||||||
| Put USD/Call SGD | BofA Securities LLC |
1.336 | 04/18/2024 | (1,887,000) | (1,887,000) | (1,221) | (7,482) | 6,261 | ||||||||||||||||||||||
| Put EUR/Call GBP | Citibank NA | 0.855 | 04/09/2024 | (874,000) | (874,000) | (1,680) | (4,157) | 2,477 | ||||||||||||||||||||||
| Put EUR/Call PLN | Citibank NA | 4.320 | 04/18/2024 | (865,000) | (865,000) | (7,176) | (5,113) | (2,063) | ||||||||||||||||||||||
| Put EUR/Call SEK | Citibank NA | 11.190 | 04/09/2024 | (874,000) | (874,000) | (1) | (5,634) | 5,633 | ||||||||||||||||||||||
| Put NZD/Call USD | Citibank NA | 0.595 | 05/03/2024 | (5,842,000) | (5,842,000) | (26,422) | (15,048) | (11,374) | ||||||||||||||||||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| 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 by Fund |
Unrealized Appreciation/ |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Put EUR/Call CHF | Deutsche Bank AG (London) |
$ | 0.955 | 04/04/2024 | (876,000) | $ (876,000) | $ (5) | $ (5,620) | $ 5,615 | |||||||||||||||||||||
| Put EUR/Call GBP | Deutsche Bank AG (London) |
0.857 | 04/03/2024 | (870,000) | (870,000) | (2,491) | (4,045) | 1,554 | ||||||||||||||||||||||
| Put EUR/Call PLN | Deutsche Bank AG (London) |
4.310 | 04/26/2024 | (876,000) | (876,000) | (6,172) | (4,920) | (1,252) | ||||||||||||||||||||||
| Put EUR/Call USD | Deutsche Bank AG (London) |
1.087 | 05/17/2024 | (7,040,000) | (7,040,000) | (79,809) | (67,524) | (12,285) | ||||||||||||||||||||||
| Put EUR/Call USD | HSBC Bank PLC | 1.060 | 04/03/2024 | (3,336,580) | (3,336,580) | (4) | (7,248) | 7,244 | ||||||||||||||||||||||
| Put GBP/Call USD | HSBC Bank PLC | 1.266 | 04/04/2024 | (2,804,000) | (2,804,000) | (14,379) | (7,485) | (6,894) | ||||||||||||||||||||||
| Put EUR/Call CHF | JPMorgan Securities, Inc. |
0.959 | 04/17/2024 | (1,732,000) | (1,732,000) | (1,136) | (10,147) | 9,011 | ||||||||||||||||||||||
| Put NZD/Call USD | JPMorgan Securities, Inc. |
0.610 | 05/20/2024 | (11,458,000) | (11,458,000) | (165,047) | (127,680) | (37,367) | ||||||||||||||||||||||
| Put AUD/Call NZD | MS & Co. Int. PLC | 1.079 | 04/18/2024 | (2,871,000) | (2,871,000) | (1,328) | (9,508) | 8,180 | ||||||||||||||||||||||
| Put EUR/Call CHF | MS & Co. Int. PLC | 0.972 | 04/23/2024 | (1,745,000) | (1,745,000) | (9,287) | (9,965) | 678 | ||||||||||||||||||||||
| Put EUR/Call GBP | MS & Co. Int. PLC | 0.859 | 04/24/2024 | (1,744,000) | (1,744,000) | (10,567) | (8,848) | (1,719) | ||||||||||||||||||||||
| Put EUR/Call SEK | MS & Co. Int. PLC | 11.233 | 04/16/2024 | (1,735,000) | (1,735,000) | (114) | (11,526) | 11,412 | ||||||||||||||||||||||
| Put USD/Call SGD | MS & Co. Int. PLC | 1.343 | 04/25/2024 | (1,901,000) | (1,901,000) | (4,557) | (8,136) | 3,579 | ||||||||||||||||||||||
| Put AUD/Call USD | UBS AG (London) | 0.648 | 09/30/2024 | (3,629,000) | (3,629,000) | (44,473) | (42,813) | (1,660) | ||||||||||||||||||||||
| Put EUR/Call CHF | UBS AG (London) | 0.958 | 04/09/2024 | (874,000) | (874,000) | (112) | (5,573) | 5,461 | ||||||||||||||||||||||
| Put EUR/Call PLN | UBS AG (London) | 4.280 | 04/11/2024 | (874,000) | (874,000) | (1,616) | (5,013) | 3,397 | ||||||||||||||||||||||
| Put EUR/Call SEK | UBS AG (London) | 11.182 | 04/03/2024 | (870,000) | (870,000) | — | (6,228) | 6,228 | ||||||||||||||||||||||
| Put EUR/Call SEK | UBS AG (London) | 11.175 | 04/12/2024 | (876,000) | (876,000) | (7) | (6,106) | 6,099 | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.090 | 04/29/2024 | (4,371,000) | (4,371,000) | (52,334) | (28,519) | (23,815) | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.086 | 09/17/2024 | (2,164,000) | (2,164,000) | (34,399) | (27,240) | (7,159) | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.611 | 04/11/2024 | (11,644,000) | (11,644,000) | (148,039) | (99,671) | (48,368) | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.600 | 04/18/2024 | (11,610,000) | (11,610,000) | (59,570) | (62,116) | 2,546 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (138,368,580) | $(138,368,580) | $(1,024,908) | $ (953,244) | $ (71,664) | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts | (193,679,080) | $(193,679,080) | $(1,691,847) | $(1,436,023) | $(255,824) | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL | 23,044,989 | $ 23,044,989 | $ 68,715 | $ 138,946 | $ (70,231) | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Currency Abbreviations: | ||
| AUD | —Australian Dollar | |
| BRL | —Brazil Real | |
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| CLP | —Chilean Peso | |
| CNH | —Chinese Yuan Renminbi Offshore | |
| CNY | —Chinese Yuan Renminbi | |
| COP | —Colombia Peso | |
| CZK | —Czech Republic Koruna | |
| EUR | —Euro | |
| GBP | —British Pound | |
| HUF | —Hungarian Forint | |
| INR | —Indian Rupee | |
| JPY | —Japanese Yen | |
| KRW | —South Korean Won | |
| MXN | —Mexican Peso | |
| NOK | —Norwegian Krone | |
| NZD | —New Zealand Dollar | |
| PLN | —Polish Zloty | |
| SEK | —Swedish Krona | |
| SGD | —Singapore Dollar | |
| TRY | —Turkish Lira | |
| USD | —U.S. Dollar | |
| ZAR | —South African Rand | |
|
| ||
|
|
||
|
| ||
| Investment Abbreviations: | ||
| CLO | —Collateralized Loan Obligation | |
| CMT | —Constant Maturity Treasury Indexes | |
| EURIBOR | —Euro Interbank Offered Rate | |
| GO | —General Obligation | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| MSCI | —Morgan Stanley Capital International | |
| PLC | —Public Limited Company | |
| RB | —Revenue Bond | |
| REIT | —Real Estate Investment Trust | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |
| SOFR | —Secured Overnight Financing Rate | |
| STACR | —Structured Agency Credit Risk | |
|
| ||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Abbreviations: | ||
| 1M IRS | —1 Month Interest Rate Swaptions | |
| 2M IRS | —2 Months Interest Rate Swaptions | |
| 3M IRS | —3 Months Interest Rate Swaptions | |
| AUDOR | —Australian Dollar Offered Rate | |
| BofA Securities LLC | —Bank of America Securities LLC | |
| CDOR | —Canadian Dollar Offered Rate | |
| CHFOR | —Swiss Franc Offered Rate | |
| CMBX | —Commercial Mortgage Backed Securities Index | |
| CNRR | —China Fixing Repo Rate | |
| EURO | —Euro Offered Rate | |
| JIBAR | —Johannesburg Interbank Agreed Rate | |
| JYOR | —Japanese Yen Offered Rate | |
| KWCDC | —South Korean Won Certificate of Deposit | |
| NIBOR | —Norwegian Interbank Offered Rate | |
| NZDOR | —New Zealand Dollar Offered Rate | |
| SOFR | —Secured Overnight Financing Rate | |
| STIBOR | —Stockholm Interbank Offered Rate | |
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate | |
| WIBOR | —Warsaw Interbank Offered Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments
March 31, 2024
|
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – 49.9% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 3.8% |
| |||||||||||||||
| Sequential Fixed Rate – 1.7% |
| |||||||||||||||
| BRAVO Residential Funding Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| $ | 6,019,108 | 5.943 | %(a)(b)(c) | 12/01/63 | $ | 6,002,094 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| |||||||||||||||
| 77,777 | 6.500 | 02/15/36 | 80,277 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
| |||||||||||||||
| 176,142 | 5.000 | 02/15/34 | 175,094 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| |||||||||||||||
| 332,492 | 5.000 | 10/25/41 | 330,136 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| |||||||||||||||
| 59,904 | 7.000 | 10/25/42 | 63,248 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| |||||||||||||||
| 210,965 | 7.000 | 07/25/42 | 226,813 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| |||||||||||||||
| 353,086 | 5.000 | 06/25/41 | 350,799 | |||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 14,077,138 | 2.000 | (a) | 08/20/51 | 11,305,200 | ||||||||||||
| OBX Trust Series 2024-NQM2, Class A1 |
| |||||||||||||||
| 10,196,039 | 5.878 | (a)(b)(c) | 12/25/63 | 10,167,171 | ||||||||||||
| OBX Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| 6,110,177 | 5.928 | (a)(b)(c) | 11/25/63 | 6,098,717 | ||||||||||||
| OBX Trust Series 2024-NQM1, Class A2 |
| |||||||||||||||
| 342,170 | 6.253 | (a)(b)(c) | 11/25/63 | 341,666 | ||||||||||||
|
|
|
|||||||||||||||
| 35,141,215 | ||||||||||||||||
|
|
||||||||||||||||
|
Sequential Floating Rate(a) – 2.1% |
| |||||||||||||||
| Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| |||||||||||||||
| 1,366,180 | 1.458 | (b)(d) | 09/25/66 | 1,106,207 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5 |
| |||||||||||||||
| 800,000 | 6.000 | (b)(d) | 02/25/55 | 812,181 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| |||||||||||||||
| 1,300,000 | 5.500 | (b)(d) | 02/25/55 | 1,286,771 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| |||||||||||||||
| 425,000 | 6.000 | (b)(d) | 02/25/55 | 429,973 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| |||||||||||||||
| 414,599 | 6.970 | (b)(d) | 01/25/34 | 416,686 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 440,424 | 7.320 | (b)(d) | 04/25/42 | 446,312 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 1,334,559 | 6.320 | (b)(d) | 01/25/42 | 1,334,131 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 780,000 | 8.820 | (b)(d) | 03/25/42 | 813,210 | ||||||||||||
|
|
||||||||||||||||
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(a) – (continued) |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| $ | 1,387,000 | 8.670 | %(b)(d) | 06/25/43 | $ | 1,467,151 | ||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 6,250,000 | 6.569 | (b)(d) | 03/25/44 | 6,265,625 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 4,425,000 | 6.569 | (b)(d) | 03/25/44 | 4,427,766 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 1,550,000 | 7.319 | (b)(d) | 03/25/44 | 1,550,484 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| |||||||||||||||
| 978,000 | 6.870 | (b)(d) | 10/25/41 | 981,957 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| |||||||||||||||
| 884,000 | 6.970 | (b)(d) | 12/25/41 | 884,561 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 739,908 | 9.220 | (b)(d) | 04/25/43 | 788,861 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 730,000 | 8.421 | (b)(d) | 06/25/43 | 765,541 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 690,000 | 7.820 | (b)(d) | 10/25/43 | 707,238 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 1,300,000 | 7.120 | (b)(d) | 01/25/44 | 1,303,926 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 3,525,000 | 7.120 | (b)(d) | 02/25/44 | 3,541,423 | ||||||||||||
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
| |||||||||||||||
| 41,140 | 5.921 | (d) | 01/19/36 | 41,505 | ||||||||||||
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
| |||||||||||||||
| 40,621 | 6.164 | (d) | 10/25/34 | 39,244 | ||||||||||||
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| |||||||||||||||
| 3,201,326 | 2.520 | (b)(d) | 05/25/52 | 2,634,082 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 6,545,402 | 6.000 | (b)(d) | 06/25/54 | 6,528,528 | ||||||||||||
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| |||||||||||||||
| 255,806 | 3.250 | (b)(d) | 07/25/59 | 244,920 | ||||||||||||
| OBX Trust Series 2024-NQM4, Class A1 |
| |||||||||||||||
| 2,985,755 | 6.067 | (b)(c) | 01/25/64 | 2,985,406 | ||||||||||||
|
|
||||||||||||||||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(a) – (continued) |
| |||||||||||||||
| Verus Securitization Trust Series 2022-INV1, Class A1 |
| |||||||||||||||
| $ | 246,017 | 5.041 | %(b)(c) | 08/25/67 | $ | 244,111 | ||||||||||
| WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 |
| |||||||||||||||
| 8,172 | 5.554 | (d) | 02/25/33 | 7,650 | ||||||||||||
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| |||||||||||||||
| 83,476 | 3.500 | (b)(d) | 07/25/49 | 74,407 | ||||||||||||
|
|
|
|||||||||||||||
| 42,129,857 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 77,271,072 | |||||||||||||||
|
|
||||||||||||||||
|
Commercial Mortgage-Backed Securities – 3.9% |
| |||||||||||||||
| Sequential Fixed Rate – 1.4% |
| |||||||||||||||
| Bank Series 2019-BN21, Class A5 |
| |||||||||||||||
| $ | 950,000 | 2.851 | %(a) | 10/17/52 | $ | 842,419 | ||||||||||
| Bank Series 2023-BNK46, Class A4 |
| |||||||||||||||
| 3,350,000 | 5.745 | (a) | 08/15/56 | 3,516,767 | ||||||||||||
| Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| |||||||||||||||
| 1,325,000 | 5.754 | (a) | 07/15/56 | 1,388,847 | ||||||||||||
| BMO Mortgage Trust Series 2022-C3, Class A5 |
| |||||||||||||||
| 850,000 | 5.313 | (a) | 09/15/54 | 863,023 | ||||||||||||
| BMO Mortgage Trust Series 2023-C5, Class A5 |
| |||||||||||||||
| 4,400,000 | 5.765 | (a) | 06/15/56 | 4,616,967 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class A5 |
| |||||||||||||||
| 3,000,000 | 6.160 | (a) | 12/15/56 | 3,240,456 | ||||||||||||
| BX Trust Series 2022-CLS, Class A |
| |||||||||||||||
| 2,400,000 | 5.760 | (b) | 10/13/27 | 2,409,231 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 |
| |||||||||||||||
| 1,020,000 | 3.102 | (a) | 12/15/72 | 912,668 | ||||||||||||
| DOLP Trust Series 2021-NYC, Class A |
| |||||||||||||||
| 4,650,000 | 2.956 | (b) | 05/10/41 | 3,903,748 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 |
| |||||||||||||||
| 3,450,000 | 4.900 | (a) | 10/25/33 | 3,483,484 | ||||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| |||||||||||||||
| 3,678,000 | 3.024 | (b) | 01/05/39 | 3,257,586 | ||||||||||||
|
|
|
|||||||||||||||
| 28,435,196 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(d) – 2.5% |
| |||||||||||||||
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| |||||||||||||||
| 2,526,000 | 2.778 | 11/15/54 | 2,093,828 | |||||||||||||
| BBCMS Mortgage Trust Series 2023-C21, Class AS |
| |||||||||||||||
| 2,400,000 | 6.296 | (a) | 09/15/56 | 2,565,327 | ||||||||||||
| BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1 mo. USD Term SOFR + 2.281%) |
| |||||||||||||||
| 1,800,000 | 7.606 | (b) | 06/15/40 | 1,807,221 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| |||||||||||||||
| 6,400,000 | 6.767 | (b) | 02/15/39 | 6,410,004 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 3,425,000 | 6.692 | (b) | 03/15/41 | 3,425,429 | ||||||||||||
| BX Trust Series 2021-ARIA, Class C (1 mo. USD Term SOFR + 1.760%) |
| |||||||||||||||
| 1,350,000 | 7.086 | (b) | 10/15/36 | 1,331,194 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(d) – (continued) |
| |||||||||||||||
| BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) |
| |||||||||||||||
| $ | 1,568,271 | 7.776 | %(b) | 08/15/39 | $ | 1,578,013 | ||||||||||
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| |||||||||||||||
| 6,275,000 | 6.967 | (b) | 02/15/41 | 6,283,922 | ||||||||||||
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| |||||||||||||||
| 1,450,000 | 7.340 | (b) | 03/15/26 | 1,449,343 | ||||||||||||
| BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) |
| |||||||||||||||
| 500,000 | 8.289 | (b) | 03/15/26 | 499,689 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A |
| |||||||||||||||
| 3,100,000 | 6.360 | (b) | 07/10/28 | 3,215,799 | ||||||||||||
| DC Trust Series 2024-HLTN, Class A |
| |||||||||||||||
| 2,050,000 | 5.727 | (b) | 04/13/28 | 2,056,712 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 |
| |||||||||||||||
| 3,600,000 | 3.780 | (a) | 11/25/32 | 3,376,389 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| |||||||||||||||
| 2,393,089 | 6.000 | (a) | 02/25/33 | 2,387,500 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 |
| |||||||||||||||
| 1,350,000 | 5.069 | (a) | 10/25/28 | 1,366,614 | ||||||||||||
| SCG Mortgage Trust Series 2024-MSP, Class A (1 mo. USD Term SOFR + 1.741%) |
| |||||||||||||||
| 3,025,000 | 7.041 | (b) | 04/15/41 | 3,017,941 | ||||||||||||
| TYSN Mortgage Trust Series 2023-CRNR, Class A |
| |||||||||||||||
| 4,410,000 | 6.580 | (b) | 12/10/33 | 4,605,458 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 |
| |||||||||||||||
| 3,100,000 | 4.000 | (a) | 04/15/55 | 2,874,037 | ||||||||||||
|
|
|
|||||||||||||||
| 50,344,420 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ | 78,779,616 | ||||||||||||||
|
|
||||||||||||||||
|
Federal Agencies – 42.2% |
| |||||||||||||||
| Adjustable Rate Federal National Mortgage Association(d) – 0.1% |
| |||||||||||||||
| (1 yr. CMT + 2.170%) |
| |||||||||||||||
| $ | 971 | 5.461 | % | 06/01/33 | $ | 983 | ||||||||||
| (RFUCC 1 yr. Treasury + 1.646%) |
| |||||||||||||||
| 117,280 | 5.895 | % | 07/01/34 | 119,667 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.566%) |
| |||||||||||||||
| 486,689 | 5.645 | % | 09/01/34 | 494,792 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.739%) |
| |||||||||||||||
| 217,989 | 5.073 | % | 05/01/35 | 222,527 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.233%) |
| |||||||||||||||
| 117,460 | 5.276 | % | 06/01/35 | 118,631 | ||||||||||||
|
|
|
|||||||||||||||
| 956,600 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. – 0.1% |
| |||||||||||||||
| 3,289 | 5.500 | % | 10/01/25 | 3,279 | ||||||||||||
| 6,982 | 7.500 | 12/01/30 | 7,333 | |||||||||||||
| 3,491 | 7.500 | 01/01/31 | 3,664 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. – (continued) |
| |||||||||||||||
| $ | 3,826 | 5.000 | % | 10/01/33 | $ | 3,834 | ||||||||||
| 496 | 5.000 | 04/01/35 | 497 | |||||||||||||
| 6,168 | 5.000 | 07/01/35 | 6,181 | |||||||||||||
| 35,547 | 5.000 | 12/01/35 | 35,735 | |||||||||||||
| 88,259 | 5.000 | 01/01/38 | 88,679 | |||||||||||||
| 180,834 | 5.000 | 01/01/39 | 181,568 | |||||||||||||
| 70,451 | 5.000 | 06/01/39 | 70,677 | |||||||||||||
| 7,292 | 4.000 | 06/01/40 | 6,973 | |||||||||||||
| 3,726 | 5.000 | 08/01/40 | 3,761 | |||||||||||||
| 1,120 | 4.500 | 11/01/40 | 1,099 | |||||||||||||
| 47,695 | 4.000 | 02/01/41 | 45,595 | |||||||||||||
| 3,766 | 5.000 | 06/01/41 | 3,797 | |||||||||||||
| 4,051 | 4.000 | 11/01/41 | 3,877 | |||||||||||||
| 974,692 | 4.500 | 08/01/48 | 949,341 | |||||||||||||
|
|
|
|||||||||||||||
| 1,415,890 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association – 0.6% |
| |||||||||||||||
| 6,209 | 8.000 | 02/01/31 | 6,317 | |||||||||||||
| 10,799 | 7.000 | 03/01/31 | 11,286 | |||||||||||||
| 14,286,863 | 3.500 | 09/01/62 | 12,409,540 | |||||||||||||
|
|
|
|||||||||||||||
| 12,427,143 | ||||||||||||||||
|
|
||||||||||||||||
|
Government National Mortgage Association – 13.8% |
| |||||||||||||||
| 4,173 | 6.000 | 11/15/38 | 4,301 | |||||||||||||
| 36,661 | 5.000 | 07/15/40 | 36,881 | |||||||||||||
| 2,493 | 4.000 | 02/20/41 | 2,380 | |||||||||||||
| 3,977 | 4.000 | 11/20/41 | 3,793 | |||||||||||||
| 665 | 4.000 | 01/20/42 | 635 | |||||||||||||
| 2,115 | 4.000 | 04/20/42 | 2,016 | |||||||||||||
| 1,334 | 4.000 | 10/20/42 | 1,271 | |||||||||||||
| 20,057 | 4.000 | 08/20/43 | 19,091 | |||||||||||||
| 1,882 | 4.000 | 03/20/44 | 1,790 | |||||||||||||
| 2,325 | 4.000 | 05/20/44 | 2,211 | |||||||||||||
| 161,374 | 4.000 | 11/20/44 | 153,706 | |||||||||||||
| 10,559 | 4.000 | 05/20/45 | 10,044 | |||||||||||||
| 1,419,033 | 4.000 | 07/20/45 | 1,349,827 | |||||||||||||
| 22,674 | 4.000 | 10/20/45 | 21,568 | |||||||||||||
| 3,882,872 | 3.500 | 04/20/47 | 3,570,921 | |||||||||||||
| 4,083,383 | 3.500 | 12/20/47 | 3,755,323 | |||||||||||||
| 110,606 | 4.500 | 02/20/48 | 108,040 | |||||||||||||
| 293,787 | 4.500 | 04/20/48 | 286,239 | |||||||||||||
| 779,663 | 4.500 | 05/20/48 | 759,142 | |||||||||||||
| 739,541 | 5.000 | 07/20/48 | 735,566 | |||||||||||||
| 1,265,872 | 4.500 | 08/20/48 | 1,230,973 | |||||||||||||
| 669,649 | 5.000 | 08/20/48 | 666,050 | |||||||||||||
| 5,380,969 | 4.500 | 09/20/48 | 5,232,619 | |||||||||||||
| 5,489 | 3.500 | 09/20/48 | 5,048 | |||||||||||||
| 847,606 | 5.000 | 10/20/48 | 841,990 | |||||||||||||
| 2,645,799 | 5.000 | 11/20/48 | 2,628,270 | |||||||||||||
| 4,820,830 | 4.500 | 12/20/48 | 4,681,897 | |||||||||||||
| 1,492,845 | 5.000 | 12/20/48 | 1,482,955 | |||||||||||||
| 2,757,850 | 4.500 | 01/20/49 | 2,677,509 | |||||||||||||
| 2,409,254 | 5.000 | 01/20/49 | 2,392,539 | |||||||||||||
| 1,874,547 | 4.000 | 02/20/49 | 1,771,996 | |||||||||||||
| 598,859 | 4.500 | 02/20/49 | 581,413 | |||||||||||||
| 479,030 | 4.500 | 03/20/49 | 465,075 | |||||||||||||
| 1,687,832 | 4.000 | 03/20/49 | 1,595,496 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 851,458 | 5.000 | % | 03/20/49 | $ | 845,817 | ||||||||||
| 7,816 | 3.500 | 04/20/49 | 7,185 | |||||||||||||
| 1,912,564 | 4.000 | 04/20/49 | 1,807,933 | |||||||||||||
| 592,679 | 4.000 | 05/20/49 | 560,070 | |||||||||||||
| 18,886 | 3.500 | 08/20/49 | 17,343 | |||||||||||||
| 3,096,926 | 3.000 | 08/20/49 | 2,755,589 | |||||||||||||
| 2,118,826 | 5.000 | 08/20/49 | 2,107,437 | |||||||||||||
| 1,174,714 | 3.500 | 09/20/49 | 1,078,736 | |||||||||||||
| 721,243 | 4.500 | 10/20/49 | 700,457 | |||||||||||||
| 15,051,902 | 3.000 | 10/20/49 | 13,385,277 | |||||||||||||
| 565,708 | 3.500 | 12/20/49 | 519,488 | |||||||||||||
| 1,661,055 | 3.500 | 02/20/50 | 1,525,342 | |||||||||||||
| 5,628,661 | 3.000 | 03/20/50 | 5,003,497 | |||||||||||||
| 156,121 | 3.500 | 06/20/50 | 142,879 | |||||||||||||
| 365,092 | 3.500 | 07/20/50 | 335,263 | |||||||||||||
| 1,036,981 | 4.000 | 01/20/51 | 974,823 | |||||||||||||
| 2,461,050 | 3.500 | 03/20/51 | 2,259,974 | |||||||||||||
| 720,225 | 3.000 | 07/20/51 | 635,559 | |||||||||||||
| 1,472,426 | 2.500 | 09/20/51 | 1,237,547 | |||||||||||||
| 1,756,000 | 2.500 | 10/20/51 | 1,476,984 | |||||||||||||
| 7,785,437 | 3.000 | 11/20/51 | 6,847,969 | |||||||||||||
| 2,757,168 | 2.500 | 11/20/51 | 2,319,073 | |||||||||||||
| 6,555,337 | 3.000 | 12/20/51 | 5,784,723 | |||||||||||||
| 3,387,885 | 2.500 | 12/20/51 | 2,854,091 | |||||||||||||
| 35,135,346 | 4.500 | 09/20/52 | 33,759,652 | |||||||||||||
| 1,841,759 | 3.500 | 02/20/53 | 1,682,757 | |||||||||||||
| 18,857,089 | 7.000 | 01/20/54 | 19,261,935 | |||||||||||||
| 2,016,243 | 7.000 | 02/20/54 | 2,059,530 | |||||||||||||
| 9,000,000 | 2.000 | TBA-30yr(e) | 7,373,882 | |||||||||||||
| 66,000,000 | 4.500 | TBA-30yr(e) | 63,413,374 | |||||||||||||
| 16,000,000 | 2.500 | TBA-30yr(e) | 13,626,731 | |||||||||||||
| 8,000,000 | 5.500 | TBA-30yr(e) | 7,995,290 | |||||||||||||
| 22,000,000 | 6.000 | TBA-30yr(e) | 22,196,988 | |||||||||||||
| 15,000,000 | 6.500 | TBA-30yr(e) | 15,249,317 | |||||||||||||
|
|
|
|||||||||||||||
| 278,881,087 | ||||||||||||||||
|
|
||||||||||||||||
|
Uniform Mortgage-Backed Security – 27.6% |
| |||||||||||||||
| 5,984 | 7.000 | 08/01/27 | 6,030 | |||||||||||||
| 316 | 6.500 | 09/01/27 | 317 | |||||||||||||
| 19,157 | 7.000 | 03/01/28 | 19,392 | |||||||||||||
| 845 | 6.500 | 05/01/28 | 854 | |||||||||||||
| 4,195 | 4.500 | 04/01/39 | 4,107 | |||||||||||||
| 3,561 | 4.500 | 05/01/39 | 3,488 | |||||||||||||
| 4,235 | 4.500 | 07/01/39 | 4,148 | |||||||||||||
| 14,589 | 4.500 | 08/01/39 | 14,287 | |||||||||||||
| 121,318 | 4.500 | 12/01/39 | 118,813 | |||||||||||||
| 8,119 | 4.500 | 04/01/41 | 7,951 | |||||||||||||
| 236,498 | 4.500 | 05/01/41 | 231,590 | |||||||||||||
| 39,204 | 4.500 | 08/01/41 | 38,354 | |||||||||||||
| 10,868 | 3.000 | 11/01/42 | 9,783 | |||||||||||||
| 269,320 | 3.000 | 12/01/42 | 243,344 | |||||||||||||
| 389,025 | 3.000 | 01/01/43 | 351,579 | |||||||||||||
| 58,633 | 3.000 | 02/01/43 | 52,983 | |||||||||||||
| 442,997 | 3.000 | 03/01/43 | 398,949 | |||||||||||||
| 774,918 | 3.000 | 04/01/43 | 697,449 | |||||||||||||
| 518,202 | 3.000 | 05/01/43 | 465,978 | |||||||||||||
| 54,388 | 3.000 | 06/01/43 | 48,834 | |||||||||||||
| 447,826 | 3.000 | 07/01/43 | 402,475 | |||||||||||||
|
|
||||||||||||||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 259,231 | 5.000 | % | 05/01/44 | $ | 259,952 | ||||||||||
| 2,612,567 | 4.000 | 12/01/44 | 2,490,994 | |||||||||||||
| 1,312,434 | 4.500 | 04/01/45 | 1,283,237 | |||||||||||||
| 165,528 | 4.500 | 05/01/45 | 161,690 | |||||||||||||
| 399,017 | 4.500 | 06/01/45 | 389,615 | |||||||||||||
| 4,849,843 | 4.000 | 08/01/45 | 4,601,913 | |||||||||||||
| 58,654 | 4.000 | 03/01/46 | 55,419 | |||||||||||||
| 32,348 | 4.000 | 06/01/46 | 30,539 | |||||||||||||
| 9,572 | 4.000 | 08/01/46 | 9,037 | |||||||||||||
| 78,556 | 4.000 | 10/01/46 | 74,164 | |||||||||||||
| 116,137 | 4.000 | 06/01/47 | 109,717 | |||||||||||||
| 1,502,903 | 4.500 | 07/01/47 | 1,459,137 | |||||||||||||
| 384,045 | 4.500 | 11/01/47 | 372,741 | |||||||||||||
| 185,233 | 4.000 | 12/01/47 | 175,341 | |||||||||||||
| 690,787 | 4.000 | 01/01/48 | 653,681 | |||||||||||||
| 1,979,756 | 4.000 | 02/01/48 | 1,870,769 | |||||||||||||
| 46,451 | 4.500 | 02/01/48 | 44,982 | |||||||||||||
| 1,425,215 | 4.000 | 03/01/48 | 1,346,017 | |||||||||||||
| 78,090 | 4.500 | 05/01/48 | 75,547 | |||||||||||||
| 1,066,645 | 4.000 | 06/01/48 | 1,008,683 | |||||||||||||
| 13,184 | 4.500 | 06/01/48 | 12,743 | |||||||||||||
| 11,177 | 4.500 | 07/01/48 | 10,803 | |||||||||||||
| 996,066 | 4.000 | 07/01/48 | 941,461 | |||||||||||||
| 1,700,641 | 4.000 | 08/01/48 | 1,604,508 | |||||||||||||
| 8,048 | 4.500 | 08/01/48 | 7,778 | |||||||||||||
| 915,232 | 4.500 | 09/01/48 | 887,542 | |||||||||||||
| 2,921,490 | 5.000 | 11/01/48 | 2,918,623 | |||||||||||||
| 1,636,280 | 4.500 | 11/01/48 | 1,579,705 | |||||||||||||
| 1,180,682 | 4.500 | 12/01/48 | 1,139,658 | |||||||||||||
| 1,409,896 | 4.500 | 01/01/49 | 1,360,993 | |||||||||||||
| 1,021,094 | 4.500 | 02/01/49 | 985,754 | |||||||||||||
| 830,861 | 3.000 | 02/01/49 | 733,485 | |||||||||||||
| 3,667 | 4.500 | 03/01/49 | 3,539 | |||||||||||||
| 490,937 | 4.500 | 06/01/49 | 474,095 | |||||||||||||
| 1,893,576 | 4.500 | 07/01/49 | 1,826,258 | |||||||||||||
| 1,980,524 | 3.500 | 07/01/49 | 1,807,428 | |||||||||||||
| 949,436 | 4.500 | 08/01/49 | 915,734 | |||||||||||||
| 1,278,662 | 3.500 | 08/01/49 | 1,166,508 | |||||||||||||
| 6,059,354 | 3.000 | 09/01/49 | 5,321,635 | |||||||||||||
| 2,739,213 | 5.000 | 10/01/49 | 2,715,125 | |||||||||||||
| 1,185,479 | 3.000 | 10/01/49 | 1,041,149 | |||||||||||||
| 1,688,723 | 3.000 | 12/01/49 | 1,475,524 | |||||||||||||
| 154,524 | 4.500 | 01/01/50 | 149,231 | |||||||||||||
| 119,154 | 4.500 | 02/01/50 | 115,066 | |||||||||||||
| 21,652,759 | 4.500 | 03/01/50 | 20,958,634 | |||||||||||||
| 8,812,336 | 4.000 | 03/01/50 | 8,289,409 | |||||||||||||
| 2,432,834 | 5.000 | 03/01/50 | 2,409,920 | |||||||||||||
| 15,377 | 4.500 | 04/01/50 | 14,788 | |||||||||||||
| 1,466,733 | 4.500 | 05/01/50 | 1,407,732 | |||||||||||||
| 2,608,376 | 2.500 | 09/01/50 | 2,202,660 | |||||||||||||
| 21,621,994 | 2.000 | 10/01/50 | 17,251,888 | |||||||||||||
| 20,498,369 | 3.000 | 10/01/50 | 17,931,009 | |||||||||||||
| 5,923,799 | 3.000 | 11/01/50 | 5,180,369 | |||||||||||||
| 21,628,880 | 2.000 | 11/01/50 | 17,278,285 | |||||||||||||
| 2,882,050 | 2.500 | 11/01/50 | 2,421,157 | |||||||||||||
| 7,836,903 | 3.000 | 12/01/50 | 6,863,176 | |||||||||||||
| 10,495,182 | 2.500 | 01/01/51 | 8,715,249 | |||||||||||||
| 4,602,493 | 2.500 | 02/01/51 | 3,830,229 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 185,363 | 4.500 | % | 03/01/51 | $ | 177,930 | ||||||||||
| 951,236 | 2.000 | 03/01/51 | 759,273 | |||||||||||||
| 16,581,057 | 2.500 | 05/01/51 | 13,892,502 | |||||||||||||
| 13,031,714 | 2.000 | 05/01/51 | 10,361,229 | |||||||||||||
| 34,630,330 | 2.500 | 08/01/51 | 29,092,306 | |||||||||||||
| 538,880 | 2.000 | 08/01/51 | 427,807 | |||||||||||||
| 23,906,469 | 2.500 | 09/01/51 | 20,027,862 | |||||||||||||
| 2,541,354 | 2.000 | 09/01/51 | 2,021,186 | |||||||||||||
| 497,452 | 4.500 | 10/01/51 | 474,767 | |||||||||||||
| 3,508,980 | 2.000 | 10/01/51 | 2,785,536 | |||||||||||||
| 19,472,178 | 2.000 | 01/01/52 | 15,410,967 | |||||||||||||
| 59,307,437 | 2.000 | 02/01/52 | 46,994,008 | |||||||||||||
| 160,735 | 4.500 | 03/01/52 | 153,431 | |||||||||||||
| 617,556 | 2.000 | 03/01/52 | 489,043 | |||||||||||||
| 9,288,652 | 2.500 | 03/01/52 | 7,687,470 | |||||||||||||
| 2,917,808 | 2.000 | 04/01/52 | 2,309,776 | |||||||||||||
| 4,971,234 | 4.500 | 04/01/52 | 4,750,654 | |||||||||||||
| 12,425,824 | 2.500 | 04/01/52 | 10,278,853 | |||||||||||||
| 1,372,713 | 4.500 | 05/01/52 | 1,311,554 | |||||||||||||
| 5,699,602 | 2.500 | 05/01/52 | 4,717,331 | |||||||||||||
| 5,458,913 | 5.500 | 09/01/52 | 5,498,659 | |||||||||||||
| 149,392 | 2.500 | 10/01/52 | 123,645 | |||||||||||||
| 13,363,100 | 6.000 | 11/01/52 | 13,668,173 | |||||||||||||
| 6,638,215 | 2.500 | 11/01/52 | 5,494,182 | |||||||||||||
| 5,128,267 | 6.000 | 12/01/52 | 5,253,018 | |||||||||||||
| 5,019,043 | 2.500 | 02/01/53 | 4,155,038 | |||||||||||||
| 5,379,646 | 5.500 | 04/01/53 | 5,379,307 | |||||||||||||
| 2,784,189 | 6.000 | 04/01/53 | 2,850,079 | |||||||||||||
| 17,293,075 | 4.500 | 05/01/53 | 16,708,421 | |||||||||||||
| 6,748,378 | 6.500 | 09/01/53 | 6,944,279 | |||||||||||||
| 2,942,877 | 6.500 | 12/01/53 | 3,055,897 | |||||||||||||
| 27,000,000 | 2.500 | TBA-30yr(e) | 22,318,243 | |||||||||||||
| 61,000,000 | 5.500 | TBA-30yr(e) | 60,706,913 | |||||||||||||
| 8,000,000 | 6.500 | TBA-30yr(e) | 8,171,875 | |||||||||||||
| 42,000,000 | 6.000 | TBA-30yr(e) | 42,398,672 | |||||||||||||
| 17,000,000 | 7.000 | TBA-30yr(e) | 17,500,288 | |||||||||||||
|
|
|
|||||||||||||||
| 557,892,904 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES | $ | 851,573,624 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $1,039,345,656) |
$ | 1,007,624,312 | ||||||||||||||
|
|
||||||||||||||||
| Corporate Obligations – 31.4% |
| |||||||||||||||
| Aerospace & Defense(a) – 0.7% |
| |||||||||||||||
| Boeing Co. |
| |||||||||||||||
| $ | 1,575,000 | 3.450 | % | 11/01/28 $ | 1,438,384 | |||||||||||
| 300,000 | 3.250 | 02/01/35 | 236,334 | |||||||||||||
| 163,000 | 3.375 | 06/15/46 | 110,155 | |||||||||||||
| 100,000 | 3.625 | 03/01/48 | 68,242 | |||||||||||||
| 100,000 | 3.850 | 11/01/48 | 70,400 | |||||||||||||
| 2,725,000 | 5.805 | 05/01/50 | 2,577,278 | |||||||||||||
| RTX Corp. |
| |||||||||||||||
| 8,450,000 | 6.100 | 03/15/34 | 9,037,275 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Aerospace & Defense(a) – (continued) |
| |||||||||||||||
| $ | 550,000 | 4.050 | % | 05/04/47 | $ | 448,806 | ||||||||||
|
|
|
|||||||||||||||
| 13,986,874 | ||||||||||||||||
|
|
||||||||||||||||
|
Agriculture(a) – 0.1% |
| |||||||||||||||
| BAT Capital Corp. |
| |||||||||||||||
| 2,000,000 | 2.259 | 03/25/28 | 1,782,300 | |||||||||||||
|
|
||||||||||||||||
|
Automotive – 1.0% |
| |||||||||||||||
| General Motors Co. |
| |||||||||||||||
| 550,000 | 4.000 | 04/01/25 | 541,360 | |||||||||||||
| General Motors Financial Co., Inc. (a) |
| |||||||||||||||
| 2,425,000 | 4.300 | 07/13/25 | 2,387,412 | |||||||||||||
| 3,200,000 | 1.500 | 06/10/26 | 2,944,736 | |||||||||||||
| 2,825,000 | 2.350 | 01/08/31 | 2,335,314 | |||||||||||||
| Hyundai Capital America (a)(b) |
| |||||||||||||||
| 1,975,000 | 5.700 | 06/26/30 | 2,010,985 | |||||||||||||
| 8,815,000 | 6.200 | 09/21/30 | 9,205,328 | |||||||||||||
|
|
|
|||||||||||||||
| 19,425,135 | ||||||||||||||||
|
|
||||||||||||||||
|
Banks – 8.5% |
| |||||||||||||||
| Banco Santander SA |
| |||||||||||||||
| 2,400,000 | 2.746 | 05/28/25 | 2,319,888 | |||||||||||||
| 400,000 | 4.250 | 04/11/27 | 387,580 | |||||||||||||
| 800,000 | 3.306 | 06/27/29 | 733,872 | |||||||||||||
| 800,000 | 2.749 | 12/03/30 | 660,640 | |||||||||||||
| 4,400,000 | 6.921 | 08/08/33 | 4,601,212 | |||||||||||||
| Bank of America Corp. |
| |||||||||||||||
| 150,000 | 4.183 | (a) | 11/25/27 | 145,463 | ||||||||||||
| 237,000 | 6.110 | 01/29/37 | 251,779 | |||||||||||||
| (3 mo. USD Term SOFR + 1.252%) |
| |||||||||||||||
| 225,000 | 2.496 | (a)(d) | 02/13/31 | 193,640 | ||||||||||||
| (3 mo. USD Term SOFR + 1.632%) |
| |||||||||||||||
| 1,550,000 | 3.593 | (a)(d) | 07/21/28 | 1,473,523 | ||||||||||||
| (5 yr. CMT + 1.200%) |
| |||||||||||||||
| 94,000 | 2.482 | (a)(d) | 09/21/36 | 75,102 | ||||||||||||
| (Secured Overnight Financing Rate + 1.220%) |
| |||||||||||||||
| 1,375,000 | 2.651 | (a)(d) | 03/11/32 | 1,160,871 | ||||||||||||
| (Secured Overnight Financing Rate + 1.220%) |
| |||||||||||||||
| 245,000 | 2.299 | (a)(d) | 07/21/32 | 200,540 | ||||||||||||
| (Secured Overnight Financing Rate + 1.330%) |
| |||||||||||||||
| 250,000 | 2.972 | (a)(d) | 02/04/33 | 212,105 | ||||||||||||
| (Secured Overnight Financing Rate + 1.370%) |
| |||||||||||||||
| 3,150,000 | 1.922 | (a)(d) | 10/24/31 | 2,568,510 | ||||||||||||
| (Secured Overnight Financing Rate + 1.530%) |
| |||||||||||||||
| 3,725,000 | 1.898 | (a)(d) | 07/23/31 | 3,058,113 | ||||||||||||
| (Secured Overnight Financing Rate + 1.630%) |
| |||||||||||||||
| 10,680,000 | 5.202 | (a)(d) | 04/25/29 | 10,691,214 | ||||||||||||
| (Secured Overnight Financing Rate + 1.830%) |
| |||||||||||||||
| 5,000,000 | 4.571 | (a)(d) | 04/27/33 | 4,748,350 | ||||||||||||
| (Secured Overnight Financing Rate + 2.150%) |
| |||||||||||||||
| 5,225,000 | 2.592 | (a)(d) | 04/29/31 | 4,504,629 | ||||||||||||
| (Secured Overnight Financing Rate + 2.160%) |
| |||||||||||||||
| 1,089,000 | 5.015 | (a)(d) | 07/22/33 | 1,071,696 | ||||||||||||
| Bank of New York Mellon Corp. (a)(d) (Secured Overnight Financing Rate + 1.755%) |
| |||||||||||||||
| 315,000 | 4.596 | 07/26/30 | 309,475 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| Barclays PLC (a)(d) |
| |||||||||||||||
| (1 yr. CMT + 3.500%) |
| |||||||||||||||
| $ | 4,410,000 | 7.437 | % | 11/02/33 | $ | 4,903,699 | ||||||||||
| (Secured Overnight Financing Rate + 2.714%) |
| |||||||||||||||
| 800,000 | 2.852 | 05/07/26 | 775,528 | |||||||||||||
| BNP Paribas SA (b) |
| |||||||||||||||
| 900,000 | 3.375 | 01/09/25 | 884,988 | |||||||||||||
| (Secured Overnight Financing Rate + 1.004%) |
| |||||||||||||||
| 1,600,000 | 1.323 | (a)(d) | 01/13/27 | 1,487,408 | ||||||||||||
| (Secured Overnight Financing Rate + 2.074%) |
| |||||||||||||||
| 1,325,000 | 2.219 | (a)(d) | 06/09/26 | 1,274,067 | ||||||||||||
| BPCE SA (b) |
| |||||||||||||||
| 1,150,000 | 4.625 | 09/12/28 | 1,125,241 | |||||||||||||
| (Secured Overnight Financing Rate + 1.312%) |
| |||||||||||||||
| 1,650,000 | 2.277 | (a)(d) | 01/20/32 | 1,338,827 | ||||||||||||
| Citigroup, Inc. |
| |||||||||||||||
| 2,500,000 | 4.600 | 03/09/26 | 2,461,300 | |||||||||||||
| 3,175,000 | 3.400 | 05/01/26 | 3,057,843 | |||||||||||||
| 2,450,000 | 4.450 | 09/29/27 | 2,382,625 | |||||||||||||
| (Secured Overnight Financing Rate + 1.351%) |
| |||||||||||||||
| 3,725,000 | 3.057 | (a)(d) | 01/25/33 | 3,161,258 | ||||||||||||
| (Secured Overnight Financing Rate + 1.422%) |
| |||||||||||||||
| 1,375,000 | 2.976 | (a)(d) | 11/05/30 | 1,221,151 | ||||||||||||
| (Secured Overnight Financing Rate + 2.086%) |
| |||||||||||||||
| 2,495,000 | 4.910 | (a)(d) | 05/24/33 | 2,405,579 | ||||||||||||
| Credit Agricole SA (b) |
| |||||||||||||||
| 1,050,000 | 3.250 | 10/04/24 | 1,036,781 | |||||||||||||
| (5 yr. USD Swap + 4.319%) |
| |||||||||||||||
| 600,000 | 6.875 | (a)(d) | 09/23/24 | 599,586 | ||||||||||||
| Credit Suisse AG |
| |||||||||||||||
| 1,175,000 | 2.950 | 04/09/25 | 1,143,698 | |||||||||||||
| 4,135,000 | 1.250 | 08/07/26 | 3,768,680 | |||||||||||||
| Fifth Third Bancorp (a) |
| |||||||||||||||
| 1,235,000 | 2.375 | 01/28/25 | 1,201,803 | |||||||||||||
| First-Citizens Bank & Trust Co. (a)(d) (3 mo. USD Term SOFR + 1.715%) |
| |||||||||||||||
| 1,500,000 | 2.969 | 09/27/25 | 1,465,440 | |||||||||||||
| HSBC Holdings PLC |
| |||||||||||||||
| 600,000 | 4.950 | 03/31/30 | 595,506 | |||||||||||||
| Huntington Bancshares, Inc. (a) |
| |||||||||||||||
| 1,625,000 | 4.000 | 05/15/25 | 1,595,604 | |||||||||||||
| ING Groep NV (a)(b)(d) (1 yr. CMT + 1.100%) |
| |||||||||||||||
| 3,400,000 | 1.400 | 07/01/26 | 3,228,096 | |||||||||||||
| JPMorgan Chase & Co. (a)(d) (3 mo. USD Term SOFR + 1.507%) |
| |||||||||||||||
| 2,275,000 | 3.960 | 01/29/27 | 2,221,788 | |||||||||||||
| (3 mo. USD Term SOFR + 1.599%) |
| |||||||||||||||
| 2,150,000 | 3.782 | 02/01/28 | 2,070,622 | |||||||||||||
| (3 mo. USD Term SOFR + 1.622%) |
| |||||||||||||||
| 800,000 | 3.882 | 07/24/38 | 690,616 | |||||||||||||
| (3 mo. USD Term SOFR + 2.515%) |
| |||||||||||||||
| 675,000 | 2.956 | 05/13/31 | 590,726 | |||||||||||||
| (3 mo. USD Term SOFR + 3.790%) |
| |||||||||||||||
| 275,000 | 4.493 | 03/24/31 | 265,889 | |||||||||||||
| (Secured Overnight Financing Rate + 1.260%) |
| |||||||||||||||
| 3,475,000 | 2.963 | 01/25/33 | 2,967,963 | |||||||||||||
| (Secured Overnight Financing Rate + 1.800%) |
| |||||||||||||||
| 3,692,000 | 4.586 | 04/26/33 | 3,534,573 | |||||||||||||
|
|
||||||||||||||||
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 2.040%) |
| |||||||||||||||
| $ | 75,000 | 2.522 | % | 04/22/31 | $ | 64,886 | ||||||||||
| (Secured Overnight Financing Rate + 2.080%) |
| |||||||||||||||
| 2,480,000 | 4.912 | 07/25/33 | 2,426,382 | |||||||||||||
| Kreditanstalt fuer Wiederaufbau (f) |
| |||||||||||||||
| 13,520,000 | 3.375 | 08/23/24 | 13,414,410 | |||||||||||||
| M&T Bank Corp. (a)(d) (Secured Overnight Financing Rate + 1.850%) |
| |||||||||||||||
| 2,280,000 | 5.053 | 01/27/34 | 2,119,853 | |||||||||||||
| (Secured Overnight Financing Rate + 2.800%) |
| |||||||||||||||
| 1,930,000 | 7.413 | 10/30/29 | 2,035,918 | |||||||||||||
| Morgan Stanley |
| |||||||||||||||
| 1,631,000 | 3.950 | 04/23/27 | 1,575,187 | |||||||||||||
| (3 mo. USD Term SOFR + 1.890%) |
| |||||||||||||||
| 325,000 | 4.431 | (a)(d) | 01/23/30 | 314,545 | ||||||||||||
| (Secured Overnight Financing Rate + 0.720%) |
| |||||||||||||||
| 5,100,000 | 0.985 | (a)(d) | 12/10/26 | 4,725,558 | ||||||||||||
| (Secured Overnight Financing Rate + 1.034%) |
| |||||||||||||||
| 2,625,000 | 1.794 | (a)(d) | 02/13/32 | 2,098,688 | ||||||||||||
| (Secured Overnight Financing Rate + 1.143%) |
| |||||||||||||||
| 3,900,000 | 2.699 | (a)(d) | 01/22/31 | 3,408,405 | ||||||||||||
| (Secured Overnight Financing Rate + 1.152%) |
| |||||||||||||||
| 1,050,000 | 2.720 | (a)(d) | 07/22/25 | 1,039,364 | ||||||||||||
| (Secured Overnight Financing Rate + 1.295%) |
| |||||||||||||||
| 3,205,000 | 5.050 | (a)(d) | 01/28/27 | 3,193,782 | ||||||||||||
| (Secured Overnight Financing Rate + 1.360%) |
| |||||||||||||||
| 3,175,000 | 2.484 | (a)(d) | 09/16/36 | 2,509,679 | ||||||||||||
| (Secured Overnight Financing Rate + 1.590%) |
| |||||||||||||||
| 4,320,000 | 5.164 | (a)(d) | 04/20/29 | 4,317,278 | ||||||||||||
| (Secured Overnight Financing Rate + 2.076%) |
| |||||||||||||||
| 2,470,000 | 4.889 | (a)(d) | 07/20/33 | 2,395,826 | ||||||||||||
| (Secured Overnight Financing Rate + 3.120%) |
| |||||||||||||||
| 1,100,000 | 3.622 | (a)(d) | 04/01/31 | 1,009,448 | ||||||||||||
| NatWest Group PLC (a)(d) (5 yr. CMT + 2.100%) |
| |||||||||||||||
| 500,000 | 3.754 | 11/01/29 | 491,865 | |||||||||||||
| Royal Bank of Canada |
| |||||||||||||||
| 4,750,000 | 5.000 | 02/01/33 | 4,729,480 | |||||||||||||
| Shinhan Bank Co. Ltd. (b) |
| |||||||||||||||
| 540,000 | 4.500 | 04/12/28 | 531,731 | |||||||||||||
| State Street Corp. (a)(d) (Secured Overnight Financing Rate + 2.650%) |
| |||||||||||||||
| 100,000 | 3.152 | 03/30/31 | 89,868 | |||||||||||||
| Toronto-Dominion Bank |
| |||||||||||||||
| 150,000 | 4.456 | 06/08/32 | 143,478 | |||||||||||||
| Truist Bank (a) |
| |||||||||||||||
| 1,250,000 | 2.250 | 03/11/30 | 1,040,538 | |||||||||||||
| Truist Financial Corp. (a)(d) (Secured Overnight Financing Rate + 2.050%) |
| |||||||||||||||
| 100,000 | 6.047 | 06/08/27 | 101,340 | |||||||||||||
| U.S. Bancorp (a)(d) (Secured Overnight Financing Rate + 2.020%) |
| |||||||||||||||
| 4,940,000 | 5.775 | 06/12/29 | 5,026,845 | |||||||||||||
| UBS Group AG |
| |||||||||||||||
| 276,000 | 3.750 | 03/26/25 | 270,753 | |||||||||||||
| 2,550,000 | 4.125 | (b) | 09/24/25 | 2,498,337 | ||||||||||||
| 683,000 | 4.550 | 04/17/26 | 672,127 | |||||||||||||
| (3 mo. USD LIBOR + 1.410%) |
| |||||||||||||||
| 1,675,000 | 3.869 | (a)(b)(d) | 01/12/29 | 1,583,729 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (5 yr. CMT + 4.758%) |
| |||||||||||||||
| $ | 695,000 | 9.250 | %(a)(b)(d) | 11/13/33 | $ | 783,543 | ||||||||||
| (Secured Overnight Financing Rate + 0.980%) |
| |||||||||||||||
| 315,000 | 1.305 | (a)(b)(d) | 02/02/27 | 290,962 | ||||||||||||
| (Secured Overnight Financing Rate + 1.560%) |
| |||||||||||||||
| 1,982,000 | 2.593 | (a)(b)(d) | 09/11/25 | 1,954,074 | ||||||||||||
| (Secured Overnight Financing Rate + 1.730%) |
| |||||||||||||||
| 1,545,000 | 3.091 | (a)(b)(d) | 05/14/32 | 1,312,740 | ||||||||||||
| (Secured Overnight Financing Rate + 5.020%) |
| |||||||||||||||
| 1,725,000 | 9.016 | (a)(b)(d) | 11/15/33 | 2,093,891 | ||||||||||||
| Wells Fargo & Co. |
| |||||||||||||||
| 2,700,000 | 3.000 | 10/23/26 | 2,556,468 | |||||||||||||
| 4,150,000 | 4.300 | 07/22/27 | 4,041,809 | |||||||||||||
| (Secured Overnight Financing Rate + 2.100%) |
| |||||||||||||||
| 288,000 | 4.897 | (a)(d) | 07/25/33 | 277,324 | ||||||||||||
| Westpac Banking Corp. (a)(d) (5 yr. CMT + 2.000%) |
| |||||||||||||||
| 700,000 | 4.110 | 07/24/34 | 647,248 | |||||||||||||
|
|
|
|||||||||||||||
| 170,612,446 | ||||||||||||||||
|
|
||||||||||||||||
|
Beverages – 0.7% |
| |||||||||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, |
| |||||||||||||||
| 3,725,000 | 4.700 | 02/01/36 | 3,615,522 | |||||||||||||
| 2,179,000 | 4.900 | 02/01/46 | 2,071,597 | |||||||||||||
| Anheuser-Busch InBev Worldwide, Inc. |
| |||||||||||||||
| 585,000 | 8.200 | 01/15/39 | 758,874 | |||||||||||||
| 1,350,000 | 5.450 | (a) | 01/23/39 | 1,393,281 | ||||||||||||
| 400,000 | 4.950 | 01/15/42 | 389,676 | |||||||||||||
| Constellation Brands, Inc. (a) |
| |||||||||||||||
| 1,375,000 | 4.400 | 11/15/25 | 1,354,334 | |||||||||||||
| 50,000 | 3.600 | 02/15/28 | 47,492 | |||||||||||||
| 50,000 | 3.150 | 08/01/29 | 45,611 | |||||||||||||
| 1,900,000 | 2.250 | 08/01/31 | 1,569,742 | |||||||||||||
| JDE Peet’s NV (a)(b) |
| |||||||||||||||
| 1,650,000 | 1.375 | 01/15/27 | 1,487,574 | |||||||||||||
| Keurig Dr Pepper, Inc. (a) |
| |||||||||||||||
| 1,968,000 | 2.250 | 03/15/31 | 1,641,627 | |||||||||||||
|
|
|
|||||||||||||||
| 14,375,330 | ||||||||||||||||
|
|
||||||||||||||||
|
Biotechnology(a) – 0.7% |
| |||||||||||||||
| Amgen, Inc. |
| |||||||||||||||
| 3,370,000 | 5.250 | 03/02/30 | 3,423,179 | |||||||||||||
| 4,225,000 | 4.200 | 03/01/33 | 3,949,741 | |||||||||||||
| 3,418,000 | 5.250 | 03/02/33 | 3,447,053 | |||||||||||||
| 1,890,000 | 5.650 | 03/02/53 | 1,926,175 | |||||||||||||
| Royalty Pharma PLC |
| |||||||||||||||
| 1,475,000 | 1.200 | 09/02/25 | 1,388,594 | |||||||||||||
|
|
|
|||||||||||||||
| 14,134,742 | ||||||||||||||||
|
|
||||||||||||||||
|
Building Materials(a) – 0.5% |
| |||||||||||||||
| Carrier Global Corp. |
| |||||||||||||||
| 3,375,000 | 2.493 | 02/15/27 | 3,146,006 | |||||||||||||
| 3,570,000 | 5.900 | 03/15/34 | 3,753,463 | |||||||||||||
| 3,545,000 | 6.200 | 03/15/54 | 3,904,073 | |||||||||||||
|
|
|
|||||||||||||||
| 10,803,542 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Chemicals(a) – 0.2% |
| |||||||||||||||
| DuPont de Nemours, Inc. |
| |||||||||||||||
| $ | 975,000 | 4.493 | % | 11/15/25 | $ | 962,315 | ||||||||||
| Huntsman International LLC |
| |||||||||||||||
| 850,000 | 4.500 | 05/01/29 | 811,861 | |||||||||||||
| International Flavors & Fragrances, Inc. (b) |
| |||||||||||||||
| 2,300,000 | 1.832 | 10/15/27 | 2,040,054 | |||||||||||||
| 950,000 | 3.268 | 11/15/40 | 676,476 | |||||||||||||
|
|
|
|||||||||||||||
| 4,490,706 | ||||||||||||||||
|
|
||||||||||||||||
|
Coal(a) – 0.0% |
| |||||||||||||||
| Teck Resources Ltd. |
| |||||||||||||||
| 655,000 | 3.900 | 07/15/30 | 604,041 | |||||||||||||
|
|
||||||||||||||||
|
Commercial Services – 0.3% |
| |||||||||||||||
| Ashtead Capital, Inc. (a)(b) |
| |||||||||||||||
| 650,000 | 1.500 | 08/12/26 | 592,384 | |||||||||||||
| 2,087,000 | 5.800 | 04/15/34 | 2,085,581 | |||||||||||||
| DP World Ltd. |
| |||||||||||||||
| 100,000 | 6.850 | (b) | 07/02/37 | 109,156 | ||||||||||||
| 600,000 | 5.625 | 09/25/48 | 572,034 | |||||||||||||
| Global Payments, Inc. (a) |
| |||||||||||||||
| 875,000 | 2.650 | 02/15/25 | 852,364 | |||||||||||||
| PayPal Holdings, Inc. (a) |
| |||||||||||||||
| 2,375,000 | 1.650 | 06/01/25 | 2,279,335 | |||||||||||||
|
|
|
|||||||||||||||
| 6,490,854 | ||||||||||||||||
|
|
||||||||||||||||
|
Computers(a) – 0.3% |
| |||||||||||||||
| Dell International LLC/EMC Corp. |
| |||||||||||||||
| 607,000 | 5.850 | 07/15/25 | 610,096 | |||||||||||||
| 1,661,000 | 6.020 | 06/15/26 | 1,682,842 | |||||||||||||
| 451,000 | 5.300 | 10/01/29 | 456,448 | |||||||||||||
| 200,000 | 6.200 | 07/15/30 | 210,600 | |||||||||||||
| 540,000 | 8.100 | 07/15/36 | 653,044 | |||||||||||||
| Hewlett Packard Enterprise Co. |
| |||||||||||||||
| 1,782,000 | 4.900 | 10/15/25 | 1,770,595 | |||||||||||||
|
|
|
|||||||||||||||
| 5,383,625 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Financial Services – 1.3% |
| |||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a) |
| |||||||||||||||
| 965,000 | 6.500 | 07/15/25 | 974,911 | |||||||||||||
| 5,125,000 | 2.450 | 10/29/26 | 4,761,740 | |||||||||||||
| 1,725,000 | 3.000 | 10/29/28 | 1,562,436 | |||||||||||||
| 700,000 | 3.300 | 01/30/32 | 599,515 | |||||||||||||
| 375,000 | 3.400 | 10/29/33 | 316,117 | |||||||||||||
| Air Lease Corp. (a) |
| |||||||||||||||
| 2,250,000 | 2.300 | 02/01/25 | 2,185,200 | |||||||||||||
| 1,625,000 | 3.375 | 07/01/25 | 1,583,514 | |||||||||||||
| 625,000 | 2.875 | 01/15/26 | 597,987 | |||||||||||||
| 2,200,000 | 3.750 | 06/01/26 | 2,122,296 | |||||||||||||
| American Express Co. (a)(d) (Secured Overnight Financing Rate + 1.835%) |
| |||||||||||||||
| 4,785,000 | 5.043 | 05/01/34 | 4,731,169 | |||||||||||||
| Aviation Capital Group LLC (a)(b) |
| |||||||||||||||
| 450,000 | 1.950 | 01/30/26 | 419,967 | |||||||||||||
| Avolon Holdings Funding Ltd. (a)(b) |
| |||||||||||||||
| 975,000 | 3.950 | 07/01/24 | 969,540 | |||||||||||||
| 2,125,000 | 2.875 | 02/15/25 | 2,068,369 | |||||||||||||
| 1,050,000 | 4.250 | 04/15/26 | 1,014,321 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Diversified Financial Services – (continued) |
| |||||||||||||||
| Capital One Financial Corp. (a) |
| |||||||||||||||
| $ | 1,110,000 | 3.300 | % | 10/30/24 | $ | 1,094,993 | ||||||||||
| Charles Schwab Corp. (a)(d) (Secured Overnight Financing Rate + 2.500%) |
| |||||||||||||||
| 95,000 | 5.853 | 05/19/34 | 97,215 | |||||||||||||
| Macquarie Airfinance Holdings Ltd. (a)(b) |
| |||||||||||||||
| 415,000 | 6.400 | 03/26/29 | 421,362 | |||||||||||||
| Nomura Holdings, Inc. |
| |||||||||||||||
| 950,000 | 2.608 | 07/14/31 | 789,136 | |||||||||||||
| REC Ltd. (b) |
| |||||||||||||||
| 200,000 | 5.625 | 04/11/28 | 201,313 | |||||||||||||
|
|
|
|||||||||||||||
| 26,511,101 | ||||||||||||||||
|
|
||||||||||||||||
|
Electrical – 1.0% |
| |||||||||||||||
| Alliant Energy Finance LLC (a)(b) |
| |||||||||||||||
| 225,000 | 4.250 | 06/15/28 | 215,795 | |||||||||||||
| Ameren Corp. (a) |
| |||||||||||||||
| 400,000 | 3.500 | 01/15/31 | 361,628 | |||||||||||||
| American Electric Power Co., Inc. (a) |
| |||||||||||||||
| 850,000 | 2.300 | 03/01/30 | 723,248 | |||||||||||||
| Arizona Public Service Co. (a) |
| |||||||||||||||
| 425,000 | 2.950 | 09/15/27 | 397,855 | |||||||||||||
| Avangrid, Inc. (a) |
| |||||||||||||||
| 50,000 | 3.200 | 04/15/25 | 48,741 | |||||||||||||
| Berkshire Hathaway Energy Co. (a) |
| |||||||||||||||
| 1,275,000 | 3.700 | 07/15/30 | 1,194,624 | |||||||||||||
| Dominion Energy, Inc. (c) |
| |||||||||||||||
| 575,000 | 3.071 | 08/15/24 | 568,836 | |||||||||||||
| Entergy Corp. (a) |
| |||||||||||||||
| 1,025,000 | 2.950 | 09/01/26 | 973,842 | |||||||||||||
| Exelon Corp. (a) |
| |||||||||||||||
| 1,000,000 | 4.050 | 04/15/30 | 944,200 | |||||||||||||
| NextEra Energy Capital Holdings, Inc. (a) |
| |||||||||||||||
| 1,180,000 | 1.900 | 06/15/28 | 1,045,468 | |||||||||||||
| NRG Energy, Inc. (a)(b) |
| |||||||||||||||
| 1,625,000 | 3.750 | 06/15/24 | 1,615,656 | |||||||||||||
| Ohio Power Co. (a) |
| |||||||||||||||
| 675,000 | 2.600 | 04/01/30 | 587,480 | |||||||||||||
| Pacific Gas & Electric Co. (a) |
| |||||||||||||||
| 500,000 | 3.300 | 08/01/40 | 367,200 | |||||||||||||
| PacifiCorp (a) |
| |||||||||||||||
| 3,130,000 | 5.800 | 01/15/55 | 3,086,086 | |||||||||||||
| Southern Co. (a) |
| |||||||||||||||
| 1,730,000 | 3.250 | 07/01/26 | 1,663,343 | |||||||||||||
| Vistra Operations Co. LLC (a)(b) |
| |||||||||||||||
| 3,350,000 | 3.550 | 07/15/24 | 3,323,535 | |||||||||||||
| Xcel Energy, Inc. (a) |
| |||||||||||||||
| 2,925,000 | 3.350 | 12/01/26 | 2,774,187 | |||||||||||||
|
|
|
|||||||||||||||
| 19,891,724 | ||||||||||||||||
|
|
||||||||||||||||
|
Engineering & Construction(a) – 0.1% |
| |||||||||||||||
| Mexico City Airport Trust |
| |||||||||||||||
| 400,000 | 4.250 | 10/31/26 | 386,312 | |||||||||||||
| 440,000 | 3.875 | (b) | 04/30/28 | 412,638 | ||||||||||||
| 200,000 | 5.500 | (b) | 10/31/46 | 168,938 | ||||||||||||
| 420,000 | 5.500 | 07/31/47 | 354,506 | |||||||||||||
|
|
||||||||||||||||
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Engineering & Construction(a) – (continued) |
| |||||||||||||||
| $ | 340,000 | 5.500 | %(b) | 07/31/47 | $ | 286,981 | ||||||||||
|
|
|
|||||||||||||||
| 1,609,375 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(a) – 0.6% |
| |||||||||||||||
| Warnermedia Holdings, Inc. |
| |||||||||||||||
| 4,100,000 | 6.412 | 03/15/26 | 4,100,123 | |||||||||||||
| 5,050,000 | 4.054 | 03/15/29 | 4,729,779 | |||||||||||||
| 3,400,000 | 4.279 | 03/15/32 | 3,038,886 | |||||||||||||
|
|
|
|||||||||||||||
| 11,868,788 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental – 0.3% |
| |||||||||||||||
| Nature Conservancy |
| |||||||||||||||
| 60,000 | 0.944 | 07/01/26 | 53,890 | |||||||||||||
| 75,000 | 1.304 | 07/01/28 | 64,489 | |||||||||||||
| Veralto Corp. (a)(b) |
| |||||||||||||||
| 5,840,000 | 5.450 | 09/18/33 | 5,911,715 | |||||||||||||
|
|
|
|||||||||||||||
| 6,030,094 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing(a) – 1.0% |
| |||||||||||||||
| Campbell Soup Co. |
| |||||||||||||||
| 4,018,000 | 5.400 | 03/21/34 | 4,047,091 | |||||||||||||
| J M Smucker Co. |
| |||||||||||||||
| 2,498,000 | 5.900 | 11/15/28 | 2,591,725 | |||||||||||||
| 6,235,000 | 6.200 | 11/15/33 | 6,657,234 | |||||||||||||
| 3,535,000 | 6.500 | 11/15/53 | 3,922,754 | |||||||||||||
| Kraft Heinz Foods Co. |
| |||||||||||||||
| 2,056,000 | 3.750 | 04/01/30 | 1,930,111 | |||||||||||||
| Sysco Corp. |
| |||||||||||||||
| 225,000 | 6.600 | 04/01/40 | 249,383 | |||||||||||||
| 75,000 | 6.600 | 04/01/50 | 85,701 | |||||||||||||
|
|
|
|||||||||||||||
| 19,483,999 | ||||||||||||||||
|
|
||||||||||||||||
| Gas(a) – 0.0% |
| |||||||||||||||
| East Ohio Gas Co. (b) |
| |||||||||||||||
| 525,000 | 1.300 | 06/15/25 | 498,981 | |||||||||||||
| NiSource, Inc. |
| |||||||||||||||
| 325,000 | 3.600 | 05/01/30 | 299,640 | |||||||||||||
|
|
|
|||||||||||||||
| 798,621 | ||||||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services(a) – 1.7% |
| |||||||||||||||
| Adventist Health System |
| |||||||||||||||
| 540,000 | 2.952 | 03/01/29 | 486,507 | |||||||||||||
| Banner Health |
| |||||||||||||||
| 3,235,000 | 2.338 | 01/01/30 | 2,821,918 | |||||||||||||
| Baylor Scott & White Holdings |
| |||||||||||||||
| 1,140,000 | 1.777 | 11/15/30 | 932,177 | |||||||||||||
| Centene Corp. |
| |||||||||||||||
| 1,755,000 | 4.250 | 12/15/27 | 1,673,568 | |||||||||||||
| 2,100,000 | 2.625 | 08/01/31 | 1,724,646 | |||||||||||||
| CommonSpirit Health |
| |||||||||||||||
| 2,385,000 | 3.910 | 10/01/50 | 1,865,779 | |||||||||||||
| 2,655,000 | 6.461 | 11/01/52 | 3,051,046 | |||||||||||||
| HCA, Inc. |
| |||||||||||||||
| 1,590,000 | 3.500 | 09/01/30 | 1,437,106 | |||||||||||||
| 2,485,000 | 5.450 | 04/01/31 | 2,499,363 | |||||||||||||
| 3,960,000 | 5.900 | 06/01/53 | 3,982,651 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Healthcare Providers & Services(a) – (continued) |
| |||||||||||||||
| Humana, Inc. |
| |||||||||||||||
| $ | 785,000 | 5.950 | % | 03/15/34 | $ | 815,591 | ||||||||||
| Rush Obligated Group |
| |||||||||||||||
| 1,320,000 | 3.922 | 11/15/29 | 1,254,267 | |||||||||||||
| Solventum Corp. (b) |
| |||||||||||||||
| 4,135,000 | 5.400 | 03/01/29 | 4,144,717 | |||||||||||||
| 2,050,000 | 5.600 | 03/23/34 | 2,056,458 | |||||||||||||
| Stanford Health Care |
| |||||||||||||||
| 975,000 | 3.310 | 08/15/30 | 891,291 | |||||||||||||
| STERIS Irish FinCo UnLtd Co. |
| |||||||||||||||
| 501,000 | 2.700 | 03/15/31 | 428,085 | |||||||||||||
| Stryker Corp. |
| |||||||||||||||
| 475,000 | 3.375 | 11/01/25 | 461,263 | |||||||||||||
| 75,000 | 1.950 | 06/15/30 | 63,303 | |||||||||||||
| Sutter Health |
| |||||||||||||||
| 605,000 | 2.294 | 08/15/30 | 518,548 | |||||||||||||
| UnitedHealth Group, Inc. |
| |||||||||||||||
| 3,750,000 | 5.350 | 02/15/33 | 3,856,425 | |||||||||||||
|
|
|
|||||||||||||||
| 34,964,709 | ||||||||||||||||
|
|
||||||||||||||||
| Home Builders(a) – 0.1% |
| |||||||||||||||
| Lennar Corp. |
| |||||||||||||||
| 1,235,000 | 4.750 | 11/29/27 | 1,219,797 | |||||||||||||
|
|
||||||||||||||||
| Insurance – 0.1% |
| |||||||||||||||
| Arch Capital Finance LLC (a) |
| |||||||||||||||
| 1,200,000 | 4.011 | 12/15/26 | 1,164,156 | |||||||||||||
| Arch Capital Group Ltd. |
| |||||||||||||||
| 300,000 | 7.350 | 05/01/34 | 339,117 | |||||||||||||
| Willis North America, Inc. (a) |
| |||||||||||||||
| 700,000 | 2.950 | 09/15/29 | 627,522 | |||||||||||||
|
|
|
|||||||||||||||
| 2,130,795 | ||||||||||||||||
|
|
||||||||||||||||
| Internet – 0.9% |
| |||||||||||||||
| Amazon.com, Inc. (a) |
| |||||||||||||||
| 500,000 | 4.800 | 12/05/34 | 504,235 | |||||||||||||
| Expedia Group, Inc. (a) |
| |||||||||||||||
| 1,212,000 | 4.625 | 08/01/27 | 1,189,408 | |||||||||||||
| 825,000 | 3.800 | 02/15/28 | 785,177 | |||||||||||||
| 875,000 | 3.250 | 02/15/30 | 788,034 | |||||||||||||
| 331,000 | 2.950 | 03/15/31 | 288,519 | |||||||||||||
| Netflix, Inc. |
| |||||||||||||||
| 3,010,000 | 5.875 | 11/15/28 | 3,129,045 | |||||||||||||
| 6,329,000 | 5.375 | (b) | 11/15/29 | 6,461,466 | ||||||||||||
| 3,575,000 | 4.875 | (a)(b) | 06/15/30 | 3,550,833 | ||||||||||||
| Prosus NV (a) |
| |||||||||||||||
| 200,000 | 3.257 | (b) | 01/19/27 | 184,500 | ||||||||||||
| 420,000 | 3.680 | (b) | 01/21/30 | 367,185 | ||||||||||||
| 690,000 | 3.680 | 01/21/30 | 603,233 | |||||||||||||
| EUR |
100,000 | 2.031 | (b) | 08/03/32 | 86,278 | |||||||||||
| $ | 230,000 | 4.027 | (b) | 08/03/50 | 147,344 | |||||||||||
| 210,000 | 3.832 | (b) | 02/08/51 | 128,625 | ||||||||||||
|
|
|
|||||||||||||||
| 18,213,882 | ||||||||||||||||
|
|
||||||||||||||||
| Investment Companies(a)(b) – 0.0% |
| |||||||||||||||
| JAB Holdings BV |
| |||||||||||||||
| 500,000 | 2.200 | 11/23/30 | 399,190 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Iron/Steel – 0.1% |
| |||||||||||||||
| POSCO (b) |
| |||||||||||||||
| $ | 260,000 | 5.750 | % | 01/17/28 | $ | 263,494 | ||||||||||
| Steel Dynamics, Inc. (a) |
| |||||||||||||||
| 490,000 | 2.400 | 06/15/25 | 471,845 | |||||||||||||
| 1,075,000 | 1.650 | 10/15/27 | 958,685 | |||||||||||||
|
|
|
|||||||||||||||
| 1,694,024 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 0.4% |
| |||||||||||||||
| Hyatt Hotels Corp. |
| |||||||||||||||
| 2,000,000 | 1.800 | 10/01/24 | 1,957,600 | |||||||||||||
| Marriott International, Inc. |
| |||||||||||||||
| 2,100,000 | 5.000 | 10/15/27 | 2,094,750 | |||||||||||||
| 1,307,000 | 4.875 | 05/15/29 | 1,294,296 | |||||||||||||
| 2,625,000 | 2.850 | 04/15/31 | 2,262,724 | |||||||||||||
|
|
|
|||||||||||||||
| 7,609,370 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery - Construction & Mining(a)(b) – 0.1% |
| |||||||||||||||
| Weir Group PLC |
| |||||||||||||||
| 2,375,000 | 2.200 | 05/13/26 | 2,203,762 | |||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a) – 0.1% |
| |||||||||||||||
| AGCO Corp. |
| |||||||||||||||
| 1,298,000 | 5.800 | 03/21/34 | 1,314,277 | |||||||||||||
| Ingersoll Rand, Inc. |
| |||||||||||||||
| 1,270,000 | 5.700 | 08/14/33 | 1,303,134 | |||||||||||||
|
|
|
|||||||||||||||
| 2,617,411 | ||||||||||||||||
|
|
||||||||||||||||
| Media(a) – 1.2% |
| |||||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
| |||||||||||||||
| 8,750,000 | 4.908 | 07/23/25 | 8,646,312 | |||||||||||||
| 6,675,000 | 3.750 | 02/15/28 | 6,192,865 | |||||||||||||
| Comcast Corp. |
| |||||||||||||||
| 1,300,000 | 3.950 | 10/15/25 | 1,278,693 | |||||||||||||
| 1,173,000 | 3.300 | 02/01/27 | 1,125,400 | |||||||||||||
| 5,725,000 | 4.800 | 05/15/33 | 5,652,979 | |||||||||||||
| 100,000 | 3.750 | 04/01/40 | 83,087 | |||||||||||||
| 275,000 | 4.700 | 10/15/48 | 251,697 | |||||||||||||
| Time Warner Cable LLC |
| |||||||||||||||
| 275,000 | 5.875 | 11/15/40 | 239,918 | |||||||||||||
|
|
|
|||||||||||||||
| 23,470,951 | ||||||||||||||||
|
|
||||||||||||||||
| Mining(b) – 0.2% |
| |||||||||||||||
| Glencore Funding LLC |
| |||||||||||||||
| 1,181,000 | 4.625 | 04/29/24 | 1,179,299 | |||||||||||||
| 1,850,000 | 1.625 | (a) | 04/27/26 | 1,715,043 | ||||||||||||
| 2,175,000 | 2.625 | (a) | 09/23/31 | 1,811,449 | ||||||||||||
|
|
|
|||||||||||||||
| 4,705,791 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.1% |
| |||||||||||||||
| GE Capital International Funding Co. Unlimited Co. |
| |||||||||||||||
| 405,000 | 4.418 | 11/15/35 | 380,708 | |||||||||||||
| General Electric Co. |
| |||||||||||||||
| 700,000 | 5.875 | 01/14/38 | 744,429 | |||||||||||||
|
|
|
|||||||||||||||
| 1,125,137 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Multi-National(a)(b) – 0.1% |
| |||||||||||||||
| African Export-Import Bank |
| |||||||||||||||
| $ | 740,000 | 2.634 | % | 05/17/26 | $ | 691,005 | ||||||||||
| 830,000 | 3.798 | 05/17/31 | 706,604 | |||||||||||||
|
|
|
|||||||||||||||
| 1,397,609 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 0.2% |
| |||||||||||||||
| Aker BP ASA (a)(b) |
| |||||||||||||||
| 639,000 | 2.000 | 07/15/26 | 590,577 | |||||||||||||
| Devon Energy Corp. (a) |
| |||||||||||||||
| 180,000 | 5.600 | 07/15/41 | 173,617 | |||||||||||||
| Marathon Petroleum Corp. (a) |
| |||||||||||||||
| 600,000 | 3.625 | 09/15/24 | 593,970 | |||||||||||||
| 375,000 | 3.800 | 04/01/28 | 359,782 | |||||||||||||
| Occidental Petroleum Corp. |
| |||||||||||||||
| 1,034,000 | 7.875 | 09/15/31 | 1,172,463 | |||||||||||||
| Phillips 66 (a) |
| |||||||||||||||
| 375,000 | 3.850 | 04/09/25 | 369,322 | |||||||||||||
| 725,000 | 1.300 | 02/15/26 | 674,728 | |||||||||||||
| QatarEnergy (a)(b) |
| |||||||||||||||
| 410,000 | 3.300 | 07/12/51 | 289,563 | |||||||||||||
| Reliance Industries Ltd. (b) |
| |||||||||||||||
| 480,000 | 2.875 | 01/12/32 | 407,400 | |||||||||||||
| 250,000 | 3.750 | 01/12/62 | 177,344 | |||||||||||||
|
|
|
|||||||||||||||
| 4,808,766 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a) – 0.1% |
| |||||||||||||||
| Berry Global, Inc. |
| |||||||||||||||
| 1,475,000 | 1.570 | 01/15/26 | 1,380,925 | |||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(a) – 1.4% |
| |||||||||||||||
| AbbVie, Inc. |
| |||||||||||||||
| 3,150,000 | 4.950 | 03/15/31 | 3,178,381 | |||||||||||||
| 3,050,000 | 5.050 | 03/15/34 | 3,087,728 | |||||||||||||
| 1,709,000 | 4.500 | 05/14/35 | 1,643,597 | |||||||||||||
| 638,000 | 4.300 | 05/14/36 | 598,935 | |||||||||||||
| 2,795,000 | 4.050 | 11/21/39 | 2,488,836 | |||||||||||||
| Bristol-Myers Squibb Co. |
| |||||||||||||||
| 3,021,000 | 5.200 | 02/22/34 | 3,068,188 | |||||||||||||
| 1,440,000 | 6.250 | 11/15/53 | 1,623,067 | |||||||||||||
| Cigna Group |
| |||||||||||||||
| 1,263,000 | 2.400 | 03/15/30 | 1,090,828 | |||||||||||||
| 1,190,000 | 5.125 | 05/15/31 | 1,191,523 | |||||||||||||
| 1,025,000 | 4.800 | 08/15/38 | 963,736 | |||||||||||||
| CVS Health Corp. |
| |||||||||||||||
| 7,749,000 | 4.780 | 03/25/38 | 7,159,921 | |||||||||||||
| Perrigo Finance Unlimited Co. |
| |||||||||||||||
| 2,975,000 | 4.375 | 03/15/26 | 2,896,014 | |||||||||||||
| Zoetis, Inc. |
| |||||||||||||||
| 100,000 | 4.450 | 08/20/48 | 88,216 | |||||||||||||
|
|
|
|||||||||||||||
| 29,078,970 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines – 1.5% |
| |||||||||||||||
| Abu Dhabi Crude Oil Pipeline LLC (b) |
| |||||||||||||||
| 1,190,000 | 4.600 | 11/02/47 | 1,068,025 | |||||||||||||
| Cheniere Energy Partners LP (a) |
| |||||||||||||||
| 1,185,000 | 5.950 | 06/30/33 | 1,210,940 | |||||||||||||
| Columbia Pipelines Operating Co. LLC (a)(b) |
| |||||||||||||||
| 3,620,000 | 6.036 | 11/15/33 | 3,752,383 | |||||||||||||
|
|
||||||||||||||||
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pipelines – (continued) |
| |||||||||||||||
| Enbridge, Inc. (a) |
| |||||||||||||||
| $ | 1,547,000 | 5.700 | % | 03/08/33 | $ | 1,582,921 | ||||||||||
| 2,300,000 | 2.500 | 08/01/33 | 1,853,570 | |||||||||||||
| Energy Transfer LP (a) |
| |||||||||||||||
| 50,000 | 4.950 | 06/15/28 | 49,565 | |||||||||||||
| 1,225,000 | 5.250 | 04/15/29 | 1,227,474 | |||||||||||||
| 375,000 | 5.300 | 04/15/47 | 341,145 | |||||||||||||
| Enterprise Products Operating LLC (a) |
| |||||||||||||||
| 85,000 | 3.750 | 02/15/25 | 83,789 | |||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. |
| |||||||||||||||
| 200,000 | 2.625 | (b) | 03/31/36 | 163,188 | ||||||||||||
| 2,836,685 | 2.940 | 09/30/40 | 2,274,539 | |||||||||||||
| 320,000 | 3.250 | (b) | 09/30/40 | 244,800 | ||||||||||||
| Kinder Morgan, Inc. (a) |
| |||||||||||||||
| 4,835,000 | 5.200 | 06/01/33 | 4,760,831 | |||||||||||||
| MPLX LP (a) |
| |||||||||||||||
| 1,300,000 | 2.650 | 08/15/30 | 1,118,702 | |||||||||||||
| 275,000 | 4.500 | 04/15/38 | 244,266 | |||||||||||||
| 645,000 | 5.500 | 02/15/49 | 614,891 | |||||||||||||
| Plains All American Pipeline LP/PAA Finance Corp. (a) |
| |||||||||||||||
| 875,000 | 3.800 | 09/15/30 | 802,288 | |||||||||||||
| Sabine Pass Liquefaction LLC (a) |
| |||||||||||||||
| 1,650,000 | 5.625 | 03/01/25 | 1,648,779 | |||||||||||||
| 275,000 | 5.000 | 03/15/27 | 274,189 | |||||||||||||
| Targa Resources Corp. (a) |
| |||||||||||||||
| 1,010,000 | 4.200 | 02/01/33 | 921,878 | |||||||||||||
| Western Midstream Operating LP (a) |
| |||||||||||||||
| 1,125,000 | 3.100 | 02/01/25 | 1,100,486 | |||||||||||||
| 475,000 | 3.950 | 06/01/25 | 465,495 | |||||||||||||
| 225,000 | 5.450 | 04/01/44 | 206,633 | |||||||||||||
| Williams Cos., Inc. (a) |
| |||||||||||||||
| 850,000 | 3.900 | 01/15/25 | 837,607 | |||||||||||||
| 800,000 | 4.000 | 09/15/25 | 784,808 | |||||||||||||
| 1,800,000 | 5.650 | 03/15/33 | 1,848,510 | |||||||||||||
|
|
|
|||||||||||||||
| 29,481,702 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(a) – 1.0% |
| |||||||||||||||
| American Homes 4 Rent LP |
| |||||||||||||||
| 723,000 | 4.900 | 02/15/29 | 710,275 | |||||||||||||
| American Tower Corp. |
| |||||||||||||||
| 1,750,000 | 2.400 | 03/15/25 | 1,697,185 | |||||||||||||
| CubeSmart LP |
| |||||||||||||||
| 600,000 | 4.000 | 11/15/25 | 585,486 | |||||||||||||
| 370,000 | 2.500 | 02/15/32 | 302,464 | |||||||||||||
| Host Hotels & Resorts LP |
| |||||||||||||||
| 952,000 | 2.900 | 12/15/31 | 791,369 | |||||||||||||
| Invitation Homes Operating Partnership LP |
| |||||||||||||||
| 1,300,000 | 2.300 | 11/15/28 | 1,150,604 | |||||||||||||
| 3,595,000 | 2.000 | 08/15/31 | 2,855,976 | |||||||||||||
| NNN REIT, Inc. |
| |||||||||||||||
| 790,000 | 3.900 | 06/15/24 | 786,153 | |||||||||||||
| 1,150,000 | 4.000 | 11/15/25 | 1,125,010 | |||||||||||||
| Prologis LP |
| |||||||||||||||
| 3,037,000 | 1.750 | 07/01/30 | 2,527,422 | |||||||||||||
| Realty Income Corp. |
| |||||||||||||||
| 400,000 | 3.950 | 08/15/27 | 387,808 | |||||||||||||
| 1,200,000 | 3.400 | 01/15/30 | 1,094,556 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Real Estate Investment Trust(a) – (continued) |
| |||||||||||||||
| Retail Opportunity Investments Partnership LP |
| |||||||||||||||
| $ | 2,975,000 | 6.750 | % | 10/15/28 | $ | 3,082,159 | ||||||||||
| UDR, Inc. |
| |||||||||||||||
| 475,000 | 2.100 | 08/01/32 | 372,903 | |||||||||||||
| Ventas Realty LP |
| |||||||||||||||
| 975,000 | 3.500 | 02/01/25 | 955,344 | |||||||||||||
| WP Carey, Inc. |
| |||||||||||||||
| 505,000 | 4.600 | 04/01/24 | 505,000 | |||||||||||||
| 445,000 | 4.000 | 02/01/25 | 438,490 | |||||||||||||
| 1,000,000 | 3.850 | 07/15/29 | 933,270 | |||||||||||||
| 725,000 | 2.400 | 02/01/31 | 602,468 | |||||||||||||
|
|
|
|||||||||||||||
| 20,903,942 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(a) – 0.3% |
| |||||||||||||||
| AutoNation, Inc. |
| |||||||||||||||
| 1,404,000 | 4.500 | 10/01/25 | 1,382,449 | |||||||||||||
| 500,000 | 1.950 | 08/01/28 | 433,065 | |||||||||||||
| 825,000 | 4.750 | 06/01/30 | 792,940 | |||||||||||||
| CK Hutchison International 20 Ltd. (b) |
| |||||||||||||||
| 200,000 | 2.500 | 05/08/30 | 174,313 | |||||||||||||
| Dollar Tree, Inc. |
| |||||||||||||||
| 975,000 | 4.000 | 05/15/25 | 958,844 | |||||||||||||
| Home Depot, Inc. |
| |||||||||||||||
| 625,000 | 3.250 | 04/15/32 | 558,825 | |||||||||||||
| Lowe’s Cos., Inc. |
| |||||||||||||||
| 2,500,000 | 1.700 | 10/15/30 | 2,042,725 | |||||||||||||
| McDonald’s Corp. |
| |||||||||||||||
| 650,000 | 4.200 | 04/01/50 | 543,374 | |||||||||||||
|
|
|
|||||||||||||||
| 6,886,535 | ||||||||||||||||
|
|
||||||||||||||||
| Savings & Loans(a)(b)(d) – 0.0% |
| |||||||||||||||
| Nationwide Building Society (3 mo. USD LIBOR + 1.855%) |
| |||||||||||||||
| 975,000 | 3.960 | 07/18/30 | 902,636 | |||||||||||||
|
|
||||||||||||||||
| Semiconductors(a) – 0.9% |
| |||||||||||||||
| Broadcom, Inc. (b) |
| |||||||||||||||
| 1,284,000 | 4.150 | 04/15/32 | 1,189,934 | |||||||||||||
| 2,770,000 | 2.600 | 02/15/33 | 2,246,996 | |||||||||||||
| 1,156,000 | 3.419 | 04/15/33 | 1,000,761 | |||||||||||||
| 975,000 | 3.469 | 04/15/34 | 835,984 | |||||||||||||
| 4,175,000 | 3.137 | 11/15/35 | 3,374,861 | |||||||||||||
| 161,000 | 3.187 | 11/15/36 | 127,984 | |||||||||||||
| 1,725,000 | 3.500 | 02/15/41 | 1,339,428 | |||||||||||||
| Intel Corp. |
| |||||||||||||||
| 2,750,000 | 5.200 | 02/10/33 | 2,788,445 | |||||||||||||
| 934,000 | 5.150 | 02/21/34 | 936,625 | |||||||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
| |||||||||||||||
| 825,000 | 3.400 | 05/01/30 | 748,415 | |||||||||||||
| 3,125,000 | 2.500 | 05/11/31 | 2,616,250 | |||||||||||||
| 2,250,000 | 2.650 | 02/15/32 | 1,867,680 | |||||||||||||
|
|
|
|||||||||||||||
| 19,073,363 | ||||||||||||||||
|
|
||||||||||||||||
| Software(a) – 1.4% |
| |||||||||||||||
| Black Knight InfoServ LLC (b) |
| |||||||||||||||
| 1,070,000 | 3.625 | 09/01/28 | 1,011,685 | |||||||||||||
| Constellation Software, Inc. (b) |
| |||||||||||||||
| 1,366,000 | 5.461 | 02/16/34 | 1,372,953 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Software(a) – (continued) |
| |||||||||||||||
| Fiserv, Inc. |
| |||||||||||||||
| $ | 75,000 | 4.200 | % | 10/01/28 | $ | 72,399 | ||||||||||
| MSCI, Inc. (b) |
| |||||||||||||||
| 2,625,000 | 4.000 | 11/15/29 | 2,432,404 | |||||||||||||
| Oracle Corp. |
| |||||||||||||||
| 2,000,000 | 4.500 | 05/06/28 | 1,970,840 | |||||||||||||
| 1,881,000 | 2.950 | 04/01/30 | 1,674,410 | |||||||||||||
| 2,550,000 | 4.650 | 05/06/30 | 2,499,535 | |||||||||||||
| 5,625,000 | 2.875 | 03/25/31 | 4,892,175 | |||||||||||||
| 2,211,000 | 4.900 | 02/06/33 | 2,164,282 | |||||||||||||
| 350,000 | 3.600 | 04/01/40 | 275,992 | |||||||||||||
| 3,965,000 | 5.550 | 02/06/53 | 3,873,329 | |||||||||||||
| ServiceNow, Inc. |
| |||||||||||||||
| 3,400,000 | 1.400 | 09/01/30 | 2,750,736 | |||||||||||||
| Take-Two Interactive Software, Inc. |
| |||||||||||||||
| 1,495,000 | 3.700 | 04/14/27 | 1,434,796 | |||||||||||||
| VMware LLC |
| |||||||||||||||
| 700,000 | 1.800 | 08/15/28 | 610,078 | |||||||||||||
| Workday, Inc. |
| |||||||||||||||
| 50,000 | 3.700 | 04/01/29 | 47,153 | |||||||||||||
| 675,000 | 3.800 | 04/01/32 | 614,574 | |||||||||||||
|
|
|
|||||||||||||||
| 27,697,341 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services – 2.1% |
| |||||||||||||||
| AT&T, Inc. (a) |
| |||||||||||||||
| 2,375,000 | 2.750 | 06/01/31 | 2,045,207 | |||||||||||||
| 1,165,000 | 4.900 | 08/15/37 | 1,104,723 | |||||||||||||
| 2,355,000 | 4.850 | 03/01/39 | 2,198,863 | |||||||||||||
| 1,325,000 | 3.500 | 06/01/41 | 1,033,474 | |||||||||||||
| 450,000 | 5.150 | 11/15/46 | 425,331 | |||||||||||||
| Cisco Systems, Inc. (a) |
| |||||||||||||||
| 960,000 | 5.050 | 02/26/34 | 972,480 | |||||||||||||
| Rogers Communications, Inc. (a) |
| |||||||||||||||
| 7,170,000 | 3.200 | 03/15/27 | 6,809,851 | |||||||||||||
| Telefonica Emisiones SA |
| |||||||||||||||
| 425,000 | 4.665 | 03/06/38 | 386,992 | |||||||||||||
| T-Mobile USA, Inc. (a) |
| |||||||||||||||
| 1,320,000 | 3.500 | 04/15/25 | 1,294,115 | |||||||||||||
| 1,350,000 | 1.500 | 02/15/26 | 1,260,468 | |||||||||||||
| 5,004,000 | 3.750 | 04/15/27 | 4,818,552 | |||||||||||||
| 700,000 | 4.750 | 02/01/28 | 690,844 | |||||||||||||
| 125,000 | 2.050 | 02/15/28 | 111,993 | |||||||||||||
| 2,333,000 | 3.875 | 04/15/30 | 2,186,908 | |||||||||||||
| 2,205,000 | 2.875 | 02/15/31 | 1,917,512 | |||||||||||||
| 2,150,000 | 3.500 | 04/15/31 | 1,942,289 | |||||||||||||
| 6,025,000 | 5.200 | 01/15/33 | 6,031,627 | |||||||||||||
| Verizon Communications, Inc. |
| |||||||||||||||
| 3,758,000 | 4.329 | 09/21/28 | 3,675,512 | |||||||||||||
| 2,251,000 | 4.016 | (a) | 12/03/29 | 2,148,264 | ||||||||||||
| 100,000 | 1.750 | (a) | 01/20/31 | 81,183 | ||||||||||||
| 1,500,000 | 2.550 | (a) | 03/21/31 | 1,281,525 | ||||||||||||
|
|
|
|||||||||||||||
| 42,417,713 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Telecommunications(a) – 0.1% |
| |||||||||||||||
| AT&T, Inc. |
| |||||||||||||||
| $ | 2,750,000 | 2.550 | % | 12/01/33 | $ | 2,204,730 | ||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $661,872,799) |
$ | 634,872,348 | ||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities – 10.2% |
| |||||||||||||||
| Automotive(a) – 1.2% |
| |||||||||||||||
| Ford Credit Auto Owner Trust Series 2023-C, Class A2A |
| |||||||||||||||
| $ | 5,225,000 | 5.680 | % | 09/15/26 | $ | 5,233,345 | ||||||||||
| Ford Credit Auto Owner Trust Series 2024-1, Class A(b) |
| |||||||||||||||
| 4,900,000 | 4.870 | 08/15/36 | 4,886,309 | |||||||||||||
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1(b) |
| |||||||||||||||
| 4,700,000 | 5.340 | 06/15/28 | 4,722,181 | |||||||||||||
| Hyundai Auto Receivables Trust Series 2023-A, Class A2A |
| |||||||||||||||
| 2,338,224 | 5.190 | 12/15/25 | 2,334,630 | |||||||||||||
| Santander Drive Auto Receivables Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 4,375,000 | 5.710 | 02/16/27 | 4,376,888 | |||||||||||||
| World Omni Auto Receivables Trust Series 2023-B, Class A2A |
| |||||||||||||||
| 2,772,801 | 5.250 | 11/16/26 | 2,768,755 | |||||||||||||
|
|
|
|||||||||||||||
| 24,322,108 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations(a)(b) – 6.6% |
| |||||||||||||||
| 37 Capital CLO 1 Ltd. Series 2021-1A, Class A(d) (3 mo. USD Term SOFR + 1.462%) |
| |||||||||||||||
| 4,000,000 | 6.776 | 10/15/34 | 3,999,820 | |||||||||||||
| AB BSL CLO 2 Ltd. Series 2021-2A, Class A(d) (3 mo. USD Term SOFR + 1.362%) |
| |||||||||||||||
| 5,600,000 | 6.676 | 04/15/34 | 5,601,394 | |||||||||||||
| Allegro CLO VIII Ltd. Series 2018-2A, Class A(d) (3 mo. USD Term SOFR + 1.362%) |
| |||||||||||||||
| 3,586,662 | 6.676 | 07/15/31 | 3,587,573 | |||||||||||||
| AMMC CLO XI Ltd. Series 2012-11A, Class A1R2(d) (3 mo. USD Term SOFR + 1.272%) |
| |||||||||||||||
| 3,364,087 | 6.589 | 04/30/31 | 3,365,954 | |||||||||||||
| Apidos CLO XXIII Ltd. Series 2015-23A, Class AR(d) (3 mo. USD Term SOFR + 1.482%) |
| |||||||||||||||
| 4,000,000 | 6.796 | 04/15/33 | 4,001,840 | |||||||||||||
| Atlas Senior Loan Fund XIII Series 2019-13A, Class CR(d) (3 mo. USD Term SOFR + 2.912%) |
| |||||||||||||||
| 2,100,000 | 8.229 | 04/22/31 | 2,094,899 | |||||||||||||
| Cedar Funding IX CLO Ltd. Series 2018-9A, Class A1(d) (3 mo. USD Term SOFR + 1.242%) |
| |||||||||||||||
| 3,053,729 | 6.559 | 04/20/31 | 3,055,556 | |||||||||||||
| CIFC Funding Ltd. Series 2018-2A, Class A1(d) (3 mo. USD Term SOFR + 1.302%) |
| |||||||||||||||
| 3,470,515 | 6.619 | 04/20/31 | 3,472,198 | |||||||||||||
| CIFC Funding Ltd. Series 2023-3A, Class A(d) (3 mo. USD Term SOFR + 1.600%) |
| |||||||||||||||
| 4,750,000 | 6.916 | 01/20/37 | 4,781,212 | |||||||||||||
| CIFC Funding Ltd. Series 2023-3A, Class B(d) (3 mo. USD Term SOFR + 2.300%) |
| |||||||||||||||
| 3,775,000 | 7.616 | 01/20/37 | 3,796,174 | |||||||||||||
|
|
||||||||||||||||
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations(a)(b) – (continued) |
| |||||||||||||||
| Crown City CLO I Series 2020-1A, Class A2R(d) (3 mo. USD Term SOFR + 2.012%) |
| |||||||||||||||
| $ | 4,600,000 | 7.329 | % | 07/20/34 | $ | 4,600,078 | ||||||||||
| Diameter Capital CLO 1 Ltd. Series 2021-1A, Class A1A(d) (3 mo. USD Term SOFR + 1.502%) |
| |||||||||||||||
| 5,250,000 | 6.816 | 07/15/36 | 5,252,945 | |||||||||||||
| Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2(d) (3 mo. USD Term SOFR + 1.562%) |
| |||||||||||||||
| 5,323,261 | 6.876 | 07/15/31 | 5,327,184 | |||||||||||||
| HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(d) (3 mo. USD Term SOFR + 1.712%) |
| |||||||||||||||
| 6,250,000 | 7.029 | 11/30/32 | 6,250,363 | |||||||||||||
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A(d) (3 mo. USD Term SOFR + 2.250%) |
| |||||||||||||||
| 5,200,000 | 7.568 | 07/20/36 | 5,255,099 | |||||||||||||
| Hayfin U.S. XII Ltd. Series 2018-8A, Class A(d) (3 mo. USD Term SOFR + 1.382%) |
| |||||||||||||||
| 3,369,857 | 6.699 | 04/20/31 | 3,370,989 | |||||||||||||
| Helios Issuer LLC Series 2023-GRID1, Class 1A |
| |||||||||||||||
| 415,104 | 5.750 | 12/20/50 | 419,191 | |||||||||||||
| Mountain View CLO LLC Series 2016-1A, Class AR(d) (3 mo. USD Term SOFR + 1.622%) |
| |||||||||||||||
| 3,500,000 | 6.936 | 04/14/33 | 3,499,150 | |||||||||||||
| OCP CLO Ltd. Series 2019-16A, Class AR(d) (3 mo. USD Term SOFR + 1.262%) |
| |||||||||||||||
| 3,500,000 | 6.587 | 04/10/33 | 3,499,374 | |||||||||||||
| Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1R(d) (3 mo. USD Term SOFR + 1.432%) |
| |||||||||||||||
| 4,700,000 | 6.749 | 01/20/35 | 4,701,278 | |||||||||||||
| OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR(d) (3 mo. USD Term SOFR + 1.402%) |
| |||||||||||||||
| 2,150,000 | 6.719 | 07/02/35 | 2,150,948 | |||||||||||||
| OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A(d) (3 mo. USD Term SOFR + 1.712%) |
| |||||||||||||||
| 2,000,000 | 7.010 | 04/18/33 | 1,999,926 | |||||||||||||
| Palmer Square CLO Ltd. Series 2019-1A, Class A1R(d) (3 mo. USD Term SOFR + 1.412%) |
| |||||||||||||||
| 6,000,000 | 6.718 | 11/14/34 | 6,000,456 | |||||||||||||
| Post CLO Ltd. Series 2018-1A, Class A(d) (3 mo. USD Term SOFR + 1.312%) |
| |||||||||||||||
| 1,269,050 | 6.626 | 04/16/31 | 1,269,209 | |||||||||||||
| Recette CLO Ltd. Series 2015-1A, Class ARR(d) (3 mo. USD Term SOFR + 1.342%) |
| |||||||||||||||
| 7,000,000 | 6.659 | 04/20/34 | 6,999,664 | |||||||||||||
| RR 26 Ltd. Series 2023-26A, Class A1(d) (3 mo. USD Term SOFR + 1.780%) |
| |||||||||||||||
| 2,800,000 | 7.094 | 04/15/38 | 2,810,727 | |||||||||||||
| Southwick Park CLO LLC Series 2019-4A, Class A1R(d) (3 mo. USD Term SOFR + 1.322%) |
| |||||||||||||||
| 4,500,000 | 6.639 | 07/20/32 | 4,502,241 | |||||||||||||
| TCW CLO Ltd. Series 2023-1A, Class A1N(d) (3 mo. USD Term SOFR + 2.070%) |
| |||||||||||||||
| 4,500,000 | 7.390 | 04/28/36 | 4,528,125 | |||||||||||||
| Venture 32 CLO Ltd. Series 2018-32A, Class A1(d) (3 mo. USD Term SOFR + 1.362%) |
| |||||||||||||||
| 4,255,893 | 6.660 | 07/18/31 | 4,253,969 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations(a)(b) – (continued) |
| |||||||||||||||
| Venture 39 CLO Ltd. Series 2020-39A, Class A1(d) (3 mo. USD Term SOFR + 1.542%) |
| |||||||||||||||
| $ | 6,900,000 | 6.856 | % | 04/15/33 | $ | 6,900,103 | ||||||||||
| Voya CLO Ltd. Series 2019-2A, Class AR(d) (-1X 3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| 8,050,000 | 1.000 | 07/20/32 | 8,051,433 | |||||||||||||
| Zais CLO 15 Ltd. Series 2020-15A, Class A1R(d) (3 mo. USD Term SOFR + 1.612%) |
| |||||||||||||||
| 3,250,000 | 6.931 | 07/28/32 | 3,250,273 | |||||||||||||
|
|
|
|||||||||||||||
| 132,649,345 | ||||||||||||||||
|
|
||||||||||||||||
| Credit Card(a) – 1.0% |
| |||||||||||||||
| Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| |||||||||||||||
| 8,400,000 | 4.720 | 02/15/29 | 8,342,898 | |||||||||||||
| Capital One Multi-Asset Execution Trust Series 2022-A2, Class A |
| |||||||||||||||
| 2,950,000 | 3.490 | 05/15/27 | 2,891,634 | |||||||||||||
| Capital One Multi-Asset Execution Trust Series 2022-A3, Class A |
| |||||||||||||||
| 4,200,000 | 4.950 | 10/15/27 | 4,185,233 | |||||||||||||
| Discover Card Execution Note Trust Series 2023-A1, Class A |
| |||||||||||||||
| 4,300,000 | 4.310 | 03/15/28 | 4,241,744 | |||||||||||||
|
|
|
|||||||||||||||
| 19,661,509 | ||||||||||||||||
|
|
||||||||||||||||
| Ohio – 0.1% |
| |||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022-ELL, Class A3 |
| |||||||||||||||
| 2,270,000 | 4.275 | 02/01/36 | 2,158,844 | |||||||||||||
|
|
||||||||||||||||
| Student Loan(a)(d) – 1.3% |
| |||||||||||||||
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| |||||||||||||||
| 447,006 | 5.825 | 09/26/33 | 440,438 | |||||||||||||
| Apidos CLO XV Ltd. Series 2013-15A, Class A1RR(b) (3 mo. USD Term SOFR + 1.272%) |
| |||||||||||||||
| 6,025,187 | 6.589 | 04/20/31 | 6,027,224 | |||||||||||||
| Educational Funding of the South, Inc. Series 2011-1, Class A2 (3 mo. USD Term SOFR + 0.912%) |
| |||||||||||||||
| 28,062 | 6.273 | 04/25/35 | 28,044 | |||||||||||||
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(b) (3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| 4,900,000 | 6.531 | 01/20/32 | 4,899,912 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(b) (3 mo. USD Term SOFR + 1.530%) |
| |||||||||||||||
| 5,500,000 | 6.849 | 04/20/38 | 5,512,766 | |||||||||||||
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR(b) (3 mo. USD Term SOFR + 1.400%) |
| |||||||||||||||
| 4,625,000 | 6.721 | 04/15/31 | 4,624,958 | |||||||||||||
| PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1 mo. USD Term SOFR + 1.264%) |
| |||||||||||||||
| 1,129,858 | 6.585 | 09/25/65 | 1,131,504 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities – (continued) |
| |||||||||||||||
| Student Loan(a)(d) – (continued) |
|
|||||||||||||||
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1(b) (3 mo. USD Term SOFR + 1.630%) |
| |||||||||||||||
| $ | 4,950,000 | 6.887 | % | 04/15/37 | $ | 4,952,544 | ||||||||||
|
|
|
|||||||||||||||
| 27,617,390 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $206,047,960) |
|
$ | 206,409,196 | |||||||||||||
|
|
||||||||||||||||
| Agency Debentures – 1.5% |
|
|||||||||||||||
| Sovereign – 1.5% |
|
|||||||||||||||
| Federal Farm Credit Banks Funding Corp. |
| |||||||||||||||
| $ | 7,050,000 | 2.850 | % | 03/28/34 | $ | 6,089,015 | ||||||||||
| 11,930,000 | 2.900 | 04/12/32 | 10,652,416 | |||||||||||||
| 3,840,000 | 3.300 | 05/19/32 | 3,538,061 | |||||||||||||
| 2,500,000 | 3.500 | 09/01/32 | 2,328,825 | |||||||||||||
| Federal Home Loan Banks |
|
|||||||||||||||
| 2,400,000 | 5.000 | 09/28/29 | 2,471,328 | |||||||||||||
| Federal National Mortgage Association |
|
|||||||||||||||
| 4,200,000 | 6.250 | 05/15/29 | 4,575,522 | |||||||||||||
|
|
||||||||||||||||
| TOTAL AGENCY DEBENTURES (Cost $32,495,580) |
|
$ | 29,655,167 | |||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations – 1.0% |
|
|||||||||||||||
| Euro – 0.0% |
|
|||||||||||||||
| Mexico Government International Bonds (a) |
| |||||||||||||||
| EUR | 839,000 | 1.450 | % | 10/25/33 | $ | 710,264 | ||||||||||
| Romania Government International Bonds (b) |
| |||||||||||||||
| 100,000 | 2.000 | 01/28/32 | 85,869 | |||||||||||||
| 360,000 | 3.375 | 01/28/50 | 274,055 | |||||||||||||
|
|
|
|||||||||||||||
| 1,070,188 | ||||||||||||||||
|
|
||||||||||||||||
| United States Dollar – 1.0% |
|
|||||||||||||||
| Export-Import Bank of Korea |
|
|||||||||||||||
| $ | 900,000 | 5.000 | 01/11/28 | 909,756 | ||||||||||||
| 390,000 | 5.125 | 01/11/33 | 397,215 | |||||||||||||
| Hungary Government International Bonds |
| |||||||||||||||
| 1,700,000 | 6.125 | 05/22/28 | 1,743,031 | |||||||||||||
| Israel Government AID Bonds (g) |
|
|||||||||||||||
| 2,400,000 | 5.500 | 04/26/24 | 2,399,520 | |||||||||||||
| 4,700,000 | 5.500 | 09/18/33 | 5,055,038 | |||||||||||||
| Israel Government International Bonds (h) |
| |||||||||||||||
| 200,000 | 4.500 | 04/03/20 | 149,500 | |||||||||||||
| Mexico Government International Bonds |
| |||||||||||||||
| 200,000 | 3.750 | 01/11/28 | 190,188 | |||||||||||||
| 240,000 | 3.250 | (a) | 04/16/30 | 213,720 | ||||||||||||
| 200,000 | 4.750 | (a) | 04/27/32 | 189,750 | ||||||||||||
| 1,746,000 | 3.500 | (a) | 02/12/34 | 1,455,727 | ||||||||||||
| 1,960,000 | 3.771 | (a) | 05/24/61 | 1,276,450 | ||||||||||||
| 600,000 | 3.750 | (a) | 04/19/71 | 383,063 | ||||||||||||
| Panama Government International Bonds (a) |
| |||||||||||||||
| 360,000 | 6.875 | 01/31/36 | 350,663 | |||||||||||||
| 800,000 | 6.853 | 03/28/54 | 722,800 | |||||||||||||
| 210,000 | 4.500 | 01/19/63 | 134,269 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – (continued) |
| |||||||||||||||
| United States Dollar – (continued) | ||||||||||||||||
| Peru Government International Bonds (a) |
| |||||||||||||||
| $ | 10,000 | 2.780 | % | 12/01/60 | $ | 5,772 | ||||||||||
| 100,000 | 3.230 | (i) | 07/28/21 | 57,594 | ||||||||||||
| Republic of Poland Government International Bonds (a) |
| |||||||||||||||
| 2,600,000 | 5.125 | 09/18/34 | 2,591,602 | |||||||||||||
| Romania Government International Bonds |
| |||||||||||||||
| 770,000 | 3.000 | (b) | 02/27/27 | 718,987 | ||||||||||||
| 690,000 | 5.125 | 06/15/48 | 585,637 | |||||||||||||
| 580,000 | 4.000 | 02/14/51 | 411,295 | |||||||||||||
|
|
|
|||||||||||||||
| 19,941,577 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $23,188,129) |
$ | 21,011,765 | ||||||||||||||
|
|
||||||||||||||||
| Municipal Debt Obligations – 0.6% |
| |||||||||||||||
| California(a) – 0.2% |
|
|||||||||||||||
| California State GO Bonds Build America Taxable Series 2009 |
| |||||||||||||||
| $ | 2,600,000 | 7.550 | 04/01/39 | $ | 3,136,840 | |||||||||||
|
|
||||||||||||||||
| Florida(a) – 0.0% |
|
|||||||||||||||
| Florida State Board of Administration Finance Corp. RB Taxable Series A |
| |||||||||||||||
| 595,000 | 2.154 | % | 07/01/30 | $ | 508,243 | |||||||||||
|
|
||||||||||||||||
| Illinois – 0.1% |
|
|||||||||||||||
| Illinois State GO Bonds Build America Series 2010 |
| |||||||||||||||
| 1,502,527 | 7.350 | 07/01/35 | $ | 1,622,550 | ||||||||||||
| Illinois State GO Bonds Taxable-Pension Series 2003 |
| |||||||||||||||
| 1,170,000 | 5.100 | 06/01/33 | 1,161,484 | |||||||||||||
|
|
|
|||||||||||||||
| 2,784,034 | ||||||||||||||||
|
|
||||||||||||||||
| New York – 0.2% |
|
|||||||||||||||
| Metropolitan Transportation Authority Revenue Series 2010 |
| |||||||||||||||
| 395,000 | 5.989 | 11/15/30 | 411,193 | |||||||||||||
| New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B |
| |||||||||||||||
| 2,670,000 | 5.175 | 11/15/49 | 2,475,690 | |||||||||||||
|
|
|
|||||||||||||||
| 2,886,883 | ||||||||||||||||
|
|
||||||||||||||||
| Ohio – 0.1% |
|
|||||||||||||||
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| |||||||||||||||
| 1,545,000 | 6.270 | 02/15/50 | 1,642,373 | |||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $10,795,269) |
$ | 10,958,373 | ||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations – 17.7% |
| |||||||||||||||
| U.S. Treasury Bonds |
|
|||||||||||||||
| $ | 6,530,000 | 4.250 | % | 05/15/39 | $ | 6,515,716 | ||||||||||
| 75,750,000 | 4.250 | 11/15/40 | 74,720,273 | |||||||||||||
| 210,000 | 3.375 | 05/15/44 | 179,222 | |||||||||||||
| 15,240,000 | 2.875 | 11/15/46 | 11,744,325 | |||||||||||||
| 51,100,000 | 3.000 | 02/15/47 | 40,201,328 | |||||||||||||
| 14,730,000 | 2.250 | 02/15/52 | 9,696,483 | |||||||||||||
|
|
||||||||||||||||
| 74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – (continued) |
| |||||||||||||||
| $ | 7,925,500 | 4.000 | % | 11/15/52 | $ | 7,456,162 | ||||||||||
| U.S. Treasury Inflation-Indexed Bonds |
| |||||||||||||||
| 5,518,809 | 1.500 | 02/15/53 | 4,825,412 | |||||||||||||
| 1,336,836 | 2.125 | 02/15/54 | 1,353,740 | |||||||||||||
| U.S. Treasury Notes |
||||||||||||||||
| 3,651,800 | 0.750 | 04/30/26 | 3,373,921 | |||||||||||||
| 22,680,000 | 0.750 | 05/31/26 | 20,895,722 | |||||||||||||
| 59,493,500 | 4.375 | (j) | 08/15/26 | 59,270,399 | ||||||||||||
| 24,880,000 | 0.750 | 08/31/26 | 22,745,763 | |||||||||||||
| 22,370,000 | 1.375 | 08/31/26 | 20,767,399 | |||||||||||||
| 25,100,000 | 2.625 | 05/31/27 | 23,790,094 | |||||||||||||
| 25,680,000 | 0.500 | 06/30/27 | 22,684,669 | |||||||||||||
| 16,320,000 | 3.500 | (j) | 04/30/28 | 15,834,225 | ||||||||||||
| 1,000,000 | 4.625 | 09/30/28 | 1,014,609 | |||||||||||||
| 2,590,000 | 3.875 | 09/30/29 | 2,544,877 | |||||||||||||
| 8,670,000 | 4.125 | 03/31/31 | 8,625,065 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S TREASURY OBLIGATIONS (Cost $399,025,135) |
$ | 358,239,404 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 112.3% (Cost $2,372,770,528) |
$ | 2,268,770,565 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (12.3)% |
(248,991,023 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 2,019,779,542 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (c) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. | |
| (d) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. | |
| (e) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $280,951,573 which represents approximately 14.0% of net assets as of March 31, 2024. | |
| (f) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $13,414,410, which represents approximately 1% of the Fund’s net assets as of March 31, 2024. | |
| (g) | Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,454,558, which represents approximately 0.4% of the Fund’s net assets as of March 31, 2024 | |
| (h) | Actual maturity date is April 03, 2120. | |
| (i) | Actual maturity date is July 28, 2121. | |
| (j) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Deutsche Bank AG (London) |
CAD | 239,141 | USD | 176,587 | 06/20/24 | $ | 165 | |||||||||||||||||
| MS & Co. Int. PLC |
USD | 31,616 | CHF | 27,625 | 06/20/24 | 709 | ||||||||||||||||||
| UBS AG (London) |
USD | 524,830 | JPY | 77,289,229 | 06/20/24 | 7,889 | ||||||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL |
$ | 8,763 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||||||
|
|
||||||||||||||||||||||||
| BofA Securities LLC |
SEK | 918,270 | USD | 89,554 | 06/20/24 | $ | (3,478 | ) | ||||||||||||||||
| MS & Co. Int. PLC |
GBP | 56,064 | USD | 71,377 | 06/20/24 | (586 | ) | |||||||||||||||||
| Westpac Banking Corp. |
NZD | 193,942 | USD | 118,799 | 06/20/24 | (2,923 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL |
$ | (6,987 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Government National Mortgage Association |
3.000 | % | TBA - 30yr | 04/18/24 | $ | (20,000,000 | ) | $ | (17,640,370 | ) | ||||||||||||||||||||||||||
| Government National Mortgage Association |
3.500 | TBA - 30yr | 04/18/24 | (3,000,000 | ) | (2,729,651 | ) | |||||||||||||||||||||||||||||
| Government National Mortgage Association |
5.000 | TBA - 30yr | 04/18/24 | (1,000,000 | ) | (982,961 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 04/11/24 | (154,000,000 | ) | (146,642,896 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
5.000 | TBA - 30yr | 04/11/24 | (101,000,000 | ) | (98,577,576 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
3.000 | TBA - 30yr | 04/11/24 | (4,000,000 | ) | (3,442,188 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
2.000 | TBA - 30yr | 04/11/24 | (53,000,000 | ) | (41,930,764 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 05/15/24 | (5,000,000 | ) | (5,105,078 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
7.000 | TBA - 30yr | 05/15/24 | (17,000,000 | ) | (17,499,261 | ) | |||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| (PROCEEDS RECEIVED: $(335,607,578)) |
|
$ | (334,550,745 | ) | ||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Long position contracts: |
||||||||||||||||||||||||||||
| 10 Year U.S. Treasury Notes |
472 | 06/18/24 | $ | 52,296,125 | $ | 70,956 | ||||||||||||||||||||||
| 2 Year U.S. Treasury Notes |
113 | 06/28/24 | 23,106,734 | (41,659 | ) | |||||||||||||||||||||||
| 20 Year U.S. Treasury Bonds |
225 | 06/18/24 | 27,098,437 | 9,036 | ||||||||||||||||||||||||
| 30 Year German Euro-Buxl |
5 | 06/06/24 | 732,539 | 12,852 | ||||||||||||||||||||||||
| 5 Year German Euro-Bund |
5 | 06/06/24 | 719,485 | 5,602 | ||||||||||||||||||||||||
| 5 Year U.S. Treasury Notes |
2,016 | 06/28/24 | 215,743,500 | (42,577 | ) | |||||||||||||||||||||||
| Ultra Long U.S. Treasury Bonds |
654 | 06/18/24 | 84,366,000 | 1,209,447 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total |
$ | 1,223,657 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short position contracts: |
||||||||||||||||||||||||||||
| 2 Year German Euro-Schatz |
(221 | ) | 06/06/24 | (25,201,610 | ) | (3,087 | ) | |||||||||||||||||||||
| 5 Year German Euro-Bobl |
(130 | ) | 06/06/24 | (16,584,620 | ) | (50,065 | ) | |||||||||||||||||||||
| 5 Year German Euro-Oat |
(2 | ) | 06/06/24 | (276,552 | ) | (1,729 | ) | |||||||||||||||||||||
| Ultra 10-Year U.S. Treasury Note |
(256 | ) | 06/18/24 | (29,340,000 | ) | (157,073 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total |
$ | (211,954 | ) | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL FUTURES CONTRACTS |
$ | 1,011,703 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| 76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 12M EURO(b) |
3.883%(b) | 06/12/24 | EUR | 214,290 | $ | (4,046 | ) | $ | — | $ | (4,046 | ) | ||||||||||
| 3.500%(b) |
12M SOFR(b) | 04/19/25 | $ | 2,700 | 38,883 | (2,517 | ) | 41,400 | ||||||||||||||
| 12M EURO(c) |
2.820(c) | 03/19/26 | EUR | 23,550 | (2,632 | ) | (11,664 | ) | 9,032 | |||||||||||||
| 1.000(c) |
12M CHFOR(c) | 06/19/26 | CHF | 68,510 | (6,639 | ) | 33,483 | (40,122 | ) | |||||||||||||
| 3.000(c) |
12M EURO(c) | 06/19/26 | EUR | 24,300 | (131,460 | ) | (176,245 | ) | 44,785 | |||||||||||||
| 3M STIBOR(d) |
3.250(c) | 06/19/26 | SEK | 777,930 | 309,718 | 482,686 | (172,968 | ) | ||||||||||||||
| 4.000(d) |
3M AUDOR(d) | 06/19/26 | AUD | 52,230 | (98,281 | ) | (95,443 | ) | (2,838 | ) | ||||||||||||
| 12M CDOR(e) |
4.250(e) | 06/19/26 | CAD | 66,090 | 229,923 | 268,575 | (38,652 | ) | ||||||||||||||
| 6M NIBOR(e) |
4.500(c) | 06/19/26 | NOK | 593,690 | 251,317 | 436,925 | (185,608 | ) | ||||||||||||||
| 4.250(c) |
12M SOFR (c) | 06/28/26 | $ | 8,618 | 14,544 | 22,256 | (7,712 | ) | ||||||||||||||
| 4.000(e) |
12M CDOR(e) | 06/28/26 | CAD | 6,864 | (1,957 | ) | 5,520 | (7,477 | ) | |||||||||||||
| 3.000(c) |
6M EURO(e) | 06/28/26 | EUR | 2,134 | (2,586 | ) | 1,220 | (3,806 | ) | |||||||||||||
| 3M AUDOR(d) |
3.750(d) | 06/29/26 | AUD | 1,200 | (1,319 | ) | (2,901 | ) | 1,582 | |||||||||||||
| 12M SOFR(c) |
3.350(c) | 10/06/27 | $ | 90,850 | (515,783 | ) | 52,795 | (568,578 | ) | |||||||||||||
| 6M EURO(e) |
3.000(c) | 10/20/27 | EUR | 20,560 | 250,290 | (390,354 | ) | 640,644 | ||||||||||||||
| 12M SOFR(c) |
3.730(c) | 11/28/27 | $ | 8,820 | 14,387 | 32,186 | (17,799 | ) | ||||||||||||||
| 12M EURO(c) |
2.673(c) | 04/22/28 | EUR | 35,450 | 483,469 | 146,473 | 336,996 | |||||||||||||||
| 2.852(c) |
3M EURO(d) | 04/22/28 | 35,450 | (509,652 | ) | (126,263 | ) | (383,389 | ) | |||||||||||||
| 3.975(c) |
12M SOFR(c) | 08/31/28 | $ | 57,350 | (5,460 | ) | (14,675 | ) | 9,215 | |||||||||||||
| 12M SOFR(c) |
3.696(c) | 09/22/28 | 75,640 | 180,167 | (159,945 | ) | 340,112 | |||||||||||||||
| 12M EURO(c) |
2.470(c) | 04/12/29 | EUR | 16,320 | 59,557 | (6,219 | ) | 65,776 | ||||||||||||||
| 0.500(c) |
12M JYOR(c) | 06/19/29 | JPY | 12,073,000 | 185,984 | 136,361 | 49,623 | |||||||||||||||
| 12M GBP(c) |
3.750(c) | 06/19/29 | GBP | 15,260 | 29,391 | (50,927 | ) | 80,318 | ||||||||||||||
| 6M AUDOR(e) |
4.250(e) | 06/19/29 | AUD | 7,380 | 61,591 | 51,842 | 9,749 | |||||||||||||||
| 2.680(c) |
12M SOFR(c) | 07/28/32 | $ | 20,070 | 736,748 | 279,326 | 457,422 | |||||||||||||||
| 1.250(c) |
12M JYOR(c) | 08/03/33 | JPY | 1,623,000 | (72,620 | ) | (84,337 | ) | 11,717 | |||||||||||||
| 12M SOFR(c) |
4.306(c) | 10/05/33 | $ | 17,960 | 452,425 | (115,738 | ) | 568,163 | ||||||||||||||
| 6M EURO(e) |
3.000(c) | 11/10/33 | EUR | 25,140 | 611,477 | 171,794 | 439,683 | |||||||||||||||
| 12M SOFR(c) |
3.849(c) | 11/15/33 | $ | 19,410 | 68,009 | 18,428 | 49,581 | |||||||||||||||
| 12M EURO(c) |
2.370(c) | 01/19/34 | EUR | 29,480 | 209,076 | (26,747 | ) | 235,823 | ||||||||||||||
| 2.535(c) |
6M EURO(e) | 01/19/34 | 29,480 | (257,715 | ) | 29,585 | (287,300 | ) | ||||||||||||||
| 12M JYOR(c) |
1.000(c) | 06/19/34 | JPY | 48,000 | 3,732 | 4,090 | (358 | ) | ||||||||||||||
| 12M CHFOR(c) |
1.250(c) | 06/19/34 | CHF | 6,970 | 77,297 | 43,634 | 33,663 | |||||||||||||||
| 3.750(c) |
12M GBP(c) | 06/19/34 | GBP | 750 | (10,152 | ) | (2,636 | ) | (7,516 | ) | ||||||||||||
| 6M EURO(e) |
3.000(c) | 06/19/34 | EUR | 13,590 | 583,789 | 465,537 | 118,252 | |||||||||||||||
| 12M CDOR(e) |
3.500(e) | 06/19/34 | CAD | 7,010 | 24,558 | 76,122 | (51,564 | ) | ||||||||||||||
| 2.750(c) |
3M STIBOR(d) | 06/19/34 | SEK | 48,010 | (52,324 | ) | (96,282 | ) | 43,958 | |||||||||||||
| 6M AUDOR(e) |
4.500(e) | 06/19/34 | AUD | 2,550 | 38,101 | 28,063 | 10,038 | |||||||||||||||
| 3M NZDOR(d) |
4.500(e) | 06/19/34 | NZD | 1,860 | 14,514 | 5,708 | 8,806 | |||||||||||||||
| 4.000(c) |
6M NIBOR(e) | 06/19/34 | NOK | 15,880 | (42,069 | ) | (35,457 | ) | (6,612 | ) | ||||||||||||
| 3.750(c) |
12M SOFR (c) | 06/20/34 | $ | 520 | 1,312 | 1,505 | (193 | ) | ||||||||||||||
| 12M SOFR(c) |
3.750(c) | 06/20/34 | 480 | (1,813 | ) | (1,483 | ) | (330 | ) | |||||||||||||
| 3.240(c) |
12M SOFR(c) | 10/06/35 | 21,670 | 714,070 | (260,257 | ) | 974,327 | |||||||||||||||
| 3.781(c) |
12M SOFR(c) | 09/22/36 | 17,850 | (155,320 | ) | 276,951 | (432,271 | ) | ||||||||||||||
| 12M SOFR(c) |
2.910(c) | 07/28/37 | 48,890 | (1,424,738 | ) | (652,894 | ) | (771,844 | ) | |||||||||||||
| 6M EURO(e) |
2.152(c) | 08/09/37 | EUR | 25,940 | (522,280 | ) | (1,153,228 | ) | 630,948 | |||||||||||||
| 12M SOFR(c) |
3.391(c) | 05/10/38 | $ | 58,990 | (806,606 | ) | (604,440 | ) | (202,166 | ) | ||||||||||||
| 12M JYOR(c) |
1.500(c) | 08/03/38 | JPY | 1,759,000 | (73,931 | ) | (130,409 | ) | 56,478 | |||||||||||||
| 6M EURO(e) |
3.000(c) | 01/25/39 | EUR | 12,680 | 172,712 | 42,622 | 130,090 | |||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 1.451%(c) |
6M EURO(e) | 08/10/42 | EUR | 66,340 | $ | 2,330,935 | $ | 2,205,216 | $ | 125,719 | ||||||||||||
| 2.500(c) |
6M EURO(e) | 01/25/44 | 30,310 | (226,771 | ) | (34,747 | ) | (192,024 | ) | |||||||||||||
| 2.080(c) |
12M SOFR(c) | 07/28/47 | $ | 48,510 | 1,373,934 | 808,586 | 565,348 | |||||||||||||||
| 6M EURO(e) |
1.051%(c) | 08/11/47 | EUR | 38,840 | (1,103,817 | ) | (982,688 | ) | (121,129 | ) | ||||||||||||
| 6M EURO(e) |
2.000(c) | 01/25/49 | 18,070 | 91,860 | (3,479 | ) | 95,339 | |||||||||||||||
| 2.564(c) |
12M SOFR(c) | 05/11/53 | $ | 50,200 | 1,042,278 | 508,917 | 533,361 | |||||||||||||||
| 2.000(c) |
6M EURO(e) | 05/17/53 | EUR | 6,110 | (12,114 | ) | (4,354 | ) | (7,760 | ) | ||||||||||||
| 2.500(c) |
6M EURO(e) | 11/10/53 | 13,510 | (705,851 | ) | (462,941 | ) | (242,910 | ) | |||||||||||||
| 3.613(c) |
12M SOFR(c) | 11/15/53 | $ | 11,690 | (264,477 | ) | (87,796 | ) | (176,681 | ) | ||||||||||||
| 3.512(c) |
12M SOFR(c) | 11/29/53 | 3,000 | (47,992 | ) | (56,900 | ) | 8,908 | ||||||||||||||
| 2.750(c) |
6M EURO(e) | 06/19/54 | EUR | 5,400 | (552,701 | ) | (425,384 | ) | (127,317 | ) | ||||||||||||
|
|
||||||||||||||||||||||
| TOTAL |
$ | 3,042,942 | $ | 377,056 | $ | 2,665,886 | ||||||||||||||||
|
|
||||||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b)Payments | made at maturity. |
| (c) | Payments made annually. |
| (d) | Payments made quarterly. |
| (e) | Payments made semi-annually. |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
| Reference Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||||||||||
| Protection Sold: |
|||||||||||||||||||||||||||||||||||||
| CMBX.NA.AAA.16 |
0.500 | % | 0.714 | % | MS & Co. Int. PLC | 04/17/65 | $5,350 | $ | (73,843) | $ | (107,636) | $33,793 | |||||||||||||||||||||||||
| (a) | Payments made monthly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||||||
| CDX.NA.IG Index 40 |
1.000% | 0.403% | 06/20/28 | $106,631 | $2,484,848 | $798,575 | $1,686,273 | |||||||||||||||||||||
| General Electric Co., 6.750%, 03/15/32 |
1.000 | 0.167 | 06/20/26 | 3,875 | 69,666 | 23,428 | 46,238 | |||||||||||||||||||||
| Nordstrom, Inc., 6.950%, 03/15/28 |
1.000 | 0.480 | 12/20/24 | 1,950 | 7,969 | (9,140 | ) | 17,109 | ||||||||||||||||||||
| Nordstrom, Inc., 6.950%, 03/15/28 |
1.000 | 0.307 | 06/20/24 | 5,525 | 10,345 | (1,174 | ) | 11,519 | ||||||||||||||||||||
| Republic of Chile, 3.24%, 2/6/28 |
1.000 | 0.496 | 12/20/28 | 5,440 | 118,793 | 82,468 | 36,325 | |||||||||||||||||||||
| The Boeing Co., 8.750%, 06/20/24 |
1.000 | 0.339 | 06/20/24 | 1,225 | 2,249 | 1,165 | 1,084 | |||||||||||||||||||||
| 78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| 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 March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| United Mexican States, 4.150%, 03/28/27 |
1.000% | 0.921% | 06/20/29 | $ | 3,980 | $ | 15,987 | $ | 13,212 | $ | 2,775 | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL |
$ | 2,709,857 | $ | 908,534 | $ | 1,801,323 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Payments made quarterly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Fund had the following purchased and written options:
OVER-THE-COUNTER INTEREST RATE SWAPTIONS
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts |
|
|||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.550 | % | 04/22/2024 | 45,660,000 | $ | 45,660,000 | $ | 144,679 | $ | 121,834 | $ | 22,845 | |||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.520 | 04/30/2024 | 23,240,000 | 23,240,000 | 77,250 | 61,964 | 15,286 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts |
68,900,000 | $ | 68,900,000 | $ | 221,929 | $ | 183,798 | $ | 38,131 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
|
|||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | 04/15/2024 | (5,150,000 | ) | (5,150,000 | ) | (62,466 | ) | (39,593 | ) | (22,873 | ) | |||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (5,210,000 | ) | (5,210,000 | ) | (57,866 | ) | (38,282 | ) | (19,584 | ) | |||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (5,190,000 | ) | (5,190,000 | ) | (25,611 | ) | (44,202 | ) | 18,591 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (5,540,000 | ) | (5,540,000 | ) | (57,588 | ) | (49,998 | ) | (7,590 | ) | |||||||||||||||||
| 2M IRS |
Citibank NA | 2.577 | 04/29/2024 | (5,200,000 | ) | (5,200,000 | ) | (41,148 | ) | (38,779 | ) | (2,369 | ) | |||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (5,600,000 | ) | (5,600,000 | ) | (451 | ) | (45,080 | ) | 44,629 | ||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (5,520,000 | ) | (5,520,000 | ) | (6,512 | ) | (54,648 | ) | 48,136 | ||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (5,480,000 | ) | (5,480,000 | ) | (51,923 | ) | (50,690 | ) | (1,233 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (42,890,000 | ) | $ | (42,890,000 | ) | $ | (303,565 | ) | $ | (361,272 | ) | $ | 57,707 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.723 | 04/22/2024 | (45,660,000 | ) | (45,660,000 | ) | (65,272 | ) | (76,146 | ) | 10,874 | ||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.896 | 04/22/2024 | (45,660,000 | ) | (45,660,000 | ) | (16,194 | ) | (45,688 | ) | 29,494 | ||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | 04/15/2024 | (5,150,000 | ) | (5,150,000 | ) | (8,918 | ) | (39,593 | ) | 30,675 | ||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (5,210,000 | ) | (5,210,000 | ) | (17,323 | ) | (38,282 | ) | 20,959 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (5,190,000 | ) | (5,190,000 | ) | (13,341 | ) | (44,202 | ) | 30,861 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (5,540,000 | ) | (5,540,000 | ) | (26,184 | ) | (49,998 | ) | 23,814 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 2.577 | 04/29/2024 | (5,200,000 | ) | (5,200,000 | ) | (35,006 | ) | (38,779 | ) | 3,773 | ||||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (5,600,000 | ) | (5,600,000 | ) | (451 | ) | (45,080 | ) | 44,629 | ||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (5,520,000 | ) | (5,520,000 | ) | (59,344 | ) | (54,648 | ) | (4,696 | ) | |||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (5,480,000 | ) | (5,480,000 | ) | (19,869 | ) | (50,690 | ) | 30,821 | ||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.860 | 04/30/2024 | (23,240,000 | ) | (23,240,000 | ) | (12,842 | ) | (23,605 | ) | 10,763 | ||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.690 | % | 04/30/2024 | (23,240,000) | $ | (23,240,000) | $ | (38,642) | $ | (38,360) | $ | (282) | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (180,690,000) | $ | (180,690,000) | $ | (313,386) | $ | (545,071) | $ | 231,685 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts |
(223,580,000) | $ | (223,580,000) | $ | (616,951) | $ | (906,343) | $ | 289,392 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL |
(154,680,000) | $ | (154,680,000) | $ | (395,022) | $ | (722,545) | $ | 327,523 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
|
|
|||
| Currency Abbreviations: |
||||
| AUD |
—Australian Dollar |
|||
| CAD |
—Canadian Dollar |
|||
| CHF |
—Swiss Franc |
|||
| EUR |
—Euro |
|||
| GBP |
—British Pound |
|||
| JPY |
—Japanese Yen |
|||
| NOK |
—Norwegian Krone |
|||
| NZD |
—New Zealand Dollar |
|||
| SEK |
—Swedish Krona |
|||
| USD |
—U.S. Dollar |
|||
|
|
||||
|
|
||||
| Investment Abbreviations: |
||||
| CLO | —Collateralized Loan Obligation | |||
| CMT | —Constant Maturity Treasury Indexes | |||
| GO | —General Obligation | |||
| LIBOR | —London Interbank Offered Rate | |||
| LLC | —Limited Liability Company | |||
| LP | —Limited Partnership | |||
| MSCI | —Morgan Stanley Capital International | |||
| PLC | —Public Limited Company | |||
| RB | —Revenue Bond | |||
| REIT | —Real Estate Investment Trust | |||
| REMICS | —Real Estate Mortgage Investment Conduits | |||
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |||
| SOFR | —Secured Overnight Financing Rate | |||
| STACR | —Structured Agency Credit Risk | |||
|
|
||||
|
|
||||
| Abbreviations: |
||||
| 1M IRS | —1 Month Interest Rate Swaptions | |||
| 2M IRS | —2 Months Interest Rate Swaptions | |||
| 3M IRS | —3 Months Interest Rate Swaptions | |||
| AUDOR | —Australian Dollar Offered Rate | |||
| CDOR | —Canadian Dollar Offered Rate | |||
| CDX.NA.IG Ind 40 | —CDX North America Investment Grade Index 40 | |||
| CHFOR | —Swiss Franc Offered Rate | |||
| CMBX | —Commercial Mortgage Backed Securities Index | |||
| EURO | —Euro Offered Rate | |||
| JYOR | —Japanese Yen Offered Rate | |||
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |||
| NIBOR | —Norwegian Interbank Offered Rate | |||
| NZDOR | —New Zealand Dollar Offered Rate | |||
| SOFR | —Secured Overnight Financing Rate | |||
| STIBOR | —Stockholm Interbank Offered Rate | |||
|
|
||||
| 80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 32.2% | ||||||||||||||||
| Aerospace & Defense(a) – 0.2% | ||||||||||||||||
| Boeing Co. |
|
|||||||||||||||
| $ | 779,000 | 5.150 | % | 05/01/30 | $ | 753,877 | ||||||||||
| 225,000 | 3.375 | 06/15/46 | 152,055 | |||||||||||||
| 80,000 | 3.625 | 03/01/48 | 54,594 | |||||||||||||
| 100,000 | 3.750 | 02/01/50 | 69,572 | |||||||||||||
| L3Harris Technologies, Inc. |
||||||||||||||||
| 50,000 | 4.400 | 06/15/28 | 48,680 | |||||||||||||
| 75,000 | 5.600 | 07/31/53 | 76,221 | |||||||||||||
|
|
|
|||||||||||||||
| 1,154,999 | ||||||||||||||||
|
|
||||||||||||||||
| Agriculture(a) – 0.3% |
|
|||||||||||||||
| BAT Capital Corp. |
|
|||||||||||||||
| 50,000 | 3.557 | 08/15/27 | 47,324 | |||||||||||||
| BAT International Finance PLC |
||||||||||||||||
| GBP | 948,000 | 2.250 | 06/26/28 | 1,060,390 | ||||||||||||
| EUR | 200,000 | 2.250 | 01/16/30 | 198,519 | ||||||||||||
| Philip Morris International, Inc. |
||||||||||||||||
| $ | 525,000 | 5.625 | 11/17/29 | 540,766 | ||||||||||||
|
|
|
|||||||||||||||
| 1,846,999 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive – 1.3% |
|
|||||||||||||||
| Ford Motor Credit Co. LLC (a) |
||||||||||||||||
| 975,000 | 5.800 | 03/05/27 | 978,510 | |||||||||||||
| General Motors Financial Co., Inc. (a) |
||||||||||||||||
| EUR | 100,000 | 1.694 | 03/26/25 | 105,622 | ||||||||||||
| 195,000 | 0.850 | 02/26/26 | 199,747 | |||||||||||||
| $ | 1,725,000 | 1.500 | 06/10/26 | 1,587,397 | ||||||||||||
| 650,000 | 5.000 | 04/09/27 | 645,411 | |||||||||||||
| 375,000 | 3.850 | 01/05/28 | 357,319 | |||||||||||||
| 200,000 | 5.650 | 01/17/29 | 202,486 | |||||||||||||
| 90,000 | 4.300 | 04/06/29 | 85,981 | |||||||||||||
| Hyundai Capital America (a)(b) |
||||||||||||||||
| 2,425,000 | 1.650 | 09/17/26 | 2,215,698 | |||||||||||||
| 175,000 | 5.700 | 06/26/30 | 178,188 | |||||||||||||
| PACCAR Financial Corp. |
||||||||||||||||
| 725,000 | 0.900 | 11/08/24 | 705,432 | |||||||||||||
| Volkswagen International Finance NV (a)(c) (-1X 5 yr. EUR Swap + 3.746%) |
| |||||||||||||||
| EUR | 1,200,000 | 3.500 | 06/17/25 | 1,270,242 | ||||||||||||
|
|
|
|||||||||||||||
| 8,532,033 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 11.8% |
|
|||||||||||||||
| ABN AMRO Bank NV (a)(b)(c) (1 yr. CMT + 0.800%) |
| |||||||||||||||
| $ | 1,200,000 | 1.542 | 06/16/27 | 1,093,200 | ||||||||||||
| AIB Group PLC (a)(c) |
|
|||||||||||||||
| (1 yr. EUR Swap + 1.950%) |
||||||||||||||||
| EUR | 1,150,000 | 4.625 | 07/23/29 | 1,281,570 | ||||||||||||
| (-1X 5 yr. EUR Swap + 3.300%) |
||||||||||||||||
| 805,000 | 2.875 | 05/30/31 | 838,651 | |||||||||||||
| (3 mo. USD LIBOR + 1.874%) |
||||||||||||||||
| $ | 1,250,000 | 4.263 | (b) | 04/10/25 | 1,249,250 | |||||||||||
| Australia & New Zealand Banking Group Ltd. (a)(b)(c) (5 yr. CMT + 1.288%) |
| |||||||||||||||
| 750,000 | 2.950 | 07/22/30 | 720,360 | |||||||||||||
| Banco Santander SA |
|
|||||||||||||||
| 800,000 | 2.706 | 06/27/24 | 794,304 | |||||||||||||
| 1,000,000 | 3.800 | 02/23/28 | 946,690 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Banks – (continued) |
|
|||||||||||||||
| $ | 1,400,000 | 3.490 | % | 05/28/30 | $ | 1,268,722 | ||||||||||
| (1 yr. CMT + 1.250%) |
|
|||||||||||||||
| 1,000,000 | 5.552 | (a)(c) | 03/14/28 | 1,000,440 | ||||||||||||
| Bank of America Corp. (a)(c) |
||||||||||||||||
| (3 mo. USD Term SOFR + 1.072%) |
||||||||||||||||
| 2,900,000 | 3.366 | 01/23/26 | 2,846,524 | |||||||||||||
| (Secured Overnight Financing Rate + 1.320%) |
| |||||||||||||||
| 350,000 | 2.687 | 04/22/32 | 295,862 | |||||||||||||
| (Secured Overnight Financing Rate + 1.630%) |
| |||||||||||||||
| 2,125,000 | 5.202 | 04/25/29 | 2,127,231 | |||||||||||||
| (Secured Overnight Financing Rate + 2.150%) |
| |||||||||||||||
| 375,000 | 2.592 | 04/29/31 | 323,299 | |||||||||||||
| Bank of Ireland Group PLC (a)(c) (5 yr. EUR Swap + 4.150%) |
| |||||||||||||||
| EUR | 400,000 | 6.750 | 03/01/33 | 461,722 | ||||||||||||
| Banque Federative du Credit Mutuel SA (a)(c) (5 yr. EUR Swap + |
| |||||||||||||||
| 2.200 | %) | |||||||||||||||
| 1,200,000 | 3.875 | 06/16/32 | 1,280,793 | |||||||||||||
| Barclays PLC (a)(c) |
|
|||||||||||||||
| (1 yr. CMT + 1.050%) |
|
|||||||||||||||
| $ | 1,025,000 | 2.279 | 11/24/27 | 942,723 | ||||||||||||
| (1 yr. CMT + 3.500%) |
|
|||||||||||||||
| 1,230,000 | 7.437 | 11/02/33 | 1,367,698 | |||||||||||||
| (Secured Overnight Financing Rate + 1.490%) |
| |||||||||||||||
| 605,000 | 5.674 | 03/12/28 | 607,087 | |||||||||||||
| (Secured Overnight Financing Rate + 1.740%) |
| |||||||||||||||
| 573,000 | 5.690 | 03/12/30 | 576,003 | |||||||||||||
| BNP Paribas SA |
|
|||||||||||||||
| 1,450,000 | 3.375 | (b) | 01/09/25 | 1,425,814 | ||||||||||||
| 1,250,000 | 3.375 | 01/09/25 | 1,229,150 | |||||||||||||
| (Secured Overnight Financing Rate + 1.004%) |
| |||||||||||||||
| 575,000 | 1.323 | (a)(b)(c) | 01/13/27 | 534,537 | ||||||||||||
| (Secured Overnight Financing Rate + 1.520%) |
| |||||||||||||||
| 1,000,000 | 5.176 | (a)(b)(c) | 01/09/30 | 999,570 | ||||||||||||
| (Secured Overnight Financing Rate + 2.074%) |
| |||||||||||||||
| 550,000 | 2.219 | (a)(b)(c) | 06/09/26 | 528,858 | ||||||||||||
| BPCE SA |
|
|||||||||||||||
| EUR | 300,000 | 1.750 | 04/26/27 | 308,647 | ||||||||||||
| (Secured Overnight Financing Rate + 1.520%) |
| |||||||||||||||
| $ | 1,000,000 | 1.652 | (a)(b)(c) | 10/06/26 | 939,110 | |||||||||||
| CaixaBank SA |
|
|||||||||||||||
| EUR | 400,000 | 1.125 | 05/17/24 | 430,034 | ||||||||||||
| (-1X 3 mo. EUR EURIBOR + 0.850%) |
||||||||||||||||
| 700,000 | 0.375 | (a)(c) | 11/18/26 | 714,807 | ||||||||||||
| (-1X 3 mo. EUR EURIBOR + 0.900%) |
||||||||||||||||
| 1,500,000 | 0.500 | (a)(c) | 02/09/29 | 1,437,659 | ||||||||||||
| (-1X 3 mo. EUR EURIBOR + 1.000%) |
||||||||||||||||
| 300,000 | 0.750 | (a)(c) | 05/26/28 | 296,895 | ||||||||||||
| (3 mo. EUR EURIBOR + 0.620%) |
||||||||||||||||
| 300,000 | 0.625 | (a)(c) | 01/21/28 | 299,967 | ||||||||||||
| (5 yr. EUR Swap + 3.000%) |
||||||||||||||||
| 200,000 | 6.125 | (a)(c) | 05/30/34 | 229,301 | ||||||||||||
| (5 yr. EUR Swap + 3.550%) |
||||||||||||||||
| 200,000 | 6.250 | (a)(c) | 02/23/33 | 228,608 | ||||||||||||
| Citigroup, Inc. (a)(c) |
|
|||||||||||||||
| (Secured Overnight Financing Rate + 0.686%) |
| |||||||||||||||
| $ | 1,575,000 | 6.039 | 10/30/24 | 1,576,843 | ||||||||||||
| (Secured Overnight Financing Rate + 1.364%) |
| |||||||||||||||
| 1,750,000 | 5.174 | 02/13/30 | 1,741,862 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 2.842%) |
| |||||||||||||||
| $ | 1,700,000 | 3.106 | % | 04/08/26 | $ | 1,657,381 | ||||||||||
| (Secured Overnight Financing Rate + 3.914%) |
| |||||||||||||||
| 300,000 | 4.412 | 03/31/31 | 286,050 | |||||||||||||
| Commonwealth Bank of Australia (a)(b)(c) (5 yr. CMT + 2.050%) |
| |||||||||||||||
| 661,000 | 3.610 | 09/12/34 | 595,356 | |||||||||||||
| Credit Agricole SA |
|
|||||||||||||||
| EUR | 800,000 | 3.875 | 04/20/31 | 890,207 | ||||||||||||
| (Secured Overnight Financing Rate + 0.892%) |
| |||||||||||||||
| $ | 1,100,000 | 1.247 | (a)(b)(c) | 01/26/27 | 1,019,524 | |||||||||||
| (Secured Overnight Financing Rate + 1.676%) |
| |||||||||||||||
| 300,000 | 1.907 | (a)(b)(c) | 06/16/26 | 286,866 | ||||||||||||
| Credit Suisse AG |
|
|||||||||||||||
| 1,000,000 | 2.950 | 04/09/25 | 973,360 | |||||||||||||
| Danske Bank AS (a)(b)(c) (1 yr. CMT + 1.750%) |
| |||||||||||||||
| 1,275,000 | 4.298 | 04/01/28 | 1,230,872 | |||||||||||||
| Deutsche Bank AG (a)(c) |
|
|||||||||||||||
| (-1X 3 mo. EUR EURIBOR + 2.050%) |
||||||||||||||||
| EUR | 400,000 | 1.750 | 11/19/30 | 379,850 | ||||||||||||
| (3 mo. EUR EURIBOR + 2.950%) |
||||||||||||||||
| 2,100,000 | 5.000 | 09/05/30 | 2,354,033 | |||||||||||||
| (Secured Overnight Financing Rate + 1.870%) |
| |||||||||||||||
| $ | 275,000 | 2.129 | 11/24/26 | 259,463 | ||||||||||||
| HSBC Holdings PLC |
|
|||||||||||||||
| 200,000 | 4.250 | 08/18/25 | 196,010 | |||||||||||||
| (3 mo. USD Term SOFR + 1.796%) |
||||||||||||||||
| 300,000 | 4.583 | (a)(c) | 06/19/29 | 290,781 | ||||||||||||
| Huntington Bancshares, Inc. (a)(c) (Secured Overnight Financing Rate + 2.020%) |
| |||||||||||||||
| 500,000 | 6.208 | 08/21/29 | 512,040 | |||||||||||||
| ING Groep NV (a)(c) (Secured Overnight Financing Rate + 1.830%) |
| |||||||||||||||
| 400,000 | 4.017 | 03/28/28 | 385,460 | |||||||||||||
| JPMorgan Chase & Co. (a)(c) |
||||||||||||||||
| (3 mo. USD Term SOFR + 2.515%) |
||||||||||||||||
| 750,000 | 2.956 | 05/13/31 | 656,363 | |||||||||||||
| (Secured Overnight Financing Rate + 1.560%) |
| |||||||||||||||
| 3,125,000 | 4.323 | 04/26/28 | 3,053,625 | |||||||||||||
| Kreditanstalt fuer Wiederaufbau (d) |
||||||||||||||||
| EUR | 3,500,000 | 3.125 | 10/10/28 | 3,841,828 | ||||||||||||
| Macquarie Bank Ltd. (a)(b)(c) (5 yr. CMT + 1.700%) |
| |||||||||||||||
| $ | 600,000 | 3.052 | 03/03/36 | 497,046 | ||||||||||||
| Macquarie Group Ltd. (a)(b)(c) |
||||||||||||||||
| (3 mo. USD LIBOR + 1.372%) |
||||||||||||||||
| 380,000 | 3.763 | 11/28/28 | 357,922 | |||||||||||||
| (Secured Overnight Financing Rate + 1.069%) |
| |||||||||||||||
| 400,000 | 1.340 | 01/12/27 | 371,076 | |||||||||||||
| Morgan Stanley (a)(c) |
|
|||||||||||||||
| (Secured Overnight Financing Rate + 1.450%) |
| |||||||||||||||
| 1,150,000 | 5.173 | 01/16/30 | 1,151,438 | |||||||||||||
| (Secured Overnight Financing Rate + 1.590%) |
| |||||||||||||||
| 3,325,000 | 5.164 | 04/20/29 | 3,322,905 | |||||||||||||
| National Australia Bank Ltd. (b) |
||||||||||||||||
| 300,000 | 6.429 | 01/12/33 | 315,420 | |||||||||||||
| NatWest Group PLC (a)(c) (1 yr. CMT + 1.100%) |
| |||||||||||||||
| 443,000 | 5.583 | 03/01/28 | 445,445 | |||||||||||||
| Norinchukin Bank (b) |
|
|||||||||||||||
| 1,050,000 | 1.284 | 09/22/26 | 953,579 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| Permanent TSB Group Holdings PLC (a)(c) (1 yr. EUR EURIBOR + 3.500%) |
| |||||||||||||||
| EUR | 265,000 | 6.625 | % | 04/25/28 | $ | 304,255 | ||||||||||
| Santander U.K. Group Holdings PLC (a)(c) (1 yr. CMT + 1.250%) |
| |||||||||||||||
| $ | 1,000,000 | 1.532 | 08/21/26 | 942,080 | ||||||||||||
| Shinhan Bank Co. Ltd. (b) |
|
|||||||||||||||
| 240,000 | 4.500 | 04/12/28 | 236,325 | |||||||||||||
| Societe Generale SA (a)(b)(c) |
||||||||||||||||
| (1 yr. CMT + 1.100%) |
|
|||||||||||||||
| 1,500,000 | 1.488 | 12/14/26 | 1,393,125 | |||||||||||||
| (1 yr. CMT + 2.100%) |
|
|||||||||||||||
| 653,000 | 6.066 | 01/19/35 | 656,898 | |||||||||||||
| Standard Chartered PLC (a)(b)(c) (1 yr. CMT + 1.000%) |
| |||||||||||||||
| 1,550,000 | 1.456 | 01/14/27 | 1,438,694 | |||||||||||||
| Sumitomo Mitsui Financial Group, Inc. |
||||||||||||||||
| 325,000 | 3.040 | 07/16/29 | 294,746 | |||||||||||||
| Swedbank AB |
|
|||||||||||||||
| EUR | 950,000 | 1.300 | 02/17/27 | 959,272 | ||||||||||||
| Truist Financial Corp. (a)(c) (Secured Overnight Financing Rate + |
| |||||||||||||||
| 2.050 | %) | |||||||||||||||
| $ | 225,000 | 6.047 | 06/08/27 | 228,015 | ||||||||||||
| U.S. Bancorp (a)(c) |
|
|||||||||||||||
| (Secured Overnight Financing Rate + 1.560%) |
| |||||||||||||||
| 725,000 | 5.384 | 01/23/30 | 728,306 | |||||||||||||
| (Secured Overnight Financing Rate + 2.020%) |
| |||||||||||||||
| 700,000 | 5.775 | 06/12/29 | 712,306 | |||||||||||||
| UBS Group AG |
|
|||||||||||||||
| 250,000 | 3.750 | 03/26/25 | 245,248 | |||||||||||||
| (1 yr. CMT + 1.520%) |
|
|||||||||||||||
| 1,112,000 | 5.428 | (a)(b)(c) | 02/08/30 | 1,113,201 | ||||||||||||
| (1 yr. CMT + 1.770%) |
|
|||||||||||||||
| 560,000 | 5.699 | (a)(b)(c) | 02/08/35 | 562,946 | ||||||||||||
| (-1X 1 yr. EUR EURIBOR + 0.770%) |
||||||||||||||||
| EUR | 509,000 | 0.650 | (a)(c) | 01/14/28 | 504,237 | |||||||||||
| (-1X 1 yr. EUR EURIBOR + 1.050%) |
||||||||||||||||
| 750,000 | 1.000 | (a)(c) | 06/24/27 | 761,204 | ||||||||||||
| (3 mo. USD LIBOR + 1.410%) |
||||||||||||||||
| $ | 2,800,000 | 3.869 | (a)(b)(c) | 01/12/29 | 2,647,428 | |||||||||||
| (Secured Overnight Financing Rate + 1.560%) |
| |||||||||||||||
| 2,000,000 | 2.593 | (a)(b)(c) | 09/11/25 | 1,971,820 | ||||||||||||
| (Secured Overnight Financing Rate + 1.560%) |
| |||||||||||||||
| 250,000 | 2.593 | (a)(c) | 09/11/25 | 246,478 | ||||||||||||
| Wells Fargo & Co. (a)(c) |
|
|||||||||||||||
| (3 mo. USD Term SOFR + 1.432%) |
||||||||||||||||
| 325,000 | 2.879 | 10/30/30 | 287,320 | |||||||||||||
| (Secured Overnight Financing Rate + 1.500%) |
| |||||||||||||||
| 175,000 | 5.198 | 01/23/30 | 174,694 | |||||||||||||
| Westpac Banking Corp. (a)(c) |
||||||||||||||||
| (5 yr. CMT + 1.350%) |
|
|||||||||||||||
| 1,200,000 | 2.894 | 02/04/30 | 1,167,624 | |||||||||||||
| (5 yr. CMT + 1.750%) |
|
|||||||||||||||
| 475,000 | 2.668 | 11/15/35 | 391,666 | |||||||||||||
|
|
|
|||||||||||||||
| 77,195,579 | ||||||||||||||||
|
|
||||||||||||||||
| Beverages(a) – 0.8% |
|
|||||||||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| |||||||||||||||
| 1,850,000 | 4.700 | 02/01/36 | 1,795,628 | |||||||||||||
|
|
||||||||||||||||
| 82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Beverages(a) – (continued) |
|
|||||||||||||||
| Anheuser-Busch InBev Worldwide, Inc. |
||||||||||||||||
| $ | 300,000 | 4.750 | % | 01/23/29 | $ | 299,874 | ||||||||||
| Bacardi Ltd. (b) |
|
|||||||||||||||
| 1,200,000 | 4.700 | 05/15/28 | 1,168,116 | |||||||||||||
| Constellation Brands, Inc. |
||||||||||||||||
| 1,500,000 | 4.400 | 11/15/25 | 1,477,455 | |||||||||||||
| 25,000 | 4.650 | 11/15/28 | 24,601 | |||||||||||||
| Keurig Dr Pepper, Inc. |
|
|||||||||||||||
| 776,000 | 4.417 | 05/25/25 | 767,611 | |||||||||||||
|
|
|
|||||||||||||||
| 5,533,285 | ||||||||||||||||
|
|
||||||||||||||||
| Biotechnology(a) – 0.6% |
|
|||||||||||||||
| Amgen, Inc. |
|
|||||||||||||||
| 650,000 | 5.150 | 03/02/28 | 654,498 | |||||||||||||
| 1,450,000 | 5.250 | 03/02/30 | 1,472,881 | |||||||||||||
| 258,000 | 4.200 | 03/01/33 | 241,191 | |||||||||||||
| 1,275,000 | 5.250 | 03/02/33 | 1,285,838 | |||||||||||||
|
|
|
|||||||||||||||
| 3,654,408 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(a) – 0.0% |
|
|||||||||||||||
| Carrier Global Corp. |
|
|||||||||||||||
| 145,000 | 2.493 | 02/15/27 | 135,162 | |||||||||||||
|
|
||||||||||||||||
| Chemicals(a) – 0.2% |
|
|||||||||||||||
| DuPont de Nemours, Inc. |
|
|||||||||||||||
| 600,000 | 4.493 | 11/15/25 | 592,194 | |||||||||||||
| International Flavors & Fragrances, Inc. (b) |
| |||||||||||||||
| 450,000 | 1.230 | 10/01/25 | 421,421 | |||||||||||||
| 200,000 | 1.832 | 10/15/27 | 177,396 | |||||||||||||
| Syngenta Finance NV (b) |
|
|||||||||||||||
| 400,000 | 4.892 | 04/24/25 | 394,844 | |||||||||||||
|
|
|
|||||||||||||||
| 1,585,855 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services – 0.3% |
|
|||||||||||||||
| Ashtead Capital, Inc. (a)(b) |
||||||||||||||||
| 425,000 | 5.800 | 04/15/34 | 424,711 | |||||||||||||
| Autostrade per l’Italia SpA (a) |
||||||||||||||||
| EUR | 575,000 | 4.750 | 01/24/31 | 647,081 | ||||||||||||
| DP World Crescent Ltd. |
|
|||||||||||||||
| $ | 200,000 | 4.848 | 09/26/28 | 196,938 | ||||||||||||
| DP World Ltd. |
|
|||||||||||||||
| 390,000 | 5.625 | 09/25/48 | 371,822 | |||||||||||||
| PayPal Holdings, Inc. (a) |
|
|||||||||||||||
| 100,000 | 2.850 | 10/01/29 | 90,477 | |||||||||||||
|
|
|
|||||||||||||||
| 1,731,029 | ||||||||||||||||
|
|
||||||||||||||||
| Computers – 0.6% |
|
|||||||||||||||
| Dell International LLC/EMC Corp. (a) |
||||||||||||||||
| 893,000 | 6.020 | 06/15/26 | 904,743 | |||||||||||||
| 875,000 | 5.300 | 10/01/29 | 885,570 | |||||||||||||
| 75,000 | 6.200 | 07/15/30 | 78,975 | |||||||||||||
| Hewlett Packard Enterprise Co. (a) |
||||||||||||||||
| 1,850,000 | 4.900 | 10/15/25 | 1,838,160 | |||||||||||||
| International Business Machines Corp. |
||||||||||||||||
| 325,000 | 3.500 | 05/15/29 | 306,290 | |||||||||||||
|
|
|
|||||||||||||||
| 4,013,738 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Diversified Financial Services – 0.7% | ||||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a) |
| |||||||||||||||
| $ | 244,000 | 3.000 | % | 10/29/28 | $ | 221,005 | ||||||||||
| 350,000 | 5.100 | 01/19/29 | 348,037 | |||||||||||||
| 208,000 | 3.300 | 01/30/32 | 178,142 | |||||||||||||
| Air Lease Corp. (a) |
|
|||||||||||||||
| 1,150,000 | 3.250 | 03/01/25 | 1,124,251 | |||||||||||||
| 575,000 | 2.875 | 01/15/26 | 550,149 | |||||||||||||
| Ally Financial, Inc. (a) |
|
|||||||||||||||
| 650,000 | 7.100 | 11/15/27 | 679,250 | |||||||||||||
| American Express Co. (a) |
|
|||||||||||||||
| 255,000 | 2.500 | 07/30/24 | 252,470 | |||||||||||||
| Aviation Capital Group LLC (a)(b) |
||||||||||||||||
| 400,000 | 1.950 | 01/30/26 | 373,304 | |||||||||||||
| Avolon Holdings Funding Ltd. (a)(b) |
||||||||||||||||
| 400,000 | 3.950 | 07/01/24 | 397,760 | |||||||||||||
| Capital One Financial Corp. (a) |
||||||||||||||||
| 505,000 | 3.300 | 10/30/24 | 498,172 | |||||||||||||
| Nomura Holdings, Inc. |
|
|||||||||||||||
| 400,000 | 2.608 | 07/14/31 | 332,268 | |||||||||||||
|
|
|
|||||||||||||||
| 4,954,808 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical – 0.7% |
|
|||||||||||||||
| Ameren Corp. (a) |
|
|||||||||||||||
| 150,000 | 2.500 | 09/15/24 | 147,730 | |||||||||||||
| E.ON International Finance BV |
||||||||||||||||
| GBP | 417,000 | 6.375 | 06/07/32 | 572,511 | ||||||||||||
| Electricite de France SA (a)(b) |
||||||||||||||||
| $ | 1,450,000 | 4.500 | 09/21/28 | 1,402,875 | ||||||||||||
| Enel Finance America LLC (a)(b) |
||||||||||||||||
| 675,000 | 2.875 | 07/12/41 | 458,865 | |||||||||||||
| Enel SpA (a)(c) |
|
|||||||||||||||
| (-1X 5 yr. EUR Swap + 1.719%) |
||||||||||||||||
| EUR 523,000 |
|
1.375 | 06/08/27 | 501,834 | ||||||||||||
| (5 yr. EUR Swap + 2.580%) |
||||||||||||||||
| 235,000 | 3.375 | 08/24/26 | 245,607 | |||||||||||||
| Exelon Corp. (a) |
|
|||||||||||||||
| $ | 600,000 | 5.150 | 03/15/29 | 601,710 | ||||||||||||
| Sempra (a) |
|
|||||||||||||||
| 700,000 | 3.400 | 02/01/28 | 661,486 | |||||||||||||
|
|
|
|||||||||||||||
| 4,592,618 | ||||||||||||||||
|
|
||||||||||||||||
| Electronics(a) – 0.1% |
|
|||||||||||||||
| Fortive Corp. |
|
|||||||||||||||
| EUR | 684,000 | 3.700 | 08/15/29 | 743,704 | ||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(a) – 0.1% | ||||||||||||||||
| Mexico City Airport Trust |
||||||||||||||||
| $ | 540,000 | 3.875 | (b) | 04/30/28 | 506,419 | |||||||||||
| 200,000 | 5.500 | (b) | 10/31/46 | 168,937 | ||||||||||||
| 200,000 | 5.500 | 07/31/47 | 168,813 | |||||||||||||
|
|
|
|||||||||||||||
| 844,169 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(a) – 0.4% |
|
|||||||||||||||
| Warnermedia Holdings, Inc. |
||||||||||||||||
| 1,875,000 | 4.054 | 03/15/29 | 1,756,106 | |||||||||||||
| 975,000 | 4.279 | 03/15/32 | 871,445 | |||||||||||||
|
|
|
|||||||||||||||
| 2,627,551 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Environmental(a) – 0.2% |
|
|||||||||||||||
| Veralto Corp. (b) |
|
|||||||||||||||
| $ | 875,000 | 5.350 | % | 09/18/28 | $ | 889,236 | ||||||||||
| Waste Management, Inc. |
|
|||||||||||||||
| 216,000 | 4.875 | 02/15/34 | 214,763 | |||||||||||||
|
|
|
|||||||||||||||
| 1,103,999 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing(a) – 0.4% | ||||||||||||||||
| Campbell Soup Co. |
|
|||||||||||||||
| 1,000,000 | 5.200 | 03/21/29 | 1,005,010 | |||||||||||||
| 1,000,000 | 5.400 | 03/21/34 | 1,007,240 | |||||||||||||
| J M Smucker Co. |
|
|||||||||||||||
| 900,000 | 5.900 | 11/15/28 | 933,768 | |||||||||||||
|
|
|
|||||||||||||||
| 2,946,018 | ||||||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services(a) – 1.1% | ||||||||||||||||
| American Medical Systems Europe BV |
||||||||||||||||
| EUR | 1,325,000 | 0.750 | 03/08/25 | 1,390,880 | ||||||||||||
| 579,000 | 3.375 | 03/08/29 | 627,197 | |||||||||||||
| GE HealthCare Technologies, Inc. |
||||||||||||||||
| $ | 321,000 | 5.905 | 11/22/32 | 337,056 | ||||||||||||
| HCA, Inc. |
|
|||||||||||||||
| 250,000 | 3.375 | 03/15/29 | 229,370 | |||||||||||||
| 1,575,000 | 3.625 | 03/15/32 | 1,394,143 | |||||||||||||
| Humana, Inc. |
|
|||||||||||||||
| 547,000 | 5.375 | 04/15/31 | 547,514 | |||||||||||||
| Medtronic Global Holdings SCA |
||||||||||||||||
| EUR | 400,000 | 0.250 | 07/02/25 | 414,067 | ||||||||||||
| Quest Diagnostics, Inc. |
|
|||||||||||||||
| $ | 343,000 | 6.400 | 11/30/33 | 370,409 | ||||||||||||
| Stryker Corp. |
|
|||||||||||||||
| EUR | 325,000 | 3.375 | 12/11/28 | 353,217 | ||||||||||||
| UnitedHealth Group, Inc. |
|
|||||||||||||||
| $ | 1,775,000 | 4.250 | 01/15/29 | 1,739,855 | ||||||||||||
| 38,000 | 4.200 | 05/15/32 | 36,111 | |||||||||||||
|
|
|
|||||||||||||||
| 7,439,819 | ||||||||||||||||
|
|
||||||||||||||||
| Insurance(a) – 0.2% |
|
|||||||||||||||
| Aviva PLC (c) |
|
|||||||||||||||
| (5 yr. UK Government Bond + 2.850%) |
||||||||||||||||
| GBP | 450,000 | 6.125 | 11/14/36 | 577,310 | ||||||||||||
| (Sterling Overnight Index Average + 4.022%) |
| |||||||||||||||
| 275,000 | 5.125 | 06/04/50 | 333,825 | |||||||||||||
| Rothesay Life PLC |
|
|||||||||||||||
| 475,000 | 7.734 | 05/16/33 | 650,451 | |||||||||||||
|
|
|
|||||||||||||||
| 1,561,586 | ||||||||||||||||
|
|
||||||||||||||||
| Internet – 0.7% |
|
|||||||||||||||
| Booking Holdings, Inc. (a) |
||||||||||||||||
| EUR | 729,000 | 3.500 | 03/01/29 | 794,000 | ||||||||||||
| Expedia Group, Inc. (a) |
|
|||||||||||||||
| $ | 1,150,000 | 3.250 | 02/15/30 | 1,035,701 | ||||||||||||
| Netflix, Inc. |
|
|||||||||||||||
| EUR | 1,800,000 | 4.625 | 05/15/29 | 2,052,212 | ||||||||||||
| Prosus NV (a) |
|
|||||||||||||||
| $ | 350,000 | 3.257 | 01/19/27 | 322,875 | ||||||||||||
| 210,000 | 3.680 | (b) | 01/21/30 | 183,593 | ||||||||||||
| 200,000 | 4.027 | (b) | 08/03/50 | 128,125 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Internet – (continued) |
|
|||||||||||||||
| $ | 200,000 | 3.832 | %(b) | 02/08/51 | $ | 122,500 | ||||||||||
|
|
|
|||||||||||||||
| 4,639,006 | ||||||||||||||||
|
|
||||||||||||||||
| Iron/Steel(a) – 0.2% |
|
|||||||||||||||
| Steel Dynamics, Inc. |
|
|||||||||||||||
| 1,275,000 | 1.650 | 10/15/27 | 1,137,045 | |||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 0.4% |
|
|||||||||||||||
| Marriott International, Inc. |
||||||||||||||||
| 515,000 | 5.000 | 10/15/27 | 513,712 | |||||||||||||
| 1,500,000 | 4.650 | 12/01/28 | 1,474,620 | |||||||||||||
| 375,000 | 4.900 | 04/15/29 | 372,255 | |||||||||||||
| 135,000 | 4.875 | 05/15/29 | 133,688 | |||||||||||||
|
|
|
|||||||||||||||
| 2,494,275 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a) – 0.1% | ||||||||||||||||
| AGCO Corp. |
|
|||||||||||||||
| 265,000 | 5.800 | 03/21/34 | 268,323 | |||||||||||||
| Otis Worldwide Corp. |
|
|||||||||||||||
| 225,000 | 5.250 | 08/16/28 | 228,227 | |||||||||||||
|
|
|
|||||||||||||||
| 496,550 | ||||||||||||||||
|
|
||||||||||||||||
| Media(a) – 0.6% |
|
|||||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
| |||||||||||||||
| 3,400,000 | 4.908 | 07/23/25 | 3,359,710 | |||||||||||||
| Comcast Corp. |
|
|||||||||||||||
| 300,000 | 4.150 | 10/15/28 | 292,839 | |||||||||||||
|
|
|
|||||||||||||||
| 3,652,549 | ||||||||||||||||
|
|
||||||||||||||||
| Mining(a) – 0.2% |
|
|||||||||||||||
| Glencore Finance Europe Ltd. |
||||||||||||||||
| GBP | 125,000 | 3.125 | 03/26/26 | 151,239 | ||||||||||||
| Glencore Funding LLC (b) |
||||||||||||||||
| $ | 455,000 | 1.625 | 04/27/26 | 421,808 | ||||||||||||
| 775,000 | 4.875 | 03/12/29 | 764,227 | |||||||||||||
|
|
|
|||||||||||||||
| 1,337,274 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.4% | ||||||||||||||||
| GE Capital Funding LLC (a) |
||||||||||||||||
| 1,500,000 | 4.550 | 05/15/32 | 1,454,355 | |||||||||||||
| General Electric Co. |
|
|||||||||||||||
| 43,000 | 6.750 | 03/15/32 | 47,933 | |||||||||||||
| Teledyne Technologies, Inc. (a) |
||||||||||||||||
| 1,250,000 | 0.950 | 04/01/24 | 1,250,000 | |||||||||||||
|
|
|
|||||||||||||||
| 2,752,288 | ||||||||||||||||
|
|
||||||||||||||||
| Multi-National – 2.6% |
|
|||||||||||||||
| African Export-Import Bank (a)(b) |
||||||||||||||||
| 390,000 | 2.634 | 05/17/26 | 364,178 | |||||||||||||
| 360,000 | 3.798 | 05/17/31 | 306,479 | |||||||||||||
| Asian Development Bank |
|
|||||||||||||||
| GBP | 4,200,000 | 1.125 | 06/10/25 | 5,079,128 | ||||||||||||
| European Investment Bank |
||||||||||||||||
| EUR | 1,240,000 | 0.875 | 01/14/28 | 1,248,905 | ||||||||||||
| 3,500,000 | 3.000 | 11/15/28 | 3,823,099 | |||||||||||||
| 4,410,000 | 2.250 | 03/15/30 | 4,644,732 | |||||||||||||
|
|
||||||||||||||||
| 84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Multi-National – (continued) |
| |||||||||||||||
| FMS Wertmanagement (d) |
| |||||||||||||||
| GBP | 1,100,000 | 1.375 | % | 03/07/25 | $ | 1,343,382 | ||||||||||
|
|
|
|||||||||||||||
| 16,809,903 | ||||||||||||||||
|
|
||||||||||||||||
| Oil & Gas(a) – 0.2% |
| |||||||||||||||
| Eni SpA (c) (-1X 5 yr. EUR Swap + 3.167%) |
| |||||||||||||||
| EUR | 375,000 | 2.625 | 10/13/25 | 391,926 | ||||||||||||
| Occidental Petroleum Corp. |
| |||||||||||||||
| $ | 750,000 | 8.500 | 07/15/27 | 813,075 | ||||||||||||
|
|
|
|||||||||||||||
| 1,205,001 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 0.5% |
| |||||||||||||||
| BP Capital Markets PLC |
| |||||||||||||||
| EUR | 300,000 | 1.594 | 07/03/28 | 301,646 | ||||||||||||
| Diamondback Energy, Inc. (a) |
| |||||||||||||||
| $ | 491,000 | 6.250 | 03/15/33 | 523,563 | ||||||||||||
| Pertamina Persero PT |
| |||||||||||||||
| 200,000 | 6.500 | 05/27/41 | 213,688 | |||||||||||||
| QatarEnergy (a)(b) |
| |||||||||||||||
| 820,000 | 3.300 | 07/12/51 | 579,125 | |||||||||||||
| TotalEnergies SE (a)(c) (5 yr. EUR Swap + 3.350%) |
| |||||||||||||||
| EUR | 300,000 | 3.369 | 10/06/26 | 316,373 | ||||||||||||
| Wintershall Dea Finance BV (a) |
| |||||||||||||||
| 1,300,000 | 1.332 | 09/25/28 | 1,248,692 | |||||||||||||
|
|
|
|||||||||||||||
| 3,183,087 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a)(b) – 0.0% |
| |||||||||||||||
| Smurfit Kappa Treasury ULC |
| |||||||||||||||
| $ | 200,000 | 5.200 | 01/15/30 | 199,788 | ||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(a) – 1.0% |
| |||||||||||||||
| AbbVie, Inc. |
| |||||||||||||||
| 1,350,000 | 2.600 | 11/21/24 | 1,325,524 | |||||||||||||
| 325,000 | 3.200 | 11/21/29 | 299,533 | |||||||||||||
| 359,000 | 4.950 | 03/15/31 | 362,235 | |||||||||||||
| 562,000 | 5.050 | 03/15/34 | 568,952 | |||||||||||||
| Bayer U.S. Finance II LLC (b) |
| |||||||||||||||
| 1,000,000 | 4.250 | 12/15/25 | 975,210 | |||||||||||||
| Becton Dickinson & Co. |
| |||||||||||||||
| EUR | 185,000 | 0.034 | 08/13/25 | 189,899 | ||||||||||||
| Bristol-Myers Squibb Co. |
| |||||||||||||||
| $ | 325,000 | 3.400 | 07/26/29 | 305,341 | ||||||||||||
| 633,000 | 5.200 | 02/22/34 | 642,887 | |||||||||||||
| Cardinal Health, Inc. |
| |||||||||||||||
| 345,000 | 5.125 | 02/15/29 | 345,780 | |||||||||||||
| Cigna Group |
| |||||||||||||||
| 300,000 | 4.375 | 10/15/28 | 292,758 | |||||||||||||
| 714,000 | 5.400 | 03/15/33 | 727,016 | |||||||||||||
| CVS Health Corp. |
| |||||||||||||||
| 325,000 | 4.780 | 03/25/38 | 300,294 | |||||||||||||
| McKesson Corp. |
| |||||||||||||||
| EUR | 125,000 | 1.500 | 11/17/25 | 130,503 | ||||||||||||
| Pfizer Investment Enterprises Pte. Ltd. |
| |||||||||||||||
| $ | 188,000 | 4.750 | 05/19/33 | 185,236 | ||||||||||||
|
|
|
|||||||||||||||
| 6,651,168 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pipelines – 0.9% |
| |||||||||||||||
| Abu Dhabi Crude Oil Pipeline LLC (b) |
| |||||||||||||||
| $ | 1,260,000 | 4.600 | % | 11/02/47 | $ | 1,130,850 | ||||||||||
| Enbridge, Inc. (a) |
| |||||||||||||||
| 350,000 | 6.000 | 11/15/28 | 364,014 | |||||||||||||
| 700,000 | 5.700 | 03/08/33 | 716,254 | |||||||||||||
| Energy Transfer LP (a) |
| |||||||||||||||
| 750,000 | 6.100 | 12/01/28 | 777,990 | |||||||||||||
| 250,000 | 5.250 | 04/15/29 | 250,505 | |||||||||||||
| 500,000 | 6.400 | 12/01/30 | 527,440 | |||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. |
| |||||||||||||||
| 200,000 | 2.625 | (b) | 03/31/36 | 163,187 | ||||||||||||
| 567,784 | 2.940 | 09/30/40 | 455,266 | |||||||||||||
| Sabine Pass Liquefaction LLC (a) |
| |||||||||||||||
| 1,500,000 | 5.625 | 03/01/25 | 1,498,890 | |||||||||||||
| Williams Cos., Inc. (a) |
| |||||||||||||||
| 350,000 | 2.600 | 03/15/31 | 298,053 | |||||||||||||
|
|
|
|||||||||||||||
| 6,182,449 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate(a) – 0.4% |
| |||||||||||||||
| CBRE Services, Inc. |
| |||||||||||||||
| 258,000 | 5.500 | 04/01/29 | 259,793 | |||||||||||||
| 600,000 | 5.950 | 08/15/34 | 615,600 | |||||||||||||
| Logicor Financing SARL |
| |||||||||||||||
| EUR | 600,000 | 2.250 | 05/13/25 | 632,538 | ||||||||||||
| 550,000 | 3.250 | 11/13/28 | 569,918 | |||||||||||||
| 325,000 | 1.625 | 01/17/30 | 303,053 | |||||||||||||
|
|
|
|||||||||||||||
| 2,380,902 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(a) – 0.5% |
| |||||||||||||||
| American Homes 4 Rent LP |
| |||||||||||||||
| $ | 125,000 | 2.375 | 07/15/31 | 101,525 | ||||||||||||
| Kilroy Realty LP |
| |||||||||||||||
| 200,000 | 6.250 | 01/15/36 | 195,608 | |||||||||||||
| NNN REIT, Inc. |
| |||||||||||||||
| 375,000 | 3.900 | 06/15/24 | 373,174 | |||||||||||||
| 400,000 | 5.600 | 10/15/33 | 404,852 | |||||||||||||
| Realty Income Corp. |
| |||||||||||||||
| 900,000 | 4.625 | 11/01/25 | 891,333 | |||||||||||||
| 300,000 | 2.100 | 03/15/28 | 268,728 | |||||||||||||
| WEA Finance LLC/Westfield U.K. & Europe Finance PLC (b) |
| |||||||||||||||
| 400,000 | 3.750 | 09/17/24 | 394,080 | |||||||||||||
| WP Carey, Inc. |
| |||||||||||||||
| 240,000 | 4.600 | 04/01/24 | 240,000 | |||||||||||||
| 170,000 | 4.000 | 02/01/25 | 167,513 | |||||||||||||
|
|
|
|||||||||||||||
| 3,036,813 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(a) – 0.4% |
| |||||||||||||||
| AutoNation, Inc. |
| |||||||||||||||
| 200,000 | 1.950 | 08/01/28 | 173,226 | |||||||||||||
| CK Hutchison International 20 Ltd. (b) |
| |||||||||||||||
| 200,000 | 2.500 | 05/08/30 | 174,313 | |||||||||||||
| CK Hutchison International 23 Ltd. (b) |
| |||||||||||||||
| 350,000 | 4.750 | 04/21/28 | 346,938 | |||||||||||||
| Dollar Tree, Inc. |
| |||||||||||||||
| 650,000 | 4.000 | 05/15/25 | 639,229 | |||||||||||||
| Lowe’s Cos., Inc. |
| |||||||||||||||
| 378,000 | 5.000 | 04/15/33 | 376,620 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Retailing(a) – (continued) |
| |||||||||||||||
| $ | 625,000 | 5.150 | % | 07/01/33 | $ | 629,319 | ||||||||||
|
|
|
|||||||||||||||
| 2,339,645 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(a) – 0.5% |
| |||||||||||||||
| Broadcom, Inc. |
| |||||||||||||||
| 325,000 | 4.300 | 11/15/32 | 305,568 | |||||||||||||
| 175,000 | 3.469 | (b) | 04/15/34 | 150,049 | ||||||||||||
| 2,784,000 | 3.137 | (b) | 11/15/35 | 2,250,446 | ||||||||||||
| 350,000 | 4.926 | (b) | 05/15/37 | 331,943 | ||||||||||||
| Intel Corp. |
| |||||||||||||||
| 349,000 | 5.150 | 02/21/34 | 349,981 | |||||||||||||
| Micron Technology, Inc. |
| |||||||||||||||
| 125,000 | 6.750 | 11/01/29 | 134,155 | |||||||||||||
|
|
|
|||||||||||||||
| 3,522,142 | ||||||||||||||||
|
|
||||||||||||||||
| Software(a) – 0.9% |
| |||||||||||||||
| Constellation Software, Inc. (b) |
| |||||||||||||||
| 413,000 | 5.158 | 02/16/29 | 412,599 | |||||||||||||
| Fidelity National Information Services, Inc. |
| |||||||||||||||
| EUR | 550,000 | 0.625 | 12/03/25 | 564,821 | ||||||||||||
| Fiserv, Inc. |
| |||||||||||||||
| $ | 237,000 | 3.500 | 07/01/29 | 220,692 | ||||||||||||
| Oracle Corp. |
| |||||||||||||||
| 1,550,000 | 2.875 | 03/25/31 | 1,348,066 | |||||||||||||
| 450,000 | 6.250 | 11/09/32 | 481,707 | |||||||||||||
| 500,000 | 4.900 | 02/06/33 | 489,435 | |||||||||||||
| 850,000 | 3.950 | 03/25/51 | 647,377 | |||||||||||||
| 900,000 | 6.900 | 11/09/52 | 1,035,594 | |||||||||||||
| 525,000 | 5.550 | 02/06/53 | 512,862 | |||||||||||||
| Workday, Inc. |
| |||||||||||||||
| 125,000 | 3.700 | 04/01/29 | 117,881 | |||||||||||||
|
|
|
|||||||||||||||
| 5,831,034 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services – 1.5% |
| |||||||||||||||
| AT&T, Inc. (a) |
| |||||||||||||||
| 300,000 | 4.300 | 02/15/30 | 288,039 | |||||||||||||
| EUR | 307,000 | 1.800 | 09/14/39 | 254,897 | ||||||||||||
| $ | 350,000 | 4.750 | 05/15/46 | 313,421 | ||||||||||||
| 280,000 | 3.650 | 06/01/51 | 205,229 | |||||||||||||
| Cisco Systems, Inc. (a) |
| |||||||||||||||
| 148,000 | 5.050 | 02/26/34 | 149,924 | |||||||||||||
| Deutsche Telekom International Finance BV |
| |||||||||||||||
| 250,000 | 8.750 | 06/15/30 | 295,578 | |||||||||||||
| Rogers Communications, Inc. (a) |
| |||||||||||||||
| 1,074,000 | 5.000 | 02/15/29 | 1,066,912 | |||||||||||||
| Telefonica Emisiones SA |
| |||||||||||||||
| GBP | 450,000 | 5.445 | 10/08/29 | 581,144 | ||||||||||||
| T-Mobile USA, Inc. (a) |
| |||||||||||||||
| $ | 500,000 | 3.500 | 04/15/25 | 490,195 | ||||||||||||
| 656,000 | 3.750 | 04/15/27 | 631,689 | |||||||||||||
| 300,000 | 4.750 | 02/01/28 | 296,076 | |||||||||||||
| 1,225,000 | 3.875 | 04/15/30 | 1,148,290 | |||||||||||||
| 1,675,000 | 2.550 | 02/15/31 | 1,426,346 | |||||||||||||
| 375,000 | 2.700 | 03/15/32 | 315,360 | |||||||||||||
| 1,525,000 | 5.200 | 01/15/33 | 1,526,677 | |||||||||||||
| Verizon Communications, Inc. |
| |||||||||||||||
| 300,000 | 4.329 | 09/21/28 | 293,415 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Telecommunication Services – (continued) |
| |||||||||||||||
| $ | 325,000 | 4.016 | %(a) | 12/03/29 | $ | 310,167 | ||||||||||
| 350,000 | 2.355 | (a) | 03/15/32 | 287,606 | ||||||||||||
|
|
|
|||||||||||||||
| 9,880,965 | ||||||||||||||||
|
|
||||||||||||||||
| Water – 0.2% |
| |||||||||||||||
| Thames Water Utilities Finance PLC |
| |||||||||||||||
| GBP | 150,000 | 4.000 | 06/19/25 | 180,536 | ||||||||||||
| Veolia Environnement SA (a) |
| |||||||||||||||
| EUR | 1,300,000 | 1.940 | 01/07/30 | 1,296,055 | ||||||||||||
|
|
|
|||||||||||||||
| 1,476,591 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $217,232,270) |
$ | 211,405,834 | ||||||||||||||
|
|
||||||||||||||||
| Mortgage-Backed Obligations – 26.3% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 4.3% |
| |||||||||||||||
| Interest Only(e) – 0.2% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| $ | 958,917 | 0.665 | %(c) | 07/25/50 | $ | 102,383 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5020, Class IH |
| |||||||||||||||
| 854,678 | 3.000 | 08/25/50 | 141,992 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| |||||||||||||||
| 403,505 | 0.567 | (c) | 05/15/46 | 39,567 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 112,791 | 0.617 | (c) | 03/15/44 | 9,798 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI |
| |||||||||||||||
| 843,520 | 4.000 | 08/25/50 | 171,339 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2020-60, Class NI |
| |||||||||||||||
| 147,475 | 4.000 | 09/25/50 | 30,241 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 314,976 | 0.665 | (c) | 05/25/47 | 33,460 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) |
| |||||||||||||||
| 154,936 | 0.515 | (c) | 02/25/42 | 12,725 | ||||||||||||
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 127,987 | 0.657 | (a)(c) | 10/20/43 | 5,354 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-129, Class IC |
| |||||||||||||||
| 93,175 | 4.500 | (a) | 09/16/45 | 16,830 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 140,730 | 0.607 | (a)(c) | 01/20/49 | 13,054 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 98,145 | 0.657 | (a)(c) | 06/20/49 | 9,102 | ||||||||||||
|
|
||||||||||||||||
| 86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(e) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2020-78, Class DI |
| |||||||||||||||
| $ | 567,382 | 4.000 | %(a) | 06/20/50 | $ | 110,935 | ||||||||||
| Government National Mortgage Association REMICS Series 2020-146, Class KI |
| |||||||||||||||
| 1,169,646 | 2.500 | (a) | 10/20/50 | 161,175 | ||||||||||||
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 232,089 | 0.607 | (a)(c) | 08/20/43 | 21,652 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| |||||||||||||||
| 141,901 | 0.807 | (a)(c) | 09/20/45 | 14,009 | ||||||||||||
| Government National Mortgage Association REMICS Series 2016-27, Class IA |
| |||||||||||||||
| 101,698 | 4.000 | (a) | 06/20/45 | 12,818 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 286,594 | 0.757 | (a)(c) | 09/20/48 | 28,913 | ||||||||||||
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| |||||||||||||||
| 277,707 | 0.807 | (a)(c) | 02/20/40 | 24,725 | ||||||||||||
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 103,849 | 0.757 | (a)(c) | 01/20/46 | 9,622 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-151, Class IA |
| |||||||||||||||
| 1,336,147 | 3.500 | (a) | 12/20/49 | 236,627 | ||||||||||||
| Government National Mortgage Association REMICS Series 2016-138, Class GI |
| |||||||||||||||
| 244,268 | 4.000 | (a) | 10/20/46 | 47,882 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) |
| |||||||||||||||
| 84,304 | 0.807 | (a)(c) | 11/20/45 | 7,849 | ||||||||||||
|
|
|
|||||||||||||||
| 1,262,052 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Fixed Rate – 1.2% |
| |||||||||||||||
| BRAVO Residential Funding Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| 1,914,724 | 5.943 | (a)(b)(f) | 12/01/63 | 1,909,312 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| |||||||||||||||
| 136,908 | 5.000 | 10/25/41 | 135,938 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| |||||||||||||||
| 18,432 | 7.000 | 10/25/42 | 19,461 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| |||||||||||||||
| 74,458 | 7.000 | 07/25/42 | 80,052 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| |||||||||||||||
| 152,778 | 5.000 | 06/25/41 | 151,788 | |||||||||||||
| OBX Trust Series 2024-NQM2, Class A1 |
| |||||||||||||||
| 3,235,282 | 5.878 | (a)(b)(f) | 12/25/63 | 3,226,122 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Fixed Rate – (continued) |
| |||||||||||||||
| OBX Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| $ | 1,955,257 | 5.928 | %(a)(b)(f) | 11/25/63 | $ | 1,951,589 | ||||||||||
| OBX Trust Series 2024-NQM1, Class A2 |
| |||||||||||||||
| 97,763 | 6.253 | (a)(b)(f) | 11/25/63 | 97,619 | ||||||||||||
| 7,571,881 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(a) – 2.9% |
| |||||||||||||||
| Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| |||||||||||||||
| 470,411 | 1.458 | (b)(c) | 09/25/66 | 380,896 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5 |
| |||||||||||||||
| 275,000 | 6.000 | (b)(c) | 02/25/55 | 279,187 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| |||||||||||||||
| 425,000 | 5.500 | (b)(c) | 02/25/55 | 420,675 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| |||||||||||||||
| 200,000 | 6.000 | (b)(c) | 02/25/55 | 202,340 | ||||||||||||
| Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) |
| |||||||||||||||
| 37,126 | 6.589 | (c) | 09/25/35 | 32,637 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR Debt Notes Series 2016-DNA4, Class M3 (1 mo. USD Term SOFR + 3.914%) |
| |||||||||||||||
| 288,551 | 9.235 | (c) | 03/25/29 | 301,906 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| |||||||||||||||
| 134,307 | 6.970 | (b)(c) | 01/25/34 | 134,983 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M1A (1 mo. USD Term SOFR + 1.000%) |
| |||||||||||||||
| 456,115 | 6.320 | (b)(c) | 01/25/42 | 455,969 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 1,154,000 | 8.820 | (b)(c) | 03/25/42 | 1,203,134 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA2, Class M1B (1 mo. USD Term SOFR + 3.350%) |
| |||||||||||||||
| 438,000 | 8.670 | (b)(c) | 06/25/43 | 463,311 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class A1 (1 mo. USD Term SOFR + 1.250%) |
| |||||||||||||||
| 2,050,000 | 6.569 | (b)(c) | 03/25/44 | 2,055,125 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M1 (1 mo. USD Term SOFR + 1.250%) |
| |||||||||||||||
| 1,475,000 | 6.569 | (b)(c) | 03/25/44 | 1,475,922 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 525,000 | 7.319 | (b)(c) | 03/25/44 | 525,164 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| |||||||||||||||
| 318,000 | 6.870 | (b)(c) | 10/25/41 | 319,287 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| |||||||||||||||
| 285,000 | 6.970 | (b)(c) | 12/25/41 | 285,181 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(a) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| |||||||||||||||
| $ | 178,864 | 7.220 | %(b)(c) | 04/25/42 | $ | 180,026 | ||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 227,000 | 8.320 | (b)(c) | 04/25/42 | 233,939 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 457,298 | 9.220 | (b)(c) | 04/25/43 | 487,553 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 230,000 | 8.421 | (b)(c) | 06/25/43 | 241,198 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R06, Class 1M2 (1 mo. USD Term SOFR + 2.700%) |
| |||||||||||||||
| 220,000 | 8.020 | (b)(c) | 07/25/43 | 227,448 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 555,000 | 7.820 | (b)(c) | 10/25/43 | 568,865 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 450,000 | 7.120 | (b)(c) | 01/25/44 | 451,359 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 1,425,000 | 7.120 | (b)(c) | 02/25/44 | 1,431,639 | ||||||||||||
| HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A |
| |||||||||||||||
| 148,253 | 4.545 | (c) | 08/19/36 | 118,917 | ||||||||||||
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| |||||||||||||||
| 1,041,814 | 2.520 | (b)(c) | 05/25/52 | 857,215 | ||||||||||||
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| |||||||||||||||
| 347,454 | 3.520 | (b)(c) | 07/25/52 | 297,824 | ||||||||||||
| JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 |
| |||||||||||||||
| 833,020 | 4.625 | (b)(c) | 07/25/63 | 788,105 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 2,149,236 | 6.000 | (b)(c) | 06/25/54 | 2,143,696 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| |||||||||||||||
| 2,000,000 | 3.000 | (b)(c) | 05/25/54 | 1,765,593 | ||||||||||||
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| |||||||||||||||
| 156,326 | 3.250 | (b)(c) | 07/25/59 | 149,673 | ||||||||||||
| Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) |
| |||||||||||||||
| 27,443 | 6.577 | (c) | 11/20/34 | 25,232 | ||||||||||||
| Towd Point Mortgage Trust Series 2020-1, Class A2A |
| |||||||||||||||
| 530,000 | 3.100 | (b)(c) | 01/25/60 | 466,473 | ||||||||||||
| Verus Securitization Trust Series 2021-8, Class A1 |
| |||||||||||||||
| 123,455 | 1.824 | (b)(c) | 11/25/66 | 107,580 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(a) – (continued) | ||||||||||||||||
| Verus Securitization Trust Series 2022-INV1, Class A1 |
| |||||||||||||||
| $ | 84,834 | 5.041 | %(b)(f) | 08/25/67 | $ | 84,176 | ||||||||||
|
|
|
|||||||||||||||
| 19,162,228 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 27,996,161 | |||||||||||||||
|
|
||||||||||||||||
| Commercial Mortgage-Backed Securities – 4.4% |
| |||||||||||||||
| Sequential Fixed Rate – 1.9% | ||||||||||||||||
| Bank Series 2023-BNK46, Class A4 | ||||||||||||||||
| $ | 1,700,000 | 5.745 | %(a) | 08/15/56 | $ | 1,784,628 | ||||||||||
| Bank5 Series 2023-5YR4, Class A3 | ||||||||||||||||
| 400,000 | 6.500 | (a) | 12/15/56 | 422,161 | ||||||||||||
| Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| |||||||||||||||
| 1,125,000 | 5.754 | (a) | 07/15/56 | 1,179,210 | ||||||||||||
| BMO Mortgage Trust Series 2022-C3, Class A5 |
| |||||||||||||||
| 300,000 | 5.313 | (a) | 09/15/54 | 304,596 | ||||||||||||
| BMO Mortgage Trust Series 2023-C5, Class A5 |
| |||||||||||||||
| 1,500,000 | 5.765 | (a) | 06/15/56 | 1,573,966 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class A5 |
| |||||||||||||||
| 2,300,000 | 6.160 | (a) | 12/15/56 | 2,484,350 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| |||||||||||||||
| 400,000 | 3.000 | (a)(b) | 09/15/50 | 281,465 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 |
| |||||||||||||||
| 385,000 | 3.102 | (a) | 12/15/72 | 344,487 | ||||||||||||
| DOLP Trust Series 2021-NYC, Class A | ||||||||||||||||
| 1,500,000 | 2.956 | (b) | 05/10/41 | 1,259,274 | ||||||||||||
| GS Mortgage Securities Trust Series 2017-GS7, Class A4 |
| |||||||||||||||
| 950,000 | 3.430 | (a) | 08/10/50 | 888,089 | ||||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| |||||||||||||||
| 1,223,000 | 3.024 | (b) | 01/05/39 | 1,083,205 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| |||||||||||||||
| 1,100,000 | 2.626 | (a) | 04/15/54 | 936,367 | ||||||||||||
|
|
|
|||||||||||||||
| 12,541,798 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(c) – 2.5% | ||||||||||||||||
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| |||||||||||||||
| 850,000 | 2.778 | 11/15/54 | 704,574 | |||||||||||||
| Bank Series 2022-BNK40, Class A4 | ||||||||||||||||
| 1,150,000 | 3.394 | (a) | 03/15/64 | 1,028,572 | ||||||||||||
| Bank5 Series 2023-5YR4, Class AS | ||||||||||||||||
| 400,000 | 7.274 | (a) | 12/15/56 | 428,553 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| |||||||||||||||
| 625,000 | 6.245 | (b) | 03/15/37 | 600,902 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-5C23, Class AS |
| |||||||||||||||
| 650,000 | 7.455 | (a) | 12/15/56 | 702,986 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| |||||||||||||||
| 475,000 | 6.494 | (b) | 03/15/37 | 442,075 | ||||||||||||
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| |||||||||||||||
| 1,225,000 | 6.668 | (b) | 03/15/41 | 1,225,382 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class B |
| |||||||||||||||
| 675,000 | 6.674 | (a) | 12/15/56 | 722,010 | ||||||||||||
|
|
||||||||||||||||
| 88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| |||||||||||||||
| $ | 2,125,000 | 6.767 | %(b) | 02/15/39 | $ | 2,128,322 | ||||||||||
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 1,100,000 | 6.692 | (b) | 03/15/41 | 1,100,138 | ||||||||||||
| BX Trust Series 2021-ARIA, Class C (1 mo. USD Term SOFR + 1.760%) |
| |||||||||||||||
| 450,000 | 7.086 | (b) | 10/15/36 | 443,732 | ||||||||||||
| BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) |
| |||||||||||||||
| 1,045,514 | 7.776 | (b) | 08/15/39 | 1,052,009 | ||||||||||||
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| |||||||||||||||
| 2,050,000 | 6.967 | (b) | 02/15/41 | 2,052,915 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A |
| |||||||||||||||
| 1,000,000 | 6.360 | (b) | 07/10/28 | 1,037,355 | ||||||||||||
| ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) |
| |||||||||||||||
| 1,298,489 | 6.142 | (b) | 11/15/38 | 1,287,067 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| |||||||||||||||
| 736,335 | 6.000 | (a) | 02/25/33 | 734,615 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 |
| |||||||||||||||
| 700,000 | 4.000 | (a) | 04/15/55 | 648,976 | ||||||||||||
|
|
|
|||||||||||||||
| 16,340,183 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ | 28,881,981 | ||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 17.6% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. – 0.0% |
| |||||||||||||||
| $ | 974 | 5.000 | % | 01/01/33 | $ | 976 | ||||||||||
| 150 | 5.000 | 06/01/33 | 150 | |||||||||||||
| 1,627 | 5.000 | 07/01/33 | 1,630 | |||||||||||||
| 2,161 | 5.000 | 08/01/33 | 2,166 | |||||||||||||
| 362 | 5.000 | 10/01/33 | 363 | |||||||||||||
| 994 | 5.000 | 11/01/33 | 996 | |||||||||||||
| 462 | 5.000 | 12/01/33 | 463 | |||||||||||||
| 1,501 | 5.000 | 02/01/34 | 1,504 | |||||||||||||
| 751 | 5.000 | 03/01/34 | 752 | |||||||||||||
| 1,104 | 5.000 | 04/01/34 | 1,106 | |||||||||||||
| 1,698 | 5.000 | 05/01/34 | 1,702 | |||||||||||||
| 26,316 | 5.000 | 06/01/34 | 26,371 | |||||||||||||
| 631 | 5.000 | 11/01/34 | 632 | |||||||||||||
| 6,488 | 5.000 | 04/01/35 | 6,501 | |||||||||||||
| 2 | 5.000 | 11/01/35 | 2 | |||||||||||||
| 7,956 | 5.000 | 01/01/40 | 8,024 | |||||||||||||
| 5,469 | 4.000 | 06/01/40 | 5,230 | |||||||||||||
| 35,771 | 4.000 | 02/01/41 | 34,196 | |||||||||||||
| 3,038 | 4.000 | 11/01/41 | 2,908 | |||||||||||||
|
|
|
|||||||||||||||
| 95,672 | ||||||||||||||||
|
|
||||||||||||||||
| Government National Mortgage Association – 7.5% |
| |||||||||||||||
| 161,374 | 4.000 | 11/20/44 | 153,705 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 15,107 | 4.000 | % | 05/20/45 | $ | 14,370 | ||||||||||
| 344,398 | 4.000 | 07/20/45 | 327,602 | |||||||||||||
| 240,828 | 4.000 | 01/20/46 | 228,781 | |||||||||||||
| 82,915 | 4.500 | 02/20/48 | 80,992 | |||||||||||||
| 27,680 | 4.500 | 03/20/48 | 27,012 | |||||||||||||
| 97,929 | 4.500 | 04/20/48 | 95,413 | |||||||||||||
| 219,057 | 4.500 | 05/20/48 | 213,291 | |||||||||||||
| 881,270 | 4.000 | 07/20/48 | 833,334 | |||||||||||||
| 307,518 | 4.500 | 08/20/48 | 299,040 | |||||||||||||
| 174,691 | 5.000 | 08/20/48 | 173,752 | |||||||||||||
| 890,089 | 4.000 | 09/20/48 | 843,033 | |||||||||||||
| 1,434,518 | 4.500 | 09/20/48 | 1,394,969 | |||||||||||||
| 202,520 | 5.000 | 09/20/48 | 201,431 | |||||||||||||
| 204,829 | 5.000 | 10/20/48 | 203,471 | |||||||||||||
| 808,974 | 5.000 | 11/20/48 | 803,614 | |||||||||||||
| 335,554 | 5.000 | 12/20/48 | 333,331 | |||||||||||||
| 1,103,345 | 4.500 | 01/20/49 | 1,071,203 | |||||||||||||
| 574,601 | 5.000 | 01/20/49 | 570,615 | |||||||||||||
| 299,429 | 4.500 | 02/20/49 | 290,706 | |||||||||||||
| 213,014 | 4.500 | 03/20/49 | 206,809 | |||||||||||||
| 326,175 | 5.000 | 03/20/49 | 324,014 | |||||||||||||
| 619,385 | 3.000 | 08/20/49 | 551,118 | |||||||||||||
| 477,798 | 4.500 | 10/20/49 | 464,028 | |||||||||||||
| 181,246 | 4.500 | 12/20/49 | 175,966 | |||||||||||||
| 2,010,236 | 3.000 | 03/20/50 | 1,786,963 | |||||||||||||
| 749,597 | 3.000 | 07/20/51 | 661,478 | |||||||||||||
| 368,107 | 2.500 | 09/20/51 | 309,387 | |||||||||||||
| 878,404 | 2.500 | 10/20/51 | 738,832 | |||||||||||||
| 551,598 | 2.500 | 11/20/51 | 463,953 | |||||||||||||
| 819,417 | 3.000 | 12/20/51 | 723,090 | |||||||||||||
| 1,729,276 | 2.500 | 12/20/51 | 1,456,447 | |||||||||||||
| 13,009,102 | 4.500 | 10/20/52 | 12,499,742 | |||||||||||||
| 2,977,660 | 7.000 | 01/20/54 | 3,041,588 | |||||||||||||
| 3,000,000 | 3.000 | TBA-30yr(g) | 2,646,056 | |||||||||||||
| 9,000,000 | 5.500 | TBA-30yr(g) | 8,994,702 | |||||||||||||
| 6,000,000 | 6.000 | TBA-30yr(g) | 6,053,724 | |||||||||||||
|
|
|
|||||||||||||||
| 49,257,562 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 10.1% |
| |||||||||||||||
| 147,085 | 4.500 | 07/01/36 | 144,033 | |||||||||||||
| 9,512 | 4.500 | 12/01/36 | 9,314 | |||||||||||||
| 4,286 | 4.500 | 05/01/38 | 4,206 | |||||||||||||
| 11,000 | 4.500 | 05/01/39 | 10,772 | |||||||||||||
| 7,401 | 4.500 | 06/01/39 | 7,248 | |||||||||||||
| 3,541 | 4.500 | 08/01/39 | 3,467 | |||||||||||||
| 4,403 | 4.500 | 09/01/39 | 4,320 | |||||||||||||
| 8,610 | 4.500 | 10/01/39 | 8,448 | |||||||||||||
| 3,602 | 4.500 | 03/01/40 | 3,534 | |||||||||||||
| 45,013 | 4.500 | 04/01/40 | 44,129 | |||||||||||||
| 4,509 | 4.500 | 12/01/40 | 4,420 | |||||||||||||
| 39,917 | 4.500 | 01/01/41 | 39,133 | |||||||||||||
| 14,082 | 4.500 | 04/01/41 | 13,790 | |||||||||||||
| 20,396 | 4.500 | 06/01/41 | 19,972 | |||||||||||||
| 21,632 | 4.500 | 07/01/41 | 21,183 | |||||||||||||
| 32,874 | 4.500 | 08/01/41 | 32,175 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 87,568 | 4.500 | % | 09/01/41 | $ | 85,751 | ||||||||||
| 43,245 | 4.500 | 10/01/41 | 42,347 | |||||||||||||
| 57,015 | 4.500 | 11/01/41 | 55,832 | |||||||||||||
| 49,715 | 4.500 | 12/01/41 | 48,683 | |||||||||||||
| 41,357 | 4.500 | 01/01/42 | 40,498 | |||||||||||||
| 3,195 | 4.500 | 03/01/42 | 3,124 | |||||||||||||
| 10,184 | 4.500 | 04/01/42 | 9,953 | |||||||||||||
| 45,891 | 3.000 | 12/01/42 | 41,637 | |||||||||||||
| 112,236 | 3.000 | 01/01/43 | 101,496 | |||||||||||||
| 160,578 | 3.000 | 04/01/43 | 144,540 | |||||||||||||
| 1,045,027 | 4.000 | 12/01/44 | 996,397 | |||||||||||||
| 199,508 | 4.500 | 06/01/45 | 194,807 | |||||||||||||
| 2,808,505 | 4.000 | 08/01/45 | 2,664,535 | |||||||||||||
| 850,891 | 4.500 | 11/01/47 | 826,112 | |||||||||||||
| 2,556,364 | 4.000 | 01/01/48 | 2,413,456 | |||||||||||||
| 14,270 | 4.500 | 08/01/48 | 13,792 | |||||||||||||
| 249,820 | 4.500 | 09/01/48 | 242,936 | |||||||||||||
| 175,975 | 5.000 | 11/01/48 | 175,802 | |||||||||||||
| 830,861 | 3.000 | 02/01/49 | 733,485 | |||||||||||||
| 11,911 | 4.500 | 03/01/49 | 11,497 | |||||||||||||
| 990,262 | 3.500 | 07/01/49 | 903,714 | |||||||||||||
| 842,933 | 4.000 | 07/01/49 | 793,829 | |||||||||||||
| 639,331 | 3.500 | 08/01/49 | 583,254 | |||||||||||||
| 390,713 | 4.500 | 10/01/50 | 377,259 | |||||||||||||
| 2,411,355 | 3.000 | 12/01/50 | 2,111,746 | |||||||||||||
| 148,263 | 2.500 | 03/01/51 | 125,017 | |||||||||||||
| 5,932,497 | 2.000 | 03/01/51 | 4,735,299 | |||||||||||||
| 2,608,785 | 2.500 | 05/01/51 | 2,185,928 | |||||||||||||
| 710,768 | 2.000 | 07/01/51 | 564,675 | |||||||||||||
| 931,271 | 2.000 | 08/01/51 | 739,566 | |||||||||||||
| 2,641,360 | 2.500 | 09/01/51 | 2,213,109 | |||||||||||||
| 728,737 | 2.500 | 10/01/51 | 612,654 | |||||||||||||
| 763,402 | 2.500 | 11/01/51 | 641,320 | |||||||||||||
| 1,785,285 | 2.000 | 01/01/52 | 1,426,389 | |||||||||||||
| 516,515 | 2.500 | 01/01/52 | 427,022 | |||||||||||||
| 838,346 | 2.000 | 02/01/52 | 664,253 | |||||||||||||
| 1,641,449 | 2.500 | 02/01/52 | 1,359,184 | |||||||||||||
| 439,339 | 2.000 | 03/01/52 | 347,787 | |||||||||||||
| 806,040 | 2.500 | 03/01/52 | 666,602 | |||||||||||||
| 934,822 | 4.500 | 04/01/52 | 893,133 | |||||||||||||
| 3,009,706 | 2.000 | 04/01/52 | 2,382,525 | |||||||||||||
| 433,548 | 2.000 | 06/01/52 | 343,203 | |||||||||||||
| 900,824 | 3.000 | 08/01/52 | 786,646 | |||||||||||||
| 972,122 | 2.000 | 09/01/52 | 769,545 | |||||||||||||
| 909,819 | 5.500 | 09/01/52 | 916,443 | |||||||||||||
| 376,379 | 2.500 | 09/01/52 | 311,514 | |||||||||||||
| 1,822,610 | 5.500 | 11/01/52 | 1,837,589 | |||||||||||||
| 2,667,849 | 6.000 | 11/01/52 | 2,742,654 | |||||||||||||
| 1,771,106 | 6.000 | 12/01/52 | 1,811,540 | |||||||||||||
| 911,285 | 6.000 | 01/01/53 | 932,374 | |||||||||||||
| 464,573 | 2.500 | 02/01/53 | 384,599 | |||||||||||||
| 887,668 | 5.500 | 04/01/53 | 886,641 | |||||||||||||
| 5,764,359 | 4.500 | 05/01/53 | 5,569,474 | |||||||||||||
| 6,000,000 | 2.500 | TBA-30yr(g) | 4,959,610 | |||||||||||||
| 6,000,000 | 5.500 | TBA-30yr(g) | 5,971,172 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 1,000,000 | 6.500 | % | TBA-30yr(g) | $ | 1,021,484 | ||||||||||
| 3,000,000 | 6.000 | TBA- 30yr(g) | 3,028,477 | |||||||||||||
|
|
|
|||||||||||||||
| 66,244,054 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES |
$ | 115,597,288 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $176,855,112) |
$ | 172,475,430 | ||||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations – 22.9% |
| |||||||||||||||
| British Pound – 0.6% |
|
|||||||||||||||
| State of North Rhine-Westphalia |
| |||||||||||||||
| GBP | 400,000 | 2.125 | % | 06/13/25 | $ | 488,412 | ||||||||||
| U.K. Gilts |
| |||||||||||||||
| 840,000 | 1.500 | 07/31/53 | 559,269 | |||||||||||||
| 1,990,000 | 3.500 | 01/22/45 | 2,205,354 | |||||||||||||
| 220,000 | 1.750 | 07/22/57 | 152,315 | |||||||||||||
| 710,000 | 3.500 | 07/22/68 | 758,248 | |||||||||||||
|
|
|
|||||||||||||||
| 4,163,598 | ||||||||||||||||
|
|
||||||||||||||||
| Canadian Dollar – 1.4% |
|
|||||||||||||||
| Province of British Columbia |
| |||||||||||||||
| CAD | 2,600,000 | 2.850 | 06/18/25 | 1,880,511 | ||||||||||||
| 2,000,000 | 4.950 | 06/18/40 | 1,580,923 | |||||||||||||
| Province of Ontario |
| |||||||||||||||
| 1,700,000 | 2.600 | 06/02/25 | 1,226,829 | |||||||||||||
| 2,300,000 | 4.650 | 06/02/41 | 1,761,383 | |||||||||||||
| Province of Quebec |
| |||||||||||||||
| GBP | 2,390,000 | 2.250 | 09/15/26 | 2,852,499 | ||||||||||||
|
|
|
|||||||||||||||
| 9,302,145 | ||||||||||||||||
|
|
||||||||||||||||
| Colombia Peso – 0.1% |
|
|||||||||||||||
| Colombia TES |
| |||||||||||||||
| COP | 1,779,900,000 | 9.250 | 05/28/42 | 405,179 | ||||||||||||
|
|
||||||||||||||||
| Euro – 5.3% |
|
|||||||||||||||
| European Financial Stability Facility (d) | ||||||||||||||||
| EUR | 1,170,000 | 0.875 | 04/10/35 | 1,026,831 | ||||||||||||
| European Union |
|
|||||||||||||||
| 820,000 | 0.200 | 06/04/36 | 642,916 | |||||||||||||
| Finland Government Bonds | ||||||||||||||||
| 1,190,000 | 1.500 | 09/15/32 | 1,165,950 | |||||||||||||
| French Republic Government Bonds OAT | ||||||||||||||||
| 1,760,000 | 1.250 | 05/25/34 | 1,638,093 | |||||||||||||
| 310,000 | 3.250 | 05/25/45 | 338,099 | |||||||||||||
| 210,000 | 2.000 | 05/25/48 | 181,113 | |||||||||||||
| 800,000 | 1.750 | 05/25/66 | 590,830 | |||||||||||||
| 1,030,000 | 4.500 | 04/25/41 | 1,316,957 | |||||||||||||
| Indonesia Government International Bonds (b) |
| |||||||||||||||
| 240,000 | 2.150 | 07/18/24 | 256,713 | |||||||||||||
| Ireland Government Bonds | ||||||||||||||||
| 430,000 | 0.200 | 10/18/30 | 398,977 | |||||||||||||
| 920,000 | 0.350 | 10/18/32 | 823,224 | |||||||||||||
|
|
||||||||||||||||
| 90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – (continued) |
| |||||||||||||||
| Euro – (continued) |
| |||||||||||||||
| Italy Buoni Poliennali Del Tesoro |
| |||||||||||||||
| EUR | 5,400,000 | 0.010 | % | 08/01/26 | $ | 5,415,654 | ||||||||||
| 3,220,000 | 0.900 | 04/01/31 | 2,947,497 | |||||||||||||
| 1,130,000 | 3.250 | 03/01/38 | 1,134,592 | |||||||||||||
| 1,170,000 | 2.150 | 09/01/52 | 858,093 | |||||||||||||
| 100,000 | 2.800 | 03/01/67 | 81,499 | |||||||||||||
| 1,680,000 | 6.000 | 05/01/31 | 2,117,995 | |||||||||||||
| Kingdom of Belgium Government Bonds |
| |||||||||||||||
| 1,690,000 | 0.350 | 06/22/32 | 1,505,135 | |||||||||||||
| 250,000 | 2.150 | 06/22/66 | 206,824 | |||||||||||||
| Portugal Obrigacoes do Tesouro OT |
| |||||||||||||||
| 1,200,000 | 1.950 | 06/15/29 | 1,255,678 | |||||||||||||
| Region Wallonne Belgium |
| |||||||||||||||
| 1,300,000 | 2.875 | 01/14/38 | 1,315,227 | |||||||||||||
| Republic of Austria Government Bonds |
| |||||||||||||||
| 1,270,000 | 0.010 | 10/20/28 | 1,216,410 | |||||||||||||
| 280,000 | 2.100 | (h) | 09/20/17 | 233,739 | ||||||||||||
| 280,000 | 0.850 | (i) | 06/30/20 | 140,276 | ||||||||||||
| Romania Government Bonds |
| |||||||||||||||
| RON | 1,375,000 | 6.700 | 02/25/32 | 301,298 | ||||||||||||
| Romania Government International Bonds |
| |||||||||||||||
| EUR | 630,000 | 2.124 | 07/16/31 | 555,635 | ||||||||||||
| 70,000 | 2.000 | (b) | 01/28/32 | 60,109 | ||||||||||||
| 400,000 | 3.375 | (b) | 01/28/50 | 304,505 | ||||||||||||
| Spain Government Bonds |
| |||||||||||||||
| 3,430,000 | 2.550 | 10/31/32 | 3,572,271 | |||||||||||||
| 650,000 | 0.850 | 07/30/37 | 513,099 | |||||||||||||
| 870,000 | 1.250 | 10/31/30 | 847,668 | |||||||||||||
| 700,000 | 2.900 | 10/31/46 | 673,407 | |||||||||||||
| 1,110,000 | 3.450 | 07/30/66 | 1,115,170 | |||||||||||||
|
|
|
|||||||||||||||
| 34,751,484 | ||||||||||||||||
|
|
||||||||||||||||
| Indonesian Rupiah – 0.4% |
| |||||||||||||||
| Indonesia Treasury Bonds |
| |||||||||||||||
| IDR | 29,050,000,000 | 6.625 | 02/15/34 | 1,815,810 | ||||||||||||
| 2,324,000,000 | 6.500 | 02/15/31 | 145,479 | |||||||||||||
| 7,391,000,000 | 6.375 | 04/15/32 | 457,771 | |||||||||||||
| 1,439,000,000 | 6.375 | 07/15/37 | 88,038 | |||||||||||||
|
|
|
|||||||||||||||
| 2,507,098 | ||||||||||||||||
|
|
||||||||||||||||
| Israeli Shekel – 0.2% |
| |||||||||||||||
| Israel Government Bonds |
| |||||||||||||||
| ILS | 2,430,000 | 2.000 | 03/31/27 | 623,584 | ||||||||||||
| 2,500,000 | 1.300 | 04/30/32 | 541,777 | |||||||||||||
|
|
|
|||||||||||||||
| 1,165,361 | ||||||||||||||||
|
|
||||||||||||||||
| Japanese Yen – 12.9% |
| |||||||||||||||
| Japan Government Forty Year Bonds |
| |||||||||||||||
| JPY | 712,600,000 | 1.000 | 03/20/62 | 3,626,361 | ||||||||||||
| Japan Government Ten Year Bonds |
| |||||||||||||||
| 2,015,900,000 | 0.100 | 06/20/30 | 13,069,925 | |||||||||||||
| 2,089,600,000 | 0.100 | 09/20/31 | 13,392,185 | |||||||||||||
| Japan Government Thirty Year Bonds |
| |||||||||||||||
| 721,900,000 | 1.400 | 09/20/52 | 4,431,545 | |||||||||||||
| Japan Government Twenty Year Bonds |
| |||||||||||||||
| 903,000,000 | 1.100 | 09/20/42 | 5,704,922 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – (continued) |
| |||||||||||||||
| Japanese Yen – (continued) |
| |||||||||||||||
| Japan Government Two Year Bonds |
| |||||||||||||||
| JPY | 4,031,000,000 | 0.005 | % | 07/01/24 | $ | 26,628,353 | ||||||||||
| 780,250,000 | 0.005 | 09/01/24 | 5,154,093 | |||||||||||||
| 1,892,350,000 | 0.005 | 01/01/25 | 12,497,785 | |||||||||||||
|
|
|
|||||||||||||||
| 84,505,169 | ||||||||||||||||
|
|
||||||||||||||||
| Peruvian Nuevo Sol – 0.1% |
| |||||||||||||||
| Peru Government Bonds |
| |||||||||||||||
| PEN | 1,550,000 | 5.940 | 02/12/29 | 414,382 | ||||||||||||
|
|
||||||||||||||||
| Singapore Dollar – 0.1% |
| |||||||||||||||
| Singapore Government Bonds |
| |||||||||||||||
| SGD | 1,320,000 | 3.375 | 09/01/33 | 999,661 | ||||||||||||
|
|
||||||||||||||||
| South Korean Won – 0.5% |
| |||||||||||||||
| Korea Treasury Bonds |
| |||||||||||||||
| KRW | 2,598,070,000 | 1.875 | 06/10/29 | 1,790,784 | ||||||||||||
| 2,641,660,000 | 1.375 | 12/10/29 | 1,757,847 | |||||||||||||
|
|
|
|||||||||||||||
| 3,548,631 | ||||||||||||||||
|
|
||||||||||||||||
| Thailand Baht – 0.1% |
| |||||||||||||||
| Thailand Government Bonds |
| |||||||||||||||
| THB | 6,350,000 | 2.650 | 06/17/28 | 176,817 | ||||||||||||
| 3,240,000 | 3.350 | 06/17/33 | 94,676 | |||||||||||||
| 70,000 | 3.390 | 06/17/37 | 2,061 | |||||||||||||
| 6,710,000 | 2.875 | 12/17/28 | 188,569 | |||||||||||||
| 7,490,000 | 3.450 | 06/17/43 | 218,167 | |||||||||||||
|
|
|
|||||||||||||||
| 680,290 | ||||||||||||||||
|
|
||||||||||||||||
| United States Dollar – 1.2% |
| |||||||||||||||
| Chile Government International Bonds (a) |
| |||||||||||||||
| $ | 430,000 | 3.100 | 05/07/41 | 318,174 | ||||||||||||
| Export-Import Bank of Korea |
| |||||||||||||||
| 390,000 | 5.000 | 01/11/28 | 394,228 | |||||||||||||
| 330,000 | 5.125 | 01/11/33 | 336,105 | |||||||||||||
| Hungary Government International Bonds |
| |||||||||||||||
| 2,040,000 | 6.125 | 05/22/28 | 2,091,637 | |||||||||||||
| Korea Hydro & Nuclear Power Co. Ltd. (b) |
| |||||||||||||||
| 630,000 | 4.250 | 07/27/27 | 613,462 | |||||||||||||
| Mexico Government International Bonds (a) |
| |||||||||||||||
| 1,521,000 | 3.771 | 05/24/61 | 990,551 | |||||||||||||
| 360,000 | 3.750 | 04/19/71 | 229,837 | |||||||||||||
| Panama Government International Bonds (a) |
| |||||||||||||||
| 200,000 | 6.875 | 01/31/36 | 194,813 | |||||||||||||
| Peru Government International Bonds (a) |
| |||||||||||||||
| 10,000 | 2.780 | 12/01/60 | 5,772 | |||||||||||||
| 100,000 | 3.230 | (j) | 07/28/21 | 57,594 | ||||||||||||
| Philippines Government International Bonds |
| |||||||||||||||
| 470,000 | 3.700 | 03/01/41 | 388,191 | |||||||||||||
| Republic of Poland Government International Bonds (a) |
| |||||||||||||||
| 600,000 | 5.125 | 09/18/34 | 598,062 | |||||||||||||
| 650,000 | 5.500 | 03/18/54 | 645,157 | |||||||||||||
| Romania Government International Bonds (b) |
| |||||||||||||||
| 240,000 | 3.000 | 02/27/27 | 224,100 | |||||||||||||
| Saudi Government International Bonds |
| |||||||||||||||
| 830,000 | 4.875 | 07/18/33 | 825,591 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – (continued) |
| |||||||||||||||
| United States Dollar – (continued) |
| |||||||||||||||
| Uruguay Government International Bonds (a) |
| |||||||||||||||
| $ | 90,000 | 4.375 | % | 01/23/31 | $ | 88,116 | ||||||||||
|
|
|
|||||||||||||||
| 8,001,390 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $171,398,910) |
$ | 150,444,388 | ||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities(a) – 13.0% |
| |||||||||||||||
| Automotive – 3.2% |
| |||||||||||||||
| Bank of America Auto Trust Series 2023-2A, Class A2(b) |
| |||||||||||||||
| $ | 1,125,000 | 5.850 | % | 08/17/26 | $ | 1,127,300 | ||||||||||
| Ford Credit Auto Lease Trust Series 2024-A, Class A2A |
| |||||||||||||||
| 3,525,000 | 5.240 | 07/15/26 | 3,518,967 | |||||||||||||
| Ford Credit Auto Owner Trust Series 2023-C, Class A2A |
| |||||||||||||||
| 2,175,000 | 5.680 | 09/15/26 | 2,178,474 | |||||||||||||
| Ford Credit Auto Owner Trust Series 2024-1, Class A(b) |
| |||||||||||||||
| 1,625,000 | 4.870 | 08/15/36 | 1,620,460 | |||||||||||||
| GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class A2A |
| |||||||||||||||
| 1,475,000 | 5.890 | 11/16/26 | 1,478,427 | |||||||||||||
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1 (b) |
| |||||||||||||||
| 1,500,000 | 5.340 | 06/15/28 | 1,507,079 | |||||||||||||
| Hyundai Auto Lease Securitization Trust Series
2024-A, |
| |||||||||||||||
| 2,575,000 | 5.150 | 06/15/26 | 2,568,504 | |||||||||||||
| Mercedes-Benz Auto Receivables Trust Series 2023-2, Class A2 |
| |||||||||||||||
| 200,000 | 5.920 | 11/16/26 | 200,510 | |||||||||||||
| Nissan Auto Lease Trust Series 2024-A, Class A2A |
| |||||||||||||||
| 3,400,000 | 5.110 | 10/15/26 | 3,390,253 | |||||||||||||
| Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 |
| |||||||||||||||
| 425,000 | 5.930 | 03/15/28 | 431,132 | |||||||||||||
| Santander Drive Auto Receivables Trust Series 2023-6, Class A2 |
| |||||||||||||||
| 1,671,625 | 6.080 | 05/17/27 | 1,675,384 | |||||||||||||
| Santander Drive Auto Receivables Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 1,425,000 | 5.710 | 02/16/27 | 1,425,615 | |||||||||||||
|
|
|
|||||||||||||||
| 21,122,105 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations(b) – 5.5% |
| |||||||||||||||
| AGL CLO 3 Ltd. Series 2020-3A, Class A(c) (3 mo. USD Term SOFR + 1.562%) |
| |||||||||||||||
| 2,100,000 | 6.876 | 01/15/33 | 2,101,113 | |||||||||||||
| Apidos CLO XXIII Ltd. Series 2015-23A, Class AR(c) (3 mo. USD Term SOFR + 1.482%) |
| |||||||||||||||
| 2,100,000 | 6.796 | 04/15/33 | 2,100,966 | |||||||||||||
| ARES LXIV CLO Ltd. Series 2022-64A, Class A1(c) (3 mo. USD Term SOFR + 1.440%) |
| |||||||||||||||
| 3,225,000 | 6.754 | 04/15/35 | 3,226,435 | |||||||||||||
| Carlyle U.S. CLO Ltd. Series 2024-2A, Class B(c) (-1X 3 mo.USD Term SOFR + 2.050%) |
| |||||||||||||||
| 1,900,000 | 1.000 | 04/25/37 | 1,900,667 | |||||||||||||
| Elmwood CLO IV Ltd. Series 2020-1A, Class A(c) (3 mo. USD Term SOFR + 1.502%) |
| |||||||||||||||
| 5,300,000 | 6.816 | 04/15/33 | 5,303,752 | |||||||||||||
| Helios Issuer LLC Series 2023-GRID1, Class 1A |
| |||||||||||||||
| 170,925 | 5.750 | 12/20/50 | 172,608 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations(b) – (continued) |
| |||||||||||||||
| Jamestown CLO XII Ltd. Series 2019-1A, Class A2BR(c) (3 mo. USD Term SOFR + 1.850%) |
| |||||||||||||||
| $ |
1,650,000 | 7.183 | % | 04/20/32 | $ | 1,650,290 | ||||||||||
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1(c) (1 mo. USD Term SOFR + 1.600%) |
| |||||||||||||||
| 607,837 | 6.920 | 05/25/54 | 611,631 | |||||||||||||
| Mountain View CLO LLC Series 2016-1A, Class AR(c) (3 mo. USD Term SOFR + 1.622%) |
| |||||||||||||||
| 1,800,000 | 6.936 | 04/14/33 | 1,799,563 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 45 Ltd. Series 2021-45A, Class A (c) (3 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 740,000 | 6.706 | 10/14/35 | 740,483 | |||||||||||||
| New Mountain CLO 1 Ltd. Series CLO-1A, Class AR(c) (3 mo. USD Term SOFR + 1.462%) |
| |||||||||||||||
| 1,150,000 | 6.776 | 10/15/34 | 1,150,809 | |||||||||||||
| Oaktree CLO Ltd. Series 2021-1A, Class A1(c) (3 mo. USD Term SOFR + 1.422%) |
| |||||||||||||||
| 5,000,000 | 6.736 | 07/15/34 | 4,996,740 | |||||||||||||
| OZLM XIV Ltd. Series 2015-14A, Class CRR(c) (3 mo. USD Term SOFR + 3.652%) |
| |||||||||||||||
| 1,700,000 | 8.966 | 07/15/34 | 1,700,054 | |||||||||||||
| Venture 36 CLO Ltd. Series 2019-36A, Class D(c) (3 mo. USD Term SOFR + 4.412%) |
| |||||||||||||||
| 900,000 | 9.729 | 04/20/32 | 893,183 | |||||||||||||
| Venture 39 CLO Ltd. Series 2020-39A, Class A1(c) (3 mo. USD Term SOFR + 1.542%) |
| |||||||||||||||
| 3,475,000 | 6.856 | 04/15/33 | 3,475,052 | |||||||||||||
| Voya CLO Ltd. Series 2019-1A, Class AR(c) (3 mo. USD Term SOFR + 1.322%) |
| |||||||||||||||
| 1,639,199 | 6.636 | 04/15/31 | 1,639,691 | |||||||||||||
| Voya CLO Ltd. Series 2019-2A, Class AR(c) (-1X 3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| 2,625,000 | 1.000 | 07/20/32 | 2,625,467 | |||||||||||||
|
|
|
|||||||||||||||
| 36,088,504 | ||||||||||||||||
|
|
||||||||||||||||
| Credit Card – 1.4% |
| |||||||||||||||
| American Express Credit Account Master Trust Series 2022-2, Class A |
| |||||||||||||||
| 1,975,000 | 3.390 | 05/15/27 | 1,934,136 | |||||||||||||
| Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| |||||||||||||||
| 1,500,000 | 4.720 | 02/15/29 | 1,489,803 | |||||||||||||
| Barclays Dryrock Issuance Trust Series 2023-2, Class A(c) (1 mo. USD Term SOFR + 0.900%) |
| |||||||||||||||
| 2,600,000 | 6.219 | 08/15/28 | 2,617,496 | |||||||||||||
| Capital One Multi-Asset Execution Trust Series 2022-A2, Class A |
| |||||||||||||||
| 2,000,000 | 3.490 | 05/15/27 | 1,960,430 | |||||||||||||
| Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 |
| |||||||||||||||
| 1,275,000 | 5.230 | 12/08/27 | 1,275,895 | |||||||||||||
|
|
|
|||||||||||||||
| 9,277,760 | ||||||||||||||||
|
|
||||||||||||||||
| Student Loan(b)(c) – 2.9% |
| |||||||||||||||
| Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%) |
| |||||||||||||||
| 1,978,419 | 6.589 | 04/20/31 | 1,979,088 | |||||||||||||
| Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 1,650,000 | 7.119 | 07/24/36 | 1,661,606 | |||||||||||||
|
|
||||||||||||||||
| 92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Student Loan(b)(c) – (continued) |
| |||||||||||||||
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR (-1X 3 mo. USD Term SOFR + 1.420%) |
| |||||||||||||||
| $ | 2,975,000 | 1.000 | % | 04/20/36 | $ | 2,975,533 | ||||||||||
| ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) |
| |||||||||||||||
| 2,247,310 | 6.635 | 12/27/66 | 2,244,502 | |||||||||||||
| Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) |
| |||||||||||||||
| 3,368,813 | 6.485 | 12/27/66 | 3,366,046 | |||||||||||||
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) |
| |||||||||||||||
| 1,500,000 | 6.721 | 04/15/31 | 1,499,987 | |||||||||||||
| PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) |
| |||||||||||||||
| 924,429 | 6.585 | 09/25/65 | 925,776 | |||||||||||||
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1 (3 mo. USD Term SOFR + 1.630%) |
| |||||||||||||||
| 4,500,000 | 6.887 | 04/15/37 | 4,502,313 | |||||||||||||
|
|
|
|||||||||||||||
| 19,154,851 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $85,393,996) |
$ | 85,643,220 | ||||||||||||||
|
|
||||||||||||||||
| Agency Debentures – 0.2% |
| |||||||||||||||
| Sovereign – 0.2% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. |
| |||||||||||||||
| $ | 1,160,000 | 6.750 | % | 03/15/31 | $ | 1,328,397 | ||||||||||
| (Cost $1,358,020) |
||||||||||||||||
|
|
||||||||||||||||
| TOTAL AGENCY DEBENTURES (Cost $1,358,020) |
$ | 1,328,397 | ||||||||||||||
|
|
||||||||||||||||
| Structured Note(b)(c) – 0.2% |
| |||||||||||||||
| Banks – 0.2% |
| |||||||||||||||
| Republic of Indonesia (Issuer JPMorgan Chase Bank NA) |
| |||||||||||||||
| IDR | 15,414,000,000 | 7.500 | % | 06/17/35 | $ | 1,028,572 | ||||||||||
| (Cost $1,109,363) |
||||||||||||||||
|
|
||||||||||||||||
| TOTAL STRUCTURED NOTES (Cost $1,109,363) |
$ | 1,028,572 | ||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations – 1.4% |
| |||||||||||||||
| U.S. Treasury Bonds |
| |||||||||||||||
| $ | 5,400,000 | 2.250 | % | 02/15/52 $ | 3,554,719 | |||||||||||
| 4,880,000 | 2.875 | 05/15/52 | 3,695,075 | |||||||||||||
| U.S. Treasury Inflation-Indexed Bonds |
| |||||||||||||||
| 2,012,498 | 1.500 | 02/15/53 | 1,759,643 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,889,106) |
$ | 9,009,437 | ||||||||||||||
|
|
||||||||||||||||
|
Shares |
Description | Value | ||||||||||||||
| Exchange Traded Funds – 0.0% |
| |||||||||||||||
| 3,755 | |
Vanguard Intermediate- Term Corporate Bond ETF |
||||||||||||||
| $ | 302,315 | |||||||||||||||
| (Cost $306,202) |
||||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(k) – 1.5% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 9,667,648 | 5.211% | $ | 9,667,648 | |||||||||||||
| (Cost $9,667,648) |
||||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 97.7% (Cost $672,210,627) |
$ | 641,305,241 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments(b)(l) – 4.0% |
| |||||||||||||||
| Commercial Paper(b)(l) – 4.0% |
| |||||||||||||||
| Bayer Corp. |
| |||||||||||||||
| $ | 4,300,000 | 0.000 | % | 07/15/24 | $ | 4,226,038 | ||||||||||
| Duke Energy Corp. |
| |||||||||||||||
| 8,200,000 | 0.000 | 04/19/24 | 8,172,366 | |||||||||||||
| Glencore Funding LLC |
| |||||||||||||||
| 6,700,000 | 0.000 | 04/30/24 | 6,665,128 | |||||||||||||
| Oracle Corp. |
| |||||||||||||||
| 3,700,000 | 0.000 | 04/15/24 | 3,689,995 | |||||||||||||
| VW Credit, Inc. |
| |||||||||||||||
| 3,779,000 | 0.000 | 04/11/24 | 3,770,962 | |||||||||||||
|
|
||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $26,544,589) |
$ | 26,524,489 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 101.7% (Cost $698,755,216) |
$ | 667,829,730 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER |
(11,289,712 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% |
$ | 656,540,018 | ||||||||||||||
|
|
||||||||||||||||
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 March 31, 2024. |
| (d) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $6,212,041, which represents approximately 1% of the Fund’s net assets as of March 31, 2024. |
| The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| (e) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. | |
| (f) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. | |
| (g) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $32,675,225 which represents approximately 5.1% of net assets as of March 31, 2024. | |
| (h) | Actual maturity date is September 20, 2117. | |
| (i) | Actual maturity date is June 30, 2120. | |
| (j) | Actual maturity date is July 28, 2121. | |
| (k) | Represents an Affiliated Issuer. | |
| (l) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||||||
|
|
||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
CLP | 430,362,182 | USD | 434,775 | 06/21/24 | $ | 3,563 | |||||||||||||||||
| COP | 5,327,435,968 | USD | 1,342,259 | 06/20/24 | 17,704 | |||||||||||||||||||
| EUR | 1,651,000 | SEK | 18,923,349 | 06/20/24 | 13,223 | |||||||||||||||||||
| EUR | 2,274,083 | USD | 2,449,920 | 05/08/24 | 7,221 | |||||||||||||||||||
| EUR | 774,141 | USD | 837,038 | 06/20/24 | 890 | |||||||||||||||||||
| GBP | 1,867,100 | USD | 2,348,810 | 04/10/24 | 7,878 | |||||||||||||||||||
| GBP | 709,251 | USD | 893,000 | 06/20/24 | 2,563 | |||||||||||||||||||
| MXN | 75,577,070 | USD | 4,443,039 | 06/20/24 | 45,381 | |||||||||||||||||||
| USD | 3,123,664 | BRL | 15,594,737 | 04/02/24 | 14,957 | |||||||||||||||||||
| USD | 899,497 | BRL | 4,489,835 | 04/15/24 | 5,666 | |||||||||||||||||||
| USD | 882,406 | BRL | 4,412,473 | 05/03/24 | 5,512 | |||||||||||||||||||
| USD | 6,444,107 | CAD | 8,679,580 | 05/02/24 | 33,384 | |||||||||||||||||||
| USD | 3,762,809 | CAD | 5,074,981 | 06/20/24 | 11,818 | |||||||||||||||||||
| USD | 6,318,306 | CHF | 5,512,925 | 06/20/24 | 150,264 | |||||||||||||||||||
| USD | 889,000 | CLP | 855,662,500 | 06/21/24 | 17,480 | |||||||||||||||||||
| USD | 8,961,574 | CNH | 64,317,841 | 06/20/24 | 71,911 | |||||||||||||||||||
| USD | 37,497 | CZK | 871,945 | 06/20/24 | 316 | |||||||||||||||||||
| USD | 82,428,745 | EUR | 76,196,899 | 05/08/24 | 98,202 | |||||||||||||||||||
| USD | 4,718,053 | EUR | 4,301,461 | 06/20/24 | 62,169 | |||||||||||||||||||
| USD | 20,967,717 | GBP | 16,490,520 | 04/10/24 | 153,079 | |||||||||||||||||||
| USD | 3,221,215 | GBP | 2,521,290 | 06/20/24 | 37,613 | |||||||||||||||||||
| USD | 901,762 | HUF | 328,149,842 | 06/20/24 | 6,853 | |||||||||||||||||||
| USD | 4,064,132 | IDR | 64,294,574,301 | 06/12/24 | 21,669 | |||||||||||||||||||
| USD | 1,204,684 | ILS | 4,385,790 | 05/22/24 | 9,236 | |||||||||||||||||||
| USD | 5,357,000 | INR | 445,250,407 | 06/20/24 | 30,720 | |||||||||||||||||||
| USD | 87,683,157 | JPY | 12,904,417,891 | 05/07/24 | 1,946,740 | |||||||||||||||||||
| USD | 4,016,000 | JPY | 588,294,085 | 06/20/24 | 81,251 | |||||||||||||||||||
| USD | 3,946,780 | KRW | 5,232,759,550 | 06/12/24 | 53,781 | |||||||||||||||||||
| USD | 2,239,000 | KRW | 2,959,854,071 | 06/20/24 | 36,351 | |||||||||||||||||||
| USD | 4,280,991 | NOK | 44,761,188 | 06/20/24 | 150,064 | |||||||||||||||||||
| USD | 4,475,780 | NZD | 7,323,579 | 06/20/24 | 100,084 | |||||||||||||||||||
| USD | 895,000 | PLN | 3,510,861 | 06/20/24 | 16,791 | |||||||||||||||||||
| USD | 1,773,280 | SEK | 18,162,321 | 06/20/24 | 70,803 | |||||||||||||||||||
| USD | 1,018,483 | SGD | 1,350,506 | 04/08/24 | 17,924 | |||||||||||||||||||
| USD | 3,728,017 | SGD | 4,952,749 | 06/20/24 | 46,465 | |||||||||||||||||||
| USD | 811,485 | THB | 28,548,157 | 06/20/24 | 23,813 | |||||||||||||||||||
| USD | 1,790,743 | ZAR | 33,641,114 | 06/20/24 | 26,398 | |||||||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL |
$ | 3,399,737 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| 94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) | ||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
AUD | 11,256,869 | USD | 7,412,636 | 06/20/24 | $ | (60,434 | ) | ||||||||||||||||||||
| BRL | 17,693,598 | USD | 3,545,835 | 04/02/24 | (18,736 | ) | ||||||||||||||||||||||
| CAD | 6,013,777 | USD | 4,458,000 | 06/20/24 | (13,131 | ) | ||||||||||||||||||||||
| CHF | 779,490 | USD | 895,000 | 06/20/24 | (22,881 | ) | ||||||||||||||||||||||
| CLP | 1,271,127,130 | USD | 1,341,405 | 06/21/24 | (46,721 | ) | ||||||||||||||||||||||
| CNH | 25,504,850 | USD | 3,561,000 | 06/20/24 | (35,858 | ) | ||||||||||||||||||||||
| CZK | 67,292,786 | USD | 2,905,684 | 06/20/24 | (36,241 | ) | ||||||||||||||||||||||
| EUR | 1,634,569 | JPY | 266,728,569 | 06/20/24 | (14,737 | ) | ||||||||||||||||||||||
| EUR | 3,763,362 | USD | 4,096,551 | 05/08/24 | (30,249 | ) | ||||||||||||||||||||||
| EUR | 6,373,377 | USD | 6,971,474 | 06/20/24 | (72,955 | ) | ||||||||||||||||||||||
| GBP | 2,775,439 | USD | 3,537,247 | 06/20/24 | (32,732 | ) | ||||||||||||||||||||||
| INR | 447,394,223 | USD | 5,385,051 | 06/20/24 | (33,124 | ) | ||||||||||||||||||||||
| JPY | 263,936,056 | USD | 1,789,830 | 05/07/24 | (36,250 | ) | ||||||||||||||||||||||
| JPY | 849,555,159 | USD | 5,811,929 | 06/20/24 | (129,763 | ) | ||||||||||||||||||||||
| KRW | 6,524,957,964 | USD | 4,941,698 | 06/20/24 | (85,987 | ) | ||||||||||||||||||||||
| NOK | 12,972,484 | USD | 1,253,695 | 06/20/24 | (56,488 | ) | ||||||||||||||||||||||
| NZD | 2,927,049 | AUD | 2,708,000 | 06/20/24 | (19,823 | ) | ||||||||||||||||||||||
| NZD | 680,288 | USD | 416,712 | 06/20/24 | (10,253 | ) | ||||||||||||||||||||||
| PLN | 13,372,098 | USD | 3,404,262 | 06/20/24 | (59,356 | ) | ||||||||||||||||||||||
| SEK | 18,553,088 | EUR | 1,634,000 | 06/20/24 | (29,529 | ) | ||||||||||||||||||||||
| SEK | 14,059,124 | USD | 1,379,291 | 06/20/24 | (61,434 | ) | ||||||||||||||||||||||
| USD | 417,592 | BRL | 2,098,861 | 04/02/24 | (802 | ) | ||||||||||||||||||||||
| USD | 3,952,984 | CAD | 5,356,016 | 06/20/24 | (5,724 | ) | ||||||||||||||||||||||
| USD | 1,255,557 | CHF | 1,128,104 | 06/20/24 | (6,603 | ) | ||||||||||||||||||||||
| USD | 751,973 | CLP | 739,678,198 | 06/21/24 | (1,413 | ) | ||||||||||||||||||||||
| USD | 408,227 | COP | 1,614,629,165 | 05/06/24 | (6,919 | ) | ||||||||||||||||||||||
| USD | 1,341,000 | COP | 5,312,665,400 | 06/20/24 | (15,194 | ) | ||||||||||||||||||||||
| USD | 1,165,820 | EUR | 1,083,899 | 05/08/24 | (5,330 | ) | ||||||||||||||||||||||
| USD | 1,787,000 | GBP | 1,418,952 | 06/20/24 | (4,694 | ) | ||||||||||||||||||||||
| USD | 893,000 | HUF | 329,292,678 | 06/20/24 | (5,026 | ) | ||||||||||||||||||||||
| USD | 1,792,000 | INR | 149,927,680 | 06/20/24 | (1,501 | ) | ||||||||||||||||||||||
| USD | 1,865,370 | MXN | 31,710,241 | 06/20/24 | (17,859 | ) | ||||||||||||||||||||||
| USD | 405,852 | PEN | 1,556,646 | 05/15/24 | (12,239 | ) | ||||||||||||||||||||||
| USD | 59,141 | TRY | 2,144,981 | 06/20/24 | (1,207 | ) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL |
$ | (991,193 | ) | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||
|
|
||||||||||||||||||||
| Government National Mortgage Association |
4.500 | % | TBA - 30yr | 04/11/24 | $ | (13,000,000 | ) | $ | (12,490,513 | ) | ||||||||||
| Government National Mortgage Association |
4.000 | TBA - 30yr | 04/18/24 | (2,000,000 | ) | (1,871,725 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 04/11/24 | (9,000,000 | ) | (8,570,039 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 04/11/24 | (6,000,000 | ) | (5,556,094 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
2.000 | TBA - 30yr | 04/18/24 | (9,000,000 | ) | (7,120,318 | ) | |||||||||||||
|
|
||||||||||||||||||||
| (PROCEEDS RECEIVED: $(35,888,008)) |
$ | (35,608,689 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
| The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.K. Long Gilt |
66 | 06/26/24 | $ | 8,325,190 | $ | 202,315 | ||||||||||
| 10 Year U.S. Treasury Notes |
147 | 06/18/24 | 16,287,141 | 69,773 | ||||||||||||
| 20 Year U.S. Treasury Bonds |
63 | 06/18/24 | 7,587,562 | (19,898) | ||||||||||||
| 30 Year German Euro-Buxl |
50 | 06/06/24 | 7,325,391 | 128,587 | ||||||||||||
| 5 Year German Euro-Bund |
95 | 06/06/24 | 13,670,215 | 106,444 | ||||||||||||
| 5 Year U.S. Treasury Notes |
608 | 06/28/24 | 65,065,500 | 60,350 | ||||||||||||
| Australian 10 Year Government Bonds |
56 | 06/17/24 | 4,254,131 | (82) | ||||||||||||
| Australian 3 Year Government Bonds |
77 | 06/17/24 | 5,364,638 | (2,179) | ||||||||||||
| Canada 10 Year Government Bonds |
179 | 06/19/24 | 15,902,595 | 102,677 | ||||||||||||
| Euro BTP |
18 | 06/06/24 | 2,311,091 | 39,005 | ||||||||||||
| Euro-Bobl |
43 | 06/06/24 | 5,485,682 | 16,170 | ||||||||||||
| French 10 Year Government Bonds |
77 | 06/06/24 | 10,647,267 | 64,677 | ||||||||||||
| Ultra Long U.S. Treasury Bonds |
97 | 06/18/24 | 12,513,000 | 210,222 | ||||||||||||
|
|
||||||||||||||||
| Total |
$ | 978,061 | ||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 2 Year German Euro-Schatz |
(122) | 06/06/24 | (13,912,201 | ) | (1,704) | |||||||||||
| 2 Year U.S. Treasury Notes |
(71) | 06/28/24 | (14,518,391 | ) | 21,472 | |||||||||||
| Ultra 10-Year U.S. Treasury Note(156) |
06/18/24 | (17,879,063 | ) | (174,723) | ||||||||||||
|
|
||||||||||||||||
| Total |
$ | (154,955) | ||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS |
$ | 823,106 | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
OVER THE COUNTER INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by the Fund(a) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Payments (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| 3M KLIBOR |
3.271 | BofA Securities LLC | 12/21/31 | MYR1,540 | $(12,073 | ) | $ — | $(12,073) | ||||||||||||||||||||
| 3M KLIBOR |
3.735 | Citibank NA | 07/14/32 | 1,950 | (3,035 | ) | — | (3,035) | ||||||||||||||||||||
| 3M KLIBOR |
3.750 | Citibank NA | 12/21/32 | 3,450 | (5,937 | ) | (42,082 | ) | 36,145 | |||||||||||||||||||
| 3M KLIBOR |
3.680 | MS & Co. Int. PLC | 07/12/32 | 1,940 | (4,699 | ) | — | (4,699) | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL |
$(25,744 | ) | $(42,082 | ) | $ 16,338 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Payments made quarterly. |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund |
Payments by Fund |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 6M EURO(a) |
3.883%(a) | 06/12/24 | EUR | 155,544 | (b) | $ (2,937 | ) | $ | — | $ (2,937 | ) | |||||||||||
| 6M EURO(c) |
1.750(d) | 09/21/24 | 2,880 | (b) | (7,096 | ) | (3,995 | ) | (3,101 | ) | ||||||||||||
| 96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| 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) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 1M BID Average(e) |
12.060%(e) | 01/02/25 | BRL | 9,890 | $ | (685 | ) | $ | 160,150 | $ | (160,835 | ) | ||||||||||
| 1M BID Average(e) |
12.063(e) | 01/02/25 | 11,420 | (b) | 20,463 | 184,193 | (163,730 | ) | ||||||||||||||
| 10.950%(e) |
1M BID Average(e) | 01/02/25 | 530 | 2,754 | (7,273 | ) | 10,027 | |||||||||||||||
| 13.300(e) |
1M BID Average(e) | 01/02/25 | 7,340 | (b) | (38,465 | ) | (155,555 | ) | 117,090 | |||||||||||||
| 1M BID Average(e) |
10.850(e) | 01/02/26 | 38,810 | (b) | 27,885 | 10,539 | 17,346 | |||||||||||||||
| 9.750(e) |
1M BID Average(e) | 01/02/26 | 1,510 | 1,334 | 1,351 | (17 | ) | |||||||||||||||
| 6M EURO(a) |
2.250(a) | 02/17/26 | EUR | 15,860 | (42,980 | ) | (4,148 | ) | (38,832 | ) | ||||||||||||
| 3.750(a) |
12M SOFR(a) | 02/18/26 | $ | 13,600 | 47,561 | (1,394 | ) | 48,955 | ||||||||||||||
| 3M AUDOR(c) |
3.750(c) | 02/21/26 | AUD | 33,370 | (b) | 5,084 | (9,206 | ) | 14,290 | |||||||||||||
| 3.750(f) |
6M CDOR(f) | 02/21/26 | CAD | 23,520 | (b) | 5,933 | (3,261 | ) | 9,194 | |||||||||||||
| 3.750(c) |
3M AUDOR(c) | 02/28/26 | AUD | 32,300 | (b) | (6,255 | ) | 22,492 | (28,747 | ) | ||||||||||||
| 3M NZDOR(c) |
4.500(f) | 02/28/26 | NZD | 29,080 | (b) | 25,814 | (26,281 | ) | 52,095 | |||||||||||||
| 6M EURO(d) |
2.820(d) | 03/19/26 | EUR | 17,290 | (b) | (1,933 | ) | (8,564 | ) | 6,631 | ||||||||||||
| Mexico Interbank TIIE 28 Days(e) | 9.250(e) | 06/17/26 | MXN | 150,770 | (b) | (31,725 | ) | (6,757 | ) | (24,968 | ) | |||||||||||
| 3M CNRR(c) |
2.000(c) | 06/19/26 | CNY | 96,520 | (b) | 20,910 | 19,485 | 1,425 | ||||||||||||||
| 6M EURO(d) |
3.000(d) | 06/19/26 | EUR | 11,400 | (b) | 61,673 | 64,500 | (2,827 | ) | |||||||||||||
| 3M KWCDC(c) |
3.250(c) | 06/19/26 | KRW | 10,860,110 | (b) | (11,717 | ) | (13,675 | ) | 1,958 | ||||||||||||
| 3M STIBOR(c) |
3.250(d) | 06/19/26 | SEK | 605,570 | (b) | 241,096 | 376,873 | (135,777 | ) | |||||||||||||
| 4.000(c) |
3M AUDOR(c) | 06/19/26 | AUD | 37,540 | (b) | (70,639 | ) | (68,599 | ) | (2,040 | ) | |||||||||||
| 6M CDOR(f) |
4.250(f) | 06/19/26 | CAD | 43,410 | (b) | 151,021 | 176,481 | (25,460 | ) | |||||||||||||
| 6M NIBOR(f) |
4.500(d) | 06/19/26 | NOK | 428,440 | (b) | 181,365 | 315,310 | (133,945 | ) | |||||||||||||
| 1.000(d) |
6M CHFOR(d) | 06/19/26 | CHF | 73,710 | (b) | (7,143 | ) | 36,394 | (43,537 | ) | ||||||||||||
| 5.000(d) |
6M WIBOR(f) | 06/19/26 | PLN | 11,740 | (b) | 13,254 | 11,429 | 1,825 | ||||||||||||||
| 12M SOFR(d) |
4.000(d) | 06/20/26 | $ | 2,290 | (b) | (15,361 | ) | (17,719 | ) | 2,358 | ||||||||||||
| 4.250(d) |
12M SOFR(d) | 06/28/26 | 6,672 | (b) | 11,259 | 17,229 | (5,970 | ) | ||||||||||||||
| 4.000(f) |
6M CDOR(f) | 06/28/26 | CAD | 3,482 | (b) | (993 | ) | 2,800 | (3,793 | ) | ||||||||||||
| 3.000(d) |
6M EURO(f) | 06/28/26 | EUR | 1,530 | (b) | (1,854 | ) | 875 | (2,729 | ) | ||||||||||||
| 3M AUDOR(c) |
3.750(c) | 06/29/26 | AUD | 740 | (b) | (813 | ) | (1,789 | ) | 976 | ||||||||||||
| 11.230(e) |
1M BID Average(e) | 01/04/27 | BRL | 740 | (b) | (797 | ) | 1,326 | (2,123 | ) | ||||||||||||
| 10.286(e) |
1M BID Average(e) | 01/04/27 | 8,240 | (b) | 3,623 | — | 3,623 | |||||||||||||||
| 13.030(e) |
1M BID Average(e) | 01/04/27 | 2,379 | (b) | (27,578 | ) | — | (27,578 | ) | |||||||||||||
| 1M BID Average(e) |
8.495(e) | 01/04/27 | 2,060 | (b) | (35,084 | ) | (34,057 | ) | (1,027 | ) | ||||||||||||
| 12M SOFR(d) |
3.350(d) | 10/06/27 | $ | 66,060 | (b) | (375,043 | ) | (29,423 | ) | (345,620 | ) | |||||||||||
| 6M EURO(f) |
3.000(d) | 10/20/27 | EUR | 15,010 | (b) | 182,727 | (290,379 | ) | 473,106 | |||||||||||||
| 12M SOFR(d) |
3.730(d) | 11/28/27 | $ | 6,440 | (b) | 10,505 | 26,406 | (15,901 | ) | |||||||||||||
| 6M EURO(d) |
2.673(d) | 04/22/28 | EUR | 27,720 | (b) | 378,047 | 103,605 | 274,442 | ||||||||||||||
| 2.852(d) |
3M EURO(c) | 04/22/28 | 27,720 | (b) | (398,520 | ) | (88,873 | ) | (309,647 | ) | ||||||||||||
| 3.000(d) |
6M EURO(f) | 06/19/28 | 1,580 | (b) | (22,368 | ) | (15,181 | ) | (7,187 | ) | ||||||||||||
| 3.975(d) |
12M SOFR(d) | 08/31/28 | $ | 42,720 | (b) | (4,067 | ) | (10,931 | ) | 6,864 | ||||||||||||
| 12M SOFR(d) |
3.696(d) | 09/22/28 | 56,690 | (b) | 135,029 | (120,467 | ) | 255,496 | ||||||||||||||
| 11.500(e) |
1M BID Average(e) | 01/02/29 | BRL | 8,710 | (b) | (47,222 | ) | (32,503 | ) | (14,719 | ) | |||||||||||
| 6M EURO(d) |
2.470(d) | 04/12/29 | EUR | 11,980 | (b) | 43,719 | (4,565 | ) | 48,284 | |||||||||||||
| 8.500(e) |
Mexico Interbank TIIE 28 Days(e) | 06/13/29 | MXN | 67,200 | (b) | 29,445 | 227 | 29,218 | ||||||||||||||
| 3M CNRR(c) |
2.000(c) | 06/19/29 | CNY | 446,940 | (b) | (306,273 | ) | (373,002 | ) | 66,729 | ||||||||||||
| 6M THOR(c) |
2.250(c) | 06/19/29 | THB | 108,370 | (b) | 11,445 | 1,659 | 9,786 | ||||||||||||||
| 6M GBP(d) |
3.750(d) | 06/19/29 | GBP | 2,490 | (b) | 4,796 | (9,316 | ) | 14,112 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 6M NIBOR(f) |
4.000%(d) | 06/19/29 | NOK | 136,900 | (b) | $ | 111,726 | $ | 103,763 | $ | 7,963 | |||||||||||
| 3M AUDOR(f) |
4.250(f) | 06/19/29 | AUD | 5,580 | (b) | 46,569 | 39,197 | 7,372 | ||||||||||||||
| 3.500%(f) |
6M CDOR(f) | 06/19/29 | CAD | 11,900 | (b) | (20,062 | ) | (75,448 | ) | 55,386 | ||||||||||||
| 1.250(d) |
6M CHFOR(d) | 06/19/29 | CHF | 6,170 | (b) | (73,949 | ) | (68,242 | ) | (5,707 | ) | |||||||||||
| 3.000(d) |
6M EURO(f) | 06/19/29 | EUR | 3,460 | (b) | (71,549 | ) | (50,718 | ) | (20,831 | ) | |||||||||||
| 0.500(d) |
6M JYOR(d) | 06/19/29 | JPY | 8,571,000 | (b) | 132,036 | 96,986 | 35,050 | ||||||||||||||
| 12M SOFR(d) |
3.750(d) | 06/20/29 | $ | 16,450 | (b) | (110,444 | ) | (137,668 | ) | 27,224 | ||||||||||||
| 6M GBP(d) |
3.750(d) | 06/19/31 | GBP | 1,660 | (b) | 16,445 | 6,705 | 9,740 | ||||||||||||||
| 3.000(d) |
6M EURO(f) | 06/19/31 | EUR | 970 | (b) | (30,708 | ) | (22,478 | ) | (8,230 | ) | |||||||||||
| 2.680(d) |
12M SOFR(d) | 07/28/32 | $ | 14,780 | (b) | 542,557 | 209,644 | 332,913 | ||||||||||||||
| 3.750(d) |
6M GBP(d) | 06/19/33 | GBP | 3,400 | (b) | (45,539 | ) | (11,018 | ) | (34,521 | ) | |||||||||||
| 1.250(d) |
12M JYOR(d) | 08/03/33 | JPY | 1,110,000 | (b) | (49,667 | ) | (60,364 | ) | 10,697 | ||||||||||||
| 12M SOFR(d) |
4.306(d) | 10/05/33 | $ | 13,130 | (b) | 330,754 | (84,778 | ) | 415,532 | |||||||||||||
| 6M EURO(f) |
3.000(d) | 11/10/33 | EUR | 18,900 | (b) | 459,703 | 138,701 | 321,002 | ||||||||||||||
| 12M SOFR(d) |
3.849(d) | 11/15/33 | $ | 14,330 | (b) | 50,210 | 13,605 | 36,605 | ||||||||||||||
| 6M EURO(d) |
2.370(d) | 01/19/34 | EUR | 21,760 | (b) | 154,325 | (19,742 | ) | 174,067 | |||||||||||||
| 2.535(d) |
6M EURO(f) | 01/19/34 | 21,760 | (b) | (190,226 | ) | 21,838 | (212,064 | ) | |||||||||||||
| 6M CHFOR(d) |
1.250(d) | 06/19/34 | CHF | 4,770 | (b) | 52,900 | 29,568 | 23,332 | ||||||||||||||
| 6M EURO(d) |
3.000(d) | 06/19/34 | EUR | 2,050 | (b) | 118,683 | 105,787 | 12,896 | ||||||||||||||
| 6M EURO(f) |
3.000(d) | 06/19/34 | 9,700 | (b) | 416,685 | 329,527 | 87,158 | |||||||||||||||
| 3M KWCDC(c) |
3.250(c) | 06/19/34 | KRW | 8,223,970 | (b) | 1,534 | (30,993 | ) | 32,527 | |||||||||||||
| 6M CDOR(f) |
3.500(f) | 06/19/34 | CAD | 1,380 | (b) | 4,835 | 5,236 | (401 | ) | |||||||||||||
| 2.750(d) |
3M STIBOR(c) | 06/19/34 | SEK | 22,830 | (b) | (24,882 | ) | (45,785 | ) | 20,903 | ||||||||||||
| 3M AUDOR(f) |
4.500(f) | 06/19/34 | AUD | 3,520 | (b) | 52,594 | 38,738 | 13,856 | ||||||||||||||
| 3M NZDOR(c) |
4.500(f) | 06/19/34 | NZD | 1,030 | (b) | 8,037 | 3,161 | 4,876 | ||||||||||||||
| 6M WIBOR(f) |
4.750(d) | 06/19/34 | PLN | 6,720 | (b) | (24,611 | ) | (11,614 | ) | (12,997 | ) | |||||||||||
| 1.000(d) |
6M JYOR(d) | 06/19/34 | JPY | 556,000 | (b) | (43,225 | ) | (44,125 | ) | 900 | ||||||||||||
| 4.000(d) |
6M NIBOR(f) | 06/19/34 | NOK | 10,320 | (b) | (27,339 | ) | (23,042 | ) | (4,297 | ) | |||||||||||
| 3M JIBAR(c) |
9.750(c) | 06/19/34 | ZAR | 7,570 | (b) | (2,996 | ) | 5,802 | (8,798 | ) | ||||||||||||
| 3.750(d) |
12M SOFR(d) | 06/20/34 | $ | 970 | (b) | 2,447 | 2,807 | (360 | ) | |||||||||||||
| 3.240(d) |
12M SOFR(d) | 10/06/35 | 15,170 | (b) | 499,882 | (188,029 | ) | 687,911 | ||||||||||||||
| 3.750(d) |
6M GBP(d) | 06/19/36 | GBP | 1,410 | (b) | (17,037 | ) | (1,865 | ) | (15,172 | ) | |||||||||||
| 3.781(d) |
12M SOFR(d) | 09/22/36 | $ | 12,780 | (b) | (111,204 | ) | 189,730 | (300,934 | ) | ||||||||||||
| 12M SOFR(d) |
2.910(d) | 07/28/37 | 37,860 | (b) | (1,103,305 | ) | (527,965 | ) | (575,340 | ) | ||||||||||||
| 6M EURO(f) |
2.152(d) | 08/09/37 | EUR | 18,040 | (b) | (363,220 | ) | (782,565 | ) | 419,345 | ||||||||||||
| 12M SOFR(d) |
3.391(d) | 05/10/38 | $ | 44,120 | (b) | (603,279 | ) | (463,954 | ) | (139,325 | ) | |||||||||||
| 6M JYOR(d) |
1.500(d) | 08/03/38 | JPY | 1,203,000 | (b) | (50,562 | ) | (90,952 | ) | 40,390 | ||||||||||||
| 6M EURO(f) |
3.000(d) | 01/25/39 | EUR | 9,230 | (b) | 125,720 | 31,029 | 94,691 | ||||||||||||||
| 1.451(d) |
6M EURO(f) | 08/10/42 | 46,140 | (b) | 1,621,182 | 1,384,505 | 236,677 | |||||||||||||||
| 2.500(d) |
6M EURO(f) | 01/25/44 | 22,060 | (b) | (165,047 | ) | (25,289 | ) | (139,758 | ) | ||||||||||||
| 6M GBP(d) |
3.750(d) | 06/19/44 | GBP | 990 | (b) | 7,315 | 1,231 | 6,084 | ||||||||||||||
| 3.000(d) |
6M EURO(f) | 06/19/44 | EUR | 340 | (b) | (28,102 | ) | (21,474 | ) | (6,628 | ) | |||||||||||
| 2.080(d) |
12M SOFR(d) | 07/28/47 | $ | 37,570 | (b) | 1,064,084 | 587,457 | 476,627 | ||||||||||||||
| 6M EURO(f) |
1.051(d) | 08/11/47 | EUR | 27,020 | (b) | (767,897 | ) | (613,250 | ) | (154,647 | ) | |||||||||||
| 6M EURO(f) |
2.000(d) | 01/25/49 | 13,160 | (b) | 66,899 | (2,534 | ) | 69,433 | ||||||||||||||
| 2.564(d) |
12M SOFR(d) | 05/11/53 | $ | 37,550 | (b) | 779,631 | 391,336 | 388,295 | ||||||||||||||
| 2.000(d) |
6M EURO(f) | 05/17/53 | EUR | 4,460 | (b) | (8,842 | ) | (1,540 | ) | (7,302 | ) | |||||||||||
| 2.500(d) |
6M EURO(f) | 11/10/53 | 10,160 | (b) | (530,825 | ) | (353,980 | ) | (176,845 | ) | ||||||||||||
| 3.613(d) |
12M SOFR(d) | 11/15/53 | $ | 8,550 | (b) | (193,437 | ) | (64,302 | ) | (129,135 | ) | |||||||||||
| 3.512(d) |
12M SOFR(d) | 11/29/53 | 2,190 | (b) | (35,034 | ) | (42,864 | ) | 7,830 | |||||||||||||
| 6M GBP(d) |
3.750(d) | 06/19/54 | GBP | 1,460 | (b) | 28,495 | 7,270 | 21,225 | ||||||||||||||
| 2.750(d) |
6M EURO(f) | 06/19/54 | EUR | 3,660 | (b) | (374,608 | ) | (288,316 | ) | (86,292 | ) | |||||||||||
| 98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| 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) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| 6M GBP(d) |
3.000%(d) | 12/21/62 | GBP | 470(b) | $ | (77,898 | ) | $ | 3,670 | $ | (81,568 | ) | ||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL |
$ | 1,708,948 | $ | (211,190 | ) | $ | 1,920,138 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Payments made at maturity. |
| (b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (c) | Payments made quarterly. |
| (d) | Payments made annually. |
| (e)Payments | made monthly. |
| (f)Payments | made semi-annually. |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
| Reference Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
|
| ||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||
| CMBX.NA.BBB.17 |
3.000% | 4.968% | JPMorgan Securities, Inc. | 12/15/56 | $ | 3,400 | $ | (407,549 | ) | $ | (437,886 | ) | $30,337 | |||||||||||
| CMBX.NA.AAA.16 |
0.500 | 0.714 | MS & Co. Int. PLC | 04/17/65 | 4,500 | (62,110 | ) | (85,963 | ) | 23,853 | ||||||||||||||
|
| ||||||||||||||||||||||||
| TOTAL | $ | (469,659 | ) | $ | (523,849 | ) | $54,190 | |||||||||||||||||
|
| ||||||||||||||||||||||||
| (a) | Payments made monthly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
|
|
||||||||||||||||||||||||
| Protection Purchased: |
||||||||||||||||||||||||
| BASF SE, 1.750%, 3/11/25 |
(1.000)% | 0.361% | 06/20/29 | EUR | 1,079 | $ | (36,706 | ) | $ | (33,870 | ) | $ | (2,836 | ) | ||||||||||
| Continental AG, 0.375%, 6/27/25 |
(1.000) | 0.789 | 06/20/29 | 1,442 | (16,357 | ) | (14,828 | ) | (1,529 | ) | ||||||||||||||
| Next Group PLC, 3.625%, 5/18/28 |
(1.000) | 0.508 | 06/20/29 | 920 | (24,083 | ) | (22,013 | ) | (2,070 | ) | ||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||
| Alstom SA, 0.250%, 10/15/26 |
1.000 | 1.764 | 06/20/29 | 1,139 | (43,427 | ) | (48,809 | ) | 5,382 | |||||||||||||||
| CDX.NA.IG Index 39 |
1.000 | 0.364 | 12/20/27 | $ | 34,218 | 757,396 | 667,381 | 90,015 | ||||||||||||||||
| CDX.NA.IG Index 40 |
1.000 | 0.403 | 06/20/28 | 8,143 | 189,701 | 111,528 | 78,173 | |||||||||||||||||
| CDX.NA.IG Index 41 |
1.000 | 0.461 | 12/20/28 | 4,508 | 104,721 | 49,214 | 55,507 | |||||||||||||||||
| Glencore Finance Europe Ltd., |
5.000 | 1.079 | 12/20/28 | EUR | 926 | 172,710 | 157,469 | 15,241 | ||||||||||||||||
| Republic of Indonesia, 2.150%, |
1.000 | 0.732 | 06/20/29 | $ | 1,740 | 22,265 | 21,026 | 1,239 | ||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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 March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Republic of Peru, 8.75%, 1/21/2033 |
1.000% | 0.662% | 06/20/29 | $ | 740 | $ | 11,907 | $ | 11,968 | $ | (61) | |||||||||||||||||
| Republic of Peru, 8.75%, 1/21/2033 |
1.000 | 0.600 | 12/20/28 | 410 | 7,214 | 2,964 | 4,250 | |||||||||||||||||||||
| Stellantis NV, 2.000%, 3/20/25 |
5.000 | 0.910 | 12/20/28 | EUR | 886 | 172,972 | 161,155 | 11,817 | ||||||||||||||||||||
| Unibail-Rodamco-Westfield SE, 1.375%, 03/09/26 |
1.000 | 0.189 | 06/20/24 | 1,200 | 2,829 | 906 | 1,923 | |||||||||||||||||||||
| United Mexican States, 4.150%, 03/28/27 |
1.000 | 0.921 | 06/20/29 | $ | 1,560 | 6,266 | 5,179 | 1,087 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL | $ | 1,327,408 | $ | 1,069,270 | $ | 258,138 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Payments made quarterly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Fund had the following purchased and written options:
OVER-THE-COUNTER INTEREST RATE SWAPTIONS
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts |
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.550% | 04/22/2024 | 33,480,000 | $ | 33,480,000 | $ | 106,086 | $ | 89,335 | $ | 16,751 | ||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.520 | 04/30/2024 | 16,890,000 | 16,890,000 | 56,142 | 45,033 | 11,109 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts | 50,370,000 | $ | 50,370,000 | $ | 162,228 | $ | 134,368 | $ | 27,860 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | 04/15/2024 | (3,740,000) | (3,740,000) | (45,364) | (28,753) | (16,611) | ||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (3,770,000) | (3,770,000) | (41,872) | (27,701) | (14,171) | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (3,740,000) | (3,740,000) | (18,456) | (31,853) | 13,397 | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (4,000,000) | (4,000,000) | (41,580) | (36,100) | (5,480) | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.577 | 04/29/2024 | (3,760,000) | (3,760,000) | (29,753) | (28,040) | (1,713) | ||||||||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (4,070,000) | (4,070,000) | (328) | (32,763) | 32,435 | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (3,980,000) | (3,980,000) | (4,695) | (39,402) | 34,707 | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (3,980,000) | (3,980,000) | (37,710) | (36,814) | (896) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (31,040,000) | $ | (31,040,000) | $ | (219,758) | $ | (261,426) | $ | 41,668 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.723 | 04/22/2024 | (33,480,000) | (33,480,000) | (47,860) | (55,834) | 7,974 | ||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.896 | 04/22/2024 | (33,480,000) | (33,480,000) | (11,874) | (33,500) | 21,626 | ||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | 04/15/2024 | (3,740,000) | (3,740,000) | (6,476) | (28,753) | 22,277 | ||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (3,770,000) | (3,770,000) | (12,535) | (27,701) | 15,166 | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (3,740,000) | (3,740,000) | (9,614) | (31,853) | 22,239 | ||||||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (4,000,000) | (4,000,000) | (18,905) | (36,100) | 17,195 | ||||||||||||||||||||||
| 100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 2M IRS |
Citibank NA | 2.577% | 04/29/2024 | (3,760,000) | $ | (3,760,000) | $ | (25,312) | $ | (28,040) | $ | 2,728 | ||||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (4,070,000) | (4,070,000) | (328) | (32,763) | 32,435 | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (3,980,000) | (3,980,000) | (42,788) | (39,402) | (3,386) | ||||||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (3,980,000) | (3,980,000) | (14,431) | (36,815) | 22,384 | ||||||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.860 | 04/30/2024 | (16,890,000) | (16,890,000) | (9,333) | (17,157) | 7,824 | ||||||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.690 | 04/30/2024 | (16,890,000) | (16,890,000) | (28,084) | (27,878) | (206) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (131,780,000) | $ | (131,780,000) | $ | (227,540) | $ | (395,796) | $ | 168,256 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts | (162,820,000) | $ | (162,820,000) | $ | (447,298) | $ | (657,222) | $ | 209,924 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL | (112,450,000) | $ | (112,450,000) | $ | (285,070) | $ | (522,854) | $ | 237,784 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
| ||
| Currency Abbreviations: | ||
| AUD | —Australian Dollar | |
| BRL | —Brazil Real | |
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| CLP | —Chilean Peso | |
| CNH | —Chinese Yuan Renminbi Offshore | |
| CNY | —Chinese Yuan Renminbi | |
| COP | —Colombia Peso | |
| CZK | —Czech Republic Koruna | |
| EUR | —Euro | |
| GBP | —British Pound | |
| HUF | —Hungarian Forint | |
| IDR | —Indonesia Rupiah | |
| ILS | —Israeli Shekel | |
| INR | —Indian Rupee | |
| JPY | —Japanese Yen | |
| KRW | —South Korean Won | |
| MXN | —Mexican Peso | |
| MYR | —Malaysia Ringgit | |
| NOK | —Norwegian Krone | |
| NZD | —New Zealand Dollar | |
| PEN | —Peru Nuevo Sol | |
| PLN | —Polish Zloty | |
| RON | —Romania New Leu | |
| SEK | —Swedish Krona | |
| SGD | —Singapore Dollar | |
| THB | —Thailand Baht | |
| TRY | —Turkish Lira | |
| USD | —U.S. Dollar | |
| ZAR | —South African Rand | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Investment Abbreviations: | ||
| CLO | —Collateralized Loan Obligation | |
| CMT | —Constant Maturity Treasury Indexes | |
| ETF | —Exchange Traded Fund | |
| EURIBOR | —Euro Interbank Offered Rate | |
| LIBOR | —London Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| MTA | —Monthly Treasury Average | |
| PLC | —Public Limited Company | |
| REIT | —Real Estate Investment Trust | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| SOFR | —Secured Overnight Financing Rate | |
| STACR | —Structured Agency Credit Risk | |
|
| ||
|
| ||
| Abbreviations: | ||
| 1M IRS | —1 Month Interest Rate Swaptions | |
| 2M IRS | —2 Months Interest Rate Swaptions | |
| 3M IRS | —3 Months Interest Rate Swaptions | |
| AUDOR | —Australian Dollar Offered Rate | |
| BofA Securities LLC | —Bank of America Securities LLC | |
| CDOR | —Canadian Dollar Offered Rate | |
| CHFOR | —Swiss Franc Offered Rate | |
| CMBX | —Commercial Mortgage Backed Securities Index | |
| CNRR | —China Fixing Repo Rate | |
| EURO | —Euro Offered Rate | |
| JIBAR | —Johannesburg Interbank Agreed Rate | |
| JYOR | —Japanese Yen Offered Rate | |
| KLIBOR | —Kuala Lumpur Interbank Offered Rate | |
| KWCDC | —South Korean Won Certificate of Deposit | |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |
| NIBOR | —Norwegian Interbank Offered Rate | |
| NZDOR | —New Zealand Dollar Offered Rate | |
| SOFR | —Secured Overnight Financing Rate | |
| STIBOR | —Stockholm Interbank Offered Rate | |
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate | |
| WIBOR | —Warsaw Interbank Offered Rate | |
|
| ||
| 102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| Schedule of Investments
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 74.2% |
| |||||||||||||||
| Advertising(a)(b) – 0.2% |
| |||||||||||||||
| Clear Channel Outdoor Holdings, Inc. |
| |||||||||||||||
| $ | 230,000 | 7.875 | % | 04/01/30 | $ 228,613 | |||||||||||
|
|
||||||||||||||||
| Aerospace & Defense – 0.6% |
| |||||||||||||||
| Boeing Co. (a) |
| |||||||||||||||
| 90,000 | 5.150 | 05/01/30 | 87,098 | |||||||||||||
| 25,000 | 3.250 | 02/01/35 | 19,695 | |||||||||||||
| 90,000 | 5.805 | 05/01/50 | 85,121 | |||||||||||||
| Howmet Aerospace, Inc. |
| |||||||||||||||
| 180,000 | 5.950 | 02/01/37 | 186,496 | |||||||||||||
| TransDigm, Inc. (a) |
| |||||||||||||||
| 30,000 | 4.625 | 01/15/29 | 27,847 | |||||||||||||
| 220,000 | 4.875 | 05/01/29 | 204,481 | |||||||||||||
|
|
|
|||||||||||||||
| 610,738 | ||||||||||||||||
|
|
||||||||||||||||
| Agriculture – 0.2% |
| |||||||||||||||
| MHP Lux SA |
| |||||||||||||||
| 200,000 | 6.950 | 04/03/26 | 168,625 | |||||||||||||
|
|
||||||||||||||||
| Airlines(b) – 0.4% |
| |||||||||||||||
| Allegiant Travel Co. (a) |
| |||||||||||||||
| 110,000 | 7.250 | 08/15/27 | 109,307 | |||||||||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| |||||||||||||||
| 280,000 | 5.750 | 04/20/29 | 275,436 | |||||||||||||
|
|
|
|||||||||||||||
| 384,743 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive – 2.0% |
| |||||||||||||||
| Dealer Tire LLC/DT Issuer LLC (a)(b) |
| |||||||||||||||
| 575,000 | 8.000 | 02/01/28 | 573,499 | |||||||||||||
| Ford Motor Co. |
| |||||||||||||||
| 185,000 | 4.750 | 01/15/43 | 153,260 | |||||||||||||
| Ford Motor Credit Co. LLC (a) |
| |||||||||||||||
| 235,000 | 4.950 | 05/28/27 | 229,336 | |||||||||||||
| General Motors Co. (a) |
| |||||||||||||||
| 135,000 | 6.125 | 10/01/25 | 136,170 | |||||||||||||
| General Motors Financial Co., Inc. (a) |
| |||||||||||||||
| 365,000 | 5.650 | 01/17/29 | 369,537 | |||||||||||||
| Hyundai Capital America (a)(b) |
| |||||||||||||||
| 370,000 | 6.200 | 09/21/30 | 386,384 | |||||||||||||
| Phinia, Inc. (a)(b) |
| |||||||||||||||
| 105,000 | 6.750 | 04/15/29 | 106,022 | |||||||||||||
|
|
|
|||||||||||||||
| 1,954,208 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 16.0% |
| |||||||||||||||
| Banco do Brasil SA (a)(c) (10 yr. CMT + 4.398%) |
| |||||||||||||||
| 400,000 | 6.250 | 10/15/24 | 399,844 | |||||||||||||
| Banco Mercantil del Norte SA (a)(c) (10 yr. CMT + 5.353%) |
| |||||||||||||||
| 400,000 | 7.625 | 01/10/28 | 397,500 | |||||||||||||
| Banco Santander SA |
| |||||||||||||||
| 600,000 | 2.749 | 12/03/30 | 495,480 | |||||||||||||
| 400,000 | 6.921 | 08/08/33 | 418,292 | |||||||||||||
| Bank of America Corp. (a)(c) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 1.252%) |
| |||||||||||||||
| 345,000 | 2.496 | 02/13/31 | 296,914 | |||||||||||||
| (3 mo. USD Term SOFR + 1.332%) |
| |||||||||||||||
| 285,000 | 3.970 | 03/05/29 | 272,471 | |||||||||||||
| (3 mo. USD Term SOFR + 1.572%) |
| |||||||||||||||
| 340,000 | 4.271 | 07/23/29 | 327,763 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 1.220%) |
| |||||||||||||||
| $ | 415,000 | 2.651 | % | 03/11/32 | $ | 350,372 | ||||||||||
| (Secured Overnight Financing Rate + 1.530%) |
| |||||||||||||||
| 470,000 | 1.898 | 07/23/31 | 385,856 | |||||||||||||
| (Secured Overnight Financing Rate + 1.630%) |
| |||||||||||||||
| 150,000 | 5.202 | 04/25/29 | 150,158 | |||||||||||||
| (Secured Overnight Financing Rate + 2.150%) |
| |||||||||||||||
| 515,000 | 2.592 | 04/29/31 | 443,997 | |||||||||||||
| Bank of New York Mellon Corp. (a)(c) (Secured Overnight Financing Rate + 1.755%) |
| |||||||||||||||
| 15,000 | 4.596 | 07/26/30 | 14,737 | |||||||||||||
| Barclays PLC (a) |
| |||||||||||||||
| 250,000 | 4.337 | 01/10/28 | 241,175 | |||||||||||||
| (Secured Overnight Financing Rate + 2.714%) |
| |||||||||||||||
| 225,000 | 2.852 | (c) | 05/07/26 | 218,117 | ||||||||||||
| BBVA Bancomer SA (a)(c) (5 yr. CMT + 2.650%) |
| |||||||||||||||
| 200,000 | 5.125 | 01/18/33 | 185,188 | |||||||||||||
| BNP Paribas SA (a)(b)(c) (Secured Overnight Financing Rate + 1.004%) |
| |||||||||||||||
| 200,000 | 1.323 | 01/13/27 | 185,926 | |||||||||||||
| Citigroup, Inc. |
| |||||||||||||||
| 635,000 | 4.125 | 07/25/28 | 608,501 | |||||||||||||
| (Secured Overnight Financing Rate + 1.422%) |
| |||||||||||||||
| 370,000 | 2.976 | (a)(c) | 11/05/30 | 328,601 | ||||||||||||
| Fifth Third Bancorp (a)(c) (Secured Overnight Financing Rate + 2.127%) |
| |||||||||||||||
| 350,000 | 4.772 | 07/28/30 | 336,990 | |||||||||||||
| Freedom Mortgage Corp. (a)(b) |
| |||||||||||||||
| 275,000 | 7.625 | 05/01/26 | 274,219 | |||||||||||||
| HSBC Holdings PLC (a)(c) (Secured Overnight Financing Rate + 1.538%) |
| |||||||||||||||
| 200,000 | 1.645 | 04/18/26 | 191,628 | |||||||||||||
| Itau Unibanco Holding SA (a)(c) (5 yr. CMT + 3.981%) |
| |||||||||||||||
| 200,000 | 7.721 | 06/12/24 | 199,500 | |||||||||||||
| JPMorgan Chase & Co. (a)(c) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 1.207%) |
| |||||||||||||||
| 285,000 | 3.509 | 01/23/29 | 269,556 | |||||||||||||
| (3 mo. USD Term SOFR + 2.515%) |
| |||||||||||||||
| 335,000 | 2.956 | 05/13/31 | 293,175 | |||||||||||||
| (3 mo. USD Term SOFR + 3.125%) |
| |||||||||||||||
| 2,220,000 | 4.600 | 02/01/25 | 2,187,921 | |||||||||||||
| M&T Bank Corp. (a)(c) (Secured Overnight Financing Rate + 1.850%) |
| |||||||||||||||
| 475,000 | 5.053 | 01/27/34 | 441,636 | |||||||||||||
| Macquarie Bank Ltd. (a)(b)(c) (5 yr. CMT + 1.700%) |
| |||||||||||||||
| 635,000 | 3.052 | 03/03/36 | 526,040 | |||||||||||||
| Morgan Stanley (a)(c) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 1.890%) |
| |||||||||||||||
| 280,000 | 4.431 | 01/23/30 | 270,992 | |||||||||||||
| (Secured Overnight Financing Rate + 1.034%) |
| |||||||||||||||
| 405,000 | 1.794 | 02/13/32 | 323,798 | |||||||||||||
| (Secured Overnight Financing Rate + 1.143%) |
| |||||||||||||||
| 750,000 | 2.699 | 01/22/31 | 655,462 | |||||||||||||
| (Secured Overnight Financing Rate + 1.590%) |
| |||||||||||||||
| 125,000 | 5.164 | 04/20/29 | 124,921 | |||||||||||||
| (Secured Overnight Financing Rate + 1.610%) |
| |||||||||||||||
| 150,000 | 4.210 | 04/20/28 | 145,754 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| PNC Financial Services Group, Inc. (a)(c) (5 yr. CMT + 3.238%) |
| |||||||||||||||
| $ | 510,000 | 6.200 | % | 09/15/27 | $ | 508,618 | ||||||||||
| Popular, Inc. (a) |
| |||||||||||||||
| 78,000 | 7.250 | 03/13/28 | 79,841 | |||||||||||||
| Truist Financial Corp. (a)(c) |
| |||||||||||||||
| (10 yr. CMT + 4.349%) |
| |||||||||||||||
| 561,000 | 5.100 | 03/01/30 | 522,218 | |||||||||||||
| (Secured Overnight Financing Rate + 2.050%) |
| |||||||||||||||
| 25,000 | 6.047 | 06/08/27 | 25,335 | |||||||||||||
| UBS Group AG |
| |||||||||||||||
| 250,000 | 4.550 | 04/17/26 | 246,020 | |||||||||||||
| (1 yr. CMT + 1.100%) |
| |||||||||||||||
| 435,000 | 2.746 | (a)(b)(c) | 02/11/33 | 355,286 | ||||||||||||
| (5 yr. CMT + 3.098%) |
| |||||||||||||||
| 353,000 | 3.875 | (a)(b)(c) | 06/02/26 | 321,191 | ||||||||||||
| (5 yr. CMT + 4.745%) |
| |||||||||||||||
| 200,000 | 9.250 | (a)(b)(c) | 11/13/28 | 216,520 | ||||||||||||
| Wells Fargo & Co. |
| |||||||||||||||
| 230,000 | 4.300 | 07/22/27 | 224,004 | |||||||||||||
| 95,000 | 4.150 | (a) | 01/24/29 | 91,549 | ||||||||||||
| (5 yr. CMT + 3.606%) |
| |||||||||||||||
| 400,000 | 7.625 | (a)(c) | 09/15/28 | 427,284 | ||||||||||||
| (Secured Overnight Financing Rate + 2.100%) |
| |||||||||||||||
| 390,000 | 4.897 | (a)(c) | 07/25/33 | 375,543 | ||||||||||||
| Yapi ve Kredi Bankasi AS (a)(b)(c) (5 yr. CMT + 5.278%) |
| |||||||||||||||
| 200,000 | 9.250 | 01/17/34 | 205,500 | |||||||||||||
|
|
|
|||||||||||||||
| 15,561,393 | ||||||||||||||||
|
|
||||||||||||||||
| Beverages(a) – 0.9% |
| |||||||||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| |||||||||||||||
| 390,000 | 4.700 | 02/01/36 | 378,538 | |||||||||||||
| Constellation Brands, Inc. |
| |||||||||||||||
| 100,000 | 3.150 | 08/01/29 | 91,221 | |||||||||||||
| Keurig Dr Pepper, Inc. |
| |||||||||||||||
| 421,000 | 3.200 | 05/01/30 | 379,708 | |||||||||||||
|
|
|
|||||||||||||||
| 849,467 | ||||||||||||||||
|
|
||||||||||||||||
| Biotechnology(a) – 0.5% |
| |||||||||||||||
| Amgen, Inc. |
| |||||||||||||||
| 115,000 | 5.250 | 03/02/30 | 116,815 | |||||||||||||
| 375,000 | 5.250 | 03/02/33 | 378,187 | |||||||||||||
|
|
|
|||||||||||||||
| 495,002 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(a) – 1.4% |
| |||||||||||||||
| Carrier Global Corp. |
| |||||||||||||||
| 410,000 | 2.722 | 02/15/30 | 362,633 | |||||||||||||
| Cornerstone Building Brands, Inc. (b) |
| |||||||||||||||
| 255,000 | 6.125 | 01/15/29 | 227,529 | |||||||||||||
| CP Atlas Buyer, Inc. (b) |
| |||||||||||||||
| 305,000 | 7.000 | 12/01/28 | 285,605 | |||||||||||||
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| |||||||||||||||
| 270,000 | 4.900 | 12/01/32 | 265,510 | |||||||||||||
| Standard Industries, Inc. (b) |
| |||||||||||||||
| 230,000 | 4.375 | 07/15/30 | 206,551 | |||||||||||||
|
|
|
|||||||||||||||
| 1,347,828 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Chemicals(a)(b) – 2.0% |
| |||||||||||||||
| ASP Unifrax Holdings, Inc. |
| |||||||||||||||
| $ | 50,000 | 5.250 | % | 09/30/28 | $ | 32,269 | ||||||||||
| Avient Corp. |
| |||||||||||||||
| 180,000 | 7.125 | 08/01/30 | 184,756 | |||||||||||||
| Axalta Coating Systems LLC |
| |||||||||||||||
| 325,000 | 3.375 | 02/15/29 | 291,158 | |||||||||||||
| Chemours Co. |
| |||||||||||||||
| 315,000 | 4.625 | 11/15/29 | 271,854 | |||||||||||||
| Ingevity Corp. |
| |||||||||||||||
| 190,000 | 3.875 | 11/01/28 | 171,650 | |||||||||||||
| International Flavors & Fragrances, Inc. |
| |||||||||||||||
| 540,000 | 2.300 | 11/01/30 | 448,783 | |||||||||||||
| Minerals Technologies, Inc. |
| |||||||||||||||
| 325,000 | 5.000 | 07/01/28 | 311,496 | |||||||||||||
| WR Grace Holdings LLC |
| |||||||||||||||
| 230,000 | 5.625 | 08/15/29 | 205,880 | |||||||||||||
|
|
|
|||||||||||||||
| 1,917,846 | ||||||||||||||||
|
|
||||||||||||||||
| Coal(a) – 0.0% |
| |||||||||||||||
| Teck Resources Ltd. |
| |||||||||||||||
| 25,000 | 3.900 | 07/15/30 | 23,055 | |||||||||||||
|
|
||||||||||||||||
| Commercial Services – 1.9% |
| |||||||||||||||
| Adani Ports & Special Economic Zone Ltd. (a) |
| |||||||||||||||
| 350,000 | 4.000 | 07/30/27 | 320,906 | |||||||||||||
| Alarm.com Holdings, Inc. (d) |
| |||||||||||||||
| 15,000 | 0.000 | 01/15/26 | 13,733 | |||||||||||||
| APi Group DE, Inc. (a)(b) |
| |||||||||||||||
| 365,000 | 4.125 | 07/15/29 | 328,872 | |||||||||||||
| 50,000 | 4.750 | 10/15/29 | 46,012 | |||||||||||||
| APX Group, Inc. (a)(b) |
| |||||||||||||||
| 305,000 | 5.750 | 07/15/29 | 293,215 | |||||||||||||
| CoStar Group, Inc. (a)(b) |
| |||||||||||||||
| 75,000 | 2.800 | 07/15/30 | 64,084 | |||||||||||||
| Garda World Security Corp. (a)(b) |
| |||||||||||||||
| 75,000 | 7.750 | 02/15/28 | 76,931 | |||||||||||||
| Quanta Services, Inc. (a) |
| |||||||||||||||
| 61,000 | 2.900 | 10/01/30 | 53,347 | |||||||||||||
| Verisure Midholding AB (a) |
| |||||||||||||||
| EUR | 380,000 | 5.250 | 02/15/29 | 395,614 | ||||||||||||
| VT Topco, Inc. (a)(b) |
| |||||||||||||||
| $ | 205,000 | 8.500 | 08/15/30 | 216,320 | ||||||||||||
| Wand NewCo 3, Inc. (a)(b) |
| |||||||||||||||
| 5,000 | 7.625 | 01/30/32 | 5,174 | |||||||||||||
|
|
|
|||||||||||||||
| 1,814,208 | ||||||||||||||||
|
|
||||||||||||||||
| Computers(a) – 0.8% |
| |||||||||||||||
| Dell International LLC/EMC Corp. |
| |||||||||||||||
| 71,000 | 6.020 | 06/15/26 | 71,934 | |||||||||||||
| 270,000 | 5.300 | 10/01/29 | 273,262 | |||||||||||||
| KBR, Inc. (b) |
| |||||||||||||||
| 110,000 | 4.750 | 09/30/28 | 101,515 | |||||||||||||
| McAfee Corp. (b) |
| |||||||||||||||
| 250,000 | 7.375 | 02/15/30 | 230,657 | |||||||||||||
| Virtusa Corp. (b) |
| |||||||||||||||
| 95,000 | 7.125 | 12/15/28 | 85,648 | |||||||||||||
|
|
|
|||||||||||||||
| 763,016 | ||||||||||||||||
|
|
||||||||||||||||
| 104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Distribution & Wholesale(a)(b) – 0.2% |
| |||||||||||||||
| BCPE Empire Holdings, Inc. |
| |||||||||||||||
| $ | 195,000 | 7.625 | % | 05/01/27 | $ | 190,378 | ||||||||||
|
|
||||||||||||||||
| Diversified Financial Services(a) – 4.5% |
| |||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| |||||||||||||||
| 175,000 | 6.500 | 07/15/25 | 176,797 | |||||||||||||
| AG Issuer LLC (b) |
| |||||||||||||||
| 350,000 | 6.250 | 03/01/28 | 342,041 | |||||||||||||
| AG TTMT Escrow Issuer LLC (b) |
| |||||||||||||||
| 45,000 | 8.625 | 09/30/27 | 46,574 | |||||||||||||
| Air Lease Corp. |
| |||||||||||||||
| 75,000 | 2.875 | 01/15/26 | 71,759 | |||||||||||||
| 245,000 | 3.750 | 06/01/26 | 236,347 | |||||||||||||
| Ally Financial, Inc. (c) (7 yr. CMT + 3.481%) |
| |||||||||||||||
| 295,000 | 4.700 | 05/15/28 | 233,799 | |||||||||||||
| Aviation Capital Group LLC (b) |
| |||||||||||||||
| 75,000 | 1.950 | 01/30/26 | 69,995 | |||||||||||||
| Avolon Holdings Funding Ltd. (b) |
| |||||||||||||||
| 75,000 | 2.875 | 02/15/25 | 73,001 | |||||||||||||
| 50,000 | 4.250 | 04/15/26 | 48,301 | |||||||||||||
| Global Aircraft Leasing Co. Ltd. (b)(e) (PIK 7.250%, Cash 6.500%) |
| |||||||||||||||
| 77,284 | 6.500 | 09/15/24 | 73,326 | |||||||||||||
| Macquarie Airfinance Holdings Ltd. (b) |
| |||||||||||||||
| 25,000 | 6.400 | 03/26/29 | 25,383 | |||||||||||||
| 155,000 | 8.125 | 03/30/29 | 163,877 | |||||||||||||
| Midcap Financial Issuer Trust (b) |
| |||||||||||||||
| 200,000 | 6.500 | 05/01/28 | 184,486 | |||||||||||||
| Nationstar Mortgage Holdings, Inc. (b) |
| |||||||||||||||
| 200,000 | 5.500 | 08/15/28 | 191,232 | |||||||||||||
| Navient Corp. |
| |||||||||||||||
| 300,000 | 5.500 | 03/15/29 | 278,844 | |||||||||||||
| 205,000 | 9.375 | 07/25/30 | 219,233 | |||||||||||||
| NFP Corp. (b) |
| |||||||||||||||
| 540,000 | 6.875 | 08/15/28 | 546,853 | |||||||||||||
| OneMain Finance Corp. |
| |||||||||||||||
| 250,000 | 4.000 | 09/15/30 | 214,022 | |||||||||||||
| Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc. (b) |
| |||||||||||||||
| 160,000 | 6.375 | 02/01/27 | 152,622 | |||||||||||||
| StoneX Group, Inc. (b) |
| |||||||||||||||
| 130,000 | 7.875 | 03/01/31 | 131,853 | |||||||||||||
| United Wholesale Mortgage LLC (b) |
| |||||||||||||||
| 265,000 | 5.500 | 11/15/25 | 262,628 | |||||||||||||
| 210,000 | 5.500 | 04/15/29 | 198,729 | |||||||||||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (b) |
| |||||||||||||||
| 460,000 | 7.875 | 05/01/27 | 389,510 | |||||||||||||
|
|
|
|||||||||||||||
| 4,331,212 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical(a) – 1.6% |
| |||||||||||||||
| AES Panama Generation Holdings SRL |
| |||||||||||||||
| 392,838 | 4.375 | 05/31/30 | 341,358 | |||||||||||||
| American Electric Power Co., Inc. |
| |||||||||||||||
| 325,000 | 2.300 | 03/01/30 | 276,536 | |||||||||||||
| NextEra Energy Operating Partners LP (b) |
| |||||||||||||||
| 165,000 | 7.250 | 01/15/29 | 169,011 | |||||||||||||
| Pacific Gas & Electric Co. |
| |||||||||||||||
| 25,000 | 2.100 | 08/01/27 | 22,513 | |||||||||||||
| 355,000 | 2.500 | 02/01/31 | 295,484 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Electrical(a) – (continued) |
| |||||||||||||||
| Pike Corp. (b) |
| |||||||||||||||
| $ | 445,000 | 5.500 | % | 09/01/28 | $ | 425,554 | ||||||||||
| Vistra Operations Co. LLC (b) |
| |||||||||||||||
| 60,000 | 4.300 | 07/15/29 | 56,316 | |||||||||||||
|
|
|
|||||||||||||||
| 1,586,772 | ||||||||||||||||
|
|
||||||||||||||||
| Electronics(a)(b) – 0.4% |
| |||||||||||||||
| Imola Merger Corp. |
| |||||||||||||||
| 375,000 | 4.750 | 05/15/29 | 351,660 | |||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(a) – 1.2% |
| |||||||||||||||
| Aeropuerto Internacional de Tocumen SA (b) |
| |||||||||||||||
| 210,000 | 4.000 | 08/11/41 | 154,514 | |||||||||||||
| Arcosa, Inc. (b) |
| |||||||||||||||
| 190,000 | 4.375 | 04/15/29 | 175,376 | |||||||||||||
| Global Infrastructure Solutions, Inc. (b) |
| |||||||||||||||
| 280,000 | 5.625 | 06/01/29 | 257,107 | |||||||||||||
| 85,000 | 7.500 | 04/15/32 | 83,123 | |||||||||||||
| IHS Netherlands Holdco BV |
| |||||||||||||||
| 200,000 | 8.000 | 09/18/27 | 191,250 | |||||||||||||
| Mexico City Airport Trust |
| |||||||||||||||
| 400,000 | 5.500 | 10/31/46 | 337,875 | |||||||||||||
|
|
|
|||||||||||||||
| 1,199,245 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(a)(b) – 0.6% |
| |||||||||||||||
| Cinemark USA, Inc. |
| |||||||||||||||
| 311,000 | 5.250 | 07/15/28 | 294,467 | |||||||||||||
| SeaWorld Parks & Entertainment, Inc. |
| |||||||||||||||
| 290,000 | 5.250 | 08/15/29 | 273,502 | |||||||||||||
|
|
|
|||||||||||||||
| 567,969 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(a)(b) – 0.9% |
| |||||||||||||||
| GFL Environmental, Inc. |
| |||||||||||||||
| 340,000 | 4.000 | 08/01/28 | 313,439 | |||||||||||||
| Waste Pro USA, Inc. |
| |||||||||||||||
| 535,000 | 5.500 | 02/15/26 | 527,114 | |||||||||||||
|
|
|
|||||||||||||||
| 840,553 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing – 0.7% |
| |||||||||||||||
| H-Food Holdings LLC/Hearthside Finance Co., Inc. (a)(b) |
| |||||||||||||||
| 230,000 | 8.500 | 06/01/26 | 16,100 | |||||||||||||
| Kraft Heinz Foods Co. |
| |||||||||||||||
| 155,000 | 6.875 | 01/26/39 | 175,149 | |||||||||||||
| 351,000 | 5.500 | (a) | 06/01/50 | 346,865 | ||||||||||||
| U.S. Foods, Inc. (a)(b) |
| |||||||||||||||
| 205,000 | 4.625 | 06/01/30 | 189,924 | |||||||||||||
|
|
|
|||||||||||||||
| 728,038 | ||||||||||||||||
|
|
||||||||||||||||
| Hand/Machine Tools(a)(b) – 0.1% |
| |||||||||||||||
| Regal Rexnord Corp. |
| |||||||||||||||
| 105,000 | 6.300 | 02/15/30 | 107,552 | |||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services(a) – 1.9% |
| |||||||||||||||
| CAB SELAS (b) |
| |||||||||||||||
| EUR | 150,000 | 3.375 | 02/01/28 | 146,449 | ||||||||||||
| Chrome Holdco SAS (b) |
| |||||||||||||||
| 100,000 | 5.000 | 05/31/29 | 77,123 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Healthcare Providers & Services(a) – (continued) |
| |||||||||||||||
| DaVita, Inc. (b) |
| |||||||||||||||
| $ | 305,000 | 3.750 | % | 02/15/31 | $ | 255,184 | ||||||||||
| LifePoint Health, Inc. (b) |
| |||||||||||||||
| 335,000 | 5.375 | 01/15/29 | 275,306 | |||||||||||||
| 140,000 | 11.000 | 10/15/30 | 149,655 | |||||||||||||
| Medline Borrower LP (b) |
| |||||||||||||||
| 400,000 | 3.875 | 04/01/29 | 364,100 | |||||||||||||
| 275,000 | 5.250 | 10/01/29 | 259,933 | |||||||||||||
| Tenet Healthcare Corp. |
| |||||||||||||||
| 145,000 | 6.125 | 10/01/28 | 144,469 | |||||||||||||
| 155,000 | 6.125 | 06/15/30 | 154,828 | |||||||||||||
|
|
|
|||||||||||||||
| 1,827,047 | ||||||||||||||||
|
|
||||||||||||||||
| Home Builders(a) – 0.6% |
| |||||||||||||||
| KB Home |
| |||||||||||||||
| 185,000 | 7.250 | 07/15/30 | 191,532 | |||||||||||||
| LGI Homes, Inc. (b) |
| |||||||||||||||
| 435,000 | 4.000 | 07/15/29 | 380,099 | |||||||||||||
|
|
|
|||||||||||||||
| 571,631 | ||||||||||||||||
|
|
||||||||||||||||
| Housewares(a) – 0.2% |
| |||||||||||||||
| Scotts Miracle-Gro Co. |
| |||||||||||||||
| 250,000 | 4.000 | 04/01/31 | 215,367 | |||||||||||||
|
|
||||||||||||||||
| Insurance(a) – 2.0% |
| |||||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. (b) |
| |||||||||||||||
| 50,000 | 10.125 | 08/01/26 | 51,963 | |||||||||||||
| 70,000 | 8.250 | 02/01/29 | 70,370 | |||||||||||||
| 200,000 | 4.250 | 02/15/29 | 180,602 | |||||||||||||
| 445,000 | 6.000 | 08/01/29 | 408,274 | |||||||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (b) |
| |||||||||||||||
| 180,000 | 6.750 | 10/15/27 | 177,088 | |||||||||||||
| American International Group, Inc. |
| |||||||||||||||
| 305,000 | 3.400 | 06/30/30 | 279,060 | |||||||||||||
| AssuredPartners, Inc. (b) |
| |||||||||||||||
| 110,000 | 5.625 | 01/15/29 | 101,320 | |||||||||||||
| BroadStreet Partners, Inc. (b) |
| |||||||||||||||
| 460,000 | 5.875 | 04/15/29 | 425,808 | |||||||||||||
| Equitable Holdings, Inc. |
| |||||||||||||||
| 60,000 | 4.350 | 04/20/28 | 58,145 | |||||||||||||
| HUB International Ltd. (b) |
| |||||||||||||||
| 115,000 | 7.375 | 01/31/32 | 115,891 | |||||||||||||
| USI, Inc. (b) |
| |||||||||||||||
| 90,000 | 7.500 | 01/15/32 | 90,098 | |||||||||||||
|
|
|
|||||||||||||||
| 1,958,619 | ||||||||||||||||
|
|
||||||||||||||||
| Internet(a) – 1.2% |
| |||||||||||||||
| ANGI Group LLC (b) |
| |||||||||||||||
| 194,000 | 3.875 | 08/15/28 | 168,379 | |||||||||||||
| Expedia Group, Inc. |
| |||||||||||||||
| 72,000 | 4.625 | 08/01/27 | 70,658 | |||||||||||||
| 326,000 | 2.950 | 03/15/31 | 284,161 | |||||||||||||
| Match Group Holdings II LLC (b) |
| |||||||||||||||
| 145,000 | 5.625 | 02/15/29 | 140,902 | |||||||||||||
| 110,000 | 3.625 | 10/01/31 | 93,492 | |||||||||||||
| Meta Platforms, Inc. |
| |||||||||||||||
| 80,000 | 5.750 | 05/15/63 | 85,833 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Internet(a) – (continued) |
| |||||||||||||||
| Prosus NV (b) |
| |||||||||||||||
| EUR | 120,000 | 2.031 | % | 08/03/32 | $ | 103,533 | ||||||||||
| United Group BV (b) |
| |||||||||||||||
| 175,000 | 4.625 | 08/15/28 | 180,171 | |||||||||||||
|
|
|
|||||||||||||||
| 1,127,129 | ||||||||||||||||
|
|
||||||||||||||||
| Investment Companies(a)(b) – 0.2% |
| |||||||||||||||
| JAB Holdings BV |
| |||||||||||||||
| $ | 250,000 | 2.200 | 11/23/30 | 199,595 | ||||||||||||
|
|
||||||||||||||||
| Iron/Steel(a) – 0.2% |
| |||||||||||||||
| Metinvest BV |
| |||||||||||||||
| 200,000 | 8.500 | 04/23/26 | 160,000 | |||||||||||||
|
|
||||||||||||||||
| Leisure Time(a)(b) – 0.7% |
| |||||||||||||||
| Carnival Corp. |
| |||||||||||||||
| 60,000 | 7.000 | 08/15/29 | 62,645 | |||||||||||||
| MajorDrive Holdings IV LLC |
| |||||||||||||||
| 315,000 | 6.375 | 06/01/29 | 294,878 | |||||||||||||
| Royal Caribbean Cruises Ltd. |
| |||||||||||||||
| 65,000 | 6.250 | 03/15/32 | 65,503 | |||||||||||||
| TUI Cruises GmbH |
| |||||||||||||||
| EUR | 235,000 | 6.500 | 05/15/26 | 255,809 | ||||||||||||
|
|
|
|||||||||||||||
| 678,835 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 0.8% |
| |||||||||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (b) |
| |||||||||||||||
| $ | 350,000 | 5.000 | 06/01/29 | 326,567 | ||||||||||||
| Marriott International, Inc. |
| |||||||||||||||
| 75,000 | 5.000 | 10/15/27 | 74,813 | |||||||||||||
| 185,000 | 4.900 | 04/15/29 | 183,646 | |||||||||||||
| 58,000 | 4.875 | 05/15/29 | 57,436 | |||||||||||||
| Marriott Ownership Resorts, Inc. (b) |
| |||||||||||||||
| 95,000 | 4.500 | 06/15/29 | 86,845 | |||||||||||||
|
|
|
|||||||||||||||
| 729,307 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery - Construction & Mining(a)(b) – 0.2% |
| |||||||||||||||
| Vertiv Group Corp. |
| |||||||||||||||
| 255,000 | 4.125 | 11/15/28 | 237,255 | |||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a) – 1.6% | ||||||||||||||||
| Husky III Holding Ltd. (b)(e) (PIK 13.750%, Cash 13.000%) |
| |||||||||||||||
| 45,000 | 13.000 | 02/15/25 | 45,024 | |||||||||||||
| Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC (b) |
| |||||||||||||||
| 225,000 | 9.000 | 02/15/29 | 232,704 | |||||||||||||
| Otis Worldwide Corp. |
| |||||||||||||||
| 245,000 | 2.565 | 02/15/30 | 215,480 | |||||||||||||
| Titan Acquisition Ltd./Titan Co.-Borrower LLC (b) |
| |||||||||||||||
| 615,000 | 7.750 | 04/15/26 | 614,514 | |||||||||||||
| TK Elevator Holdco GmbH (b) |
| |||||||||||||||
| 428,000 | 7.625 | 07/15/28 | 419,068 | |||||||||||||
|
|
|
|||||||||||||||
| 1,526,790 | ||||||||||||||||
|
|
||||||||||||||||
| Media – 3.3% |
| |||||||||||||||
| Altice Financing SA (a)(b) |
| |||||||||||||||
| 200,000 | 5.000 | 01/15/28 | 164,458 | |||||||||||||
|
|
||||||||||||||||
| 106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Media – (continued) |
| |||||||||||||||
| AMC Networks, Inc. (a)(b) |
| |||||||||||||||
| $ | 80,000 | 10.250 | % | 01/15/29 | $ | 80,581 | ||||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. (a)(b) |
| |||||||||||||||
| 575,000 | 4.750 | 02/01/32 | 469,844 | |||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital (a) |
| |||||||||||||||
| 170,000 | 3.750 | 02/15/28 | 157,721 | |||||||||||||
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (a)(b) |
| |||||||||||||||
| 370,000 | 5.875 | 08/15/27 | 350,068 | |||||||||||||
| DISH DBS Corp. (a)(b) |
| |||||||||||||||
| 110,000 | 5.250 | 12/01/26 | 86,756 | |||||||||||||
| DISH Network Corp. (a)(b) |
| |||||||||||||||
| 170,000 | 11.750 | 11/15/27 | 173,653 | |||||||||||||
| iHeartCommunications, Inc. (a) |
| |||||||||||||||
| 290,000 | 8.375 | 05/01/27 | 161,544 | |||||||||||||
| Sinclair Television Group, Inc. (a)(b) |
| |||||||||||||||
| 170,000 | 5.125 | 02/15/27 | 155,761 | |||||||||||||
| Sirius XM Radio, Inc. (b) |
| |||||||||||||||
| 635,000 | 3.875 | 09/01/31 | 529,241 | |||||||||||||
| Townsquare Media, Inc. (a)(b) |
| |||||||||||||||
| 325,000 | 6.875 | 02/01/26 | 317,070 | |||||||||||||
| Urban One, Inc. (a)(b) |
| |||||||||||||||
| 346,000 | 7.375 | 02/01/28 | 294,584 | |||||||||||||
| Ziggo Bond Co. BV (a)(b) |
| |||||||||||||||
| EUR | 300,000 | 3.375 | 02/28/30 | 275,903 | ||||||||||||
|
|
|
|||||||||||||||
| 3,217,184 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.4% |
| |||||||||||||||
| General Electric Co. |
| |||||||||||||||
| $ | 95,000 | 5.875 | 01/14/38 | 101,030 | ||||||||||||
| Hillenbrand, Inc. (a) |
| |||||||||||||||
| 84,000 | 6.250 | 02/15/29 | 84,656 | |||||||||||||
| 235,000 | 3.750 | 03/01/31 | 203,519 | |||||||||||||
|
|
|
|||||||||||||||
| 389,205 | ||||||||||||||||
|
|
||||||||||||||||
| Oil & Gas(a)(b) – 0.3% |
| |||||||||||||||
| CNX Resources Corp. |
| |||||||||||||||
| 75,000 | 7.250 | 03/01/32 | 76,310 | |||||||||||||
| Matador Resources Co. |
| |||||||||||||||
| 110,000 | 6.500 | 04/15/32 | 110,192 | |||||||||||||
| Permian Resources Operating LLC |
| |||||||||||||||
| 83,000 | 5.875 | 07/01/29 | 81,622 | |||||||||||||
|
|
|
|||||||||||||||
| 268,124 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 3.6% |
| |||||||||||||||
| Cenovus Energy, Inc. |
| |||||||||||||||
| 11,000 | 6.750 | 11/15/39 | 12,132 | |||||||||||||
| Civitas Resources, Inc. (a)(b) |
| |||||||||||||||
| 205,000 | 5.000 | 10/15/26 | 200,457 | |||||||||||||
| 55,000 | 8.375 | 07/01/28 | 57,857 | |||||||||||||
| Ecopetrol SA (a) |
| |||||||||||||||
| 240,000 | 6.875 | 04/29/30 | 232,678 | |||||||||||||
| Kodiak Gas Services LLC (a)(b) |
| |||||||||||||||
| 148,000 | 7.250 | 02/15/29 | 150,871 | |||||||||||||
| Marathon Petroleum Corp. (a) |
| |||||||||||||||
| 50,000 | 3.800 | 04/01/28 | 47,971 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Oil Field Services – (continued) |
| |||||||||||||||
| Matador Resources Co. (a)(b) |
| |||||||||||||||
| $ | 230,000 | 6.875 | % | 04/15/28 | $ | 235,463 | ||||||||||
| MEG Energy Corp. (a)(b) |
| |||||||||||||||
| 215,000 | 5.875 | 02/01/29 | 211,453 | |||||||||||||
| Nabors Industries, Inc. (a)(b) |
| |||||||||||||||
| 295,000 | 7.375 | 05/15/27 | 294,463 | |||||||||||||
| Noble Finance II LLC (a)(b) |
| |||||||||||||||
| 130,000 | 8.000 | 04/15/30 | 135,424 | |||||||||||||
| Occidental Petroleum Corp. (a) |
| |||||||||||||||
| 200,000 | 5.550 | 03/15/26 | 200,794 | |||||||||||||
| Permian Resources Operating LLC (a)(b) |
| |||||||||||||||
| 79,000 | 7.000 | 01/15/32 | 81,897 | |||||||||||||
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (a)(b) |
| |||||||||||||||
| 170,000 | 7.875 | 11/01/28 | 175,678 | |||||||||||||
| Southwestern Energy Co. (a) |
| |||||||||||||||
| 180,000 | 4.750 | 02/01/32 | 165,715 | |||||||||||||
| TechnipFMC PLC (a)(b) |
| |||||||||||||||
| 375,000 | 6.500 | 02/01/26 | 373,748 | |||||||||||||
| Transocean Poseidon Ltd. (a)(b) |
| |||||||||||||||
| 74,250 | 6.875 | 02/01/27 | 74,381 | |||||||||||||
| Transocean Titan Financing Ltd. (a)(b) |
| |||||||||||||||
| 70,000 | 8.375 | 02/01/28 | 72,850 | |||||||||||||
| Transocean, Inc. (a)(b) |
| |||||||||||||||
| 440,000 | 11.500 | 01/30/27 | 458,682 | |||||||||||||
| 27,900 | 8.750 | 02/15/30 | 29,094 | |||||||||||||
| USA Compression Partners LP/USA Compression Finance Corp. (a) |
| |||||||||||||||
| 133,000 | 6.875 | 04/01/26 | 133,000 | |||||||||||||
| 165,000 | 7.125 | (b) | 03/15/29 | 166,869 | ||||||||||||
|
|
|
|||||||||||||||
| 3,511,477 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a)(b) – 0.3% |
| |||||||||||||||
| Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC |
| |||||||||||||||
| 350,000 | 6.000 | 09/15/28 | 333,711 | |||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(a)(b) – 0.5% |
| |||||||||||||||
| AdaptHealth LLC |
| |||||||||||||||
| 220,000 | 6.125 | 08/01/28 | 206,571 | |||||||||||||
| 95,000 | 4.625 | 08/01/29 | 81,676 | |||||||||||||
| 65,000 | 5.125 | 03/01/30 | 56,692 | |||||||||||||
| Bausch Health Cos., Inc. |
| |||||||||||||||
| 206,000 | 6.125 | 02/01/27 | 128,501 | |||||||||||||
|
|
|
|||||||||||||||
| 473,440 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines(a) – 6.4% |
| |||||||||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |
| |||||||||||||||
| 155,000 | 6.625 | 02/01/32 | 155,662 | |||||||||||||
| Cheniere Energy Partners LP |
| |||||||||||||||
| 40,000 | 5.950 | 06/30/33 | 40,876 | |||||||||||||
| CNX Midstream Partners LP (b) |
| |||||||||||||||
| 145,000 | 4.750 | 04/15/30 | 129,109 | |||||||||||||
| Columbia Pipelines Operating Co. LLC (b) |
| |||||||||||||||
| 345,000 | 6.036 | 11/15/33 | 357,617 | |||||||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC (b) |
| |||||||||||||||
| 685,000 | 5.500 | 06/15/31 | 647,085 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 107 |
GOLDMAN SACHS INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pipelines(a) – (continued) |
| |||||||||||||||
| Energy Transfer LP |
| |||||||||||||||
| $ | 385,000 | 5.250 | % | 04/15/29 | $ | 385,778 | ||||||||||
| EnLink Midstream Partners LP (c) (3 mo. USD Term SOFR + 4.372%) |
| |||||||||||||||
| 192,000 | 9.701 | 04/29/24 | 187,812 | |||||||||||||
| Global Partners LP/GLP Finance Corp. |
| |||||||||||||||
| 440,000 | 6.875 | 01/15/29 | 437,215 | |||||||||||||
| Howard Midstream Energy Partners LLC (b) |
| |||||||||||||||
| 315,000 | 6.750 | 01/15/27 | 314,181 | |||||||||||||
| 120,000 | 8.875 | 07/15/28 | 126,836 | |||||||||||||
| Kinetik Holdings LP (b) |
| |||||||||||||||
| 265,000 | 5.875 | 06/15/30 | 259,159 | |||||||||||||
| MPLX LP |
| |||||||||||||||
| 105,000 | 4.000 | 03/15/28 | 101,103 | |||||||||||||
| 365,000 | 2.650 | 08/15/30 | 314,097 | |||||||||||||
| NuStar Logistics LP |
| |||||||||||||||
| 285,000 | 6.375 | 10/01/30 | 287,605 | |||||||||||||
| ONEOK, Inc. |
| |||||||||||||||
| 275,000 | 6.350 | 01/15/31 | 290,887 | |||||||||||||
| Plains All American Pipeline LP/PAA Finance Corp. |
| |||||||||||||||
| 400,000 | 3.800 | 09/15/30 | 366,760 | |||||||||||||
| Prairie Acquiror LP (b) |
| |||||||||||||||
| 255,000 | 9.000 | 08/01/29 | 263,140 | |||||||||||||
| Summit Midstream Holdings LLC/Summit Midstream Finance |
| |||||||||||||||
| 391,000 | 12.000 | 10/15/26 | 394,804 | |||||||||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |
| |||||||||||||||
| 140,000 | 7.375 | 02/15/29 | 140,799 | |||||||||||||
| 75,000 | 6.000 | 12/31/30 | 71,219 | |||||||||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| |||||||||||||||
| 395,000 | 4.875 | 02/01/31 | 378,931 | |||||||||||||
| 197,000 | 4.000 | 01/15/32 | 177,257 | |||||||||||||
| Venture Global LNG, Inc. (b) |
| |||||||||||||||
| 315,000 | 8.125 | 06/01/28 | 321,376 | |||||||||||||
| 30,000 | 9.500 | 02/01/29 | 32,341 | |||||||||||||
|
|
|
|||||||||||||||
| 6,181,649 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(a) – 0.7% |
| |||||||||||||||
| Agree LP |
| |||||||||||||||
| 25,000 | 2.900 | 10/01/30 | 21,535 | |||||||||||||
| Prologis LP |
| |||||||||||||||
| 25,000 | 1.750 | 07/01/30 | 20,805 | |||||||||||||
| Realty Income Corp. |
| |||||||||||||||
| 60,000 | 4.000 | 07/15/29 | 57,043 | |||||||||||||
| 355,000 | 2.850 | 12/15/32 | 295,417 | |||||||||||||
| Regency Centers LP |
| |||||||||||||||
| 60,000 | 2.950 | 09/15/29 | 53,676 | |||||||||||||
| Trust Fibra Uno |
| |||||||||||||||
| 200,000 | 4.869 | 01/15/30 | 177,687 | |||||||||||||
| WP Carey, Inc. |
| |||||||||||||||
| 60,000 | 3.850 | 07/15/29 | 55,996 | |||||||||||||
| 25,000 | 2.400 | 02/01/31 | 20,775 | |||||||||||||
|
|
|
|||||||||||||||
| 702,934 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(a) – 2.9% |
| |||||||||||||||
| Asbury Automotive Group, Inc. (b) |
| |||||||||||||||
| 220,000 | 4.625 | 11/15/29 | 203,544 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Retailing(a) – (continued) |
| |||||||||||||||
| $ | 55,000 | 5.000 | % | 02/15/32 | $ | 49,824 | ||||||||||
| Foundation Building Materials, Inc. (b) |
| |||||||||||||||
| 270,000 | 6.000 | 03/01/29 | 248,470 | |||||||||||||
| Group 1 Automotive, Inc. (b) |
| |||||||||||||||
| 110,000 | 4.000 | 08/15/28 | 101,379 | |||||||||||||
| GYP Holdings III Corp. (b) |
| |||||||||||||||
| 180,000 | 4.625 | 05/01/29 | 167,553 | |||||||||||||
| Ken Garff Automotive LLC (b) |
| |||||||||||||||
| 290,000 | 4.875 | 09/15/28 | 268,337 | |||||||||||||
| LCM Investments Holdings II LLC (b) |
| |||||||||||||||
| 410,000 | 4.875 | 05/01/29 | 376,774 | |||||||||||||
| Penske Automotive Group, Inc. |
| |||||||||||||||
| 290,000 | 3.750 | 06/15/29 | 259,933 | |||||||||||||
| Sonic Automotive, Inc. (b) |
| |||||||||||||||
| 185,000 | 4.625 | 11/15/29 | 166,115 | |||||||||||||
| 75,000 | 4.875 | 11/15/31 | 65,609 | |||||||||||||
| Specialty Building Products Holdings LLC/SBP Finance Corp. (b) |
| |||||||||||||||
| 330,000 | 6.375 | 09/30/26 | 327,475 | |||||||||||||
| SRS Distribution, Inc. (b) |
| |||||||||||||||
| 155,000 | 6.125 | 07/01/29 | 158,105 | |||||||||||||
| 205,000 | 6.000 | 12/01/29 | 209,325 | |||||||||||||
| Tractor Supply Co. |
| |||||||||||||||
| 75,000 | 1.750 | 11/01/30 | 60,771 | |||||||||||||
| Yum! Brands, Inc. (b) |
| |||||||||||||||
| 135,000 | 4.750 | 01/15/30 | 128,076 | |||||||||||||
|
|
|
|||||||||||||||
| 2,791,290 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(a) – 1.7% |
| |||||||||||||||
| Broadcom, Inc. (b) |
| |||||||||||||||
| 372,000 | 3.469 | 04/15/34 | 318,960 | |||||||||||||
| 594,000 | 3.137 | 11/15/35 | 480,160 | |||||||||||||
| 645,000 | 3.187 | 11/15/36 | 512,730 | |||||||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
| |||||||||||||||
| 360,000 | 3.400 | 05/01/30 | 326,581 | |||||||||||||
|
|
|
|||||||||||||||
| 1,638,431 | ||||||||||||||||
|
|
||||||||||||||||
| Software(a) – 2.7% |
| |||||||||||||||
| AthenaHealth Group, Inc. (b) |
| |||||||||||||||
| 225,000 | 6.500 | 02/15/30 | 206,019 | |||||||||||||
| Castle U.S. Holding Corp. (b) |
| |||||||||||||||
| 362,000 | 9.500 | 02/15/28 | 179,918 | |||||||||||||
| Clarivate Science Holdings Corp. (b) |
| |||||||||||||||
| 365,000 | 3.875 | 07/01/28 | 337,723 | |||||||||||||
| 310,000 | 4.875 | 07/01/29 | 286,778 | |||||||||||||
| Elastic NV (b) |
| |||||||||||||||
| 245,000 | 4.125 | 07/15/29 | 220,316 | |||||||||||||
| Oracle Corp. |
| |||||||||||||||
| 415,000 | 2.875 | 03/25/31 | 360,934 | |||||||||||||
| 580,000 | 6.250 | 11/09/32 | 620,867 | |||||||||||||
| TeamSystem SpA (b) |
| |||||||||||||||
| EUR |
435,000 | 3.500 | 02/15/28 | 448,735 | ||||||||||||
|
|
|
|||||||||||||||
| 2,661,290 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services – 3.2% |
| |||||||||||||||
| Altice France SA (a)(b) |
| |||||||||||||||
| 330,000 | 2.125 | 02/15/25 | 318,638 | |||||||||||||
| 108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Telecommunication Services – (continued) |
| |||||||||||||||
| AT&T, Inc. (a) |
| |||||||||||||||
| $ | 365,000 | 2.750 | % | 06/01/31 | $ | 314,316 | ||||||||||
| 135,000 | 4.900 | 08/15/37 | 128,015 | |||||||||||||
| 315,000 | 5.150 | 11/15/46 | 297,732 | |||||||||||||
| 395,000 | 3.650 | 06/01/51 | 289,519 | |||||||||||||
| 420,000 | 3.500 | 09/15/53 | 296,717 | |||||||||||||
| Bharti Airtel Ltd. (a)(b) |
| |||||||||||||||
| 360,000 | 3.250 | 06/03/31 | 316,238 | |||||||||||||
| Cisco Systems, Inc. (a) |
| |||||||||||||||
| 43,000 | 5.050 | 02/26/34 | 43,559 | |||||||||||||
| Frontier Communications Holdings LLC (a)(b) |
| |||||||||||||||
| 125,000 | 5.000 | 05/01/28 | 116,040 | |||||||||||||
| Hughes Satellite Systems Corp. |
| |||||||||||||||
| 130,000 | 6.625 | 08/01/26 | 76,612 | |||||||||||||
| Sprint Capital Corp. |
| |||||||||||||||
| 325,000 | 8.750 | 03/15/32 | 393,773 | |||||||||||||
| T-Mobile USA, Inc. (a) |
| |||||||||||||||
| 190,000 | 2.050 | 02/15/28 | 170,229 | |||||||||||||
| 402,000 | 3.875 | 04/15/30 | 376,827 | |||||||||||||
|
|
|
|||||||||||||||
| 3,138,215 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunications(a) – 0.4% |
| |||||||||||||||
| AT&T, Inc. |
| |||||||||||||||
| 482,000 | 2.550 | 12/01/33 | 386,429 | |||||||||||||
|
|
||||||||||||||||
| Transportation – 1.1% |
| |||||||||||||||
| Cargo Aircraft Management, Inc. (a)(b) |
| |||||||||||||||
| 120,000 | 4.750 | 02/01/28 | 108,443 | |||||||||||||
| MV24 Capital BV |
| |||||||||||||||
| 483,816 | 6.748 | 06/01/34 | 453,887 | |||||||||||||
| Rand Parent LLC (a)(b) |
| |||||||||||||||
| 240,000 | 8.500 | 02/15/30 | 237,458 | |||||||||||||
| RXO, Inc. (a)(b) |
| |||||||||||||||
| 170,000 | 7.500 | 11/15/27 | 174,536 | |||||||||||||
| XPO, Inc. (a)(b) |
| |||||||||||||||
| 110,000 | 7.125 | 02/01/32 | 113,220 | |||||||||||||
|
|
|
|||||||||||||||
| 1,087,544 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $71,720,197) |
$ | 72,034,619 | ||||||||||||||
|
|
||||||||||||||||
| Mortgage-Backed Obligations – 12.9% |
| |||||||||||||||
| Collateralized Mortgage Obligations(a) – 0.9% |
| |||||||||||||||
| Interest Only(f) – 0.3% |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| $ | 134,890 | 0.757 | %(c) | 09/20/48 | $ | 13,669 | ||||||||||
| Government National Mortgage Association REMICS Series 2020-7, Class GI |
| |||||||||||||||
| 60,009 | 4.000 | 01/20/50 | 11,168 | |||||||||||||
|
|
||||||||||||||||
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 172,320 | 0.607 | (c) | 02/20/50 | 17,710 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(f) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2020-146, Class KI |
| |||||||||||||||
| $ | 584,823 | 2.500 | % | 10/20/50 | $ | 80,588 | ||||||||||
| Government National Mortgage Association REMICS Series 2019-153, Class EI |
| |||||||||||||||
| 335,232 | 4.000 | 12/20/49 | 65,626 | |||||||||||||
| Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 253,621 | 0.607 | (c) | 04/20/50 | 26,335 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-61, Class GI |
| |||||||||||||||
| 137,458 | 5.000 | 05/20/50 | 29,818 | |||||||||||||
|
|
|
|||||||||||||||
| 244,914 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(b)(c) – 0.6% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA3, Class M2 (1 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 100,000 | 7.420 | 10/25/33 | 101,746 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1, Class M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 26,630 | 7.120 | 01/25/51 | 26,829 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA4, Class M1A (1 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 110,639 | 7.520 | 05/25/42 | 112,509 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 100,000 | 9.320 | 07/25/42 | 106,255 | |||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) |
| |||||||||||||||
| 30,000 | 8.920 | 07/25/42 | 31,646 | |||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 85,000 | 8.320 | 04/25/42 | 87,598 | |||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2B1 (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 95,000 | 9.820 | 04/25/42 | 100,496 | |||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 25,000 | 8.421 | 06/25/43 | 26,217 | |||||||||||||
|
|
|
|||||||||||||||
| 593,296 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 838,210 | |||||||||||||||
|
|
||||||||||||||||
| Federal Agencies(g) – 12.0% |
| |||||||||||||||
| Government National Mortgage Association – 8.0% |
| |||||||||||||||
| $ | 5,000,000 | 4.500 | % | TBA-30yr | $ | 4,804,044 | ||||||||||
| 1,000,000 | 5.500 | TBA-30yr | 999,411 | |||||||||||||
| 1,000,000 | 5.000 | TBA-30yr | 982,961 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 109 |
GOLDMAN SACHS INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 1,000,000 | 7.000 | % | TBA-30yr | $ | 1,021,523 | ||||||||||
|
|
|
|||||||||||||||
| 7,807,939 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 4.0% |
| |||||||||||||||
| 1,000,000 | 2.500 | TBA-30yr | 826,602 | |||||||||||||
| 1,000,000 | 6.000 | TBA-30yr | 1,009,492 | |||||||||||||
| 2,000,000 | 5.500 | TBA-30yr | 2,014,450 | |||||||||||||
|
|
|
|||||||||||||||
| 3,850,544 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES | $ | 11,658,483 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $12,444,392) |
$ | 12,496,693 | ||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities(a)(b)(c) – 4.6% |
| |||||||||||||||
| Collateralized Loan Obligations – 4.6% |
| |||||||||||||||
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR (3 mo. USD Term SOFR + 3.712%) |
| |||||||||||||||
| $ | 175,000 | 9.021 | % | 04/19/34 | $ | 175,054 | ||||||||||
| CIFC Funding Ltd. Series 2022-6A, Class B1 (3 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 600,000 | 8.414 | 07/16/35 | 605,210 | |||||||||||||
| Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3 mo. USD Term SOFR + 3.512%) |
| |||||||||||||||
| 600,000 | 8.826 | 10/15/32 | 600,073 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 31 Ltd. Series 2019-31A, Class DR (3 mo. USD Term SOFR + 3.512%) |
| |||||||||||||||
| 600,000 | 8.829 | 04/20/31 | 600,017 | |||||||||||||
| Rad CLO 22 Ltd. Series 2023-22A, Class B (3 mo. USD Term SOFR + 2.670%) |
| |||||||||||||||
| 350,000 | 8.042 | 01/20/37 | 349,957 | |||||||||||||
| Rockford Tower CLO Ltd. Series 2023-1A, Class C (3 mo. USD Term SOFR + 3.200%) |
| |||||||||||||||
| 300,000 | 8.551 | 01/20/36 | 299,890 | |||||||||||||
| RRX 7 Ltd. Series 2022-7A, Class A1 (3 mo. USD Term SOFR + 1.360%) |
| |||||||||||||||
| 1,000,000 | 6.677 | 07/15/35 | 1,000,082 | |||||||||||||
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) |
| |||||||||||||||
| 600,000 | 9.280 | 04/18/36 | 585,277 | |||||||||||||
| Tikehau U.S. CLO I Ltd. Series 2021-1A, Class E (3 mo. USD Term SOFR + 7.172%) |
| |||||||||||||||
| 300,000 | 12.470 | 01/18/35 | 279,996 | |||||||||||||
|
|
|
|||||||||||||||
| 4,495,556 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $4,493,680) |
$ | 4,495,556 | ||||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations – 4.6% |
| |||||||||||||||
| Euro – 1.3% |
| |||||||||||||||
| Benin Government International Bonds (b) |
| |||||||||||||||
| EUR | 260,000 | 4.875 | % | 01/19/32 | $ | 236,322 | ||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – (continued) |
| |||||||||||||||
| Euro – (continued) |
| |||||||||||||||
| Egypt Government International Bonds |
| |||||||||||||||
| EUR | 200,000 | 4.750 | % | 04/16/26 | $ | 202,959 | ||||||||||
| Indonesia Government International Bonds |
| |||||||||||||||
| 100,000 | 1.100 | 03/12/33 | 85,566 | |||||||||||||
| Ivory Coast Government International Bonds (b) |
| |||||||||||||||
| 500,000 | 4.875 | 01/30/32 | 464,580 | |||||||||||||
| Romania Government International Bonds |
| |||||||||||||||
| 290,000 | 2.875 | 03/11/29 | 288,521 | |||||||||||||
| 30,000 | 2.625 | (b) | 12/02/40 | 22,100 | ||||||||||||
|
|
|
|||||||||||||||
| 1,300,048 | ||||||||||||||||
|
|
||||||||||||||||
| United States Dollar – 3.3% |
| |||||||||||||||
| Abu Dhabi Government International Bonds (b) |
| |||||||||||||||
| $ | 200,000 | 3.875 | 04/16/50 | 159,900 | ||||||||||||
| Argentina Republic Government International Bonds (a) |
| |||||||||||||||
| 13,920 | 1.000 | 07/09/29 | 7,421 | |||||||||||||
| 455,900 | 0.750 | (h) | 07/09/30 | 236,641 | ||||||||||||
| Dominican Republic International Bonds (b) |
| |||||||||||||||
| 240,000 | 4.875 | 09/23/32 | 215,175 | |||||||||||||
| Ecuador Government International Bonds (b) |
| |||||||||||||||
| 46,400 | 2.500 | (h) | 07/31/40 | 22,481 | ||||||||||||
| 34,036 | 0.000 | (d) | 07/31/30 | 16,780 | ||||||||||||
| 40,000 | 6.000 | (h) | 07/31/30 | 27,080 | ||||||||||||
| Egypt Government International Bonds (b) |
| |||||||||||||||
| 200,000 | 8.875 | 05/29/50 | 164,438 | |||||||||||||
| Mexico Government International Bonds (a) |
| |||||||||||||||
| 603,000 | 3.500 | 02/12/34 | 502,751 | |||||||||||||
| Morocco Government International Bonds (b) |
| |||||||||||||||
| 310,000 | 3.000 | 12/15/32 | 249,162 | |||||||||||||
| National Bank of Uzbekistan |
| |||||||||||||||
| 260,000 | 4.850 | 10/21/25 | 250,250 | |||||||||||||
| Peru Government International Bonds (a) |
| |||||||||||||||
| 400,000 | 2.783 | 01/23/31 | 343,625 | |||||||||||||
| Republic of Uzbekistan International Bonds (b) |
| |||||||||||||||
| 200,000 | 3.700 | 11/25/30 | 166,750 | |||||||||||||
| Turkiye Government International Bonds |
| |||||||||||||||
| 200,000 | 6.125 | 10/24/28 | 195,562 | |||||||||||||
| 200,000 | 7.625 | 04/26/29 | 204,125 | |||||||||||||
| 200,000 | 6.500 | 09/20/33 | 187,500 | |||||||||||||
| Ukraine Government International Bonds |
| |||||||||||||||
| 200,000 | 7.750 | 09/01/26 | 71,500 | |||||||||||||
| 200,000 | 7.750 | 09/01/28 | 66,400 | |||||||||||||
| 190,000 | 7.750 | 09/01/25 | 70,775 | |||||||||||||
|
|
|
|||||||||||||||
| 3,158,316 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $5,731,628) |
$ | 4,458,364 | ||||||||||||||
|
|
||||||||||||||||
| Bank Loans(c)(i) – 4.3% |
| |||||||||||||||
| Aerospace & Defense – 0.3% |
| |||||||||||||||
| ADS Tactical, Inc. (1 mo. USD Term SOFR + 5.750%) |
| |||||||||||||||
| $ | 249,184 | 11.195 | % | 03/19/26 | $ | 249,600 | ||||||||||
|
|
||||||||||||||||
| 110 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(c)(i) – (continued) |
| |||||||||||||||
| Automotive – 0.4% |
| |||||||||||||||
| First Brands Group LLC |
| |||||||||||||||
| (3 mo. USD Term SOFR + 8.500%) |
| |||||||||||||||
| $ | 250,000 | 14.074 | % | 03/30/28 | $ | 246,875 | ||||||||||
| (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 128,897 | 10.574 | 03/30/27 | 128,961 | |||||||||||||
|
|
|
|||||||||||||||
| 375,836 | ||||||||||||||||
|
|
||||||||||||||||
| Building & Construction – 0.2% |
| |||||||||||||||
| Energize HoldCo LLC |
| |||||||||||||||
| (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 171,938 | 9.192 | 12/08/28 | 171,355 | |||||||||||||
| (1 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
| 75,000 | 12.192 | 12/07/29 | 71,625 | |||||||||||||
|
|
|
|||||||||||||||
| 242,980 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials – 0.6% |
| |||||||||||||||
| Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 342,125 | 8.680 | 11/03/28 | 341,399 | |||||||||||||
| Icebox Holdco III, Inc. |
| |||||||||||||||
| (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 171,649 | 9.071 | 12/22/28 | 171,577 | |||||||||||||
| (3 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
| 50,000 | 12.321 | 12/21/29 | 48,250 | |||||||||||||
|
|
|
|||||||||||||||
| 561,226 | ||||||||||||||||
|
|
||||||||||||||||
| Capital Goods - Others – 0.3% |
| |||||||||||||||
| Engineered Machinery Holdings, Inc. |
| |||||||||||||||
| (3 mo. EUR EURIBOR + 3.750%) |
| |||||||||||||||
| EUR | 73,125 | 7.652 | 05/21/28 | 77,964 | ||||||||||||
| (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 185,346 | 9.321 | 05/19/28 | 184,536 | ||||||||||||
|
|
|
|||||||||||||||
| 262,500 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 0.4% |
| |||||||||||||||
| DRW Holdings LLC (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 363,750 | 9.195 | 03/01/28 | 363,295 | |||||||||||||
|
|
||||||||||||||||
| Entertainment – 0.3% |
| |||||||||||||||
| Arcis Golf LLC (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 172,375 | 9.192 | 11/24/28 | 172,663 | |||||||||||||
| Cinemark USA, Inc. ((1 mo. USD Term SOFR + 3.750%)-(3 mo. USD Term SOFR + 3.750%)) |
| |||||||||||||||
| 148,875 | 9.052–9.077 | 05/24/30 | 149,341 | |||||||||||||
|
|
|
|||||||||||||||
| 322,004 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery – 0.0% |
| |||||||||||||||
| Clark Equipment Co. (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 21,621 | 7.902 | 04/20/29 | 21,632 | |||||||||||||
|
|
||||||||||||||||
| Media - Cable – 0.1% |
| |||||||||||||||
| DirecTV Financing LLC (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 84,542 | 10.445 | 08/02/27 | 84,577 | |||||||||||||
|
|
||||||||||||||||
| Media - Non Cable – 0.1% |
| |||||||||||||||
| Entercom Media Corp. |
| |||||||||||||||
| (3 mo. USD Term SOFR + 6.114%) |
| |||||||||||||||
| 8,445 | 11.445 | 08/19/24 | 8,424 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(c)(i) – (continued) |
| |||||||||||||||
| Media - Non Cable – (continued) |
| |||||||||||||||
| $ | 225,000 | 0.000 | % | 11/18/24 | $ | 129,038 | ||||||||||
|
|
|
|||||||||||||||
| 137,462 | ||||||||||||||||
|
|
||||||||||||||||
| Metals & Mining – 0.2% |
| |||||||||||||||
| Grinding Media, Inc. (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 195,000 | 9.591 | 10/12/28 | 194,025 | |||||||||||||
|
|
||||||||||||||||
| Packaging – 0.4% |
| |||||||||||||||
| LABL, Inc. (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 147,000 | 10.427 | 10/29/28 | 143,776 | |||||||||||||
| Pretium Packaging LLC (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 277,334 | 10.306 | 10/02/28 | 280,224 | |||||||||||||
|
|
|
|||||||||||||||
| 424,000 | ||||||||||||||||
|
|
||||||||||||||||
| Retailers – 0.2% |
| |||||||||||||||
| TruGreen LP (3 mo. USD Term SOFR + 8.500%) |
| |||||||||||||||
| 210,000 | 14.074 | 11/02/28 | 162,750 | |||||||||||||
|
|
||||||||||||||||
| Technology – 0.2% |
| |||||||||||||||
| Syndigo LLC (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 218,250 | 9.945 | 12/15/27 | 217,159 | |||||||||||||
|
|
||||||||||||||||
| Technology - Software – 0.6% |
| |||||||||||||||
| DCert Buyer, Inc. (1 mo. USD Term SOFR + 7.000%) |
| |||||||||||||||
| 325,000 | 12.330 | 02/19/29 | 291,788 | |||||||||||||
| Isolved, Inc. (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 50,000 | 9.327 | 10/14/30 | 50,219 | |||||||||||||
| Loyalty Ventures, Inc. (3 mo. U.S. (Fed) Prime Rate + 5.500%) |
| |||||||||||||||
| 196,262 | 14.000 | (j) | 11/03/27 | 1,718 | ||||||||||||
| Virtusa Corp. (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 191,834 | 9.192 | 02/11/28 | 192,122 | |||||||||||||
|
|
|
|||||||||||||||
| 535,847 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL BANK LOANS (Cost $4,489,337) |
$ | 4,154,893 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description | Value | ||||||||||||||
| Common Stocks(j) – 0.4% |
| |||||||||||||||
| Communications Equipment – 0.1% |
| |||||||||||||||
| 4,216 | Intelsat SA | $ | 109,616 | |||||||||||||
|
|
||||||||||||||||
| Media – 0.1% |
| |||||||||||||||
| 45,301 | iHeartMedia, Inc. Class A | 94,679 | ||||||||||||||
|
|
||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.2% |
| |||||||||||||||
| 6,420 | |
Summit Midstream Partners LP |
180,209 | |||||||||||||
|
|
||||||||||||||||
| TOTAL COMMON STOCKS (Cost $477,724) |
$ | 384,504 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – 1.6% |
| |||||||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| $ | 1,070,000 | 4.125 | % | 03/31/29 | $ | 1,065,713 | ||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 111 |
GOLDMAN SACHS INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – (continued) |
| |||||||||||||||
| $ | 540,000 | 4.125% | 03/31/31 | $ | 537,202 | |||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,602,797) |
$ | 1,602,915 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(k) – 7.7% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 7,515,504 | 5.211% | $ | 7,515,504 | |||||||||||||
| (Cost $7,515,504) |
| |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 110.3% (Cost $108,475,259) |
$ | 107,143,048 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER |
(10,017,226 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 97,125,822 | ||||||||||||||
|
|
||||||||||||||||
| 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 March 31, 2024. | |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (e) | Pay-in-kind securities. | |
| (f) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. | |
| (g) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $11,658,483 which represents approximately 12.0% of net assets as of March 31, 2024. | |
| (h) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. | |
| (i) | 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 March 31, 2024. 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. | |
| (j) | Security is currently in default and/or non-income producing. | |
| (k) | Represents an Affiliated Issuer. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
CAD | 1,527 | USD | 1,127 | 06/20/24 | $ 1 | ||||||||||||||||||||||||||
| USD | 122 | CHF | 107 | 06/20/24 | 3 | |||||||||||||||||||||||||||
| USD | 3,519,160 | EUR | 3,255,759 | 05/08/24 | 1,321 | |||||||||||||||||||||||||||
| USD | 4,361 | NZD | 7,122 | 06/20/24 | 106 | |||||||||||||||||||||||||||
| USD | 916 | SEK | 9,394 | 06/20/24 | 36 | |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| TOTAL | $1,467 | |||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| |||||||||||||||||||||||||||||||
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
GBP | 813 | USD | 1,036 | 06/20/24 | $ (9) | ||||||||||||||||||||||||||
| JPY | 1,485,644 | USD | 10,092 | 06/20/24 | (155) | |||||||||||||||||||||||||||
| USD | 143,952 | EUR | 133,591 | 05/08/24 | (392) | |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| TOTAL | $(556) | |||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| 112 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||
|
|
||||||||||||||||||||
| Uniform Mortgage-Backed Security |
4.500% | TBA - 30yr | 04/01/24 | $ | (5,000,000 | ) | $ | (4,761,133 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
5.000 | TBA - 30yr | 04/01/24 | (4,000,000 | ) | (3,904,062 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 04/01/24 | (1,000,000 | ) | (926,016 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
7.000 | TBA - 30yr | 05/01/24 | (1,000,000 | ) | (1,029,368 | ) | |||||||||||||
|
|
||||||||||||||||||||
| (PROCEEDS RECEIVED: $(10,641,289)) | $ | (10,620,579 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
12 | 06/18/24 | $ | 1,329,563 | $ | 5,750 | ||||||||||
| 2 Year U.S. Treasury Notes |
62 | 06/28/24 | 12,678,031 | (3,639) | ||||||||||||
| 5 Year U.S. Treasury Notes |
67 | 06/28/24 | 7,170,047 | 7,258 | ||||||||||||
|
|
||||||||||||||||
| Total | $ | 9,369 | ||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 20 Year U.S. Treasury Bonds |
(5) | 06/18/24 | (602,187 | ) | (4,494) | |||||||||||
| Ultra 10-Year U.S. Treasury Note |
(23) | 06/18/24 | (2,636,016 | ) | (17,380) | |||||||||||
| Ultra Long U.S. Treasury Bonds |
(19) | 06/18/24 | (2,451,000 | ) | (25,408) | |||||||||||
|
|
||||||||||||||||
| Total | $ | (47,282) | ||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | (37,913) | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund(a) |
Termination Date |
Notional Amount (000s)(b) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
|
|
||||||||||||||||||||||||
| 12M CDOR(a) |
4.250% | 06/19/26 | CAD | 1,490 | $ | 5,184 | $ | 6,250 | $ (1,066) | |||||||||||||||
| 3.000%(c) |
6M EURO | 06/19/27 | EUR | 650 | (4,734 | ) | (2,836 | ) | (1,898) | |||||||||||||||
| 3.000(c) |
6M EURO | 06/19/28 | 100 | (1,416 | ) | (961 | ) | (455) | ||||||||||||||||
| 3.000(c) |
6M EURO | 06/19/29 | 910 | (18,818 | ) | (13,339 | ) | (5,479) | ||||||||||||||||
| 3.000(c) |
6M EURO | 06/19/31 | 720 | (22,794 | ) | (16,685 | ) | (6,109) | ||||||||||||||||
| 3.000(c) |
6M EURO | 06/19/34 | 430 | (18,472 | ) | (17,287 | ) | (1,185) | ||||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL | $ | (61,050 | ) | $ | (44,858 | ) | $(16,192) | |||||||||||||||||
|
|
||||||||||||||||||||||||
| (a) | Payments made semi-annually. |
| (b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (c) | Payments made annually. |
| The accompanying notes are an integral part of these financial statements. | 113 |
GOLDMAN SACHS INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||||||||||||||||||
| CDX.NA.HY Index 34 |
5.000% | 1.181% | 06/20/25 | $ 45 | $ | 2,095 | $ | (431 | ) | $ | 2,526 | |||||||||||||||||||||||||||||
| CDX.NA.IG Index 33 |
1.000 | 0.084 | 12/20/24 | 1,950 | 13,556 | 6,408 | 7,148 | |||||||||||||||||||||||||||||||||
| CDX.NA.IG Index 41 |
1.000 | 0.461 | 12/20/28 | 4,990 | 115,978 | 83,769 | 32,209 | |||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| TOTAL | $ | 131,629 | $ | 89,746 | $ | 41,883 | ||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| (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: | ||
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| EUR | —Euro | |
| GBP | —British Pound | |
| JPY | —Japanese Yen | |
| NZD | —New Zealand Dollar | |
| SEK | —Swedish Krona | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CLO | —Collateralized Loan Obligation | |
| CMT | —Constant Maturity Treasury Indexes | |
| EURIBOR | —Euro Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| PIK | —Payment in kind | |
| PLC | —Public Limited Company | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| SOFR | —Secured Overnight Financing Rate | |
| STACR | —Structured Agency Credit Risk | |
|
| ||
|
| ||
| Abbreviations: | ||
| CDOR | —Canadian Dollar Offered Rate | |
| CDX.NA.HY Index 34 | —CDX North America High Yield Index 34 | |
| CDX.NA.IG Ind 33 | —CDX North America Investment Grade Index 33 | |
| CDX.NA.IG Ind 41 | —CDX North America Investment Grade Index 41 | |
| EURO | —Euro Offered Rate | |
|
| ||
| 114 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – 78.2% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 11.1% |
| |||||||||||||||
| Interest Only(a) – 1.3% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| $ | 3,564,606 | 0.667 | %(b) | 05/15/45 | $ | 335,956 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| |||||||||||||||
| 1,720,715 | 4.000 | 09/25/50 | 352,849 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5020, Class IH |
| |||||||||||||||
| 585,723 | 3.000 | 08/25/50 | 97,309 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) |
| |||||||||||||||
| 2,097,616 | 1.015 | (b) | 10/25/41 | 194,895 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2012-88, Class SB (1 mo. USD Term SOFR + 6.556%) |
| |||||||||||||||
| 2,008,048 | 1.235 | (b) | 07/25/42 | 168,092 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2017-104, Class SB (1 mo. USD Term SOFR + 6.036%) |
| |||||||||||||||
| 837,132 | 0.715 | (b) | 01/25/48 | 87,189 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2020-60, Class NI |
| |||||||||||||||
| 1,598,035 | 4.000 | 09/25/50 | 327,692 | |||||||||||||
| Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) |
| |||||||||||||||
| 2,694,944 | 0.237 | (b)(c) | 03/20/40 | 192,346 | ||||||||||||
| Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) |
| |||||||||||||||
| 3,358,131 | 0.707 | (b)(c) | 07/20/43 | 280,382 | ||||||||||||
| Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) |
| |||||||||||||||
| 3,848,039 | 0.707 | (b)(c) | 04/20/43 | 225,572 | ||||||||||||
| Government National Mortgage Association REMICS Series 2014-11, Class NI |
| |||||||||||||||
| 940,238 | 4.500 | (c) | 12/16/42 | 45,556 | ||||||||||||
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 3,655,985 | 0.657 | (b)(c) | 10/20/43 | 152,949 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-168, Class SD (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 6,737,384 | 0.757 | (b)(c) | 11/20/45 | 657,636 | ||||||||||||
| Government National Mortgage Association REMICS Series 2014-180, Class PI |
| |||||||||||||||
| 2,568,008 | 4.000 | (c) | 08/20/44 | 343,196 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) |
| |||||||||||||||
| 1,199,459 | 0.257 | (b)(c) | 09/20/45 | 86,805 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) |
| |||||||||||||||
| 1,542,254 | 0.257 | (b)(c) | 09/20/45 | 112,299 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(a) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2015-129, Class IC |
| |||||||||||||||
| $ | 931,756 | 4.500 | %(c) | 09/16/45 | $ | 168,295 | ||||||||||
| Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 3,295,734 | 0.757 | (b)(c) | 08/20/45 | 331,157 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) |
| |||||||||||||||
| 3,948,886 | 0.257 | (b)(c) | 10/20/45 | 266,024 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 2,124,850 | 0.757 | (b)(c) | 09/20/45 | 202,982 | ||||||||||||
| Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) |
| |||||||||||||||
| 5,009,923 | 0.207 | (b)(c) | 01/20/46 | 329,104 | ||||||||||||
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| |||||||||||||||
| 958,528 | 0.217 | (b)(c) | 07/20/47 | 77,539 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| |||||||||||||||
| 1,076,431 | 0.257 | (b)(c) | 01/20/48 | 90,051 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 1,590,265 | 0.757 | (b)(c) | 05/20/48 | 156,764 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 1,407,944 | 0.757 | (b)(c) | 09/20/48 | 142,672 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 686,475 | 0.757 | (b)(c) | 09/20/48 | 70,699 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) |
| |||||||||||||||
| 962,650 | 0.707 | (b)(c) | 10/20/48 | 92,682 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 372,128 | 0.607 | (b)(c) | 01/20/49 | 35,020 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 1,068,320 | 0.607 | (b)(c) | 01/20/49 | 99,092 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 662,640 | 0.657 | (b)(c) | 06/20/49 | 61,451 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-151, Class NI |
| |||||||||||||||
| 2,367,227 | 3.500 | (c) | 10/20/49 | 394,157 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 115 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(a) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| $ | 2,917,127 | 0.607 | %(b)(c) | 02/20/50 | $ | 299,800 | ||||||||||
| Government National Mortgage Association REMICS Series 2020-61, Class SF (-1X 1 mo. USD Term SOFR + 6.326%) |
| |||||||||||||||
| 4,492,877 | 0.997 | (b)(c) | 07/20/43 | 441,523 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-78, Class DI |
| |||||||||||||||
| 3,348,487 | 4.000 | (c) | 06/20/50 | 654,701 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-146, Class KI |
| |||||||||||||||
| 8,577,405 | 2.500 | (c) | 10/20/50 | 1,181,952 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-146, Class IM |
| |||||||||||||||
| 1,182,123 | 2.500 | (c) | 10/20/50 | 161,662 | ||||||||||||
|
|
|
|||||||||||||||
| 8,918,050 | ||||||||||||||||
|
|
||||||||||||||||
| Regular Floater(b) – 0.3% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) |
| |||||||||||||||
| 162,358 | 5.803 | 03/15/41 | 161,235 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) |
| |||||||||||||||
| 129,019 | 5.783 | 10/15/36 | 127,575 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 80,825 | 5.833 | 12/15/36 | 79,541 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| |||||||||||||||
| 140,777 | 6.033 | (c) | 09/15/37 | 139,364 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| |||||||||||||||
| 38,477 | 6.283 | 06/15/39 | 38,761 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 255,708 | 5.835 | 06/25/36 | 253,343 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 301,832 | 5.835 | 08/25/36 | 297,991 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 303,460 | 5.835 | 08/25/36 | 300,207 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) |
| |||||||||||||||
| 106,072 | 5.885 | 08/25/37 | 105,313 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) |
| |||||||||||||||
| 34,164 | 6.535 | 10/25/39 | 34,657 | |||||||||||||
|
|
|
|||||||||||||||
| 1,537,987 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Fixed Rate(c) – 1.5% |
| |||||||||||||||
| Angel Oak Mortgage Trust Series 1, Class A1 |
| |||||||||||||||
| 5,197 | 2.881 | (d)(e) | 12/25/66 | 4,561 | ||||||||||||
| BRAVO Residential Funding Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| 2,062,011 | 5.943 | (d)(e) | 12/01/63 | 2,056,182 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Fixed Rate(c) – (continued) |
| |||||||||||||||
| OBX Trust Series 2024-NQM1, Class A1 |
| |||||||||||||||
| $ | 2,101,901 | 5.928 | %(d)(e) | 11/25/63 | $ | 2,097,959 | ||||||||||
| OBX Trust Series 2024-NQM1, Class A2 |
| |||||||||||||||
| 122,204 | 6.253 | (d)(e) | 11/25/63 | 122,024 | ||||||||||||
| OBX Trust Series 2024-NQM5, Class A1 |
| |||||||||||||||
| 1,300,000 | 5.988 | (d)(e) | 03/25/28 | 1,300,052 | ||||||||||||
| Residential Accredit Loans, Inc. Trust Series 2006-QS6, Class 1A13 |
| |||||||||||||||
| 313,924 | 6.000 | 06/25/36 | 243,768 | |||||||||||||
| Residential Accredit Loans, Inc. Trust Series 2006-QS9, Class 1A11 |
| |||||||||||||||
| 574,321 | 6.500 | 07/25/36 | 461,065 | |||||||||||||
| Residential Accredit Loans, Inc. Trust Series 2006-QS2, Class 1A9 |
| |||||||||||||||
| 200,287 | 5.500 | 02/25/36 | 148,489 | |||||||||||||
| Residential Asset Securitization Trust Series 2006-A8, Class 1A1 |
| |||||||||||||||
| 653,539 | 6.000 | 08/25/36 | 410,580 | |||||||||||||
| RFMSI Trust Series 2007-S9, Class 1A1 |
| |||||||||||||||
| 1,622,774 | 6.000 | 10/25/37 | 923,220 | |||||||||||||
| Verus Securitization Trust Series 2022-2, Class A1 |
| |||||||||||||||
| 1,537,801 | 4.260 | (d)(e) | 02/25/67 | 1,440,560 | ||||||||||||
| Verus Securitization Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 1,129,764 | 5.915 | (d)(e) | 01/25/69 | 1,121,690 | ||||||||||||
|
|
|
|||||||||||||||
| 10,330,150 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(c) – 8.0% |
| |||||||||||||||
| Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| |||||||||||||||
| 463,786 | 1.458 | (b)(d) | 09/25/66 | 375,531 | ||||||||||||
| Angel Oak Mortgage Trust Series 2020-4, Class A3 |
| |||||||||||||||
| 772,028 | 2.805 | (b)(d) | 06/25/65 | 723,611 | ||||||||||||
| Angel Oak Mortgage Trust Series 2020-2, Class M1 |
| |||||||||||||||
| 654,000 | 4.500 | (b)(d) | 01/26/65 | 588,293 | ||||||||||||
| Banc of America Funding Trust Series 2007-2, Class 2A1 |
| |||||||||||||||
| 20,153 | 4.129 | (b) | 03/25/37 | 18,608 | ||||||||||||
| BINOM Securitization Trust Series 2022-INV1, Class A1 |
| |||||||||||||||
| 818,738 | 4.441 | (b)(d) | 08/25/57 | 782,385 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5 |
| |||||||||||||||
| 350,000 | 6.000 | (b)(d) | 02/25/55 | 355,329 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| |||||||||||||||
| 450,000 | 5.500 | (b)(d) | 02/25/55 | 445,421 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| |||||||||||||||
| 175,000 | 6.000 | (b)(d) | 02/25/55 | 177,048 | ||||||||||||
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) |
| |||||||||||||||
| 1,684,201 | 5.944 | (b) | 08/25/37 | 1,128,664 | ||||||||||||
| Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) |
| |||||||||||||||
| 243,359 | 5.500 | (b) | 07/25/35 | 165,366 | ||||||||||||
| Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) |
| |||||||||||||||
| 275,110 | 5.500 | (b) | 12/25/35 | 232,636 | ||||||||||||
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 253,224 | 5.844 | (b) | 08/25/37 | 166,050 | ||||||||||||
| CSMC Trust Series 2022-NQM1, Class A1 |
| |||||||||||||||
| 763,588 | 2.265 | (b)(d) | 11/25/66 | 662,378 | ||||||||||||
|
|
||||||||||||||||
| 116 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA2, Class B1 (1 mo. USD Term SOFR + 4.214%) |
| |||||||||||||||
| $ | 2,000,000 | 9.535 | %(b)(d) | 03/25/50 | $ | 2,252,236 | ||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA4, Class B1 (1 mo. USD Term SOFR + 6.114%) |
| |||||||||||||||
| 1,223,701 | 11.435 | (b)(d) | 08/25/50 | 1,385,055 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class B1 (1 mo. USD Term SOFR + 4.800%) |
| |||||||||||||||
| 1,533,000 | 10.120 | (b)(d) | 10/25/50 | 1,730,396 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) |
| |||||||||||||||
| 600,000 | 10.970 | (b)(d) | 12/25/50 | 657,721 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1, Class M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 214,939 | 7.120 | (b)(d) | 01/25/51 | 216,550 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA2, Class M2 (1 mo. USD Term SOFR + 2.050%) |
| |||||||||||||||
| 457,328 | 7.370 | (b)(d) | 12/25/33 | 463,394 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B1 (1 mo. USD Term SOFR + 3.400%) |
| |||||||||||||||
| 137,000 | 8.720 | (b)(d) | 10/25/41 | 141,762 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 1,895,401 | 8.820 | (b)(d) | 03/25/42 | 1,976,102 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA4, Class B1 (1 mo. USD Term SOFR + 5.364%) |
| |||||||||||||||
| 737,998 | 10.685 | (b)(d) | 09/25/50 | 814,430 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA2, Class M1B (1 mo. USD Term SOFR + 3.350%) |
| |||||||||||||||
| 1,104,000 | 8.670 | (b)(d) | 06/25/43 | 1,167,798 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class A1 (1 mo. USD Term SOFR + 1.250%) |
| |||||||||||||||
| 2,125,000 | 6.569 | (b)(d) | 03/25/44 | 2,130,313 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M1 (1 mo. USD Term SOFR + 1.250%) |
| |||||||||||||||
| 1,425,000 | 6.569 | (b)(d) | 03/25/44 | 1,425,891 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1, Class M2 (1 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 625,000 | 7.319 | (b)(d) | 03/25/44 | 625,195 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) |
| |||||||||||||||
| 484,701 | 7.485 | (b)(d) | 04/25/49 | 489,257 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA3, Class M2 (1 mo. USD Term SOFR + 1.964%) |
| |||||||||||||||
| 52,141 | 7.285 | (b)(d) | 09/25/49 | 52,533 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2020-R01, Class 1M2 (1 mo. USD Term SOFR + 2.164%) |
| |||||||||||||||
| $ | 58,348 | 7.485 | %(b)(d) | 01/25/40 | $ | 59,214 | ||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R03, Class 1B1 (1 mo. USD Term SOFR + 6.250%) |
| |||||||||||||||
| 153,000 | 11.570 | (b)(d) | 03/25/42 | 170,697 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R01, Class 2M2 (1 mo. USD Term SOFR + 2.564%) |
| |||||||||||||||
| 47,058 | 7.885 | (b)(d) | 07/25/31 | 47,199 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R04, Class 1B1 (1 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 433,000 | 10.570 | (b)(d) | 03/25/42 | 471,381 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 279,000 | 8.320 | (b)(d) | 04/25/42 | 287,528 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2B1 (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 392,000 | 9.820 | (b)(d) | 04/25/42 | 414,679 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 508,336 | 9.220 | (b)(d) | 04/25/43 | 541,968 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 250,000 | 8.421 | (b)(d) | 06/25/43 | 262,172 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R06, Class 1M2 (1 mo. USD Term SOFR + 2.700%) |
| |||||||||||||||
| 230,000 | 8.020 | (b)(d) | 07/25/43 | 237,787 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R02, Class 2M1 (1 mo. USD Term SOFR + 0.900%) |
| |||||||||||||||
| 269,500 | 6.220 | (b)(d) | 11/25/41 | 269,476 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 610,000 | 7.820 | (b)(d) | 10/25/43 | 625,240 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| |||||||||||||||
| 2,185,000 | 8.870 | (b)(d) | 10/25/43 | 2,267,807 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%) |
| |||||||||||||||
| 700,000 | 8.020 | (b)(d) | 01/25/44 | 703,389 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 450,000 | 7.120 | (b)(d) | 01/25/44 | 451,359 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 117 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1B2 (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 800,000 | 9.320 | %(b)(d) | 01/25/44 | $ | 812,945 | ||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R02, Class 1B2 (1 mo. USD Term SOFR + 3.700%) |
| |||||||||||||||
| 2,625,000 | 9.020 | (b)(d) | 02/25/44 | 2,653,474 | ||||||||||||
| Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
| |||||||||||||||
| 4,886,380 | 0.801 | (b) | 05/20/53 | 206,388 | ||||||||||||
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| |||||||||||||||
| 1,290,016 | 2.520 | (b)(d) | 05/25/52 | 1,061,437 | ||||||||||||
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| |||||||||||||||
| 440,673 | 3.520 | (b)(d) | 07/25/52 | 377,728 | ||||||||||||
| JP Morgan Mortgage Trust Series 2023-2, Class A3A |
| |||||||||||||||
| 1,647,597 | 5.000 | (b)(d) | 07/25/53 | 1,584,975 | ||||||||||||
| JP Morgan Mortgage Trust Series 2023-10, Class A6 |
| |||||||||||||||
| 701,307 | 6.000 | (b)(d) | 05/25/54 | 696,629 | ||||||||||||
| JP Morgan Mortgage Trust Series 2023-DSC1, Class A1 |
| |||||||||||||||
| 1,619,761 | 4.625 | (b)(d) | 07/25/63 | 1,532,426 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 2,246,929 | 6.000 | (b)(d) | 06/25/54 | 2,241,136 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-2, Class A5A |
| |||||||||||||||
| 600,000 | 6.000 | (b)(d) | 08/25/54 | 608,680 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| |||||||||||||||
| 1,375,000 | 5.990 | (b)(d) | 07/25/64 | 1,376,544 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| |||||||||||||||
| 2,300,000 | 3.000 | (b)(d) | 05/25/54 | 2,030,432 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 |
| |||||||||||||||
| 1,850,000 | 6.192 | (b)(d) | 07/25/64 | 1,852,077 | ||||||||||||
| JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 |
| |||||||||||||||
| 706,022 | 5.250 | (b)(d) | 11/25/63 | 696,252 | ||||||||||||
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| |||||||||||||||
| 377,393 | 3.250 | (b)(d) | 07/25/59 | 361,332 | ||||||||||||
| OBX Trust Series 2022-NQM1, Class A2 |
| |||||||||||||||
| 500,000 | 3.001 | (b)(d) | 11/25/61 | 368,434 | ||||||||||||
| OBX Trust Series 2022-J2, Class A1 |
| |||||||||||||||
| 1,088,482 | 3.500 | (b)(d) | 08/25/52 | 946,936 | ||||||||||||
| OBX Trust Series 2024-NQM4, Class A1 |
| |||||||||||||||
| 1,990,504 | 6.067 | (d)(e) | 01/25/64 | 1,990,271 | ||||||||||||
| Onslow Bay Mortgage Loan Trust Series 2021-NQM4, Class A1 |
| |||||||||||||||
| 1,499,287 | 1.957 | (b)(d) | 10/25/61 | 1,244,057 | ||||||||||||
| Residential Accredit Loans, Inc. Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) |
| |||||||||||||||
| 64,657 | 5.649 | (b) | 09/25/46 | 62,211 | ||||||||||||
| Residential Mortgage Loan Trust Series 2020-2, Class A3 |
| |||||||||||||||
| 152,000 | 2.911 | (b)(d) | 05/25/60 | 140,124 | ||||||||||||
| STACR Trust Series 2018-HRP2, Class B1 (1 mo. USD Term SOFR + 4.314%) |
| |||||||||||||||
| 1,100,000 | 9.635 | (b)(d) | 02/25/47 | 1,226,182 | ||||||||||||
| Towd Point Mortgage Trust Series 2020-1, Class A2A |
| |||||||||||||||
| 550,000 | 3.100 | (b)(d) | 01/25/60 | 484,076 | ||||||||||||
| Verus Securitization Trust Series 2021-5, Class A3 |
| |||||||||||||||
| 937,382 | 1.373 | (b)(d) | 09/25/66 | 780,153 | ||||||||||||
| Verus Securitization Trust Series 2021-7, Class A2 |
| |||||||||||||||
| 727,203 | 2.137 | (b)(d) | 10/25/66 | 610,774 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mort3gage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| Visio Trust Series 2020-1, Class M1 |
| |||||||||||||||
| $ | 500,000 | 4.450 | %(b)(d) | 08/25/55 | $ | 459,109 | ||||||||||
|
|
|
|||||||||||||||
| 54,564,631 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 75,350,818 | |||||||||||||||
|
|
||||||||||||||||
| Commercial Mortgage-Backed Securities – 13.2% |
| |||||||||||||||
| Sequential Fixed Rate – 6.2% |
| |||||||||||||||
| Bank Series 2021-BN38, Class A5 |
| |||||||||||||||
| $ | 1,050,000 | 2.521 | %(c) | 12/15/64 | $ | 879,060 | ||||||||||
| Bank Series 2023-BNK46, Class A4 |
| |||||||||||||||
| 600,000 | 5.745 | (c) | 08/15/56 | 629,869 | ||||||||||||
| Bank Series 2021-BN38, Class B |
| |||||||||||||||
| 250,000 | 2.885 | (c) | 12/15/64 | 207,795 | ||||||||||||
| Bank5 Series 2023-5YR4, Class A3 |
| |||||||||||||||
| 900,000 | 6.500 | (c) | 12/15/56 | 949,863 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C20, Class ASB |
| |||||||||||||||
| 1,229,000 | 5.860 | (c) | 07/15/56 | 1,277,960 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C20, Class A3 |
| |||||||||||||||
| 1,600,000 | 5.991 | (c) | 07/15/56 | 1,661,135 | ||||||||||||
| BBCMS Mortgage Trust Series 2019-C3, Class C |
| |||||||||||||||
| 865,000 | 4.178 | (c) | 05/15/52 | 747,502 | ||||||||||||
| BBCMS Mortgage Trust Series 2024-5C25, Class D |
| |||||||||||||||
| 1,050,000 | 4.000 | (c)(d) | 03/15/57 | 856,823 | ||||||||||||
| Benchmark Mortgage Trust Series 2022-B33, Class A5 |
| |||||||||||||||
| 1,125,000 | 3.458 | (c) | 03/15/55 | 996,293 | ||||||||||||
| Benchmark Mortgage Trust Series 2021-B29, Class A5 |
| |||||||||||||||
| 1,450,000 | 2.388 | (c) | 09/15/54 | 1,212,099 | ||||||||||||
| Benchmark Mortgage Trust Series 2020-B21, Class A5 |
| |||||||||||||||
| 1,000,000 | 1.978 | (c) | 12/17/53 | 820,815 | ||||||||||||
| Benchmark Mortgage Trust Series 2021-B26, Class A5 |
| |||||||||||||||
| 1,375,000 | 2.613 | (c) | 06/15/54 | 1,135,326 | ||||||||||||
| Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| |||||||||||||||
| 1,250,000 | 5.754 | (c) | 07/15/56 | 1,310,233 | ||||||||||||
| BMO Mortgage Trust Series 2023-C5, Class A5 |
| |||||||||||||||
| 1,600,000 | 5.765 | (c) | 06/15/56 | 1,678,897 | ||||||||||||
| BMO Mortgage Trust Series 2023-C5, Class ASB |
| |||||||||||||||
| 1,600,000 | 5.995 | (c) | 06/15/56 | 1,677,464 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class A5 |
| |||||||||||||||
| 2,500,000 | 6.160 | (c) | 12/15/56 | 2,700,380 | ||||||||||||
| BMO Mortgage Trust Series 2024-5C3, Class D |
| |||||||||||||||
| 1,350,000 | 4.000 | (c)(d) | 02/15/57 | 1,110,457 | ||||||||||||
| BX Trust Series 2022-CLS, Class A |
| |||||||||||||||
| 2,000,000 | 5.760 | (d) | 10/13/27 | 2,007,692 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| |||||||||||||||
| 1,000,000 | 3.000 | (c)(d) | 09/15/50 | 703,663 | ||||||||||||
| CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 |
| |||||||||||||||
| 1,300,000 | 3.718 | (c) | 08/15/48 | 1,262,760 | ||||||||||||
| DOLP Trust Series 2021-NYC, Class A |
| |||||||||||||||
| 1,600,000 | 2.956 | (d) | 05/10/41 | 1,343,225 | ||||||||||||
| GS Mortgage Securities Trust Series 2017-GS7, Class A4 |
| |||||||||||||||
| 1,775,000 | 3.430 | (c) | 08/10/50 | 1,659,324 | ||||||||||||
| GS Mortgage Securities Trust Series 2017-GS8, Class A4 |
| |||||||||||||||
| 1,600,000 | 3.469 | (c) | 11/10/50 | 1,487,864 | ||||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class B |
| |||||||||||||||
| 1,550,000 | 3.460 | (c) | 08/15/49 | 1,323,887 | ||||||||||||
|
|
||||||||||||||||
| 118 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Fixed Rate – (continued) |
| |||||||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| |||||||||||||||
| $ | 1,349,000 | 3.024 | %(d) | 01/05/39 | $ | 1,194,803 | ||||||||||
| Manhattan West Mortgage Trust Series 2020-1MW, Class A |
| |||||||||||||||
| 2,350,000 | 2.130 | (d) | 09/10/39 | 2,087,858 | ||||||||||||
| Morgan Stanley Capital I Trust Series 2019-H7, Class A4 |
| |||||||||||||||
| 1,500,000 | 3.261 | (c) | 07/15/52 | 1,362,503 | ||||||||||||
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| |||||||||||||||
| 1,575,000 | 6.890 | (c) | 12/15/56 | 1,680,481 | ||||||||||||
| One Bryant Park Trust Series 2019-OBP, Class A |
| |||||||||||||||
| 1,000,000 | 2.516 | (d) | 09/15/54 | 854,374 | ||||||||||||
| SLG Office Trust Series 2021-OVA, Class A |
| |||||||||||||||
| 2,325,000 | 2.585 | (d) | 07/15/41 | 1,919,678 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| |||||||||||||||
| 756,000 | 3.250 | (c)(d) | 01/15/60 | 591,255 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| |||||||||||||||
| 1,500,000 | 2.626 | (c) | 04/15/54 | 1,276,863 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2020-C58, Class A4 |
| |||||||||||||||
| 1,575,000 | 2.092 | (c) | 07/15/53 | 1,306,085 | ||||||||||||
|
|
|
|||||||||||||||
| 41,914,286 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(b) – 7.0% |
| |||||||||||||||
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| |||||||||||||||
| 1,050,000 | 2.778 | 11/15/54 | 870,356 | |||||||||||||
| Bank Series 2022-BNK39, Class A4 |
| |||||||||||||||
| 2,400,000 | 2.928 | (c) | 02/15/55 | 2,073,374 | ||||||||||||
| Bank Series 2018-BN13, Class A5 |
| |||||||||||||||
| 1,600,000 | 4.217 | (c) | 08/15/61 | 1,541,678 | ||||||||||||
| Bank Series 2018-BN15, Class AS |
| |||||||||||||||
| 1,999,000 | 4.584 | (c) | 11/15/61 | 1,929,829 | ||||||||||||
| Bank Series 2017-BNK5, Class C |
| |||||||||||||||
| 575,000 | 4.191 | (c) | 06/15/60 | 470,781 | ||||||||||||
| Bank5 Series 2023-5YR3, Class AS |
| |||||||||||||||
| 1,850,000 | 7.315 | (c) | 09/15/56 | 1,983,239 | ||||||||||||
| Bank5 Series 2023-5YR4, Class AS |
| |||||||||||||||
| 400,000 | 7.274 | (c) | 12/15/56 | 428,553 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| |||||||||||||||
| 1,400,000 | 6.245 | (d) | 03/15/37 | 1,346,021 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C21, Class AS |
| |||||||||||||||
| 1,075,000 | 6.296 | (c) | 09/15/56 | 1,149,053 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C22, Class A5 |
| |||||||||||||||
| 1,275,000 | 6.804 | (c) | 11/15/56 | 1,438,872 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-5C23, Class AS |
| |||||||||||||||
| 700,000 | 7.455 | (c) | 12/15/56 | 757,062 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| |||||||||||||||
| 750,000 | 6.494 | (d) | 03/15/37 | 698,014 | ||||||||||||
| BBCMS Mortgage Trust Series 2024-5C25, Class B |
| |||||||||||||||
| 1,575,000 | 6.151 | (c) | 03/15/57 | 1,582,795 | ||||||||||||
| BBCMS Mortgage Trust Series 2024-5C25, Class C |
| |||||||||||||||
| 875,000 | 6.643 | (c) | 03/15/57 | 879,072 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class C (1 mo. USD Term SOFR + 1.318%) |
| |||||||||||||||
| 750,000 | 6.644 | (d) | 03/15/37 | 690,356 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(b) – (continued) |
| |||||||||||||||
| BLP Commercial Mortgage Trust Series 2023-IND, Class A (1 mo. USD Term SOFR + 1.692%) |
| |||||||||||||||
| $ | 700,000 | 7.017 | %(d) | 03/15/40 | $ | 702,201 | ||||||||||
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| |||||||||||||||
| 1,250,000 | 6.668 | (d) | 03/15/41 | 1,250,390 | ||||||||||||
| BMO Mortgage Trust Series 2022-C2, Class A5 |
| |||||||||||||||
| 1,361,000 | 4.813 | 07/15/54 | 1,347,738 | |||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class B |
| |||||||||||||||
| 1,050,000 | 6.674 | (c) | 12/15/56 | 1,123,126 | ||||||||||||
| BMO Mortgage Trust Series 2024-5C3, Class C |
| |||||||||||||||
| 750,000 | 6.859 | (c) | 02/15/57 | 756,762 | ||||||||||||
| BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1 mo. USD Term SOFR + 2.281%) |
| |||||||||||||||
| 700,000 | 7.606 | (d) | 06/15/40 | 702,808 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| |||||||||||||||
| 2,200,000 | 6.767 | (d) | 02/15/39 | 2,203,439 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 1,225,000 | 6.692 | (d) | 03/15/41 | 1,225,153 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) |
| |||||||||||||||
| 1,250,000 | 6.891 | (d) | 03/15/34 | 1,246,871 | ||||||||||||
| BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%) |
| |||||||||||||||
| 3,354,359 | 7.776 | (d) | 08/15/39 | 3,375,194 | ||||||||||||
| BX Trust Series 2021-LBA, Class AV (1 mo. USD Term SOFR + 0.914%) |
| |||||||||||||||
| 838,258 | 6.241 | (d) | 02/15/36 | 834,041 | ||||||||||||
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| |||||||||||||||
| 2,775,000 | 6.967 | (d) | 02/15/41 | 2,778,945 | ||||||||||||
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| |||||||||||||||
| 500,000 | 7.340 | (d) | 03/15/26 | 499,773 | ||||||||||||
| BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) |
| |||||||||||||||
| 150,000 | 8.289 | (d) | 03/15/26 | 149,907 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A |
| |||||||||||||||
| 1,100,000 | 6.360 | (d) | 07/10/28 | 1,141,090 | ||||||||||||
| CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS |
| |||||||||||||||
| 1,750,000 | 4.463 | (c) | 08/15/51 | 1,638,338 | ||||||||||||
| DC Trust Series 2024-HLTN, Class A |
| |||||||||||||||
| 750,000 | 5.727 | (d) | 04/13/28 | 752,456 | ||||||||||||
| DC Trust Series 2024-HLTN, Class B |
| |||||||||||||||
| 1,625,000 | 6.455 | (d) | 04/13/28 | 1,631,165 | ||||||||||||
| Morgan Stanley Capital I Trust Series 2022-L8, Class A5 |
| |||||||||||||||
| 125,000 | 3.794 | (c) | 04/15/55 | 113,943 | ||||||||||||
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| |||||||||||||||
| 1,650,000 | 6.391 | (d) | 01/15/36 | 1,607,829 | ||||||||||||
| SCG Mortgage Trust Series 2024-MSP, Class A (1 mo. USD Term SOFR + 1.741%) |
| |||||||||||||||
| 1,025,000 | 7.041 | (d) | 04/15/41 | 1,022,608 | ||||||||||||
| TYSN Mortgage Trust Series 2023-CRNR, Class A |
| |||||||||||||||
| 1,550,000 | 6.580 | (d) | 12/10/33 | 1,618,699 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 119 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(b) – (continued) |
| |||||||||||||||
| WB Commercial Mortgage Trust Series 2024-HQ, Class A |
| |||||||||||||||
| $ | 425,000 | 6.134 | %(d) | 03/15/40 | $ | 427,274 | ||||||||||
| WB Commercial Mortgage Trust Series 2024-HQ, Class B |
| |||||||||||||||
| 1,600,000 | 6.634 | (d) | 03/15/40 | 1,607,508 | ||||||||||||
|
|
|
|||||||||||||||
| 47,596,313 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ | 89,510,599 | ||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 53.9% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. – 0.0% |
| |||||||||||||||
| $ | 5,919 | 5.000 | % | 01/01/33 | $ | 5,932 | ||||||||||
| 276 | 5.000 | 03/01/33 | 276 | |||||||||||||
| 3,778 | 5.000 | 04/01/33 | 3,786 | |||||||||||||
| 453 | 5.000 | 05/01/33 | 454 | |||||||||||||
| 1,543 | 5.000 | 06/01/33 | 1,545 | |||||||||||||
| 9,889 | 5.000 | 07/01/33 | 9,910 | |||||||||||||
| 15,325 | 5.000 | 08/01/33 | 15,357 | |||||||||||||
| 1,641 | 5.000 | 09/01/33 | 1,644 | |||||||||||||
| 3,396 | 5.000 | 10/01/33 | 3,404 | |||||||||||||
| 6,041 | 5.000 | 11/01/33 | 6,053 | |||||||||||||
| 3,250 | 5.000 | 12/01/33 | 3,257 | |||||||||||||
| 2,963 | 5.000 | 01/01/34 | 2,970 | |||||||||||||
| 9,746 | 5.000 | 02/01/34 | 9,765 | |||||||||||||
| 5,455 | 5.000 | 03/01/34 | 5,467 | |||||||||||||
| 7,928 | 5.000 | 04/01/34 | 7,944 | |||||||||||||
| 11,259 | 5.000 | 05/01/34 | 11,282 | |||||||||||||
| 159,965 | 5.000 | 06/01/34 | 160,297 | |||||||||||||
| 4,396 | 5.000 | 11/01/34 | 4,406 | |||||||||||||
| 39,436 | 5.000 | 04/01/35 | 39,518 | |||||||||||||
| 12 | 5.000 | 11/01/35 | 12 | |||||||||||||
|
|
|
|||||||||||||||
| 293,279 | ||||||||||||||||
|
|
||||||||||||||||
| Government National Mortgage Association – 26.7% |
| |||||||||||||||
| 7,669,503 | 4.500 | 12/20/48 | 7,448,473 | |||||||||||||
| 2,854,905 | 5.000 | 12/20/48 | 2,835,990 | |||||||||||||
| 4,393,054 | 4.500 | 01/20/49 | 4,265,076 | |||||||||||||
| 1,756,000 | 2.500 | 10/20/51 | 1,476,983 | |||||||||||||
| 2,205,570 | 2.500 | 11/20/51 | 1,855,120 | |||||||||||||
| 3,071,137 | 2.500 | 12/20/51 | 2,587,671 | |||||||||||||
| 8,935,537 | 7.000 | 01/20/54 | 9,127,376 | |||||||||||||
| 2,074,527 | 7.000 | 02/20/54 | 2,119,065 | |||||||||||||
| 78,000,000 | 4.500 | TBA-30yr(f) | 74,943,079 | |||||||||||||
| 3,000,000 | 2.500 | TBA-30yr(f) | 2,555,012 | |||||||||||||
| 3,000,000 | 5.500 | TBA-30yr(f) | 2,998,234 | |||||||||||||
| 41,000,000 | 5.000 | TBA-30yr(f) | 40,301,389 | |||||||||||||
| 21,000,000 | 6.000 | TBA-30yr(f) | 21,188,034 | |||||||||||||
| 8,000,000 | 6.500 | TBA-30yr(f) | 8,132,969 | |||||||||||||
|
|
|
|||||||||||||||
| 181,834,471 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 27.2% |
| |||||||||||||||
| 15,054 | 4.500 | 08/01/37 | 14,874 | |||||||||||||
| 2,991 | 4.500 | 04/01/39 | 2,929 | |||||||||||||
| 4,866 | 4.000 | 08/01/39 | 4,648 | |||||||||||||
| 2,142 | 4.000 | 09/01/39 | 2,046 | |||||||||||||
| 16,833 | 4.500 | 10/01/39 | 16,487 | |||||||||||||
| 2,138 | 4.500 | 05/01/41 | 2,091 | |||||||||||||
| 8,809 | 4.500 | 06/01/41 | 8,620 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 8,395 | 4.500 | % | 08/01/41 | $ | 8,210 | ||||||||||
| 2,680 | 4.500 | 10/01/41 | 2,622 | |||||||||||||
| 647 | 4.500 | 11/01/42 | 633 | |||||||||||||
| 11,285 | 4.500 | 12/01/43 | 11,023 | |||||||||||||
| 442,235 | 4.500 | 11/01/48 | 426,869 | |||||||||||||
| 80,679 | 4.500 | 01/01/49 | 77,876 | |||||||||||||
| 519,430 | 4.500 | 06/01/49 | 501,436 | |||||||||||||
| 399,693 | 4.500 | 08/01/49 | 385,430 | |||||||||||||
| 5,212,418 | 5.000 | 10/01/49 | 5,166,581 | |||||||||||||
| 370,184 | 4.500 | 01/01/50 | 357,464 | |||||||||||||
| 7,327,740 | 4.500 | 03/01/50 | 7,096,387 | |||||||||||||
| 4,629,412 | 5.000 | 03/01/50 | 4,585,809 | |||||||||||||
| 7,258,930 | 6.000 | 01/01/53 | 7,377,577 | |||||||||||||
| 1,882,613 | 5.500 | 04/01/53 | 1,892,202 | |||||||||||||
| 2,784,189 | 6.000 | 04/01/53 | 2,850,079 | |||||||||||||
| 137,000,000 | 5.500 | TBA-30yr(f) | 136,871,072 | |||||||||||||
| 5,000,000 | 6.500 | TBA-30yr(f) | 5,107,422 | |||||||||||||
| 12,000,000 | 7.000 | TBA-30yr(f) | 12,353,144 | |||||||||||||
|
|
|
|||||||||||||||
| 185,123,531 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES | $ | 367,251,281 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $531,794,236) |
$ | 532,112,698 | ||||||||||||||
|
|
||||||||||||||||
| Corporate Obligations – 26.4% |
| |||||||||||||||
| Advertising(c) – 0.1% |
| |||||||||||||||
| Lamar Media Corp. |
| |||||||||||||||
| $ | 765,000 | 3.625 | % | 01/15/31 | $ | 670,997 | ||||||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp. (d) |
| |||||||||||||||
| 364,000 | 5.000 | 08/15/27 | 350,455 | |||||||||||||
|
|
|
|||||||||||||||
| 1,021,452 | ||||||||||||||||
|
|
||||||||||||||||
| Aerospace & Defense(c) – 0.3% |
| |||||||||||||||
| TransDigm, Inc. |
| |||||||||||||||
| 650,000 | 5.500 | 11/15/27 | 636,311 | |||||||||||||
| 1,115,000 | 6.750 | (d) | 08/15/28 | 1,131,346 | ||||||||||||
| 55,000 | 7.125 | (d) | 12/01/31 | 56,733 | ||||||||||||
|
|
|
|||||||||||||||
| 1,824,390 | ||||||||||||||||
|
|
||||||||||||||||
| Airlines(c)(d) – 0.2% |
| |||||||||||||||
| American Airlines, Inc. |
| |||||||||||||||
| 1,310,000 | 7.250 | 02/15/28 | 1,329,611 | |||||||||||||
|
|
||||||||||||||||
| Automotive(c)(d) – 0.3% |
| |||||||||||||||
| Phinia, Inc. |
| |||||||||||||||
| 530,000 | 6.750 | 04/15/29 | 535,157 | |||||||||||||
| ZF North America Capital, Inc. |
| |||||||||||||||
| 1,265,000 | 6.875 | 04/14/28 | 1,312,652 | |||||||||||||
|
|
|
|||||||||||||||
| 1,847,809 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 3.5% |
| |||||||||||||||
| AIB Group PLC (b)(c) (-1X 5 yr. EUR Swap + 6.629%) |
| |||||||||||||||
| EUR | 372,000 | 6.250 | 06/23/25 | 399,326 | ||||||||||||
| Banco do Brasil SA |
| |||||||||||||||
| $ | 470,000 | 6.000 | (d) | 03/18/31 | 469,177 | |||||||||||
|
|
||||||||||||||||
| 120 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (10 yr. CMT + 4.398%) |
| |||||||||||||||
| $ | 1,550,000 | 6.250 | %(b)(c) | 10/15/24 | $ | 1,549,395 | ||||||||||
| Banco Mercantil del Norte SA (b)(c)(d) (5 yr. CMT + 4.643%) |
| |||||||||||||||
| 640,000 | 5.875 | 01/24/27 | 608,800 | |||||||||||||
| Bank of America Corp. (b)(c) (Secured Overnight Financing Rate + 1.570%) |
| |||||||||||||||
| 6,390,000 | 5.819 | 09/15/29 | 6,553,137 | |||||||||||||
| Citigroup, Inc. (b)(c) (Secured Overnight Financing Rate + 1.887%) |
| |||||||||||||||
| 3,160,000 | 4.658 | 05/24/28 | 3,112,252 | |||||||||||||
| JPMorgan Chase & Co. (b)(c) (Secured Overnight Financing Rate + 1.570%) |
| |||||||||||||||
| 3,095,000 | 6.087 | 10/23/29 | 3,216,138 | |||||||||||||
| Morgan Stanley (b)(c) (Secured Overnight Financing Rate + 1.630%) |
| |||||||||||||||
| 6,390,000 | 5.449 | 07/20/29 | 6,445,018 | |||||||||||||
| Shinhan Bank Co. Ltd. (d) |
| |||||||||||||||
| 200,000 | 4.500 | 04/12/28 | 196,938 | |||||||||||||
| Societe Generale SA (b)(c) (5 yr. USD Swap + 3.929%) |
| |||||||||||||||
| 224,000 | 6.750 | 04/06/28 | 203,343 | |||||||||||||
| UBS Group AG (b)(c)(d) (5 yr. CMT + 4.745%) |
| |||||||||||||||
| 470,000 | 9.250 | 11/13/28 | 508,822 | |||||||||||||
| Virgin Money U.K. PLC (b)(c) (5 yr. U.K. Government Bond + 8.307%) |
| |||||||||||||||
| GBP | 344,000 | 9.250 | 06/08/24 | 435,469 | ||||||||||||
|
|
|
|||||||||||||||
| 23,697,815 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(c)(d) – 0.1% |
| |||||||||||||||
| Summit Materials LLC/Summit Materials Finance Corp. |
| |||||||||||||||
| $ | 305,000 | 6.500 | 03/15/27 | 304,890 | ||||||||||||
| 438,000 | 5.250 | 01/15/29 | 426,262 | |||||||||||||
|
|
|
|||||||||||||||
| 731,152 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(c) – 0.7% |
| |||||||||||||||
| Chemours Co. |
| |||||||||||||||
| 345,000 | 5.375 | 05/15/27 | 330,748 | |||||||||||||
| 720,000 | 5.750 | (d) | 11/15/28 | 660,002 | ||||||||||||
| Ingevity Corp. (d) |
| |||||||||||||||
| 2,086,000 | 3.875 | 11/01/28 | 1,884,534 | |||||||||||||
| WR Grace Holdings LLC (d) |
| |||||||||||||||
| 1,875,000 | 5.625 | 08/15/29 | 1,678,369 | |||||||||||||
|
|
|
|||||||||||||||
| 4,553,653 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services – 1.0% |
| |||||||||||||||
| ADT Security Corp. (c)(d) |
| |||||||||||||||
| 2,170,000 | 4.125 | 08/01/29 | 1,981,926 | |||||||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp. (c)(d) |
| |||||||||||||||
| 347,000 | 6.625 | 07/15/26 | 346,788 | |||||||||||||
| DP World Crescent Ltd. |
| |||||||||||||||
| 200,000 | 4.848 | 09/26/28 | 196,938 | |||||||||||||
| 200,000 | 3.875 | 07/18/29 | 187,688 | |||||||||||||
| DP World Ltd. |
| |||||||||||||||
| 200,000 | 5.625 | 09/25/48 | 190,678 | |||||||||||||
| Herc Holdings, Inc. (c)(d) |
| |||||||||||||||
| 1,269,000 | 5.500 | 07/15/27 | 1,247,084 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Commercial Services – (continued) |
| |||||||||||||||
| TriNet Group, Inc. (c)(d) |
| |||||||||||||||
| $ | 745,000 | 3.500 | % | 03/01/29 | $ | 668,228 | ||||||||||
| United Rentals North America, Inc. (c) |
| |||||||||||||||
| 604,000 | 3.875 | 02/15/31 | 540,948 | |||||||||||||
| VT Topco, Inc. (c)(d) |
| |||||||||||||||
| 1,599,000 | 8.500 | 08/15/30 | 1,687,297 | |||||||||||||
| Wand NewCo 3, Inc. (c)(d) |
| |||||||||||||||
| 50,000 | 7.625 | 01/30/32 | 51,737 | |||||||||||||
|
|
|
|||||||||||||||
| 7,099,312 | ||||||||||||||||
|
|
||||||||||||||||
| Computers(c)(d) – 0.4% |
| |||||||||||||||
| KBR, Inc. |
| |||||||||||||||
| 708,000 | 4.750 | 09/30/28 | 653,385 | |||||||||||||
| McAfee Corp. |
| |||||||||||||||
| 1,890,000 | 7.375 | 02/15/30 | 1,743,770 | |||||||||||||
| Seagate HDD Cayman |
| |||||||||||||||
| 610,000 | 8.250 | 12/15/29 | 655,000 | |||||||||||||
|
|
|
|||||||||||||||
| 3,052,155 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 1.9% |
| |||||||||||||||
| AerCap Holdings NV (b)(c) (5 yr. CMT + 4.535%) |
| |||||||||||||||
| 508,000 | 5.875 | 10/10/79 | 504,124 | |||||||||||||
| AG Issuer LLC (c)(d) |
| |||||||||||||||
| 1,698,000 | 6.250 | 03/01/28 | 1,659,387 | |||||||||||||
| Global Aircraft Leasing Co. Ltd. (c)(d)(g) (PIK 7.250%, Cash 6.500%) |
| |||||||||||||||
| 2,080,830 | 6.500 | 09/15/24 | 1,974,271 | |||||||||||||
| Midcap Financial Issuer Trust (c)(d) |
| |||||||||||||||
| 1,681,000 | 6.500 | 05/01/28 | 1,550,605 | |||||||||||||
| Navient Corp. |
| |||||||||||||||
| 255,000 | 6.750 | 06/25/25 | 256,721 | |||||||||||||
| 740,000 | 5.500 | (c) | 03/15/29 | 687,815 | ||||||||||||
| 1,030,000 | 9.375 | (c) | 07/25/30 | 1,101,513 | ||||||||||||
| OneMain Finance Corp. (c) |
| |||||||||||||||
| 775,000 | 3.875 | 09/15/28 | 692,734 | |||||||||||||
| 1,655,000 | 4.000 | 09/15/30 | 1,416,829 | |||||||||||||
| Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. (c)(d) |
| |||||||||||||||
| 2,120,000 | 2.875 | 10/15/26 | 1,958,816 | |||||||||||||
| StoneX Group, Inc. (c)(d) |
| |||||||||||||||
| 970,000 | 7.875 | 03/01/31 | 983,823 | |||||||||||||
|
|
|
|||||||||||||||
| 12,786,638 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical(c)(d) – 0.7% |
| |||||||||||||||
| Calpine Corp. |
| |||||||||||||||
| 1,048,000 | 4.625 | 02/01/29 | 970,647 | |||||||||||||
| NRG Energy, Inc. |
| |||||||||||||||
| 760,000 | 3.375 | 02/15/29 | 675,967 | |||||||||||||
| Pike Corp. |
| |||||||||||||||
| 1,746,000 | 5.500 | 09/01/28 | 1,669,700 | |||||||||||||
| Vistra Operations Co. LLC |
| |||||||||||||||
| 1,455,000 | 4.375 | 05/01/29 | 1,348,406 | |||||||||||||
|
|
|
|||||||||||||||
| 4,664,720 | ||||||||||||||||
|
|
||||||||||||||||
| Electronics(c)(d) – 0.6% |
| |||||||||||||||
| Imola Merger Corp. |
| |||||||||||||||
| 710,000 | 4.750 | 05/15/29 | 665,810 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 121 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Electronics(c)(d) – (continued) |
| |||||||||||||||
| Sensata Technologies BV |
| |||||||||||||||
| $ | 515,000 | 4.000 | % | 04/15/29 | $ | 470,571 | ||||||||||
| Sensata Technologies, Inc. |
| |||||||||||||||
| 1,659,000 | 4.375 | 02/15/30 | 1,510,602 | |||||||||||||
| TTM Technologies, Inc. |
| |||||||||||||||
| 1,485,000 | 4.000 | 03/01/29 | 1,346,717 | |||||||||||||
|
|
|
|||||||||||||||
| 3,993,700 | ||||||||||||||||
|
|
||||||||||||||||
| Energy-Alternate Sources(c)(d) – 0.0% |
| |||||||||||||||
| Greenko Dutch BV |
| |||||||||||||||
| 185,000 | 3.850 | 03/29/26 | 173,671 | |||||||||||||
| Greenko Power II Ltd. |
| |||||||||||||||
| 180,000 | 4.300 | 12/13/28 | 164,700 | |||||||||||||
|
|
|
|||||||||||||||
| 338,371 | ||||||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(c) – 0.2% |
| |||||||||||||||
| Dycom Industries, Inc. (d) |
| |||||||||||||||
| 720,000 | 4.500 | 04/15/29 | 673,265 | |||||||||||||
| Mexico City Airport Trust |
| |||||||||||||||
| 320,000 | 4.250 | (d) | 10/31/26 | 309,050 | ||||||||||||
| 546,000 | 5.500 | 07/31/47 | 460,858 | |||||||||||||
|
|
|
|||||||||||||||
| 1,443,173 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(c)(d) – 0.5% |
| |||||||||||||||
| Merlin Entertainments Group U.S. Holdings, Inc. |
| |||||||||||||||
| 750,000 | 7.375 | 02/15/31 | 756,180 | |||||||||||||
| Motion Bondco DAC |
| |||||||||||||||
| 567,000 | 6.625 | 11/15/27 | 547,988 | |||||||||||||
| WMG Acquisition Corp. |
| |||||||||||||||
| 2,205,000 | 3.750 | 12/01/29 | 1,975,658 | |||||||||||||
|
|
|
|||||||||||||||
| 3,279,826 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(c)(d) – 1.1% |
| |||||||||||||||
| GFL Environmental, Inc. |
| |||||||||||||||
| 3,270,000 | 3.500 | 09/01/28 | 2,994,666 | |||||||||||||
| Stericycle, Inc. |
| |||||||||||||||
| 730,000 | 3.875 | 01/15/29 | 662,030 | |||||||||||||
| Veralto Corp. |
| |||||||||||||||
| 2,300,000 | 5.450 | 09/18/33 | 2,328,244 | |||||||||||||
| Waste Pro USA, Inc. |
| |||||||||||||||
| 1,524,000 | 5.500 | 02/15/26 | 1,501,536 | |||||||||||||
|
|
|
|||||||||||||||
| 7,486,476 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing(c) – 0.9% |
| |||||||||||||||
| B&G Foods, Inc. |
| |||||||||||||||
| 394,000 | 5.250 | 04/01/25 | 392,026 | |||||||||||||
| 243,000 | 5.250 | 09/15/27 | 227,222 | |||||||||||||
| J M Smucker Co. |
| |||||||||||||||
| 2,205,000 | 6.200 | 11/15/33 | 2,354,322 | |||||||||||||
| Lamb Weston Holdings, Inc. (d) |
| |||||||||||||||
| 2,200,000 | 4.125 | 01/31/30 | 2,007,214 | |||||||||||||
| Performance Food Group, Inc. (d) |
| |||||||||||||||
| 219,000 | 6.875 | 05/01/25 | 219,055 | |||||||||||||
| 1,041,000 | 5.500 | 10/15/27 | 1,022,866 | |||||||||||||
|
|
|
|||||||||||||||
| 6,222,705 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Healthcare Providers & Services(c) – 0.9% |
| |||||||||||||||
| Charles River Laboratories International, Inc. (d) |
| |||||||||||||||
| $ | 1,470,000 | 3.750 | % | 03/15/29 | $ | 1,341,522 | ||||||||||
| Encompass Health Corp. |
| |||||||||||||||
| 641,000 | 4.500 | 02/01/28 | 610,200 | |||||||||||||
| LifePoint Health, Inc. (d) |
| |||||||||||||||
| 2,135,000 | 5.375 | 01/15/29 | 1,754,565 | |||||||||||||
| Medline Borrower LP (d) |
| |||||||||||||||
| 1,787,000 | 5.250 | 10/01/29 | 1,689,090 | |||||||||||||
| Tenet Healthcare Corp. |
| |||||||||||||||
| 841,000 | 6.125 | 10/01/28 | 837,922 | |||||||||||||
|
|
|
|||||||||||||||
| 6,233,299 | ||||||||||||||||
|
|
||||||||||||||||
| Holding Companies-Diversified(c)(d) – 0.2% |
| |||||||||||||||
| Benteler International AG |
| |||||||||||||||
| 1,230,000 | 10.500 | 05/15/28 | 1,332,496 | |||||||||||||
|
|
||||||||||||||||
| Housewares(c) – 0.3% |
| |||||||||||||||
| Newell Brands, Inc. |
| |||||||||||||||
| 670,000 | 6.375 | 09/15/27 | 661,297 | |||||||||||||
| 1,350,000 | 6.625 | 09/15/29 | 1,319,139 | |||||||||||||
|
|
|
|||||||||||||||
| 1,980,436 | ||||||||||||||||
|
|
||||||||||||||||
| Insurance(c)(d) – 0.7% |
| |||||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. |
| |||||||||||||||
| 1,190,000 | 8.250 | 02/01/29 | 1,196,283 | |||||||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| |||||||||||||||
| 730,000 | 6.750 | 10/15/27 | 718,189 | |||||||||||||
| BroadStreet Partners, Inc. |
| |||||||||||||||
| 1,774,000 | 5.875 | 04/15/29 | 1,642,139 | |||||||||||||
| HUB International Ltd. |
| |||||||||||||||
| 835,000 | 7.375 | 01/31/32 | 841,471 | |||||||||||||
| USI, Inc. |
| |||||||||||||||
| 455,000 | 7.500 | 01/15/32 | 455,496 | |||||||||||||
|
|
|
|||||||||||||||
| 4,853,578 | ||||||||||||||||
|
|
||||||||||||||||
| Internet(c) – 0.6% |
| |||||||||||||||
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. (d) |
| |||||||||||||||
| 740,000 | 3.500 | 03/01/29 | 667,502 | |||||||||||||
| Match Group Holdings II LLC (d) |
| |||||||||||||||
| 1,404,000 | 4.625 | 06/01/28 | 1,326,106 | |||||||||||||
| Prosus NV |
| |||||||||||||||
| 1,070,000 | 3.257 | 01/19/27 | 987,075 | |||||||||||||
| 850,000 | 3.680 | (d) | 01/21/30 | 743,113 | ||||||||||||
| 400,000 | 4.027 | (d) | 08/03/50 | 256,250 | ||||||||||||
|
|
|
|||||||||||||||
| 3,980,046 | ||||||||||||||||
|
|
||||||||||||||||
| Leisure Time(c)(d) – 0.1% |
| |||||||||||||||
| Royal Caribbean Cruises Ltd. |
| |||||||||||||||
| 505,000 | 6.250 | 03/15/32 | 508,914 | |||||||||||||
|
|
||||||||||||||||
| Lodging(c) – 0.8% |
| |||||||||||||||
| Hilton Domestic Operating Co., Inc. |
| |||||||||||||||
| 110,000 | 5.375 | (d) | 05/01/25 | 109,766 | ||||||||||||
| 1,584,000 | 4.875 | 01/15/30 | 1,515,524 | |||||||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (d) |
| |||||||||||||||
| 1,808,000 | 5.000 | 06/01/29 | 1,686,954 | |||||||||||||
|
|
||||||||||||||||
| 122 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Lodging(c) – (continued) |
| |||||||||||||||
| MGM Resorts International |
| |||||||||||||||
| $ | 1,425,000 | 4.750 | % | 10/15/28 | $ | 1,354,961 | ||||||||||
| Travel & Leisure Co. (d) |
| |||||||||||||||
| 750,000 | 4.500 | 12/01/29 | 688,493 | |||||||||||||
|
|
|
|||||||||||||||
| 5,355,698 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(c)(d) – 0.5% |
| |||||||||||||||
| Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC |
| |||||||||||||||
| 835,000 | 9.000 | 02/15/29 | 863,590 | |||||||||||||
| Titan Acquisition Ltd./Titan Co.-Borrower LLC |
| |||||||||||||||
| 646,000 | 7.750 | 04/15/26 | 645,490 | |||||||||||||
| TK Elevator Holdco GmbH |
| |||||||||||||||
| 1,690,000 | 7.625 | 07/15/28 | 1,654,730 | |||||||||||||
|
|
|
|||||||||||||||
| 3,163,810 | ||||||||||||||||
|
|
||||||||||||||||
| Media(c) – 1.3% |
| |||||||||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. (d) |
| |||||||||||||||
| 875,000 | 6.375 | 09/01/29 | 830,664 | |||||||||||||
| 1,334,000 | 4.250 | 02/01/31 | 1,085,796 | |||||||||||||
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (d) |
| |||||||||||||||
| 720,000 | 5.875 | 08/15/27 | 681,214 | |||||||||||||
| iHeartCommunications, Inc. |
| |||||||||||||||
| 271,665 | 8.375 | 05/01/27 | 151,331 | |||||||||||||
| News Corp. (d) |
| |||||||||||||||
| 2,180,000 | 3.875 | 05/15/29 | 1,997,490 | |||||||||||||
| Nexstar Media, Inc. (d) |
| |||||||||||||||
| 784,000 | 5.625 | 07/15/27 | 752,726 | |||||||||||||
| Sirius XM Radio, Inc. (d) |
| |||||||||||||||
| 2,180,000 | 4.000 | 07/15/28 | 1,994,700 | |||||||||||||
| Virgin Media Secured Finance PLC (d) |
| |||||||||||||||
| 1,454,000 | 5.500 | 05/15/29 | 1,344,092 | |||||||||||||
|
|
|
|||||||||||||||
| 8,838,013 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing(c) – 0.1% |
| |||||||||||||||
| Hillenbrand, Inc. |
| |||||||||||||||
| 616,000 | 6.250 | 02/15/29 | 620,811 | |||||||||||||
|
|
||||||||||||||||
| Multi-National(c)(d) – 0.2% |
| |||||||||||||||
| African Export-Import Bank |
| |||||||||||||||
| 550,000 | 2.634 | 05/17/26 | 513,585 | |||||||||||||
| 850,000 | 3.798 | 05/17/31 | 723,630 | |||||||||||||
|
|
|
|||||||||||||||
| 1,237,215 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 2.7% |
| |||||||||||||||
| Civitas Resources, Inc. (c)(d) |
| |||||||||||||||
| 615,000 | 8.375 | 07/01/28 | 646,943 | |||||||||||||
| Ecopetrol SA (c) |
| |||||||||||||||
| 120,000 | 8.625 | 01/19/29 | 126,679 | |||||||||||||
| 1,890,000 | 6.875 | 04/29/30 | 1,832,336 | |||||||||||||
| 290,000 | 8.875 | 01/13/33 | 304,642 | |||||||||||||
| Kodiak Gas Services LLC (c)(d) |
| |||||||||||||||
| 345,000 | 7.250 | 02/15/29 | 351,693 | |||||||||||||
| Nabors Industries, Inc. (c)(d) |
| |||||||||||||||
| 950,000 | 9.125 | 01/31/30 | 987,972 | |||||||||||||
| Petroleos de Venezuela SA (h) |
| |||||||||||||||
| 137,050,000 | 6.000 | 10/28/22 | 9,492,768 | |||||||||||||
| Reliance Industries Ltd. (d) |
| |||||||||||||||
| 310,000 | 3.625 | 01/12/52 | 224,278 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Oil Field Services – (continued) |
| |||||||||||||||
| Sunoco LP/Sunoco Finance Corp. (c) |
| |||||||||||||||
| $ | 1,280,000 | 7.000 | %(d) | 09/15/28 | $ | 1,308,058 | ||||||||||
| 710,000 | 4.500 | 05/15/29 | 661,095 | |||||||||||||
| Transocean, Inc. (c)(d) |
| |||||||||||||||
| 531,000 | 11.500 | 01/30/27 | 553,546 | |||||||||||||
| 162,000 | 8.750 | 02/15/30 | 168,935 | |||||||||||||
| USA Compression Partners LP/USA Compression Finance Corp. (c) |
| |||||||||||||||
| 318,000 | 6.875 | 04/01/26 | 318,000 | |||||||||||||
| 1,255,000 | 7.125 | (d) | 03/15/29 | 1,269,219 | ||||||||||||
|
|
|
|||||||||||||||
| 18,246,164 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(c) – 1.1% |
| |||||||||||||||
| ARD Finance SA (g) |
| |||||||||||||||
| (PIK 5.750%, Cash 5.000%) |
| |||||||||||||||
| EUR | 236,165 | 5.000 | 06/30/27 | 71,880 | ||||||||||||
| (PIK 7.250%, Cash 6.500%) |
| |||||||||||||||
| $ | 958,594 | 6.500 | (d) | 06/30/27 | 323,315 | |||||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (d) |
| |||||||||||||||
| 755,000 | 3.250 | 09/01/28 | 652,252 | |||||||||||||
| Berry Global, Inc. (d) |
| |||||||||||||||
| 524,000 | 4.500 | 02/15/26 | 510,025 | |||||||||||||
| Crown Americas LLC |
| |||||||||||||||
| 2,933,000 | 5.250 | 04/01/30 | 2,829,964 | |||||||||||||
| LABL, Inc. (d) |
| |||||||||||||||
| 231,000 | 6.750 | 07/15/26 | 228,041 | |||||||||||||
| 241,000 | 10.500 | 07/15/27 | 239,055 | |||||||||||||
| Sealed Air Corp./Sealed Air Corp. U.S. (d) |
| |||||||||||||||
| 1,960,000 | 6.125 | 02/01/28 | 1,965,664 | |||||||||||||
| Trivium Packaging Finance BV (d) |
| |||||||||||||||
| 516,000 | 5.500 | 08/15/26 | 507,940 | |||||||||||||
| 353,000 | 8.500 | 08/15/27 | 348,750 | |||||||||||||
|
|
|
|||||||||||||||
| 7,676,886 | ||||||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(c)(d) – 0.4% |
| |||||||||||||||
| Jazz Securities DAC |
| |||||||||||||||
| 1,430,000 | 4.375 | 01/15/29 | 1,332,002 | |||||||||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV |
| |||||||||||||||
| 1,425,000 | 4.125 | 04/30/28 | 1,327,502 | |||||||||||||
|
|
|
|||||||||||||||
| 2,659,504 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines – 1.7% |
| |||||||||||||||
| Antero Midstream Partners LP/Antero Midstream Finance |
| |||||||||||||||
| 685,000 | 5.375 | 06/15/29 | 658,895 | |||||||||||||
| Buckeye Partners LP (c) |
| |||||||||||||||
| 640,000 | 4.350 | 10/15/24 | 633,152 | |||||||||||||
| 1,049,000 | 3.950 | 12/01/26 | 1,002,938 | |||||||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC (c)(d) |
| |||||||||||||||
| 1,791,000 | 5.500 | 06/15/31 | 1,691,868 | |||||||||||||
| EnLink Midstream Partners LP (b)(c) (3 mo. USD Term SOFR + 4.372%) |
| |||||||||||||||
| 1,415,000 | 9.701 | 04/29/24 | 1,384,139 | |||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. |
| |||||||||||||||
| 240,000 | 2.625 | (d) | 03/31/36 | 195,825 | ||||||||||||
| 1,828,915 | 2.940 | 09/30/40 | 1,466,479 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 123 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pipelines – (continued) |
| |||||||||||||||
| $ | 430,000 | 3.250 | %(d) | 09/30/40 | $ | 328,950 | ||||||||||
| Global Partners LP/GLP Finance Corp. (c) |
| |||||||||||||||
| 215,000 | 7.000 | 08/01/27 | 215,509 | |||||||||||||
| Prairie Acquiror LP (c)(d) |
| |||||||||||||||
| 765,000 | 9.000 | 08/01/29 | 789,419 | |||||||||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (c)(d) |
| |||||||||||||||
| 1,015,000 | 7.375 | 02/15/29 | 1,020,796 | |||||||||||||
| Venture Global LNG, Inc. (c)(d) |
| |||||||||||||||
| 1,875,000 | 9.500 | 02/01/29 | 2,021,306 | |||||||||||||
|
|
|
|||||||||||||||
| 11,409,276 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(c) – 0.3% |
| |||||||||||||||
| Iron Mountain, Inc. (d) |
| |||||||||||||||
| 650,000 | 7.000 | 02/15/29 | 662,708 | |||||||||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
| |||||||||||||||
| 1,288,000 | 4.625 | 08/01/29 | 987,316 | |||||||||||||
| Starwood Property Trust, Inc. (d) |
| |||||||||||||||
| 705,000 | 4.375 | 01/15/27 | 663,179 | |||||||||||||
|
|
|
|||||||||||||||
| 2,313,203 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(c) – 1.0% |
| |||||||||||||||
| Asbury Automotive Group, Inc. (d) |
| |||||||||||||||
| 730,000 | 4.625 | 11/15/29 | 675,396 | |||||||||||||
| CK Hutchison International 20 Ltd. (d) |
| |||||||||||||||
| 200,000 | 2.500 | 05/08/30 | 174,313 | |||||||||||||
| CK Hutchison International 21 Ltd. (d) |
| |||||||||||||||
| 230,000 | 2.500 | 04/15/31 | 196,506 | |||||||||||||
| Group 1 Automotive, Inc. (d) |
| |||||||||||||||
| 314,000 | 4.000 | 08/15/28 | 289,392 | |||||||||||||
| LCM Investments Holdings II LLC (d) |
| |||||||||||||||
| 1,823,000 | 4.875 | 05/01/29 | 1,675,264 | |||||||||||||
| Lithia Motors, Inc. (d) |
| |||||||||||||||
| 745,000 | 3.875 | 06/01/29 | 672,154 | |||||||||||||
| Penske Automotive Group, Inc. |
| |||||||||||||||
| 942,000 | 3.500 | 09/01/25 | 917,065 | |||||||||||||
| Sonic Automotive, Inc. (d) |
| |||||||||||||||
| 750,000 | 4.625 | 11/15/29 | 673,440 | |||||||||||||
| SRS Distribution, Inc. (d) |
| |||||||||||||||
| 1,782,000 | 6.000 | 12/01/29 | 1,819,600 | |||||||||||||
|
|
|
|||||||||||||||
| 7,093,130 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(c)(d) – 0.1% |
| |||||||||||||||
| Entegris, Inc. |
| |||||||||||||||
| 675,000 | 5.950 | 06/15/30 | 667,237 | |||||||||||||
|
|
||||||||||||||||
| Software(c) – 0.7% |
| |||||||||||||||
| Camelot Finance SA (d) |
| |||||||||||||||
| 152,000 | 4.500 | 11/01/26 | 146,242 | |||||||||||||
| Castle U.S. Holding Corp. (d) |
| |||||||||||||||
| 574,000 | 9.500 | 02/15/28 | 285,284 | |||||||||||||
| Clarivate Science Holdings Corp. (d) |
| |||||||||||||||
| 725,000 | 3.875 | 07/01/28 | 670,821 | |||||||||||||
| Open Text Corp. (d) |
| |||||||||||||||
| 2,265,000 | 3.875 | 12/01/29 | 2,020,085 | |||||||||||||
| ROBLOX Corp. (d) |
| |||||||||||||||
| 770,000 | 3.875 | 05/01/30 | 678,501 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Software(c) – (continued) |
| |||||||||||||||
| Twilio, Inc. |
| |||||||||||||||
| $ | 745,000 | 3.625 | % | 03/15/29 | $ | 670,180 | ||||||||||
|
|
|
|||||||||||||||
| 4,471,113 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services – 0.1% |
| |||||||||||||||
| Altice France SA (c)(d) |
| |||||||||||||||
| 218,000 | 5.500 | 01/15/28 | 155,475 | |||||||||||||
| Hughes Satellite Systems Corp. |
| |||||||||||||||
| 1,005,000 | 6.625 | 08/01/26 | 592,267 | |||||||||||||
|
|
|
|||||||||||||||
| 747,742 | ||||||||||||||||
|
|
||||||||||||||||
| Transportation(c)(d) – 0.1% |
| |||||||||||||||
| Rand Parent LLC |
| |||||||||||||||
| 1,040,000 | 8.500 | 02/15/30 | 1,028,986 | |||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $216,059,350) |
$ | 179,790,515 | ||||||||||||||
| Asset-Backed Securities – 21.8% |
| |||||||||||||||
| Automotive(c) – 2.9% |
| |||||||||||||||
| Bank of America Auto Trust Series 2023-2A, Class A2(d) |
| |||||||||||||||
| $ | 1,200,000 | 5.850 | % | 08/17/26 | $ | 1,202,454 | ||||||||||
| Citizens Auto Receivables Trust Series 2024-1, Class A2A(d) |
| |||||||||||||||
| 2,300,000 | 5.430 | 10/15/26 | 2,298,057 | |||||||||||||
| Exeter Automobile Receivables Trust Series 2024-2A, Class A3 |
| |||||||||||||||
| 1,075,000 | 5.630 | 10/15/26 | 1,075,047 | |||||||||||||
| Ford Credit Auto Owner Trust Series 2023-C, Class A2A |
| |||||||||||||||
| 2,300,000 | 5.680 | 09/15/26 | 2,303,673 | |||||||||||||
| GM Financial Consumer Automobile Receivables Trust Series 2024-1, Class A2A |
| |||||||||||||||
| 2,250,000 | 5.120 | 02/16/27 | 2,244,403 | |||||||||||||
| GM Financial Revolving Receivables Trust Series 2024-1, Class A(d) |
| |||||||||||||||
| 1,550,000 | 4.980 | 12/11/36 | 1,554,644 | |||||||||||||
| Santander Drive Auto Receivables Trust Series 2023-6, Class A2 |
| |||||||||||||||
| 1,783,066 | 6.080 | 05/17/27 | 1,787,077 | |||||||||||||
| Santander Drive Auto Receivables Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 1,525,000 | 5.710 | 02/16/27 | 1,525,658 | |||||||||||||
| SBNA Auto Receivables Trust Series 2024-A, Class A2(d) |
| |||||||||||||||
| 2,000,000 | 5.700 | 03/15/27 | 1,999,814 | |||||||||||||
| Tesla Auto Lease Trust Series 2024-A, Class A3(d) |
| |||||||||||||||
| 800,000 | 5.300 | 06/21/27 | 798,428 | |||||||||||||
| Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 |
| |||||||||||||||
| 2,650,000 | 4.710 | 02/15/28 | 2,629,256 | |||||||||||||
|
|
|
|||||||||||||||
| 19,418,511 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations – 10.9% |
| |||||||||||||||
| 37 Capital CLO 1 Ltd. Series 2021-1A, Class A(b)(c)(d) (3 mo. USD Term SOFR + 1.462%) |
| |||||||||||||||
| 1,400,000 | 6.776 | 10/15/34 | 1,399,937 | |||||||||||||
| 37 Capital CLO II Ltd. Series 2022-1A, Class A1A(b)(c)(d) (3 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 2,500,000 | 7.314 | 07/15/34 | 2,507,332 | |||||||||||||
| AB BSL CLO 4 Ltd. Series 2023-4A, Class B(b)(c)(d) (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 2,600,000 | 7.818 | 04/20/36 | 2,626,000 | |||||||||||||
|
|
||||||||||||||||
| 124 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations – (continued) |
||||||||||||||||
| Apidos CLO XXIII Ltd. Series 2015-23A, Class AR(b)(c)(d) (3 mo. USD Term SOFR + 1.482%) |
| |||||||||||||||
| $ | 2,600,000 | 6.796 | % | 04/15/33 | $ | 2,601,196 | ||||||||||
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class BR(b)(c)(d) (3 mo. USD Term SOFR + 2.050%) |
| |||||||||||||||
| 2,850,000 | 7.868 | 04/20/36 | 2,850,510 | |||||||||||||
| Barings CLO Ltd. Series 2020-4A, Class D1(b)(c)(d) (3 mo. USD Term SOFR + 3.962%) |
| |||||||||||||||
| 1,000,000 | 9.279 | 01/20/32 | 1,000,145 | |||||||||||||
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 2,000,000 | 9.562 | 01/25/36 | 2,015,728 | |||||||||||||
| CIFC Funding Ltd. Series 2023-3A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 7.650%) |
| |||||||||||||||
| 1,025,000 | 12.966 | 01/20/37 | 1,038,334 | |||||||||||||
| CIFC Funding Ltd. Series 2023-3A, Class B(b)(c)(d) (3 mo. USD Term SOFR + 2.300%) |
| |||||||||||||||
| 1,300,000 | 7.616 | 01/20/37 | 1,307,292 | |||||||||||||
| CIFC Funding Ltd. Series 2022-3A, Class A(b)(c)(d) (3 mo. USD Term SOFR + 1.410%) |
| |||||||||||||||
| 2,000,000 | 6.728 | 04/21/35 | 1,999,900 | |||||||||||||
| Crown City CLO I Series 2020-1A, Class A1AR(b)(c)(d) (3 mo. USD Term SOFR + 1.452%) |
| |||||||||||||||
| 2,000,000 | 6.769 | 07/20/34 | 2,000,222 | |||||||||||||
| Crown City CLO IV Series 2022-4A, Class C1R(b)(c)(d) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 1,300,000 | 9.829 | 04/20/37 | 1,300,229 | |||||||||||||
| HalseyPoint CLO 5 Ltd. Series 2021-5A, Class C1(b)(c)(d) (3 mo. USD Term SOFR + 2.462%) |
| |||||||||||||||
| 2,000,000 | 7.779 | 01/30/35 | 1,999,936 | |||||||||||||
| HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1(b)(c)(d) (3 mo. USD Term SOFR + 1.612%) |
| |||||||||||||||
| 9,400,000 | 6.929 | 01/20/33 | 9,401,081 | |||||||||||||
| Helios Issuer LLC Series 2023-GRID1, Class 1A(c)(d) |
| |||||||||||||||
| 170,925 | 5.750 | 12/20/50 | 172,608 | |||||||||||||
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1(b)(c)(d) (1 mo. USD Term SOFR + 1.600%) |
| |||||||||||||||
| 616,909 | 6.920 | 05/25/54 | 620,759 | |||||||||||||
| LCCM Trust Series 2021-FL2, Class A(b)(c)(d) (1 mo. USD Term SOFR + 1.314%) |
| |||||||||||||||
| 1,105,608 | 6.640 | 12/13/38 | 1,095,738 | |||||||||||||
| Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.562%) |
| |||||||||||||||
| 6,700,000 | 6.876 | 07/15/34 | 6,697,796 | |||||||||||||
| Marathon CLO XIII Ltd. Series 2019-1A, Class A2R2(b)(c)(d) (3 mo. USD Term SOFR + 1.950%) |
| |||||||||||||||
| 2,050,000 | 1.000 | 04/15/32 | 2,050,369 | |||||||||||||
| MF1 Ltd. Series 2021-FL6, Class A(b)(c)(d) (1 mo. USD Term SOFR + 1.214%) |
| |||||||||||||||
| 1,219,441 | 6.541 | 07/16/36 | 1,212,596 | |||||||||||||
| Nissan Master Owner Trust Receivables Series 2024-B, Class A(c)(d) |
| |||||||||||||||
| 2,725,000 | 5.050 | 02/15/29 | 2,727,591 | |||||||||||||
| Ocean Trails CLO XI Series 2021-11A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 3.962%) |
| |||||||||||||||
| 3,000,000 | 9.279 | 07/20/34 | 2,934,693 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations – (continued) |
||||||||||||||||
| Palmer Square CLO Ltd. Series 2021-4A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 6.312%) |
| |||||||||||||||
| $ | 260,000 | 11.626 | % | 10/15/34 | $ | 259,301 | ||||||||||
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR(b)(c)(d) (3 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 3,000,000 | 8.321 | 04/15/31 | 2,999,958 | |||||||||||||
| RRE 5 Loan Management DAC Series 5X, Class A2R(b)(c) (3 mo. EUR EURIBOR + 1.750%) |
| |||||||||||||||
| EUR | 2,200,000 | 5.692 | 01/15/37 | 2,352,106 | ||||||||||||
| Silver Point CLO 3 Ltd. Series 2023-3A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 5.900%) |
| |||||||||||||||
| $ | 1,500,000 | 11.298 | 11/29/36 | 1,560,253 | ||||||||||||
| Stellar Jay Ireland DAC Series 2021-1, Class A(d) |
| |||||||||||||||
| 1,727,324 | 3.967 | 10/15/41 | 1,586,219 | |||||||||||||
| Tikehau U.S. CLO I Ltd. Series 2021-1A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 7.172%) |
| |||||||||||||||
| 1,000,000 | 12.470 | 01/18/35 | 933,321 | |||||||||||||
| Venture 39 CLO Ltd. Series 2020-39A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.542%) |
| |||||||||||||||
| 6,200,000 | 6.856 | 04/15/33 | 6,200,093 | |||||||||||||
| Voya CLO Ltd. Series 2019-2A, Class AR(b)(c)(d) (-1X 3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| 2,725,000 | 1.000 | 07/20/32 | 2,725,485 | |||||||||||||
| Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b)(c)(d) (3 mo. USD Term SOFR + 1.612%) |
| |||||||||||||||
| 4,000,000 | 6.931 | 07/28/32 | 4,000,336 | |||||||||||||
|
|
|
|||||||||||||||
| 74,177,064 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Mortgage Obligations(b)(c)(d) – 0.2% |
| |||||||||||||||
| Brookhaven Park CLO Ltd. Series 2024-1A, Class A (-1X 3 mo. USD Term SOFR + 1.500%) |
| |||||||||||||||
| 1,700,000 | 1.000 | 04/19/37 | 1,700,301 | |||||||||||||
|
|
||||||||||||||||
| Credit Card(c) – 1.1% |
| |||||||||||||||
| American Express Credit Account Master Trust Series 2022-2, Class A |
| |||||||||||||||
| 1,950,000 | 3.390 | 05/15/27 | 1,909,653 | |||||||||||||
| Barclays Dryrock Issuance Trust Series 2023-2, Class A(b) (1 mo. USD Term SOFR + 0.900%) |
| |||||||||||||||
| 4,100,000 | 6.219 | 08/15/28 | 4,127,589 | |||||||||||||
| Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 |
| |||||||||||||||
| 1,350,000 | 5.230 | 12/08/27 | 1,350,948 | |||||||||||||
|
|
|
|||||||||||||||
| 7,388,190 | ||||||||||||||||
|
|
||||||||||||||||
| Home Equity(b)(c) – 0.2% |
| |||||||||||||||
| JP Morgan Mortgage Trust Series 2023-HE1, Class A1(d) (1 mo. USD Term SOFR + 1.750%) |
| |||||||||||||||
| 1,245,862 | 7.069 | 11/25/53 | 1,256,748 | |||||||||||||
| Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) |
| |||||||||||||||
| 63,717 | 6.215 | 03/25/37 | 61,517 | |||||||||||||
| Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) |
| |||||||||||||||
| 659,891 | 5.784 | 11/25/36 | 115,689 | |||||||||||||
|
|
|
|||||||||||||||
| 1,433,954 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 125 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities – (continued) |
| |||||||||||||||
| Student Loan(b)(c) – 6.5% |
||||||||||||||||
| AMMC CLO 30 Ltd. Series 2024-30A, Class E(d) (3 mo. USD Term SOFR + 7.730%) |
| |||||||||||||||
| $ | 1,000,000 | 13.021 | % | 01/15/37 | $ | 1,017,359 | ||||||||||
| Apex Credit CLO Ltd. Series 2024-1A, Class B1(d) (3 mo. USD Term SOFR + 2.400%) |
| |||||||||||||||
| 1,650,000 | 7.722 | 04/20/36 | 1,649,754 | |||||||||||||
| Apidos CLO XV Ltd. Series 2013-15A, Class A1RR(d) (3 mo. USD Term SOFR + 1.272%) |
| |||||||||||||||
| 1,978,420 | 6.589 | 04/20/31 | 1,979,088 | |||||||||||||
| Bain Capital CLO Ltd. Series 2024-1A, Class D1(d) (3 mo. USD Term SOFR + 3.850%) |
| |||||||||||||||
| 1,000,000 | 9.175 | 04/16/37 | 1,008,087 | |||||||||||||
| Bain Capital CLO Ltd. Series 2024-1A, Class B(d) (3 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 1,400,000 | 7.325 | 04/16/37 | 1,399,160 | |||||||||||||
| Bain Capital Credit CLO Ltd. Series 2023-3A, Class A(d) (3 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 1,700,000 | 7.119 | 07/24/36 | 1,711,958 | |||||||||||||
| Balboa Bay Loan Funding Ltd. Series 2021-2A, Class D(d) (3 mo. USD Term SOFR + 3.512%) |
| |||||||||||||||
| 2,000,000 | 8.829 | 01/20/35 | 1,978,386 | |||||||||||||
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR(d) (-1X 3 mo. USD Term SOFR + 1.420%) |
| |||||||||||||||
| 3,425,000 | 1.000 | 04/20/36 | 3,425,613 | |||||||||||||
| Barings CLO Ltd. Series 2024-1A, Class D(d) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 1,325,000 | 9.269 | 01/20/37 | 1,326,667 | |||||||||||||
| Benefit Street Partners CLO XXX Ltd. Series 2023-30A, Class C(d) (3 mo. USD Term SOFR + 3.550%) |
| |||||||||||||||
| 2,000,000 | 8.875 | 04/25/36 | 2,029,612 | |||||||||||||
| Carlyle U.S. CLO Ltd. Series 2024-1A, Class D(d) (3 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 1,250,000 | 9.194 | 04/15/37 | 1,251,962 | |||||||||||||
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(d) (3 mo. USD Term SOFR + 1.830%) |
| |||||||||||||||
| 3,900,000 | 7.144 | 01/15/37 | 3,936,668 | |||||||||||||
| Elmwood CLO 22 Ltd. Series 2023-1A, Class A(d) (3 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 1,249,000 | 7.117 | 04/17/36 | 1,257,278 | |||||||||||||
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A(d) (-1X 3 mo. USD Term SOFR + 1.520%) |
| |||||||||||||||
| 2,875,000 | 1.000 | 04/18/37 | 2,875,515 | |||||||||||||
| Flatiron CLO 20 Ltd. Series 2020-1A, Class AR(d) (-1X 3 mo. USD Term SOFR + 1.380%) |
| |||||||||||||||
| 2,300,000 | 1.000 | 05/20/36 | 2,300,412 | |||||||||||||
| Marathon Static CLO Ltd. Series 2022-18A, Class A1R2(d) (3 mo. USD Term SOFR + 1.150%) |
| |||||||||||||||
| 2,697,010 | 6.483 | 07/20/30 | 2,696,994 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(d) (3 mo. USD Term SOFR + 1.530%) |
| |||||||||||||||
| 2,000,000 | 6.849 | 04/20/38 | 2,004,642 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D(d) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 1,975,000 | 8.806 | 04/23/38 | 1,975,241 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class E(d) (3 mo. USD Term SOFR + 6.350%) |
| |||||||||||||||
| 600,000 | 11.656 | 04/23/38 | 604,240 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities – (continued) |
| |||||||||||||||
| Student Loan(b)(c) – (continued) |
||||||||||||||||
| Ocean Trails CLO XII Ltd. Series 2022-12A, Class A1(d) (3 mo. USD Term SOFR + 1.590%) |
| |||||||||||||||
| $ | 2,000,000 | 6.908 | % | 07/20/35 | $ | 1,999,942 | ||||||||||
| Parallel Ltd. Series 2023-1A, Class A1(d) (3 mo. USD Term SOFR + 2.200%) |
| |||||||||||||||
| 2,000,000 | 7.518 | 07/20/36 | 2,019,412 | |||||||||||||
| SLM Student Loan Trust Series 2008-3, Class A3 (3 mo. USD Term SOFR + 1.262%) |
| |||||||||||||||
| 17 | 6.623 | 10/25/21 | 17 | |||||||||||||
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR(d) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 1,325,000 | 9.823 | 01/20/37 | 1,340,569 | |||||||||||||
| Voya CLO Ltd. Series 2021-1A, Class D(d) (3 mo. USD Term SOFR + 3.412%) |
| |||||||||||||||
| 500,000 | 8.726 | 07/15/34 | 494,866 | |||||||||||||
| Wellington Management CLO 2 Ltd. Series 2024-2A, Class D(d) (3 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 1,650,000 | 9.214 | 04/20/37 | 1,650,277 | |||||||||||||
|
|
|
|||||||||||||||
| 43,933,719 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $148,190,290) |
$ | 148,051,739 | ||||||||||||||
| Bank Loans(i) – 2.4% |
| |||||||||||||||
| Banks(b) – 0.2% |
| |||||||||||||||
| Nouryon Finance BV (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 1,276,186 | 9.419 | % | 04/03/28 | $ | 1,278,100 | ||||||||||
|
|
||||||||||||||||
| Building & Construction(b) – 0.2% |
| |||||||||||||||
| Apple Bidco LLC (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 1,466,250 | 8.195 | 09/22/28 | 1,463,963 | |||||||||||||
|
|
||||||||||||||||
| Consumer Cyclical Services – 0.1% |
| |||||||||||||||
| Hertz Corp. (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 623,706 | 8.692 | % | 06/30/28 | $ | 602,830 | |||||||||||
|
|
||||||||||||||||
| Energy(b) – 0.2% |
| |||||||||||||||
| WhiteWater DBR HoldCo LLC (3 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 1,675,000 | 8.052 | 03/03/31 | 1,677,094 | |||||||||||||
|
|
||||||||||||||||
| Health Care Products(b) – 0.1% |
| |||||||||||||||
| Sotera Health Holdings LLC (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 425,000 | 8.195 | 12/11/26 | 422,696 | |||||||||||||
|
|
||||||||||||||||
| Media(b) – 0.3% |
| |||||||||||||||
| CSC Holdings LLC (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 1,904,427 | 9.825 | 01/18/28 | 1,828,841 | |||||||||||||
|
|
||||||||||||||||
| Media - Non Cable(b) – 0.6% |
| |||||||||||||||
| Fleet Midco I Ltd. (3 mo. USD Term SOFR + 3.250%)(j) |
| |||||||||||||||
| 2,600,000 | 8.580 | 02/21/31 | 2,600,000 | |||||||||||||
| Getty Images, Inc. (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 579,500 | 9.909 | 02/19/26 | 578,596 | |||||||||||||
| iHeartCommunications, Inc. (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 1,300,000 | 8.445 | 05/01/26 | 1,134,133 | |||||||||||||
|
|
|
|||||||||||||||
| 4,312,729 | ||||||||||||||||
|
|
||||||||||||||||
| 126 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(i) – (continued) |
| |||||||||||||||
| Metals & Mining(b) – 0.2% |
| |||||||||||||||
| Crosby U.S. Acquisition Corp. (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 1,675,000 | 9.327 | % | 08/16/29 | $ | 1,683,023 | ||||||||||
|
|
||||||||||||||||
| Technology - Software(b) – 0.5% |
| |||||||||||||||
| Camelot U.S. Acquisition LLC (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 1,970,104 | 8.077 | 01/31/31 | 1,968,627 | |||||||||||||
| Isolved, Inc. (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 600,000 | 9.327 | 10/14/30 | 602,628 | |||||||||||||
| Travelport Finance (Luxembourg) SARL (3 mo. USD Term SOFR + 7.000%) |
| |||||||||||||||
| 11,685 | 13.564 | 09/30/28 | 10,860 | |||||||||||||
| UKG, Inc. (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 683,854 | 8.814 | 02/10/31 | 687,102 | |||||||||||||
|
|
|
|||||||||||||||
| 3,269,217 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL BANK LOANS (Cost $16,737,444) |
$ | 16,538,493 | ||||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations – 1.5% |
| |||||||||||||||
| Euro – 0.3% |
| |||||||||||||||
| Ivory Coast Government International Bonds |
| |||||||||||||||
| EUR | 530,000 | 4.875 | % | 01/30/32 | $ | 492,455 | ||||||||||
| Romania Government International Bonds |
| |||||||||||||||
| 1,250,000 | 3.624 | (d) | 05/26/30 | 1,246,921 | ||||||||||||
| 230,000 | 2.000 | (d) | 01/28/32 | 197,500 | ||||||||||||
| 120,000 | 3.375 | 01/28/50 | 91,352 | |||||||||||||
| 200,000 | 3.375 | (d) | 01/28/50 | 152,253 | ||||||||||||
|
|
|
|||||||||||||||
| 2,180,481 | ||||||||||||||||
|
|
||||||||||||||||
| United States Dollar – 1.2% |
| |||||||||||||||
| Export-Import Bank of Korea |
| |||||||||||||||
| $ | 200,000 | 5.000 | 01/11/28 | 202,168 | ||||||||||||
| 200,000 | 5.125 | 01/11/33 | 203,700 | |||||||||||||
| Hungary Government International Bonds |
| |||||||||||||||
| 2,680,000 | 6.125 | 05/22/28 | 2,747,837 | |||||||||||||
| Indonesia Government International Bonds (c) |
| |||||||||||||||
| 950,000 | 4.850 | 01/11/33 | 941,391 | |||||||||||||
| Ivory Coast Government International Bonds |
| |||||||||||||||
| 566,000 | 6.125 | 06/15/33 | 508,692 | |||||||||||||
| Oman Government International Bonds |
| |||||||||||||||
| 1,410,000 | 4.750 | 06/15/26 | 1,385,325 | |||||||||||||
| 1,280,000 | 5.625 | 01/17/28 | 1,285,914 | |||||||||||||
| Republic of Poland Government International Bonds (c) |
| |||||||||||||||
| 590,000 | 5.125 | 09/18/34 | 588,094 | |||||||||||||
| 370,000 | 5.500 | 03/18/54 | 367,244 | |||||||||||||
|
|
|
|||||||||||||||
| 8,230,365 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $10,953,295) |
$ | 10,410,846 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Debt Obligations – 1.2% |
| |||||||||||||||
| Illinois – 1.2% |
| |||||||||||||||
| Illinois State GO Bonds Build America Series 2010 |
| |||||||||||||||
| $ | 3,831,429 | 7.350% | 07/01/35 | $ | 4,147,823 | |||||||||||
| Illinois State GO Bonds Taxable-Pension Series 2003 |
| |||||||||||||||
| 4,280,000 | 5.100 | 06/01/33 | 4,248,847 | |||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $8,397,376) |
$ | 8,396,670 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description | Value | ||||||||||||||
| Common Stocks(h) – 0.2% |
| |||||||||||||||
| Media – 0.1% |
| |||||||||||||||
| 242,215 | |
iHeartMedia, Inc. Class A |
$ | 506,229 | ||||||||||||
|
|
||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.1% |
| |||||||||||||||
| 24,684 | Summit Midstream Partners LP | 692,880 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMON STOCKS (Cost $1,306,954) |
$ | 1,199,109 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – 12.6% |
| |||||||||||||||
| U.S. Treasury Bonds |
| |||||||||||||||
| $ | 500,000 | 4.375% | 05/15/41 | $ | 499,141 | |||||||||||
| 500,000 | 3.625 | 02/15/53 | 439,297 | |||||||||||||
| U.S. Treasury Inflation-Indexed Bonds |
| |||||||||||||||
| 14,543,927 | 1.500 | 02/15/53 | 12,716,592 | |||||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| 39,010,000 | 4.250(k) | 10/15/25 | 38,688,472 | |||||||||||||
| 3,200,000 | 4.000 | 10/31/29 | 3,163,000 | |||||||||||||
| 31,040,000 | 3.875 | 11/30/29 | 30,487,100 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $86,525,972) |
$ | 85,993,602 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 144.3% (Cost $1,019,964,917) |
$ | 982,493,672 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER |
(301,708,634 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% |
$ | 680,785,038 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| The accompanying notes are an integral part of these financial statements. | 127 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $304,450,355 which represents approximately 44.7% of net assets as of March 31, 2024. |
| (g) | Pay-in-kind securities. |
| (h) | Security is currently in default and/or non-income producing. |
| (i) | 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 March 31, 2024. 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. |
| (j) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (k) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
AUD | 2,068,750 | NZD | 2,231,956 | 04/08/24 | $ | 14,912 | |||||||||||||||||||||||||||||
| AUD | 35,819,095 | NZD | 38,880,766 | 04/24/24 | 127,543 | |||||||||||||||||||||||||||||||
| AUD | 900,147 | USD | 586,105 | 04/30/24 | 981 | |||||||||||||||||||||||||||||||
| CHF | 1,954,090 | EUR | 2,009,500 | 04/24/24 | 2,496 | |||||||||||||||||||||||||||||||
| CHF | 615,197 | USD | 683,000 | 04/24/24 | 966 | |||||||||||||||||||||||||||||||
| CLP | 1,299,751,545 | USD | 1,313,079 | 06/21/24 | 10,759 | |||||||||||||||||||||||||||||||
| COP | 29,022,183,166 | USD | 7,165,849 | 05/10/24 | 291,034 | |||||||||||||||||||||||||||||||
| COP | 16,154,170,664 | USD | 4,070,295 | 06/20/24 | 53,469 | |||||||||||||||||||||||||||||||
| CZK | 31,714,470 | EUR | 1,251,173 | 04/24/24 | 824 | |||||||||||||||||||||||||||||||
| EUR | 6,582,192 | CHF | 6,349,100 | 04/24/24 | 49,184 | |||||||||||||||||||||||||||||||
| EUR | 554,682 | PLN | 2,384,578 | 04/15/24 | 1,853 | |||||||||||||||||||||||||||||||
| EUR | 1,977,605 | PLN | 8,530,125 | 04/24/24 | 453 | |||||||||||||||||||||||||||||||
| EUR | 1,538,999 | SEK | 17,342,984 | 04/11/24 | 40,126 | |||||||||||||||||||||||||||||||
| EUR | 1,545,111 | SEK | 17,394,857 | 04/16/24 | 41,885 | |||||||||||||||||||||||||||||||
| EUR | 23,653,232 | SEK | 269,411,376 | 04/24/24 | 349,385 | |||||||||||||||||||||||||||||||
| EUR | 5,040,000 | SEK | 57,767,220 | 06/20/24 | 40,366 | |||||||||||||||||||||||||||||||
| EUR | 28,974,389 | USD | 30,940,149 | 04/05/24 | 324,951 | |||||||||||||||||||||||||||||||
| EUR | 5,741,961 | USD | 6,161,698 | 04/15/24 | 36,706 | |||||||||||||||||||||||||||||||
| EUR | 605,448 | USD | 652,444 | 05/08/24 | 1,741 | |||||||||||||||||||||||||||||||
| EUR | 2,520,639 | USD | 2,718,578 | 05/21/24 | 6,402 | |||||||||||||||||||||||||||||||
| EUR | 2,632,847 | USD | 2,846,758 | 06/20/24 | 3,026 | |||||||||||||||||||||||||||||||
| EUR | 170,354 | USD | 184,380 | 07/24/24 | 293 | |||||||||||||||||||||||||||||||
| EUR | 5,044,416 | USD | 5,447,243 | 08/06/24 | 24,456 | |||||||||||||||||||||||||||||||
| GBP | 7,095,932 | EUR | 8,293,768 | 04/24/24 | 988 | |||||||||||||||||||||||||||||||
| GBP | 4,243,637 | USD | 5,338,490 | 04/10/24 | 17,906 | |||||||||||||||||||||||||||||||
| 128 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
|
|
| 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) |
GBP | 6,363,158 | USD | 8,019,423 | 04/22/24 | $ | 12,800 | |||||||||||||||||||||||||
| GBP | 4,145,545 | USD | 5,227,015 | 06/03/24 | 7,117 | |||||||||||||||||||||||||||
| GBP | 2,164,287 | USD | 2,725,000 | 06/20/24 | 7,820 | |||||||||||||||||||||||||||
| HUF | 748,134,791 | USD | 2,047,186 | 04/08/24 | 1,163 | |||||||||||||||||||||||||||
| HUF | 17,302,711 | USD | 43,644 | 04/15/24 | 3,707 | |||||||||||||||||||||||||||
| HUF | 1,825,673,182 | USD | 4,955,818 | 05/13/24 | 31,879 | |||||||||||||||||||||||||||
| HUF | 3,143,663,823 | USD | 8,542,880 | 06/03/24 | 36,617 | |||||||||||||||||||||||||||
| MXN | 65,124,114 | USD | 3,524,571 | 04/10/24 | 386,726 | |||||||||||||||||||||||||||
| MXN | 230,079,125 | USD | 13,526,189 | 06/20/24 | 137,900 | |||||||||||||||||||||||||||
| NOK | 783,422 | USD | 68,624 | 04/26/24 | 3,586 | |||||||||||||||||||||||||||
| NZD | 43,230 | USD | 22,256 | 05/07/24 | 3,574 | |||||||||||||||||||||||||||
| NZD | 9,130,905 | USD | 5,454,143 | 05/22/24 | 1,464 | |||||||||||||||||||||||||||
| PLN | 2,384,578 | EUR | 551,354 | 04/15/24 | 1,739 | |||||||||||||||||||||||||||
| PLN | 3,952,261 | EUR | 913,302 | 04/24/24 | 3,009 | |||||||||||||||||||||||||||
| PLN | 1,087,682 | USD | 272,000 | 04/24/24 | 252 | |||||||||||||||||||||||||||
| USD | 1,977,000 | AUD | 3,022,137 | 04/24/24 | 6,270 | |||||||||||||||||||||||||||
| USD | 1,325,552 | AUD | 2,024,006 | 06/20/24 | 3,612 | |||||||||||||||||||||||||||
| USD | 9,554,691 | BRL | 47,701,248 | 04/02/24 | 45,767 | |||||||||||||||||||||||||||
| USD | 2,722,424 | BRL | 13,588,969 | 04/15/24 | 17,147 | |||||||||||||||||||||||||||
| USD | 2,703,704 | BRL | 13,519,873 | 05/03/24 | 16,890 | |||||||||||||||||||||||||||
| USD | 4,330,407 | CAD | 5,832,568 | 05/02/24 | 22,482 | |||||||||||||||||||||||||||
| USD | 11,883,199 | CAD | 16,028,062 | 06/20/24 | 36,629 | |||||||||||||||||||||||||||
| USD | 21,462,572 | CHF | 18,728,089 | 06/20/24 | 508,966 | |||||||||||||||||||||||||||
| USD | 2,714,000 | CLP | 2,612,225,000 | 06/21/24 | 53,365 | |||||||||||||||||||||||||||
| USD | 27,276,575 | CNH | 195,760,786 | 06/20/24 | 219,578 | |||||||||||||||||||||||||||
| USD | 2,731,000 | CZK | 63,715,431 | 04/24/24 | 14,893 | |||||||||||||||||||||||||||
| USD | 73,914 | CZK | 1,718,799 | 06/20/24 | 623 | |||||||||||||||||||||||||||
| USD | 27,871,339 | EUR | 25,513,087 | 04/03/24 | 343,333 | |||||||||||||||||||||||||||
| USD | 27,199,270 | EUR | 24,922,442 | 04/05/24 | 306,463 | |||||||||||||||||||||||||||
| USD | 9,355,471 | EUR | 8,644,982 | 04/15/24 | 23,276 | |||||||||||||||||||||||||||
| USD | 1,658,774 | EUR | 1,528,772 | 04/16/24 | 8,410 | |||||||||||||||||||||||||||
| USD | 1,775,000 | EUR | 1,635,804 | 04/24/24 | 8,519 | |||||||||||||||||||||||||||
| USD | 11,873,199 | EUR | 10,851,051 | 05/02/24 | 151,519 | |||||||||||||||||||||||||||
| USD | 19,360,253 | EUR | 17,812,566 | 05/08/24 | 113,823 | |||||||||||||||||||||||||||
| USD | 37,136,300 | EUR | 34,161,257 | 05/21/24 | 205,691 | |||||||||||||||||||||||||||
| USD | 15,310,857 | EUR | 13,962,173 | 06/20/24 | 198,254 | |||||||||||||||||||||||||||
| USD | 4,803,668 | EUR | 4,366,881 | 07/17/24 | 71,241 | |||||||||||||||||||||||||||
| USD | 8,259,403 | EUR | 7,549,907 | 07/24/24 | 74,874 | |||||||||||||||||||||||||||
| USD | 5,705,932 | EUR | 5,234,382 | 08/06/24 | 28,176 | |||||||||||||||||||||||||||
| USD | 13,547,195 | EUR | 12,351,786 | 09/19/24 | 122,033 | |||||||||||||||||||||||||||
| USD | 24,188,293 | GBP | 19,042,852 | 04/08/24 | 152,316 | |||||||||||||||||||||||||||
| USD | 8,213,220 | GBP | 6,456,241 | 04/10/24 | 64,033 | |||||||||||||||||||||||||||
| USD | 40,203,064 | GBP | 31,749,151 | 04/22/24 | 126,066 | |||||||||||||||||||||||||||
| USD | 2,046,000 | GBP | 1,619,672 | 04/24/24 | 1,463 | |||||||||||||||||||||||||||
| USD | 7,853,398 | GBP | 6,218,347 | 06/03/24 | 2,166 | |||||||||||||||||||||||||||
| USD | 2,623,642 | GBP | 2,073,472 | 06/05/24 | 5,671 | |||||||||||||||||||||||||||
| USD | 9,803,900 | GBP | 7,674,244 | 06/20/24 | 113,724 | |||||||||||||||||||||||||||
| USD | 2,257,879 | HUF | 816,453,974 | 04/08/24 | 22,477 | |||||||||||||||||||||||||||
| USD | 1,134,747 | HUF | 411,182,165 | 04/15/24 | 9,487 | |||||||||||||||||||||||||||
| USD | 22,897,965 | HUF | 8,292,603,550 | 05/13/24 | 242,769 | |||||||||||||||||||||||||||
| USD | 2,746,301 | HUF | 999,367,516 | 06/20/24 | 20,889 | |||||||||||||||||||||||||||
| USD | 16,328,000 | INR | 1,357,111,943 | 06/20/24 | 93,632 | |||||||||||||||||||||||||||
| USD | 12,234,000 | JPY | 1,792,156,338 | 06/20/24 | 247,337 | |||||||||||||||||||||||||||
| USD | 6,819,000 | KRW | 9,014,531,598 | 06/20/24 | 110,611 | |||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 129 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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 | 274,495 | NOK | 2,951,645 | 04/26/24 | $ | 2,436 | |||||||||||||||||||||||||||||
| USD | 314,079 | NOK | 3,355,433 | 04/30/24 | 4,770 | |||||||||||||||||||||||||||||||
| USD | 453,822 | NOK | 4,868,145 | 05/31/24 | 4,742 | |||||||||||||||||||||||||||||||
| USD | 13,850,946 | NOK | 144,807,478 | 06/20/24 | 486,929 | |||||||||||||||||||||||||||||||
| USD | 17,016,158 | NZD | 27,814,808 | 04/02/24 | 398,192 | |||||||||||||||||||||||||||||||
| USD | 12,737,054 | NZD | 21,210,833 | 04/04/24 | 64,629 | |||||||||||||||||||||||||||||||
| USD | 26,156,074 | NZD | 43,235,027 | 04/15/24 | 324,914 | |||||||||||||||||||||||||||||||
| USD | 20,428,237 | NZD | 34,139,283 | 04/22/24 | 31,173 | |||||||||||||||||||||||||||||||
| USD | 2,729,499 | NZD | 4,561,787 | 05/03/24 | 3,941 | |||||||||||||||||||||||||||||||
| USD | 5,377,742 | NZD | 8,733,157 | 05/07/24 | 159,868 | |||||||||||||||||||||||||||||||
| USD | 21,303,388 | NZD | 35,018,737 | 05/22/24 | 380,110 | |||||||||||||||||||||||||||||||
| USD | 711,968 | NZD | 1,168,098 | 05/31/24 | 14,038 | |||||||||||||||||||||||||||||||
| USD | 13,629,137 | NZD | 22,300,054 | 06/20/24 | 305,292 | |||||||||||||||||||||||||||||||
| USD | 3,175,310 | PLN | 12,632,068 | 04/24/24 | 13,439 | |||||||||||||||||||||||||||||||
| USD | 5,434,321 | PLN | 21,539,540 | 06/03/24 | 45,145 | |||||||||||||||||||||||||||||||
| USD | 2,729,000 | PLN | 10,705,185 | 06/20/24 | 51,198 | |||||||||||||||||||||||||||||||
| USD | 2,410,644 | SEK | 25,329,948 | 04/24/24 | 41,971 | |||||||||||||||||||||||||||||||
| USD | 2,970,745 | SEK | 30,810,083 | 04/25/24 | 89,495 | |||||||||||||||||||||||||||||||
| USD | 5,613,042 | SEK | 57,603,385 | 06/20/24 | 213,488 | |||||||||||||||||||||||||||||||
| USD | 31,167,497 | SGD | 41,940,626 | 04/24/24 | 71,482 | |||||||||||||||||||||||||||||||
| USD | 11,334,580 | SGD | 15,061,775 | 06/20/24 | 138,634 | |||||||||||||||||||||||||||||||
| USD | 2,040,549 | ZAR | 38,092,901 | 04/04/24 | 29,923 | |||||||||||||||||||||||||||||||
| USD | 1,840,432 | ZAR | 34,552,133 | 04/12/24 | 17,850 | |||||||||||||||||||||||||||||||
| USD | 1,648,671 | ZAR | 31,239,612 | 05/10/24 | 4,606 | |||||||||||||||||||||||||||||||
| USD | 5,441,022 | ZAR | 102,409,581 | 06/20/24 | 70,040 | |||||||||||||||||||||||||||||||
| USD | 1,915,642 | ZAR | 36,664,788 | 09/06/24 | 6,667 | |||||||||||||||||||||||||||||||
| ZAR | 54,351,400 | USD | 2,836,320 | 04/04/24 | 32,464 | |||||||||||||||||||||||||||||||
| ZAR | 17,997,016 | USD | 948,449 | 04/12/24 | 871 | |||||||||||||||||||||||||||||||
| ZAR | 15,524,138 | USD | 816,016 | 04/15/24 | 2,664 | |||||||||||||||||||||||||||||||
| ZAR | 80,994,424 | USD | 4,259,066 | 05/10/24 | 3,475 | |||||||||||||||||||||||||||||||
| ZAR | 27,594,209 | USD | 1,432,989 | 09/06/24 | 3,720 | |||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| TOTAL |
$ | 8,914,699 | ||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| |||||||||||||||||||||||||||||||||||
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
AUD | 782,121 | USD | 515,783 | 04/30/24 | $ | (5,674 | ) | ||||||||||||||||||||||||||||
| AUD | 35,707,107 | USD | 23,509,967 | 06/20/24 | (188,574 | ) | ||||||||||||||||||||||||||||||
| AUD | 823,452 | USD | 539,773 | 09/26/24 | (648 | ) | ||||||||||||||||||||||||||||||
| AUD | 825,130 | USD | 541,202 | 09/27/24 | (966 | ) | ||||||||||||||||||||||||||||||
| AUD | 935,064 | USD | 613,589 | 10/02/24 | (1,332 | ) | ||||||||||||||||||||||||||||||
| BRL | 54,142,824 | USD | 10,850,337 | 04/02/24 | (57,329 | ) | ||||||||||||||||||||||||||||||
| CAD | 5,971,674 | USD | 4,433,686 | 05/02/24 | (23,018 | ) | ||||||||||||||||||||||||||||||
| CAD | 18,324,695 | USD | 13,584,000 | 06/20/24 | (39,955 | ) | ||||||||||||||||||||||||||||||
| CHF | 1,266,124 | EUR | 1,310,363 | 04/24/24 | (7,386 | ) | ||||||||||||||||||||||||||||||
| CHF | 2,376,790 | USD | 2,729,000 | 06/20/24 | (69,769 | ) | ||||||||||||||||||||||||||||||
| CLP | 3,867,355,007 | USD | 4,081,225 | 06/21/24 | (142,199 | ) | ||||||||||||||||||||||||||||||
| CNH | 77,825,235 | USD | 10,866,000 | 06/20/24 | (109,416 | ) | ||||||||||||||||||||||||||||||
| CZK | 68,046,224 | USD | 2,904,661 | 04/24/24 | (3,937 | ) | ||||||||||||||||||||||||||||||
| CZK | 204,024,780 | USD | 8,809,525 | 06/20/24 | (109,671 | ) | ||||||||||||||||||||||||||||||
| EUR | 13,133,987 | CHF | 12,820,299 | 04/24/24 | (70,203 | ) | ||||||||||||||||||||||||||||||
| 130 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
|
|
| 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) |
EUR | 2,475,601 | CZK | 62,927,786 | 04/24/24 | $ | (9,167 | ) | ||||||||||||||||||||||||
| EUR | 5,135,629 | GBP | 4,410,288 | 04/24/24 | (21,284 | ) | ||||||||||||||||||||||||||
| EUR | 4,996,246 | JPY | 815,286,373 | 06/20/24 | (45,046 | ) | ||||||||||||||||||||||||||
| EUR | 913,995 | PLN | 3,952,261 | 04/08/24 | (3,047 | ) | ||||||||||||||||||||||||||
| EUR | 3,758,020 | PLN | 16,262,038 | 04/24/24 | (12,240 | ) | ||||||||||||||||||||||||||
| EUR | 25,513,779 | USD | 27,920,005 | 04/03/24 | (391,251 | ) | ||||||||||||||||||||||||||
| EUR | 33,491,946 | USD | 36,569,293 | 04/05/24 | (429,475 | ) | ||||||||||||||||||||||||||
| EUR | 2,598,729 | USD | 2,819,365 | 04/24/24 | (13,037 | ) | ||||||||||||||||||||||||||
| EUR | 12,699,910 | USD | 13,825,481 | 05/02/24 | (106,600 | ) | ||||||||||||||||||||||||||
| EUR | 13,047,339 | USD | 14,184,614 | 05/08/24 | (87,000 | ) | ||||||||||||||||||||||||||
| EUR | 23,605,211 | USD | 25,672,943 | 05/21/24 | (154,126 | ) | ||||||||||||||||||||||||||
| EUR | 16,457,455 | USD | 18,042,722 | 06/14/24 | (233,851 | ) | ||||||||||||||||||||||||||
| EUR | 20,763,133 | USD | 22,708,672 | 06/20/24 | (234,736 | ) | ||||||||||||||||||||||||||
| EUR | 6,738,541 | USD | 7,387,185 | 07/17/24 | (84,570 | ) | ||||||||||||||||||||||||||
| EUR | 7,345,619 | USD | 8,026,963 | 07/24/24 | (63,896 | ) | ||||||||||||||||||||||||||
| EUR | 2,538,064 | USD | 2,757,805 | 08/06/24 | (4,758 | ) | ||||||||||||||||||||||||||
| EUR | 1,583,247 | USD | 1,740,305 | 09/18/24 | (19,552 | ) | ||||||||||||||||||||||||||
| EUR | 21,862,953 | USD | 23,913,668 | 09/19/24 | (150,812 | ) | ||||||||||||||||||||||||||
| GBP | 3,729,289 | EUR | 4,363,521 | 04/24/24 | (4,563 | ) | ||||||||||||||||||||||||||
| GBP | 15,449,329 | USD | 19,696,470 | 04/08/24 | (196,254 | ) | ||||||||||||||||||||||||||
| GBP | 1,537,697 | USD | 1,943,554 | 04/10/24 | (2,644 | ) | ||||||||||||||||||||||||||
| GBP | 37,820,229 | USD | 47,982,343 | 04/22/24 | (241,814 | ) | ||||||||||||||||||||||||||
| GBP | 2,268,316 | USD | 2,868,000 | 04/24/24 | (4,670 | ) | ||||||||||||||||||||||||||
| GBP | 14,596,510 | USD | 18,435,485 | 06/03/24 | (6,052 | ) | ||||||||||||||||||||||||||
| GBP | 9,017,158 | USD | 11,464,865 | 06/20/24 | (79,007 | ) | ||||||||||||||||||||||||||
| HKD | 6,401,081 | USD | 820,341 | 05/28/24 | (1,012 | ) | ||||||||||||||||||||||||||
| HUF | 1,213,730,651 | USD | 3,337,186 | 04/08/24 | (14,064 | ) | ||||||||||||||||||||||||||
| HUF | 5,976,618,831 | USD | 16,542,155 | 04/15/24 | (186,263 | ) | ||||||||||||||||||||||||||
| HUF | 5,146,424,537 | USD | 14,141,740 | 05/13/24 | (81,833 | ) | ||||||||||||||||||||||||||
| INR | 1,360,533,351 | USD | 16,375,753 | 06/20/24 | (100,457 | ) | ||||||||||||||||||||||||||
| JPY | 2,815,594,473 | USD | 19,255,371 | 06/20/24 | (423,543 | ) | ||||||||||||||||||||||||||
| KRW | 19,861,002,597 | USD | 15,043,034 | 06/20/24 | (262,972 | ) | ||||||||||||||||||||||||||
| NOK | 11,910,805 | USD | 1,100,174 | 05/31/24 | (1,419 | ) | ||||||||||||||||||||||||||
| NOK | 43,967,944 | USD | 4,249,178 | 06/20/24 | (191,456 | ) | ||||||||||||||||||||||||||
| NZD | 2,236,604 | AUD | 2,068,750 | 04/08/24 | (12,135 | ) | ||||||||||||||||||||||||||
| NZD | 14,142,996 | AUD | 13,011,000 | 04/24/24 | (34,458 | ) | ||||||||||||||||||||||||||
| NZD | 6,704,125 | AUD | 6,202,750 | 06/20/24 | (45,619 | ) | ||||||||||||||||||||||||||
| NZD | 27,813,881 | USD | 16,977,549 | 04/02/24 | (360,135 | ) | ||||||||||||||||||||||||||
| NZD | 21,215,049 | USD | 12,815,230 | 04/04/24 | (140,286 | ) | ||||||||||||||||||||||||||
| NZD | 37,402,475 | USD | 22,916,812 | 04/15/24 | (570,365 | ) | ||||||||||||||||||||||||||
| NZD | 27,629,958 | USD | 16,701,140 | 04/22/24 | (193,178 | ) | ||||||||||||||||||||||||||
| NZD | 682,635 | USD | 410,000 | 04/24/24 | (2,148 | ) | ||||||||||||||||||||||||||
| NZD | 20,430,934 | USD | 12,217,698 | 05/03/24 | (10,706 | ) | ||||||||||||||||||||||||||
| NZD | 12,173,693 | USD | 7,402,377 | 05/07/24 | (128,858 | ) | ||||||||||||||||||||||||||
| NZD | 57,669,892 | USD | 35,068,715 | 05/22/24 | (611,645 | ) | ||||||||||||||||||||||||||
| NZD | 2,354,479 | USD | 1,426,578 | 06/20/24 | (19,822 | ) | ||||||||||||||||||||||||||
| PLN | 3,952,261 | EUR | 919,558 | 04/08/24 | (2,957 | ) | ||||||||||||||||||||||||||
| PLN | 23,693,890 | EUR | 5,493,637 | 04/24/24 | (1,797 | ) | ||||||||||||||||||||||||||
| PLN | 21,553,820 | USD | 5,437,924 | 06/03/24 | (45,175 | ) | ||||||||||||||||||||||||||
| PLN | 40,672,709 | USD | 10,351,037 | 06/20/24 | (177,138 | ) | ||||||||||||||||||||||||||
| SEK | 17,342,984 | EUR | 1,524,092 | 04/11/24 | (24,036 | ) | ||||||||||||||||||||||||||
| SEK | 56,638,867 | EUR | 4,986,875 | 06/20/24 | (88,631 | ) | ||||||||||||||||||||||||||
| SEK | 17,394,857 | USD | 1,659,102 | 04/16/24 | (32,983 | ) | ||||||||||||||||||||||||||
| SEK | 8,655,118 | USD | 819,000 | 04/24/24 | (9,636 | ) | ||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 131 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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) |
SEK | 30,903,820 | USD | 2,917,427 | 04/25/24 | $ | (27,411 | ) | ||||||||||||||||||||||||||||
| SEK | 51,926,412 | USD | 5,091,945 | 06/20/24 | (224,531 | ) | ||||||||||||||||||||||||||||||
| SGD | 31,906,922 | USD | 23,742,082 | 04/24/24 | (85,351 | ) | ||||||||||||||||||||||||||||||
| USD | 1,281,624 | BRL | 6,441,576 | 04/02/24 | (2,461 | ) | ||||||||||||||||||||||||||||||
| USD | 12,617,500 | CAD | 17,095,435 | 06/20/24 | (17,980 | ) | ||||||||||||||||||||||||||||||
| USD | 4,270,137 | CHF | 3,836,671 | 06/20/24 | (22,458 | ) | ||||||||||||||||||||||||||||||
| USD | 2,278,720 | CLP | 2,241,462,664 | 06/21/24 | (4,282 | ) | ||||||||||||||||||||||||||||||
| USD | 8,862,134 | COP | 35,987,519,132 | 05/10/24 | (384,405 | ) | ||||||||||||||||||||||||||||||
| USD | 4,075,000 | COP | 16,143,821,000 | 06/20/24 | (46,122 | ) | ||||||||||||||||||||||||||||||
| USD | 34,302,781 | EUR | 32,135,486 | 04/05/24 | (373,337 | ) | ||||||||||||||||||||||||||||||
| USD | 5,417,314 | GBP | 4,299,043 | 06/20/24 | (11,036 | ) | ||||||||||||||||||||||||||||||
| USD | 9,173,337 | HUF | 3,365,697,477 | 04/15/24 | (37,387 | ) | ||||||||||||||||||||||||||||||
| USD | 2,558,982 | HUF | 943,946,076 | 06/20/24 | (15,287 | ) | ||||||||||||||||||||||||||||||
| USD | 5,463,000 | INR | 457,061,895 | 06/20/24 | (4,575 | ) | ||||||||||||||||||||||||||||||
| USD | 3,656,050 | MXN | 65,124,113 | 04/10/24 | (255,248 | ) | ||||||||||||||||||||||||||||||
| USD | 5,700,670 | MXN | 96,908,202 | 06/20/24 | (54,577 | ) | ||||||||||||||||||||||||||||||
| USD | 2,603,877 | SGD | 3,549,553 | 04/24/24 | (27,866 | ) | ||||||||||||||||||||||||||||||
| USD | 140,200 | TRY | 5,084,938 | 06/20/24 | (2,862 | ) | ||||||||||||||||||||||||||||||
| USD | 852,105 | ZAR | 16,277,186 | 04/04/24 | (7,040 | ) | ||||||||||||||||||||||||||||||
| USD | 5,160,044 | ZAR | 97,847,328 | 04/12/24 | (1,277 | ) | ||||||||||||||||||||||||||||||
| USD | 521,087 | ZAR | 10,088,251 | 09/06/24 | (4,164 | ) | ||||||||||||||||||||||||||||||
| ZAR | 65,905,620 | USD | 3,516,621 | 04/12/24 | (40,184 | ) | ||||||||||||||||||||||||||||||
| ZAR | 45,491,852 | USD | 2,388,271 | 09/06/24 | (19,711 | ) | ||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| TOTAL |
$ | (8,873,808 | ) | |||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
4.500 | % | TBA - 30yr | 04/11/24 | $ | (100,000,000 | ) | $ | (95,222,660 | ) | ||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
5.000 | TBA - 30yr | 04/11/24 | (134,000,000 | ) | (130,786,091 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
2.500 | TBA - 30yr | 04/11/24 | (29,000,000 | ) | (23,971,446 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 04/11/24 | (10,000,000 | ) | (9,260,156 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
3.500 | TBA - 30yr | 04/11/24 | (6,000,000 | ) | (5,368,360 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
6.000 | TBA - 30yr | 04/11/24 | (41,000,000 | ) | (41,389,180 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 05/15/24 | (4,000,000 | ) | (4,084,062 | ) | |||||||||||||||||||||||||||||
| Uniform Mortgage-Backed Security |
7.000 | TBA - 30yr | 05/15/24 | (12,000,000 | ) | (12,352,420 | ) | |||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| (PROCEEDS RECEIVED: $(322,782,266)) |
|
$ | (322,434,375 | ) | ||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
| 132 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
|
|
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
223 | 06/18/24 | $ 24,707,703 | $ (13,529 | ) | |||||||||||
| 30 Year German Euro-Buxl |
1 | 06/06/24 | 146,508 | 2,566 | ||||||||||||
| 5 Year German Euro-Bund |
1 | 06/06/24 | 143,897 | 1,121 | ||||||||||||
| 5 Year U.S. Treasury Notes |
1,070 | 06/28/24 | 114,506,719 | (20,261 | ) | |||||||||||
| French 10 Year Government Bonds |
1 | 06/06/24 | 138,276 | 840 | ||||||||||||
|
|
||||||||||||||||
| Total |
$ (29,263 | ) | ||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 10 Year U.K. Long Gilt |
(1) | 06/26/24 | (126,139 | ) | (3,006 | ) | ||||||||||
| 2 Year German Euro-Schatz |
(543) | 06/06/24 | (61,920,698 | ) | 2,091 | |||||||||||
| 2 Year U.S. Treasury Notes |
(94) | 06/28/24 | (19,221,531 | ) | 22,601 | |||||||||||
| 20 Year U.S. Treasury Bonds |
(122) | 06/18/24 | (14,693,375 | ) | (91 | ) | ||||||||||
| 5 Year German Euro-Bobl |
(332) | 06/06/24 | (42,354,569 | ) | (111,547 | ) | ||||||||||
| Ultra 10-Year U.S. Treasury Note |
(464) | 06/18/24 | (53,178,750 | ) | (317,954 | ) | ||||||||||
| Ultra Long U.S. Treasury Bonds |
(190) | 06/18/24 | (24,510,000 | ) | (228,811 | ) | ||||||||||
|
|
||||||||||||||||
| Total |
$(636,717 | ) | ||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS |
$(665,980 | ) | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 6M EURO(a) |
3.883 %(b) | 06/12/24 | EUR | 523,020 | (c) | $ | (9,875 | ) | $ | — | $ | (9,875 | ) | |||||||||
| 12M SOFR(d) |
4.430 (d) | 12/31/24 | $ | 10 | (79 | ) | (1 | ) | (78 | ) | ||||||||||||
| 1M BID Average(a) |
12.064 (a) | 01/02/25 | BRL | 37,210 | 66,674 | 600,143 | (533,469 | ) | ||||||||||||||
| 1M BID Average(a) |
12.060 (a) | 01/02/25 | 42,110 | (2,920 | ) | 681,872 | (684,792 | ) | ||||||||||||||
| 13.300%(a) |
1M BID Average(a) | 01/02/25 | 26,230 | (137,456 | ) | (555,871 | ) | 418,415 | ||||||||||||||
| 12.713(e) |
1M BID Average(b) | 01/02/25 | 15,070 | (52,153 | ) | (292,417 | ) | 240,264 | ||||||||||||||
| 1M BID Average(a) |
10.850 (a) | 01/02/26 | 131,839 | 94,729 | 24,340 | 70,389 | ||||||||||||||||
| 1M BID Average(a) |
9.750 (a) | 01/02/26 | 40,930 | (36,148 | ) | (94,397 | ) | 58,249 | ||||||||||||||
| 6M EURO(a) |
2.250 (b) | 02/17/26 | EUR | 53,930 | (c) | (146,149 | ) | (14,106 | ) | (132,043 | ) | |||||||||||
| 3.750(a) |
12M SOFR(b) | 02/18/26 | $ | 46,260 | (c) | 161,776 | (4,742 | ) | 166,518 | |||||||||||||
| 6M AUDOR(b) |
3.750 (a) | 02/21/26 | AUD | 113,680 | (c) | 17,320 | (31,362 | ) | 48,682 | |||||||||||||
| 3.750(b) |
6M CDOR(a) | 02/21/26 | CAD | 80,130 | (c) | 20,214 | (11,110 | ) | 31,324 | |||||||||||||
| 3.750(b) |
3M AUDOR(a) | 02/28/26 | AUD | 110,660 | (c) | (21,432 | ) | 77,057 | (98,489 | ) | ||||||||||||
| 3M NZDOR(b) |
4.500 (b) | 02/28/26 | NZD | 99,630 | (c) | 88,441 | (90,039 | ) | 178,480 | |||||||||||||
| 6M EURO(b) |
2.820 (b) | 03/19/26 | EUR | 57,960 | (c) | (6,479 | ) | (21,326 | ) | 14,847 | ||||||||||||
| Mexico Interbank TIIE |
9.250 (a) | 06/17/26 | MXN | 307,420 | (c) | (64,687 | ) | (13,777 | ) | (50,910 | ) | |||||||||||
| 3M CNRR(a) |
2.000 (b) | 06/19/26 | CNY | 89,760 | (c) | 19,446 | 18,120 | 1,326 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 133 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 6M EURO(d) |
3.000 %(d) | 06/19/26 | EUR | 34,420 | (c) | $ | 186,208 | $ | 195,164 | $ | (8,956 | ) | ||||||||||
| 3M KWCDC(b) |
3.250 (e) | 06/19/26 | KRW | 24,609,530 | (c) | (26,552 | ) | (30,989 | ) | 4,437 | ||||||||||||
| 3M STIBOR(b) |
3.250 (b) | 06/19/26 | SEK | 1,808,040 | (c) | 719,838 | 1,120,031 | (400,193 | ) | |||||||||||||
| 4.000%(b) |
3M AUDOR(a) | 06/19/26 | AUD | 126,350 | (c) | (237,754 | ) | (230,888 | ) | (6,866 | ) | |||||||||||
| 12M CDOR(b) |
4.250 (a) | 06/19/26 | CAD | 152,680 | (c) | 531,165 | 620,516 | (89,351 | ) | |||||||||||||
| 3M NIBOR(b) |
4.500 (b) | 06/19/26 | NOK | 1,485,720 | (c) | 628,924 | 1,093,413 | (464,489 | ) | |||||||||||||
| 1.000(e) |
6M CHFOR(e) | 06/19/26 | CHF | 248,760 | (c) | (24,108 | ) | 122,742 | (146,850 | ) | ||||||||||||
| 5.000(b) |
6M WIBOR(b) | 06/19/26 | PLN | 36,700 | (c) | 41,431 | 35,727 | 5,704 | ||||||||||||||
| 4.250(e) |
12M SOFR(e) | 06/28/26 | $ | 21,460 | (c) | 36,216 | 55,419 | (19,203 | ) | |||||||||||||
| 4.000(e) |
6M CDOR(a) | 06/28/26 | CAD | 11,717 | (c) | (3,340 | ) | 9,423 | (12,763 | ) | ||||||||||||
| 3.000(b) |
6M EURO(b) | 06/28/26 | EUR | 5,114 | (c) | (6,197 | ) | 2,924 | (9,121 | ) | ||||||||||||
| 6M AUDOR(b) |
3.750 (a) | 06/29/26 | AUD | 2,870 | (c) | (3,154 | ) | (6,937 | ) | 3,783 | ||||||||||||
| 1M BID Average(a) |
13.030 (b) | 01/04/27 | BRL | 13,000 | 150,716 | 9,007 | 141,709 | |||||||||||||||
| 11.230(a) |
1M BID Average(a) | 01/04/27 | 27,620 | (29,753 | ) | 43,944 | (73,697 | ) | ||||||||||||||
| 10.286(a) |
1M BID Average(b) | 01/04/27 | 26,920 | 11,835 | — | 11,835 | ||||||||||||||||
| 1M BID Average(e) |
8.495 (e) | 01/04/27 | 6,710 | (114,279 | ) | (110,933 | ) | (3,346 | ) | |||||||||||||
| 3.490(f) |
12M SOFR(f) | 05/28/27 | $ | 10 | (28 | ) | (23 | ) | (5 | ) | ||||||||||||
| 3.000(b) |
6M EURO(b) | 06/19/27 | EUR | 2,980 | (c) | (21,707 | ) | (13,003 | ) | (8,704 | ) | |||||||||||
| 12M SOFR(d) |
3.350 (d) | 10/06/27 | $ | 226,570 | (c) | (1,286,305 | ) | (353,552 | ) | (932,753 | ) | |||||||||||
| 6M EURO(b) |
3.000 (b) | 10/20/27 | EUR | 50,420 | (c) | 613,795 | (977,858 | ) | 1,591,653 | |||||||||||||
| 12M SOFR(d) |
3.730 (d) | 11/28/27 | $ | 21,680 | (c) | 35,365 | 88,913 | (53,548 | ) | |||||||||||||
| 6M EURO(b) |
2.673 (b) | 04/22/28 | EUR | 95,650 | (c) | 1,304,481 | 222,119 | 1,082,362 | ||||||||||||||
| 2.852(b) |
3M EURO(b) | 04/22/28 | 95,650 | (c) | (1,375,126 | ) | (184,555 | ) | (1,190,571 | ) | ||||||||||||
| 3.975(e) |
12M SOFR(e) | 08/31/28 | $ | 142,930 | (c) | (13,607 | ) | (36,572 | ) | 22,965 | ||||||||||||
| 12M SOFR(d) |
3.696 (d) | 09/22/28 | 188,840 | (c) | 449,798 | (432,374 | ) | 882,172 | ||||||||||||||
| 1.250(b) |
6M EURO(b) | 12/19/28 | EUR | 2,630 | 200,009 | (37,713 | ) | 237,722 | ||||||||||||||
| 11.500(a) |
1M BID Average(b) | 01/02/29 | BRL | 30,290 | (164,220 | ) | (111,487 | ) | (52,733 | ) | ||||||||||||
| 10.250(a) |
1M BID Average(b) | 01/02/29 | 6,840 | 12,343 | (5,102 | ) | 17,445 | |||||||||||||||
| 6M EURO(b) |
2.470 (b) | 04/12/29 | EUR | 40,210 | (c) | 146,739 | 19,095 | 127,644 | ||||||||||||||
| 8.500(a) |
Mexico Interbank TIIE 28 Days(b) | 06/13/29 | MXN | 209,320 | (c) | 91,720 | 709 | 91,011 | ||||||||||||||
| 3M KWCDC(b) |
3.250 (e) | 06/19/29 | KRW | 7,847,220 | (c) | 3,417 | (9,994 | ) | 13,411 | |||||||||||||
| 6M GBP(d) |
3.750 (d) | 06/19/29 | GBP | 2,660 | (c) | 5,123 | (10,374 | ) | 15,497 | |||||||||||||
| 2.000(b) |
3M CNRR(a) | 06/19/29 | CNY | 94,040 | (c) | 64,443 | 79,598 | (15,155 | ) | |||||||||||||
| 3M NIBOR(b) |
4.000 (b) | 06/19/29 | NOK | 467,240 | (c) | 381,320 | 427,606 | (46,286 | ) | |||||||||||||
| 6M AUDOR(b) |
4.250 (a) | 06/19/29 | AUD | 18,480 | (c) | 154,227 | 129,814 | 24,413 | ||||||||||||||
| 3.500(e) |
6M CDOR(a) | 06/19/29 | CAD | 20,890 | (c) | (35,217 | ) | (132,446 | ) | 97,229 | ||||||||||||
| 1.250(e) |
6M CHFOR(e) | 06/19/29 | CHF | 20,960 | (c) | (251,209 | ) | (231,823 | ) | (19,386 | ) | |||||||||||
| 0.500(e) |
6M JYOR(e) | 06/19/29 | JPY | 37,570,000 | (c) | 578,764 | 414,845 | 163,919 | ||||||||||||||
| 3M JIBAR(b) |
8.500 (a) | 06/19/29 | ZAR | 9,700 | (c) | (3,469 | ) | (2,647 | ) | (822 | ) | |||||||||||
| 12M SOFR(d) |
3.750 (d) | 06/20/29 | $ | 60,960 | (c) | (409,279 | ) | (521,055 | ) | 111,776 | ||||||||||||
| 2.680(d) |
12M SOFR(d) | 07/28/32 | 52,460 | (c) | 1,925,749 | 247,142 | 1,678,607 | |||||||||||||||
| 1.250(d) |
12M JYOR(d) | 08/03/33 | JPY | 3,793,000 | (c) | (169,715 | ) | (208,372 | ) | 38,657 | ||||||||||||
| 12M SOFR(d) |
4.306 (d) | 10/05/33 | $ | 44,130 | (c) | 1,111,666 | (288,501 | ) | 1,400,167 | |||||||||||||
| 6M EURO(b) |
3.000 (b) | 11/10/33 | EUR | 60,980 | (c) | 1,483,210 | 393,704 | 1,089,506 | ||||||||||||||
| 12M SOFR(d) |
3.849 (d) | 11/15/33 | $ | 48,090 | (c) | 168,497 | 45,655 | 122,842 | ||||||||||||||
| 6M EURO(b) |
2.370 (b) | 01/19/34 | EUR | 72,760 | (c) | 516,024 | (66,013 | ) | 582,037 | |||||||||||||
| 2.535(b) |
6M EURO(b) | 01/19/34 | 72,760 | (c) | (636,070 | ) | 73,020 | (709,090 | ) | |||||||||||||
| 8.500(a) |
Mexico Interbank TIIE 28 Days(b) | 06/07/34 | MXN | 27,800 | (c) | 18,566 | 2,173 | 16,393 | ||||||||||||||
| 6M CHFOR(b) |
1.250 (b) | 06/19/34 | CHF | 8,640 | (c) | 95,817 | 44,629 | 51,188 | ||||||||||||||
| 6M EURO(b) |
3.000 (b) | 06/19/34 | EUR | 6,980 | (c) | 404,101 | 360,191 | 43,910 | ||||||||||||||
| 134 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
|
|
| 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) |
||||||||||||||||||||
|
|
||||||||||||||||||||||||||
| 6M EURO(b) |
3.000 %(b) | 06/19/34 | EUR | 32,800 | (c) | $ | 1,408,996 | $ | 1,109,860 | $ | 299,136 | |||||||||||||||
| 3M KWCDC(a) |
3.250 (b) | 06/19/34 | KRW | 4,103,210 | (c) | 766 | (15,463 | ) | 16,229 | |||||||||||||||||
| 6M CDOR(b) |
3.500 (a) | 06/19/34 | CAD | 11,500 | (c) | 40,288 | 116,176 | (75,888 | ) | |||||||||||||||||
| 6M GBP(d) |
3.750 (d) | 06/19/34 | GBP | 1,530 | (c) | 20,711 | 9,746 | 10,965 | ||||||||||||||||||
| 2.750%(b) |
3M STIBOR(b) | 06/19/34 | SEK | 97,240 | (c) | (105,978 | ) | (195,011 | ) | 89,033 | ||||||||||||||||
| 6M AUDOR(b) |
4.500 (a) | 06/19/34 | AUD | 18,210 | (c) | 272,085 | 200,405 | 71,680 | ||||||||||||||||||
| 3M NZDOR(b) |
4.500 (b) | 06/19/34 | NZD | 4,490 | (c) | 35,037 | 13,779 | 21,258 | ||||||||||||||||||
| 6M WIBOR(b) |
4.750 (b) | 06/19/34 | PLN | 17,240 | (c) | (63,139 | ) | (30,110 | ) | (33,029 | ) | |||||||||||||||
| 1.000(e) |
6M JYOR(e) | 06/19/34 | JPY | 1,887,000 | (c) | (146,700 | ) | (149,754 | ) | 3,054 | ||||||||||||||||
| 4.000(b) |
6M NIBOR(b) | 06/19/34 | NOK | 68,500 | (c) | (181,468 | ) | (190,214 | ) | 8,746 | ||||||||||||||||
| 3M JIBAR(b) |
9.750 (a) | 06/19/34 | ZAR | 34,920 | (c) | (13,822 | ) | 26,765 | (40,587 | ) | ||||||||||||||||
| 3.750(e) |
12M SOFR(e) | 06/20/34 | $ | 5,840 | (c) | 22,061 | 16,642 | 5,419 | ||||||||||||||||||
| 3.240(f) |
12M SOFR(f) | 10/06/35 | 53,770 | (c) | 1,771,829 | (561,085 | ) | 2,332,914 | ||||||||||||||||||
| 3.781(f) |
12M SOFR(f) | 09/22/36 | 42,590 | (c) | (370,593 | ) | 657,657 | (1,028,250 | ) | |||||||||||||||||
| 12M SOFR(b) |
2.910 (b) | 07/28/37 | 133,650 | (c) | (3,894,789 | ) | (1,116,306 | ) | (2,778,483 | ) | ||||||||||||||||
| 6M EURO(b) |
2.152 (b) | 08/09/37 | EUR | 64,760 | (c) | (1,303,887 | ) | (2,534,176 | ) | 1,230,289 | ||||||||||||||||
| 12M SOFR(d) |
3.391 (d) | 05/10/38 | $ | 146,040 | (c) | (1,996,893 | ) | (1,464,540 | ) | (532,353 | ) | |||||||||||||||
| 6M JYOR(b) |
1.500 (b) | 08/03/38 | JPY | 4,111,000 | (c) | (172,785 | ) | (312,755 | ) | 139,970 | ||||||||||||||||
| 6M EURO(b) |
3.000 (b) | 01/25/39 | EUR | 31,130 | (c) | 424,015 | 104,680 | 319,335 | ||||||||||||||||||
| 1.451(b) |
6M EURO(b) | 08/10/42 | 165,670 | (c) | 5,821,015 | 4,288,496 | 1,532,519 | |||||||||||||||||||
| 2.500(b) |
6M EURO(b) | 01/25/44 | 74,430 | (c) | (556,864 | ) | (85,326 | ) | (471,538 | ) | ||||||||||||||||
| 3.000(b) |
6M EURO(b) | 06/19/44 | 550 | (c) | (45,458 | ) | (34,737 | ) | (10,721 | ) | ||||||||||||||||
| 2.080(d) |
12M SOFR(d) | 07/28/47 | $ | 123,820 | (c) | 3,506,917 | 1,346,123 | 2,160,794 | ||||||||||||||||||
| 6M EURO(b) |
1.051 (b) | 08/11/47 | EUR | 96,990 | (c) | (2,756,418 | ) | (1,901,700 | ) | (854,718 | ) | |||||||||||||||
| 6M EURO(b) |
2.000 (b) | 01/25/49 | 44,350 | (c) | 225,455 | (8,552 | ) | 234,007 | ||||||||||||||||||
| 2.564(f) |
12M SOFR(f) | 05/11/53 | $ | 129,690 | (c) | 2,692,689 | 1,191,126 | 1,501,563 | ||||||||||||||||||
| 2.000(b) |
6M EURO(b) | 05/17/53 | EUR | 15,000 | (c) | (29,739 | ) | (8,987 | ) | (20,752 | ) | |||||||||||||||
| 2.500(b) |
6M EURO(b) | 11/10/53 | 32,780 | (c) | (1,712,642 | ) | (1,111,094 | ) | (601,548 | ) | ||||||||||||||||
| 3.613(e) |
12M SOFR(e) | 11/15/53 | $ | 28,730 | (c) | (649,994 | ) | (267,099 | ) | (382,895 | ) | |||||||||||||||
| 3.512(e) |
12M SOFR(e) | 11/29/53 | 7,370 | (c) | (117,900 | ) | (144,667 | ) | 26,767 | |||||||||||||||||
| 2.750(b) |
6M EURO(b) | 06/19/54 | EUR | 14,080 | (c) | (1,441,116 | ) | (1,109,150 | ) | (331,966 | ) | |||||||||||||||
|
|
||||||||||||||||||||||||||
| TOTAL |
$ | 7,933,319 | $ | (32,575 | ) | $ | 7,965,894 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||
| (a) | Payments made semi-annually. |
| (b) | Payments made annually. |
| (c) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (d) | Payments made monthly. |
| (e) | Payments made quarterly. |
| (f) | Payments made at maturity. |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
| Reference Obligation/ Index |
Financing Rate Received/(Paid) by the Fund(a) |
Credit at March 31, |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||||
| CMBX.NA.BBB.17 |
3.000% | 4.968% | JPMorgan Securities, Inc. |
12/15/56 | $ | 10,500 | $ | (1,258,606 | ) | $ | (1,352,294 | ) | $ 93,688 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 135 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)
| Reference Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| CMBX.NA.AAA.16 |
0.500% | 0.714% | MS & Co. Int. PLC | 04/17/65 | $ | 13,100 | $ (180,811) | $ (248,201) | $ 67,390 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| TOTAL |
$(1,439,417) | $(1,600,495) | $161,078 | |||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| (a) | Payments made monthly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||||||
| CDX.NA.HY Index 39 |
5.000% | 2.723% | 12/20/27 | $ | 21,750 | $ | 1,637,672 | $ | 1,594,225 | $ 43,447 | ||||||||||||||||||
| CDX.NA.IG Index 40 |
1.000 | 0.403 | 06/20/28 | 26,349 | 613,831 | 360,879 | 252,952 | |||||||||||||||||||||
| Republic of Chile, 3.240%, 02/06/28 |
1.000 | 0.496 | 12/20/28 | 6,530 | 142,944 | 111,048 | 31,896 | |||||||||||||||||||||
| Republic of Indonesia, 2.15%, 7/28/31 |
1.000 | 0.732 | 06/20/29 | 6,570 | 83,339 | 79,401 | 3,938 | |||||||||||||||||||||
| Republic of Peru, 8.750%, 11/21/33 |
1.000 | 0.662 | 06/20/29 | 4,180 | 67,258 | 67,605 | (347 | ) | ||||||||||||||||||||
| Republic of Peru, 8.750%, 11/21/33 |
1.000 | 0.600 | 12/20/28 | 2,350 | 41,334 | 16,998 | 24,336 | |||||||||||||||||||||
| Republic of the Philippines, 9.500%, 02/02/30 |
1.000 | 0.630 | 06/20/29 | 6,510 | 113,745 | 116,028 | (2,283 | ) | ||||||||||||||||||||
| United Mexican States, 4.150%, 03/28/27 |
1.000 | 0.921 | 06/20/29 | 6,590 | 26,471 | 21,120 | 5,351 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL |
$ | 2,726,594 | $ | 2,367,304 | $359,290 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Payments made quarterly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Fund had the following purchased and written options:
OVER-THE-COUNTER INTEREST RATE SWAPTIONS
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.550 | % | 04/22/2024 | 112,910,000 | $ 112,910,000 | $ 357,770 | $ 301,278 | $ 56,492 | |||||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.520 | 04/30/2024 | 56,700,000 | 56,700,000 | 188,470 | 151,176 | 37,294 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts |
|
169,610,000 | $ 169,610,000 | $ 546,240 | $ 452,454 | $ 93,786 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 136 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
|
|
| ADDITIONAL INVESTMENT INFORMATION (continued) |
OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | % | 04/15/2024 | (12,630,000 | ) | $ | (12,630,000 | ) | $ | (153,194 | ) | $ (97,099 | ) | $ (56,095 | ) | ||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (12,690,000 | ) | (12,690,000 | ) | (140,945 | ) | (93,243 | ) | (47,702 | ) | |||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (12,640,000 | ) | (12,640,000 | ) | (62,374 | ) | (107,652 | ) | 45,278 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (13,510,000 | ) | (13,510,000 | ) | (140,437 | ) | (121,928 | ) | (18,509 | ) | |||||||||||||||||
| 2M IRS |
Citibank NA | 2.577 | 04/29/2024 | (12,660,000 | ) | (12,660,000 | ) | (100,179 | ) | (94,411 | ) | (5,768 | ) | |||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (13,680,000 | ) | (13,680,000 | ) | (1,101 | ) | (110,124 | ) | 109,023 | ||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (13,460,000 | ) | (13,460,000 | ) | (15,879 | ) | (133,254 | ) | 117,375 | ||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (13,400,000 | ) | (13,400,000 | ) | (126,965 | ) | (123,950 | ) | (3,015 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (104,670,000 | ) | $ | (104,670,000 | ) | $ | (741,074 | ) | $ (881,661 | ) | $140,587 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.723 | 04/22/2024 | (112,910,000 | ) | (112,910,000 | ) | (161,406 | ) | (188,299 | ) | 26,893 | ||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.896 | 04/22/2024 | (112,910,000 | ) | (112,910,000 | ) | (40,045 | ) | (112,979 | ) | 72,934 | ||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.682 | 04/15/2024 | (12,630,000 | ) | (12,630,000 | ) | (21,870 | ) | (97,099 | ) | 75,229 | ||||||||||||||||||
| 1M IRS |
BofA Securities LLC | 2.651 | 04/22/2024 | (12,690,000 | ) | (12,690,000 | ) | (42,194 | ) | (93,243 | ) | 51,049 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 2.600 | 04/08/2024 | (12,640,000 | ) | (12,640,000 | ) | (32,492 | ) | (107,652 | ) | 75,160 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 3.896 | 04/22/2024 | (13,510,000 | ) | (13,510,000 | ) | (63,852 | ) | (121,928 | ) | 58,076 | ||||||||||||||||||
| 2M IRS |
Citibank NA | 2.577 | 04/29/2024 | (12,660,000 | ) | (12,660,000 | ) | (85,226 | ) | (94,411 | ) | 9,185 | ||||||||||||||||||
| 1M IRS |
Deutsche Bank AG (London) | 3.805 | 04/29/2024 | (13,680,000 | ) | (13,680,000 | ) | (1,101 | ) | (110,124 | ) | 109,023 | ||||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.718 | 04/08/2024 | (13,460,000 | ) | (13,460,000 | ) | (144,706 | ) | (133,254 | ) | (11,452 | ) | |||||||||||||||||
| 2M IRS |
MS & Co. Int. PLC | 3.902 | 04/15/2024 | (13,400,000 | ) | (13,400,000 | ) | (48,586 | ) | (123,950 | ) | 75,364 | ||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.860 | 04/30/2024 | (56,700,000 | ) | (56,700,000 | ) | (31,331 | ) | (57,591 | ) | 26,260 | ||||||||||||||||||
| 3M IRS |
UBS AG (London) | 4.690 | 04/30/2024 | (56,700,000 | ) | (56,700,000 | ) | (94,278 | ) | (93,586 | ) | (692 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (443,890,000 | ) | $ | (443,890,000 | ) | $ | (767,087 | ) | $(1,334,116 | ) | $567,029 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts |
|
(548,560,000 | ) | $ | (548,560,000 | ) | $ | (1,508,161 | ) | $(2,215,777 | ) | $707,616 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL |
|
(378,950,000 | ) | $ | (378,950,000 | ) | $ | (961,921 | ) | $(1,763,323 | ) | $801,402 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY
| Description | Counterparty | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts Calls |
||||||||||||||||||||||||||||||
| Call USD/Put ZAR |
Barclays Bank PLC | $ 19.480 | 04/02/2024 | 5,343,000 | $ 5,343,000 | $ 27 | $ 55,460 | $ (55,433 | ) | |||||||||||||||||||||
| Call EUR/Put USD |
BNP Paribas SA | 1.089 | 08/02/2024 | 2,449,000 | 2,449,000 | 29,454 | 49,168 | (19,714 | ) | |||||||||||||||||||||
| Call USD/Put NOK |
Citibank NA | 10.975 | 04/24/2024 | 21,802,500 | 21,802,500 | 103,300 | 104,652 | (1,352 | ) | |||||||||||||||||||||
| Call USD/Put ZAR |
Citibank NA | 20.860 | 09/04/2024 | 42,682,000 | 42,682,000 | 528,531 | 637,349 | (108,818 | ) | |||||||||||||||||||||
| Call USD/Put ZAR |
Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 19.350 | 05/08/2024 | 10,912,000 | 10,912,000 | 83,892 | 103,140 | (19,248 | ) | ||||||||||||||||||||||
| Call USD/Put NOK |
HSBC Bank PLC | 11.033 | 05/29/2024 | 21,850,000 | 21,850,000 | 176,482 | 140,277 | 36,205 | ||||||||||||||||||||||
| Call USD/Put HUF |
JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 367.400 | 04/11/2024 | 10,640,000 | 10,640,000 | 39,496 | 57,882 | (18,386 | ) | ||||||||||||||||||||||
| Call USD/Put ZAR |
JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 18.950 | 04/10/2024 | 10,878,000 | 10,878,000 | 66,247 | 94,220 | (27,973 | ) | ||||||||||||||||||||||
| Call EUR/Put USD |
MS & Co. Int. PLC | 1.101 | 07/22/2024 | 4,882,000 | 4,882,000 | 30,137 | 80,792 | (50,655 | ) | |||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 137 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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 by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Call USD/Put HUF |
MS & Co. Int. PLC | $ 367.400 | 04/11/2024 | 10,640,000 | $ 10,640,000 | $ 39,496 | $ 134,809 | $ (95,313 | ) | |||||||||||||||||||||
| Call USD/Put HUF |
MS & Co. Int. PLC | 369.000 | 05/09/2024 | 21,238,000 | 21,238,000 | 173,408 | 277,581 | (104,173 | ) | |||||||||||||||||||||
| Call USD/Put HUF |
MS & Co. Int. PLC | 371.600 | 05/30/2024 | 21,863,000 | 21,863,000 | 253,283 | 253,283 | — | ||||||||||||||||||||||
| Call EUR/Put USD |
UBS AG (London) | 1.106 | 07/15/2024 | 4,850,000 | 4,850,000 | 21,270 | 79,119 | (57,849 | ) | |||||||||||||||||||||
| Call USD/Put COP |
UBS AG (London) | 4,232.000 | 05/08/2024 | 2,552,000 | 2,552,000 | 1,802 | 117,137 | (115,335 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 192,581,500 | $ 192,581,500 | $ 1,546,825 | $ 2,184,869 | $ (638,044 | ) | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Put AUD/Call USD |
Barclays Bank PLC | 0.621 | 09/24/2024 | 41,484,000 | 41,484,000 | 192,367 | 216,132 | (23,765 | ) | |||||||||||||||||||||
| Put NZD/Call USD |
Barclays Bank PLC | 0.603 | 04/02/2024 | 35,678,667 | 35,678,667 | 160,255 | 90,857 | 69,398 | ||||||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.087 | 05/17/2024 | 32,048,000 | 32,048,000 | 363,314 | 208,082 | 155,232 | ||||||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.089 | 08/02/2024 | 2,449,000 | 2,449,000 | 38,369 | 49,168 | (10,799 | ) | |||||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.061 | 09/16/2024 | 29,922,000 | 29,922,000 | 222,967 | 156,227 | 66,740 | ||||||||||||||||||||||
| Put GBP/Call USD |
BNP Paribas SA | 1.264 | 04/18/2024 | 34,100,000 | 34,100,000 | 254,233 | 219,070 | 35,163 | ||||||||||||||||||||||
| Put GBP/Call USD |
BNP Paribas SA | 1.255 | 05/30/2024 | 34,622,000 | 34,622,000 | 315,064 | 332,062 | (16,998 | ) | |||||||||||||||||||||
| Put AUD/Call USD |
BofA | |||||||||||||||||||||||||||||
| Securities LLC | 0.622 | 09/25/2024 | 41,891,000 | 41,891,000 | 203,481 | 213,914 | (10,433 | ) | ||||||||||||||||||||||
| Put EUR/Call USD |
BofA | |||||||||||||||||||||||||||||
| Securities LLC | 1.067 | 04/11/2024 | 14,823,000 | 14,823,000 | 10,699 | 113,742 | (103,043 | ) | ||||||||||||||||||||||
| Put GBP/Call USD |
BofA | |||||||||||||||||||||||||||||
| Securities LLC | 1.266 | 04/04/2024 | 12,714,000 | 12,714,000 | 65,199 | 72,733 | (7,534 | ) | ||||||||||||||||||||||
| Put NZD/Call USD |
BofA | |||||||||||||||||||||||||||||
| Securities LLC | 0.595 | 05/03/2024 | 26,007,000 | 26,007,000 | 117,622 | 174,682 | (57,060 | ) | ||||||||||||||||||||||
| Put NZD/Call USD |
Citibank NA | 0.610 | 05/20/2024 | 51,888,000 | 51,888,000 | 747,422 | 352,340 | 395,082 | ||||||||||||||||||||||
| Put EUR/Call USD |
Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 1.090 | 04/29/2024 | 19,911,000 | 19,911,000 | 238,396 | 130,877 | 107,519 | |||||||||||||||||||||||
| Put EUR/Call USD |
HSBC Bank PLC | 1.074 | 05/17/2024 | 15,854,000 | 15,854,000 | 83,673 | 143,008 | (59,335 | ) | |||||||||||||||||||||
| Put GBP/Call USD |
HSBC Bank PLC | 1.276 | 04/04/2024 | 25,412,000 | 25,412,000 | 351,977 | 161,404 | 190,573 | ||||||||||||||||||||||
| Put NZD/Call USD |
JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 0.597 | 05/20/2024 | 53,518,000 | 53,518,000 | 349,735 | 271,371 | 78,364 | |||||||||||||||||||||||
| Put EUR/Call USD |
MS & Co. Int. PLC | 1.101 | 07/22/2024 | 4,882,000 | 4,882,000 | 110,822 | 80,792 | 30,030 | ||||||||||||||||||||||
| Put GBP/Call USD |
MS & Co. Int. PLC | 1.264 | 04/18/2024 | 25,655,000 | 25,655,000 | 191,271 | 155,769 | 35,502 | ||||||||||||||||||||||
| Put AUD/Call USD |
UBS AG (London) | 0.623 | 09/30/2024 | 41,741,000 | 41,741,000 | 215,537 | 207,263 | 8,274 | ||||||||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.060 | 04/03/2024 | 15,190,607 | 15,190,607 | 16 | 345,483 | (345,467 | ) | |||||||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.089 | 06/12/2024 | 40,036,000 | 40,036,000 | 542,977 | 329,035 | 213,942 | ||||||||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.106 | 07/15/2024 | 4,850,000 | 4,850,000 | 126,892 | 79,119 | 47,773 | ||||||||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.058 | 09/17/2024 | 29,952,000 | 29,952,000 | 204,417 | 158,515 | 45,902 | ||||||||||||||||||||||
| Put NZD/Call USD |
UBS AG (London) | 0.611 | 04/11/2024 | 53,202,000 | 53,202,000 | 676,396 | 211,432 | 464,964 | ||||||||||||||||||||||
| Put NZD/Call USD |
UBS AG (London) | 0.600 | 04/18/2024 | 53,518,000 | 53,518,000 | 274,596 | 192,471 | 82,125 | ||||||||||||||||||||||
| Put NZD/Call USD |
UBS AG (London) | 0.594 | 05/01/2024 | 54,658,000 | 54,658,000 | 206,676 | 219,444 | (12,768 | ) | |||||||||||||||||||||
| Put USD/Call COP |
UBS AG (London) | 4,232.000 | 05/08/2024 | 2,552,000 | 2,552,000 | 230,770 | 117,137 | 113,633 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 798,558,274 | $ 798,558,274 | $ 6,495,143 | $ 5,002,129 | $ 1,493,014 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts |
991,139,774 | $ 991,139,774 | $ 8,041,968 | $ 7,186,998 | $ 854,970 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts Calls |
||||||||||||||||||||||||||||||
| Call AUD/Put NZD |
Barclays Bank PLC | 1.088 | 04/30/2024 | (13,355,000 | ) | (13,355,000 | ) | (53,479 | ) | (40,486 | ) | (12,993 | ) | |||||||||||||||||
| Call EUR/Put CZK |
Barclays Bank PLC | 25.385 | 04/09/2024 | (1,981,000 | ) | (1,981,000 | ) | (1,983 | ) | (10,702 | ) | 8,719 | ||||||||||||||||||
| Call EUR/Put SEK |
Barclays Bank PLC | 11.190 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (123,299 | ) | (28,517 | ) | (94,782 | ) | |||||||||||||||||
| Call EUR/Put SEK |
Barclays Bank PLC | 11.175 | 04/12/2024 | (4,004,000 | ) | (4,004,000 | ) | (130,153 | ) | (43,907 | ) | (86,246 | ) | |||||||||||||||||
| 138 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
|
|
| 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 by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Call USD/Put SGD |
Barclays Bank PLC | $ 1.342 | 04/04/2024 | (4,268,000 | ) | $ (4,268,000 | ) | $ (24,613 | ) | $ (15,557 | ) | $ (9,056 | ) | |||||||||||||||||
| Call AUD/Put NZD |
BNP Paribas SA | 1.071 | 04/04/2024 | (6,620,000 | ) | (6,620,000 | ) | (76,167 | ) | (19,233 | ) | (56,934 | ) | |||||||||||||||||
| Call EUR/Put CZK |
BNP Paribas SA | 25.340 | 04/03/2024 | (1,977,000 | ) | (1,977,000 | ) | (1,000 | ) | (11,281 | ) | 10,281 | ||||||||||||||||||
| Call EUR/Put GBP |
BNP Paribas SA | 0.856 | 05/01/2024 | (8,082,000 | ) | (8,082,000 | ) | (35,697 | ) | (37,362 | ) | 1,665 | ||||||||||||||||||
| Call AUD/Put NZD |
BofA Securities LLC | 1.088 | 04/23/2024 | (13,364,000 | ) | (13,364,000 | ) | (46,130 | ) | (40,912 | ) | (5,218 | ) | |||||||||||||||||
| Call EUR/Put CZK |
BofA Securities LLC | 25.290 | 04/23/2024 | (4,019,000 | ) | (4,019,000 | ) | (15,830 | ) | (20,616 | ) | 4,786 | ||||||||||||||||||
| Call EUR/Put CZK |
BofA Securities LLC | 25.310 | 04/29/2024 | (4,031,000 | ) | (4,031,000 | ) | (17,087 | ) | (20,481 | ) | 3,394 | ||||||||||||||||||
| Call EUR/Put PLN |
BofA Securities LLC | 4.322 | 04/04/2024 | (3,940,000 | ) | (3,940,000 | ) | (1,050 | ) | (16,614 | ) | 15,564 | ||||||||||||||||||
| Call USD/Put SGD |
BofA Securities LLC | 1.336 | 04/18/2024 | (8,689,000 | ) | (8,689,000 | ) | (86,847 | ) | (34,452 | ) | (52,395 | ) | |||||||||||||||||
| Call EUR/Put GBP |
Citibank NA | 0.855 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (8,686 | ) | (18,845 | ) | 10,159 | ||||||||||||||||||
| Call EUR/Put PLN |
Citibank NA | 4.320 | 04/18/2024 | (3,989,000 | ) | (3,989,000 | ) | (8,224 | ) | (23,579 | ) | 15,355 | ||||||||||||||||||
| Call EUR/Put SEK |
Citibank NA | 11.190 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (123,299 | ) | (25,541 | ) | (97,758 | ) | |||||||||||||||||
| Call USD/Put NOK |
Citibank NA | 10.750 | 04/24/2024 | (10,901,500 | ) | (10,901,500 | ) | (151,553 | ) | (126,457 | ) | (25,096 | ) | |||||||||||||||||
| Call USD/Put ZAR |
Citibank NA | 19.270 | 09/04/2024 | (21,342,000 | ) | (21,342,000 | ) | (721,146 | ) | (797,487 | ) | 76,341 | ||||||||||||||||||
| Call EUR/Put CHF |
Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 0.955 | 04/04/2024 | (3,939,000 | ) | (3,939,000 | ) | (80,368 | ) | (25,269 | ) | (55,099 | ) | ||||||||||||||||||
| Call EUR/Put GBP |
Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 0.857 | 04/03/2024 | (3,954,000 | ) | (3,954,000 | ) | (1,565 | ) | (18,383 | ) | 16,818 | |||||||||||||||||||
| Call EUR/Put PLN |
Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 4.310 | 04/26/2024 | (4,032,000 | ) | (4,032,000 | ) | (15,120 | ) | (22,647 | ) | 7,527 | |||||||||||||||||||
| Call USD/Put ZAR |
Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 18.950 | 04/10/2024 | (10,878,000 | ) | (10,878,000 | ) | (66,247 | ) | (102,460 | ) | 36,213 | |||||||||||||||||||
| Call USD/Put NOK |
HSBC Bank PLC | 10.720 | 05/29/2024 | (10,925,000 | ) | (10,925,000 | ) | (221,657 | ) | (176,603 | ) | (45,054 | ) | |||||||||||||||||
| Call EUR/Put CHF |
JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 0.959 | 04/17/2024 | (7,987,000 | ) | (7,987,000 | ) | (121,540 | ) | (46,792 | ) | (74,748 | ) | ||||||||||||||||||
| Call USD/Put ZAR |
JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 19.480 | 04/02/2024 | (5,343,000 | ) | (5,343,000 | ) | (27 | ) | (10,082 | ) | 10,055 | |||||||||||||||||||
| Call AUD/Put NZD |
MS & Co. Int. PLC | 1.079 | 04/18/2024 | (13,237,000 | ) | (13,237,000 | ) | (98,206 | ) | (43,841 | ) | (54,365 | ) | |||||||||||||||||
| Call EUR/Put CHF |
MS & Co. Int. PLC | 0.972 | 04/23/2024 | (8,038,000 | ) | (8,038,000 | ) | (40,497 | ) | (45,901 | ) | 5,404 | ||||||||||||||||||
| Call EUR/Put GBP |
MS & Co. Int. PLC | 0.859 | 04/24/2024 | (8,026,000 | ) | (8,026,000 | ) | (19,941 | ) | (40,717 | ) | 20,776 | ||||||||||||||||||
| Call EUR/Put SEK |
MS & Co. Int. PLC | 11.233 | 04/16/2024 | (7,979,000 | ) | (7,979,000 | ) | (216,917 | ) | (53,009 | ) | (163,908 | ) | |||||||||||||||||
| Call USD/Put HUF |
MS & Co. Int. PLC | 367.400 | 04/11/2024 | (21,280,000 | ) | (21,280,000 | ) | (135,447 | ) | (135,447 | ) | — | ||||||||||||||||||
| Call USD/Put SGD |
MS & Co. Int. PLC | 1.343 | 04/25/2024 | (8,740,000 | ) | (8,740,000 | ) | (51,330 | ) | (37,407 | ) | (13,923 | ) | |||||||||||||||||
| Call EUR/Put CHF |
UBS AG (London) | 0.958 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (65,044 | ) | (25,264 | ) | (39,780 | ) | |||||||||||||||||
| Call EUR/Put PLN |
UBS AG (London) | 4.280 | 04/11/2024 | (3,982,000 | ) | (3,982,000 | ) | (21,007 | ) | (22,839 | ) | 1,832 | ||||||||||||||||||
| Call EUR/Put SEK |
UBS AG (London) | 11.182 | 04/03/2024 | (3,954,000 | ) | (3,954,000 | ) | (126,105 | ) | (28,303 | ) | (97,802 | ) | |||||||||||||||||
| Call EUR/Put SEK |
UBS AG (London) | 11.175 | 04/12/2024 | (4,004,000 | ) | (4,004,000 | ) | (130,153 | ) | (27,910 | ) | (102,243 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (252,708,500 | ) | $(252,708,500 | ) | $(3,037,414 | ) | $(2,194,903 | ) | $ (842,511 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Put AUD/Call NZD |
Barclays Bank PLC | 1.088 | 04/30/2024 | (13,355,000 | ) | (13,355,000 | ) | (29,842 | ) | (40,486 | ) | 10,644 | ||||||||||||||||||
| Put AUD/Call USD |
Barclays Bank PLC | 0.647 | 09/24/2024 | (16,594,000 | ) | (16,594,000 | ) | (193,637 | ) | (206,411 | ) | 12,774 | ||||||||||||||||||
| Put EUR/Call CZK |
Barclays Bank PLC | 25.385 | 04/09/2024 | (1,981,000 | ) | (1,981,000 | ) | (13,918 | ) | (10,702 | ) | (3,216 | ) | |||||||||||||||||
| Put EUR/Call SEK |
Barclays Bank PLC | 11.190 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (4 | ) | (28,517 | ) | 28,513 | ||||||||||||||||||
| Put EUR/Call SEK |
Barclays Bank PLC | 11.175 | 04/12/2024 | (4,004,000 | ) | (4,004,000 | ) | (30 | ) | (11,860 | ) | 11,830 | ||||||||||||||||||
| Put USD/Call SGD |
Barclays Bank PLC | 1.342 | 04/04/2024 | (4,268,000 | ) | (4,268,000 | ) | (832 | ) | (15,557 | ) | 14,725 | ||||||||||||||||||
| Put AUD/Call NZD |
BNP Paribas SA | 1.071 | 04/04/2024 | (6,620,000 | ) | (6,620,000 | ) | — | (19,233 | ) | 19,233 | |||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 139 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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 by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Put EUR/Call CZK |
BNP Paribas SA | $ 25.340 | 04/03/2024 | (1,977,000 | ) | $ (1,977,000 | ) | $ (9,730 | ) | $ (11,281 | ) | $ 1,551 | ||||||||||||||||||
| Put EUR/Call GBP |
BNP Paribas SA | 0.856 | 05/01/2024 | (8,082,000 | ) | (8,082,000 | ) | (36,935 | ) | (37,362 | ) | 427 | ||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.067 | 04/11/2024 | (14,823,000 | ) | (14,823,000 | ) | (10,699 | ) | (33,366 | ) | 22,667 | ||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.074 | 05/17/2024 | (15,854,000 | ) | (15,854,000 | ) | (83,673 | ) | (57,926 | ) | (25,747 | ) | |||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.089 | 09/16/2024 | (9,974,000 | ) | (9,974,000 | ) | (169,725 | ) | (125,073 | ) | (44,652 | ) | |||||||||||||||||
| Put GBP/Call USD |
BNP Paribas SA | 1.276 | 04/04/2024 | (25,412,000 | ) | (25,412,000 | ) | (351,977 | ) | (263,472 | ) | (88,505 | ) | |||||||||||||||||
| Put GBP/Call USD |
BNP Paribas SA | 1.264 | 04/18/2024 | (34,100,000 | ) | (34,100,000 | ) | (254,233 | ) | (271,105 | ) | 16,872 | ||||||||||||||||||
| Put AUD/Call NZD |
BofA Securities LLC |
1.088 | 04/23/2024 | (13,364,000 | ) | (13,364,000 | ) | (27,894 | ) | (40,912 | ) | 13,018 | ||||||||||||||||||
| Put AUD/Call USD |
BofA Securities LLC |
0.648 | 09/25/2024 | (16,756,000 | ) | (16,756,000 | ) | (199,655 | ) | (202,522 | ) | 2,867 | ||||||||||||||||||
| Put EUR/Call CZK |
BofA Securities LLC |
25.290 | 04/23/2024 | (4,019,000 | ) | (4,019,000 | ) | (20,895 | ) | (20,616 | ) | (279 | ) | |||||||||||||||||
| Put EUR/Call CZK |
BofA Securities LLC |
25.310 | 04/29/2024 | (4,031,000 | ) | (4,031,000 | ) | (24,075 | ) | (20,481 | ) | (3,594 | ) | |||||||||||||||||
| Put EUR/Call PLN |
BofA Securities LLC |
4.322 | 04/04/2024 | (3,940,000 | ) | (3,940,000 | ) | (30,473 | ) | (28,573 | ) | (1,900 | ) | |||||||||||||||||
| Put NZD/Call USD |
BofA Securities LLC |
0.603 | 04/02/2024 | (35,678,667 | ) | (35,678,667 | ) | (160,255 | ) | (158,857 | ) | (1,398 | ) | |||||||||||||||||
| Put USD/Call SGD |
BofA Securities LLC |
1.336 | 04/18/2024 | (8,689,000 | ) | (8,689,000 | ) | (5,622 | ) | (34,452 | ) | 28,830 | ||||||||||||||||||
| Put EUR/Call GBP |
Citibank NA | 0.855 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (7,617 | ) | (18,845 | ) | 11,228 | ||||||||||||||||||
| Put EUR/Call PLN |
Citibank NA | 4.320 | 04/18/2024 | (3,989,000 | ) | (3,989,000 | ) | (33,094 | ) | (23,579 | ) | (9,515 | ) | |||||||||||||||||
| Put EUR/Call SEK |
Citibank NA | 11.190 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (4 | ) | (25,541 | ) | 25,537 | ||||||||||||||||||
| Put NZD/Call USD |
Citibank NA | 0.595 | 05/03/2024 | (26,007,000 | ) | (26,007,000 | ) | (117,622 | ) | (66,988 | ) | (50,634 | ) | |||||||||||||||||
| Put EUR/Call CHF |
Deutsche Bank AG (London) |
0.955 | 04/04/2024 | (3,939,000 | ) | (3,939,000 | ) | (21 | ) | (25,269 | ) | 25,248 | ||||||||||||||||||
| Put EUR/Call GBP |
Deutsche Bank AG (London) |
0.857 | 04/03/2024 | (3,954,000 | ) | (3,954,000 | ) | (11,321 | ) | (18,383 | ) | 7,062 | ||||||||||||||||||
| Put EUR/Call PLN |
Deutsche Bank AG (London) |
4.310 | 04/26/2024 | (4,032,000 | ) | (4,032,000 | ) | (28,409 | ) | (22,647 | ) | (5,762 | ) | |||||||||||||||||
| Put EUR/Call USD |
Deutsche Bank AG (London) |
1.087 | 05/17/2024 | (32,048,000 | ) | (32,048,000 | ) | (363,314 | ) | (307,388 | ) | (55,926 | ) | |||||||||||||||||
| Put EUR/Call USD |
HSBC Bank PLC | 1.060 | 04/03/2024 | (15,190,657 | ) | (15,190,657 | ) | (17 | ) | (32,995 | ) | 32,978 | ||||||||||||||||||
| Put GBP/Call USD |
HSBC Bank PLC | 1.266 | 04/04/2024 | (12,714,000 | ) | (12,714,000 | ) | (65,199 | ) | (33,940 | ) | (31,259 | ) | |||||||||||||||||
| Put EUR/Call CHF |
JPMorgan Securities, Inc. | 0.959 | 04/17/2024 | (7,987,000 | ) | (7,987,000 | ) | (5,239 | ) | (46,792 | ) | 41,553 | ||||||||||||||||||
| Put NZD/Call USD |
JPMorgan Securities, Inc. |
0.610 | 05/20/2024 | (51,888,000 | ) | (51,888,000 | ) | (747,422 | ) | (578,204 | ) | (169,218 | ) | |||||||||||||||||
| Put AUD/Call NZD |
MS & Co. Int. PLC | 1.079 | 04/18/2024 | (13,237,000 | ) | (13,237,000 | ) | (6,124 | ) | (43,841 | ) | 37,717 | ||||||||||||||||||
| Put EUR/Call CHF |
MS & Co. Int. PLC | 0.972 | 04/23/2024 | (8,038,000 | ) | (8,038,000 | ) | (42,778 | ) | (45,901 | ) | 3,123 | ||||||||||||||||||
| Put EUR/Call GBP |
MS & Co. Int. PLC | 0.859 | 04/24/2024 | (8,026,000 | ) | (8,026,000 | ) | (48,628 | ) | (40,717 | ) | (7,911 | ) | |||||||||||||||||
| Put EUR/Call SEK |
MS & Co. Int. PLC | 11.233 | 04/16/2024 | (7,979,000 | ) | (7,979,000 | ) | (525 | ) | (53,009 | ) | 52,484 | ||||||||||||||||||
| Put USD/Call SGD |
MS & Co. Int. PLC | 1.343 | 04/25/2024 | (8,740,000 | ) | (8,740,000 | ) | (20,950 | ) | (37,407 | ) | 16,457 | ||||||||||||||||||
| Put AUD/Call USD |
UBS AG (London) | 0.648 | 09/30/2024 | (16,696,000 | ) | (16,696,000 | ) | (204,608 | ) | (196,972 | ) | (7,636 | ) | |||||||||||||||||
| Put EUR/Call CHF |
UBS AG (London) | 0.958 | 04/09/2024 | (3,962,000 | ) | (3,962,000 | ) | (509 | ) | (25,264 | ) | 24,755 | ||||||||||||||||||
| Put EUR/Call PLN |
UBS AG (London) | 4.280 | 04/11/2024 | (3,982,000 | ) | (3,982,000 | ) | (7,363 | ) | (22,839 | ) | 15,476 | ||||||||||||||||||
| Put EUR/Call SEK |
UBS AG (London) | 11.182 | 04/03/2024 | (3,954,000 | ) | (3,954,000 | ) | — | (28,303 | ) | 28,303 | |||||||||||||||||||
| Put EUR/Call SEK |
UBS AG (London) | 11.175 | 04/12/2024 | (4,004,000 | ) | (4,004,000 | ) | (30 | ) | (27,910 | ) | 27,880 | ||||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.090 | 04/29/2024 | (19,911,000 | ) | (19,911,000 | ) | (238,396 | ) | (129,913 | ) | (108,483 | ) | |||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.086 | 09/17/2024 | (9,984,000 | ) | (9,984,000 | ) | (158,704 | ) | (125,682 | ) | (33,022 | ) | |||||||||||||||||
| Put NZD/Call USD |
UBS AG (London) | 0.611 | 04/11/2024 | (53,202,000 | ) | (53,202,000 | ) | (676,396 | ) | (455,401 | ) | (220,995 | ) | |||||||||||||||||
| 140 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
|
|
| 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 by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Put NZD/Call USD |
UBS AG (London) | $ | 0.600 | 04/18/2024 | (53,518,000 | ) | $ (53,518,000 | ) | $ (274,596 | ) | $ (286,330) | $ 11,734 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (632,389,324 | ) | $(632,389,324 | ) | $(4,682,990 | ) | $(4,358,824) | $ (324,166 | ) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts |
|
(885,097,824 | ) | $(885,097,824 | ) | $(7,720,404 | ) | $(6,553,727) | $(1,166,677 | ) | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL |
106,041,950 | $ 106,041,950 | $ 321,564 | $ 633,271 | $ (311,707 | ) | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Currency Abbreviations: | ||||
| AUD | —Australian Dollar | |||
| BRL | —Brazil Real | |||
| CAD | —Canadian Dollar | |||
| CHF | —Swiss Franc | |||
| CLP | —Chilean Peso | |||
| CNH | —Chinese Yuan Renminbi Offshore | |||
| CNY | —Chinese Yuan Renminbi | |||
| COP | —Colombia Peso | |||
| CZK | —Czech Republic Koruna | |||
| EUR | —Euro | |||
| GBP | —British Pound | |||
| HKD | —Hong Kong Dollar | |||
| HUF | —Hungarian Forint | |||
| INR | —Indian Rupee | |||
| JPY | —Japanese Yen | |||
| KRW | —South Korean Won | |||
| MXN | —Mexican Peso | |||
| NOK | —Norwegian Krone | |||
| NZD | —New Zealand Dollar | |||
| PLN | —Polish Zloty | |||
| SEK | —Swedish Krona | |||
| SGD | —Singapore Dollar | |||
| TRY | —Turkish Lira | |||
| USD | —U.S. Dollar | |||
| ZAR | —South African Rand | |||
|
|
||||
|
Investment Abbreviations: |
||||
| CLO | —Collateralized Loan Obligation | |||
| CMT | —Constant Maturity Treasury Indexes | |||
| EURIBOR | —Euro Interbank Offered Rate | |||
| GO | —General Obligation | |||
| LLC | —Limited Liability Company | |||
| LP | —Limited Partnership | |||
| PI | —Private Investment | |||
| PIK | —Payment in kind | |||
| PLC | —Public Limited Company | |||
| REMICS | —Real Estate Mortgage Investment Conduits | |||
| SOFR | —Secured Overnight Financing Rate | |||
| STACR | —Structured Agency Credit Risk | |||
|
|
||||
| The accompanying notes are an integral part of these financial statements. | 141 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
Abbreviations: |
||||
| 1M IRS | —1 Month Interest Rate Swaptions | |||
| 2M IRS | —2 Months Interest Rate Swaptions | |||
| 3M IRS | —3 Months Interest Rate Swaptions | |||
| AUDOR | —Australian Dollar Offered Rate | |||
| BofA Securities LLC | —Bank of America Securities LLC | |||
| CDOR | —Canadian Dollar Offered Rate | |||
| CHFOR | —Swiss Franc Offered Rate | |||
| CMBX | —Commercial Mortgage Backed Securities Index | |||
| CNRR | —China Fixing Repo Rate | |||
| EURO | —Euro Offered Rate | |||
| JIBAR | —Johannesburg Interbank Agreed Rate | |||
| JYOR | —Japanese Yen Offered Rate | |||
| KWCDC | —South Korean Won Certificate of Deposit | |||
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |||
| NIBOR | —Norwegian Interbank Offered Rate | |||
| NZDOR | —New Zealand Dollar Offered Rate | |||
| SOFR | —Secured Overnight Financing Rate | |||
| STIBOR | —Stockholm Interbank Offered Rate | |||
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate | |||
| WIBOR | —Warsaw Interbank Offered Rate | |||
|
|
||||
| 142 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Bond Fund
|
Core Fixed Income Fund
|
Global Core Fixed
|
||||||||||||
| Assets: |
||||||||||||||
| Investments in unaffiliated issuers, at value (cost $413,004,766, $2,372,770,528 and $689,087,568, respectively) | $401,807,510 | $2,268,770,565 | $658,162,082 | |||||||||||
| Investments in affiliated issuers, at value (cost $0, $0 and $9,667,648, respectively) | — | — | 9,667,648 | |||||||||||
| Purchased options, at value (premium paid $1,660,787, $183,798 and $134,368, respectively) | 1,864,170 | 221,929 | 162,228 | |||||||||||
| Cash | 1,553,079 | 31,112,697 | 11,677,860 | |||||||||||
| Foreign currencies, at value (cost $74,203, $0 and $840,669, respectively) | 96,200 | 83,172 | 871,175 | |||||||||||
| Unrealized gain on swap contracts | 36,879 | 33,793 | 90,335 | |||||||||||
| Unrealized gain on forward foreign currency exchange contracts | 2,216,809 | 8,763 | 3,399,737 | |||||||||||
| Variation margin on futures contracts | 9,885 | 59,579 | 5,411 | |||||||||||
| Variation margin on swaps contracts | 14,847 | 52,396 | 8,269 | |||||||||||
| Receivables: | ||||||||||||||
| Investments sold on an extended-settlement basis |
230,711,680 | 1,041,031,615 | 71,665,209 | |||||||||||
| Collateral on certain derivative contracts(a) |
6,789,786 | 13,105,815 | 15,166,907 | |||||||||||
| Interest and dividends |
2,538,681 | 14,434,723 | 4,314,254 | |||||||||||
| Fund shares sold |
314,707 | 4,566,540 | 614,743 | |||||||||||
| Reimbursement from investment adviser |
68,529 | 47,687 | 36,699 | |||||||||||
| Investments sold |
— | — | 6,234,383 | |||||||||||
| Due from broker |
— | 820 | — | |||||||||||
| Due from broker - upfront payment |
— | — | 52,749 | |||||||||||
| Other assets | 61,997 | 90,042 | 55,303 | |||||||||||
|
|
||||||||||||||
| Total assets | 648,084,759 | 3,373,620,136 | 782,184,992 | |||||||||||
|
|
||||||||||||||
| Liabilities: |
||||||||||||||
| Forward sale contracts, at value (proceeds received $75,502,871, $335,607,578 and $35,888,008, respectively) | 75,351,083 | 334,550,745 | 35,608,689 | |||||||||||
| Unrealized loss on forward foreign currency exchange contracts | 2,202,263 | 6,987 | 991,193 | |||||||||||
| Written option contracts, at value (premium received $1,853,268, $906,343 and $657,222, respectively) | 1,975,728 | 616,951 | 447,298 | |||||||||||
| Unrealized loss on swap contracts | — | — | 19,807 | |||||||||||
| Payables: | ||||||||||||||
| Investments purchased on an extended-settlement basis |
228,882,361 | 1,013,732,085 | 82,356,659 | |||||||||||
| Fund shares redeemed |
353,186 | 2,332,052 | 4,256,176 | |||||||||||
| Upfront payments received on swap contracts |
327,682 | 107,636 | 565,931 | |||||||||||
| Management fees |
116,533 | 560,270 | 309,401 | |||||||||||
| Due to broker |
100,000 | 1,240,000 | 100,000 | |||||||||||
| Distribution and Service fees and Transfer Agency fees |
43,081 | 128,748 | 29,399 | |||||||||||
| Investments purchased |
16,983 | 9,553 | 321,334 | |||||||||||
| Income distributions |
10,952 | 105,690 | 33,749 | |||||||||||
| Due to broker — upfront payment |
2,792 | 4,866 | — | |||||||||||
| Accrued expenses | 422,834 | 445,011 | 605,338 | |||||||||||
|
|
||||||||||||||
| Total liabilities | 309,805,478 | 1,353,840,594 | 125,644,974 | |||||||||||
|
|
||||||||||||||
| Net Assets: |
||||||||||||||
| Paid-in capital | 397,314,427 | 2,297,209,606 | 704,888,411 | |||||||||||
| Total distributable loss | (59,035,146 | ) | (277,430,064 | ) | (48,348,393) | |||||||||
|
|
||||||||||||||
| NET ASSETS | $338,279,281 | $2,019,779,542 | $656,540,018 | |||||||||||
| Net Assets: | ||||||||||||||
| Class A |
$ 47,885,609 | $ 119,291,605 | $ 28,643,236 | |||||||||||
| Class C |
2,324,604 | 8,036,850 | 1,027,334 | |||||||||||
| Institutional |
93,070,141 | 539,220,404 | 218,636,650 | |||||||||||
| Service |
123,251 | 844,648 | 427,009 | |||||||||||
| Investor |
28,541,565 | 396,138,231 | 35,348,917 | |||||||||||
| Class R6 |
67,704,381 | 164,210,382 | 363,947,199 | |||||||||||
| Class R |
2,574,796 | 3,761,615 | — | |||||||||||
| Class P |
96,054,934 | 788,275,807 | 8,509,673 | |||||||||||
| Total Net Assets | $ 338,279,281 | $ 2,019,779,542 | $656,540,018 | |||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||||||||
| Class A |
5,434,849 | 13,107,054 | 2,515,977 | |||||||||||
| Class C |
264,100 | 878,376 | 91,117 | |||||||||||
| Institutional |
10,564,850 | 59,000,223 | 19,238,295 | |||||||||||
| Service |
13,991 | 92,367 | 37,787 | |||||||||||
| Investor |
3,250,483 | 43,488,187 | 3,116,209 | |||||||||||
| Class R6 |
7,688,602 | 17,945,557 | 32,011,074 | |||||||||||
| Class R |
292,482 | 413,026 | — | |||||||||||
| Class P |
10,908,675 | 86,107,412 | 747,681 | |||||||||||
| Net asset value, offering and redemption price per share:(b) | ||||||||||||||
| Class A |
$8.81 | $9.10 | $11.38 | |||||||||||
| Class C |
8.80 | 9.15 | 11.27 | |||||||||||
| Institutional |
8.81 | 9.14 | 11.36 | |||||||||||
| Service |
8.81 | 9.14 | 11.30 | |||||||||||
| Investor |
8.78 | 9.11 | 11.34 | |||||||||||
| Class R6 |
8.81 | 9.15 | 11.37 | |||||||||||
| Class R |
8.80 | 9.11 | — | |||||||||||
| Class P |
8.81 | 9.15 | 11.38 | |||||||||||
| (a) | Segregated for initial margin and/or collateral as follows: |
| Fund | Futures | Swaps | ||||||||||||
|
|
||||||||||||||
| Bond |
$ | 1,875,954 | $ | 4,913,832 | ||||||||||
| Core Fixed Income |
— | 13,105,815 | ||||||||||||
| Global Core Fixed Income |
3,396,592 | 11,770,315 | ||||||||||||
|
|
||||||||||||||
| (b) | Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income and Global Core Fixed Income Funds is $9.15, $9.45 and $11.82, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
| The accompanying notes are an integral part of these financial statements. | 143 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Statements of Assets and Liabilities (continued)
March 31, 2024 |
| Income
|
Strategic Income Fund
|
|||||||||||||
| Assets: |
||||||||||||||
| Investments in unaffiliated issuers, at value (cost $100,959,755 and $1,019,964,917, respectively) | $99,627,544 | $ 982,493,672 | ||||||||||||
| Investments in affiliated issuers, at value (cost $7,515,504 and $0, respectively) | 7,515,504 | — | ||||||||||||
| Purchased options, at value (premium paid $0 and $7,639,452, respectively) | — | 8,588,208 | ||||||||||||
| Cash | 1,636,248 | 2,720,815 | ||||||||||||
| Foreign currencies, at value (cost $26,436 and $204,153, respectively) | 25,284 | 111,729 | ||||||||||||
| Unrealized gain on swap contracts | —161,078 | |||||||||||||
| Unrealized gain on forward foreign currency exchange contracts | 1,467 | 8,914,699 | ||||||||||||
| Variation margin on futures contracts | 26 | — | ||||||||||||
| Variation margin on swaps contracts | —341,003 | |||||||||||||
| Receivables: | ||||||||||||||
| Investments sold on an extended-settlement basis |
23,985,661 | 937,361,128 | ||||||||||||
| Interest and dividends |
1,232,033 | 6,262,095 | ||||||||||||
| Collateral on certain derivative contracts(a) |
535,055 | 26,572,770 | ||||||||||||
| Fund shares sold |
280,000 | 832,368 | ||||||||||||
| Reimbursement from investment adviser |
32,019 | 53,164 | ||||||||||||
| Investments sold |
8,456 | 5,322,121 | ||||||||||||
| Foreign tax reclaims |
1,679 | — | ||||||||||||
| Due from broker - upfront payment |
— | 170,350 | ||||||||||||
| Other assets | 52,359 | 42,834 | ||||||||||||
|
|
||||||||||||||
| Total assets | 134,933,335 | 1,979,948,034 | ||||||||||||
|
|
||||||||||||||
| Liabilities: |
||||||||||||||
| Forward sale contracts, at value (proceeds received $10,641,289 and $322,782,266, respectively) | 10,620,579 | 322,434,375 | ||||||||||||
| Unrealized loss on forward foreign currency exchange contracts | 556 | 8,873,808 | ||||||||||||
| Written option contracts, at value (premium received $0 and $8,769,504, respectively) | — | 9,228,565 | ||||||||||||
| Variation margin on futures contracts | — | 1,034 | ||||||||||||
| Variation margin on swaps contracts | 178 | — | ||||||||||||
| Payables: | ||||||||||||||
| Investments purchased on an extended-settlement basis |
26,877,381 | 946,814,104 | ||||||||||||
| Fund shares redeemed |
77,015 | 572,620 | ||||||||||||
| Management fees |
42,310 | 343,897 | ||||||||||||
| Investments purchased |
12,076 | 8,291,518 | ||||||||||||
| Distribution and Service fees and Transfer Agency fees |
3,518 | 58,792 | ||||||||||||
| Upfront payments received on swap contracts |
— | 1,600,495 | ||||||||||||
| Due to broker |
— | 439,000 | ||||||||||||
| Accrued expenses | 173,900 | 504,788 | ||||||||||||
|
|
||||||||||||||
| Total liabilities | 37,807,513 | 1,299,162,996 | ||||||||||||
|
|
||||||||||||||
| Net Assets: |
||||||||||||||
| Paid-in capital | 108,039,203 | 2,640,596,062 | ||||||||||||
| Total distributable loss | (10,913,381 | ) | (1,959,811,024) | |||||||||||
|
|
||||||||||||||
| NET ASSETS | $ 97,125,822 | $ 680,785,038 | ||||||||||||
| Net Assets: | ||||||||||||||
| Class A |
$ 1,305,352 | $ 103,330,551 | ||||||||||||
| Class C |
596,672 | 5,854,688 | ||||||||||||
| Institutional |
14,363,945 | 343,875,516 | ||||||||||||
| Investor |
7,252,536 | 23,491,761 | ||||||||||||
| Class R6 |
56,307 | 50,711,007 | ||||||||||||
| Class R |
— | 3,043,552 | ||||||||||||
| Class P |
73,551,010 | 150,477,963 | ||||||||||||
| Total Net Assets | $ 97,125,822 | $ 680,785,038 | ||||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||||||||
| Class A |
146,741 | 11,034,899 | ||||||||||||
| Class C |
67,113 | 626,831 | ||||||||||||
| Institutional |
1,614,958 | 36,686,650 | ||||||||||||
| Investor |
814,616 | 2,507,208 | ||||||||||||
| Class R6 |
6,331 | 5,413,316 | ||||||||||||
| Class R |
— | 325,742 | ||||||||||||
| Class P |
8,269,953 | 16,086,404 | ||||||||||||
| Net asset value, offering and redemption price per share:(b) | ||||||||||||||
| Class A |
$8.90 | $9.36 | ||||||||||||
| Class C |
8.89 | 9.34 | ||||||||||||
| Institutional |
8.89 | 9.37 | ||||||||||||
| Investor |
8.90 | 9.37 | ||||||||||||
| Class R6 |
8.89 | 9.37 | ||||||||||||
| Class R |
— | 9.34 | ||||||||||||
| Class P |
8.89 | 9.35 | ||||||||||||
| (a) | Segregated for initial margin and/or collateral as follows: |
| Fund | Futures | Swaps | TBA | |||||||||||
|
|
||||||||||||||
| Income |
$ | 134,329 | $ | 400,726 | $ | — | ||||||||
| Strategic Income |
69,292 | 26,473,478 | 30,000 | |||||||||||
|
|
||||||||||||||
| (b) | Maximum public offering price per share for Class A Shares of the Income and Strategic Income Funds is $ 9.25 and $ 9.72, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
| 144 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Statements of Operations
For the Fiscal Year Ended March 31, 2024 |
| Bond Fund
|
Core Fixed Income Fund
|
Global Core Fixed
|
||||||||||||
|
Investment Income: |
||||||||||||||
| Interest (net of foreign withholding taxes of $0, $0 and $11,867, respectively) |
$ 14,822,011 | $ 74,421,796 | $19,818,565 | |||||||||||
| Dividends — affiliated issuers |
136,166 | 1,969,688 | 529,006 | |||||||||||
| Dividends — unaffiliated issuers |
56,078 | 655,689 | 11,752 | |||||||||||
|
|
||||||||||||||
| Total investment income |
15,014,255 | 77,047,173 | 20,359,323 | |||||||||||
|
|
||||||||||||||
|
Expenses: |
||||||||||||||
| Management fees |
1,355,419 | 6,968,016 | 3,925,738 | |||||||||||
| Custody, accounting and administrative services |
459,466 | 271,110 | 160,036 | |||||||||||
| Transfer Agency fees(a) |
186,336 | 972,930 | 268,640 | |||||||||||
| Professional fees |
178,975 | 176,077 | 174,456 | |||||||||||
| Distribution and Service (12b-1) fees(a) |
153,684 | 373,226 | 85,791 | |||||||||||
| Registration fees |
117,393 | 181,788 | 105,180 | |||||||||||
| Printing and mailing costs |
57,889 | 115,786 | 71,080 | |||||||||||
| Prime broker fees |
37,555 | — | 22,811 | |||||||||||
| Trustee fees |
20,560 | 22,476 | 20,886 | |||||||||||
| Service fees — Class C |
7,214 | 19,078 | 3,488 | |||||||||||
| Shareholder meeting expense |
7,037 | 24,264 | 9,787 | |||||||||||
| Shareholder Administration fees — Service Class |
282 | 2,186 | 1,102 | |||||||||||
| Other |
25,792 | 61,585 | 32,030 | |||||||||||
|
|
||||||||||||||
| Total expenses |
2,607,602 | 9,188,522 | 4,881,025 | |||||||||||
|
|
||||||||||||||
| Less — expense reductions |
(851,448 | ) | (1,582,296 | ) | (1,114,561) | |||||||||
|
|
||||||||||||||
| Net expenses |
1,756,154 | 7,606,226 | 3,766,464 | |||||||||||
|
|
||||||||||||||
| NET INVESTMENT INCOME |
13,258,101 | 69,440,947 | 16,592,859 | |||||||||||
|
|
||||||||||||||
|
Realized and unrealized gain (loss): |
||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||
| Investments — unaffiliated issuers |
(10,502,820 | ) | (33,896,859 | ) | (12,103,613) | |||||||||
| Purchased options |
(3,811,685 | ) | (234,271 | ) | 45,435 | |||||||||
| Futures contracts |
(4,019,223 | ) | (9,969,630 | ) | 755,279 | |||||||||
| Written options |
4,737,737 | 1,793,867 | 1,108,911 | |||||||||||
| Swap contracts |
197,314 | 2,195,768 | 4,187,899 | |||||||||||
| Forward foreign currency exchange contracts |
(876,064 | ) | (524,930 | ) | 20,763,431 | |||||||||
| Foreign currency transactions |
(703,538 | ) | (336,120 | ) | (2,537,162) | |||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||
| Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $0, $0 and $(2,137), respectively) |
9,431,203 | 8,582,772 | (3,499,239) | |||||||||||
| Purchased options |
1,318,645 | 661,161 | 320,042 | |||||||||||
| Futures contracts |
(169,136 | ) | (1,756,007 | ) | (1,183,729) | |||||||||
| Written options |
(1,248,023) | (643,720) | (267,180) | |||||||||||
| Swap contracts |
402,736 | 2,830,965 | 84,221 | |||||||||||
| Forward foreign currency exchange contracts |
439,561 | 234,365 | 3,653,577 | |||||||||||
| Foreign currency translation |
58,594 | 185,348 | 113,504 | |||||||||||
|
|
||||||||||||||
| Net realized and unrealized gain (loss) |
(4,744,699 | ) | (30,877,291 | ) | 11,441,376 | |||||||||
|
|
||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ 8,513,402 | $ 38,563,656 | $28,034,235 | |||||||||||
|
|
||||||||||||||
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||||
| Bond |
$ | 119,236 | $ | 21,641 | $ | 282 | $ | 12,525 | $ | 57,233 | $ | 3,463 | $ | 36,808 | $ | 45 | $ | 40,226 | $ | 19,593 | $ | 3,006 | $ | 25,962 | ||||||||||||||||||||||||||
| Core Fixed Income |
295,018 | 57,233 | 2,186 | 18,789 | 141,609 | 9,157 | 196,785 | 350 | 346,459 | 66,529 | 4,509 | 207,532 | ||||||||||||||||||||||||||||||||||||||
| Global Core Fixed Income |
74,224 | 10,465 | 1,102 | — | 35,628 | 1,674 | 82,258 | 176 | 51,823 | 94,782 | — | 2,299 | ||||||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 145 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Statements of Operations (continued)
For the Fiscal Year Ended March 31, 2024 |
| Income Fund |
Strategic Income Fund |
|||||||||||||
|
Investment Income: |
||||||||||||||
| Interest (net of foreign withholding taxes of $3,412 and $445, respectively) |
$4,992,505 | $30,282,067 | ||||||||||||
| Dividends — affiliated issuers |
93,015 | 1,623,609 | ||||||||||||
| Dividends — unaffiliated issuers |
7,897 | — | ||||||||||||
|
|
||||||||||||||
| Total investment income |
5,093,417 | 31,905,676 | ||||||||||||
|
|
||||||||||||||
|
Expenses: |
||||||||||||||
| Management fees |
425,835 | 3,830,989 | ||||||||||||
| Professional fees |
151,592 | 195,041 | ||||||||||||
| Registration fees |
101,329 | 103,571 | ||||||||||||
| Custody, accounting and administrative services |
87,031 | 544,228 | ||||||||||||
| Printing and mailing costs |
32,475 | 76,330 | ||||||||||||
| Transfer Agency fees(a) |
28,246 | 347,591 | ||||||||||||
| Trustee fees |
20,223 | 20,938 | ||||||||||||
| Distribution and Service (12b-1) fees(a) |
4,635 | 340,356 | ||||||||||||
| Shareholder meeting expense |
3,335 | 15,166 | ||||||||||||
| Service fees — Class C |
790 | 16,024 | ||||||||||||
| Prime broker fees |
247 | 148,874 | ||||||||||||
| Other |
20,598 | 34,394 | ||||||||||||
|
|
||||||||||||||
| Total expenses |
876,336 | 5,673,502 | ||||||||||||
|
|
||||||||||||||
| Less — expense reductions |
(369,328 | ) | (680,841) | |||||||||||
|
|
||||||||||||||
| Net expenses |
507,008 | 4,992,661 | ||||||||||||
|
|
||||||||||||||
| NET INVESTMENT INCOME |
4,586,409 | 26,913,015 | ||||||||||||
|
|
||||||||||||||
|
Realized and unrealized gain (loss): |
||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||
| Investments — unaffiliated issuers |
(3,933,258 | ) | (40,421,551) | |||||||||||
| Purchased options |
— | (15,834,471) | ||||||||||||
| Futures contracts |
(258,073 | ) | 19,963,963 | |||||||||||
| Written options |
— | 21,266,346 | ||||||||||||
| Swap contracts |
167,784 | 3,407,283 | ||||||||||||
| Forward foreign currency exchange contracts |
(26,270 | ) | (4,552,261) | |||||||||||
| Foreign currency transactions |
(45,043 | ) | (3,001,140) | |||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||
| Investments — unaffiliated issuers |
8,886,815 | 39,458,013 | ||||||||||||
| Purchased options |
— | 5,365,924 | ||||||||||||
| Futures contracts |
(83,085 | ) | 2,864,143 | |||||||||||
| Written options |
— | (5,042,427) | ||||||||||||
| Swap contracts |
(18,669 | ) | (156,992) | |||||||||||
| Forward foreign currency exchange contracts |
74,594 | 1,713,768 | ||||||||||||
| Foreign currency translation |
22,377 | 183,882 | ||||||||||||
|
|
||||||||||||||
| Net realized and unrealized gain |
4,787,172 | 25,214,480 | ||||||||||||
|
|
||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$9,373,581 | $52,127,495 | ||||||||||||
|
|
||||||||||||||
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||
| Fund |
Class A | Class C | Class R | Class A | Class C | Institutional | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||||||
| Income |
$ | 2,192 | $ | 2,370 | $ | 73 | $ | 1,052 | $ | 379 | $ | 5,367 | $ | 3,454 | $ | 16 | $ | 17 | $ | 17,961 | ||||||||||||||||||||
| Strategic Income |
277,539 | 48,073 | 14,744 | 133,219 | 7,692 | 125,031 | 21,930 | 10,656 | 3,538 | 45,525 | ||||||||||||||||||||||||||||||
| 146 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Statements of Changes in Net Assets
|
| Bond Fund | Core Fixed Income Fund | |||||||||||||||||
| For the Fiscal Year Ended March 31, 2024
|
For the Fiscal Year Ended March 31, 2023
|
For the Fiscal Year Ended March 31, 2024
|
For the Fiscal Year Ended March 31, 2023
|
|||||||||||||||
| From operations: |
||||||||||||||||||
| Net investment income |
$ 13,258,101 | $ 11,680,818 | $ 69,440,947 | $ 45,532,677 | ||||||||||||||
| Net realized loss |
(14,978,279 | ) | (27,692,042 | ) | (40,972,175 | ) | (124,707,716) | |||||||||||
| Net change in unrealized gain (loss) |
10,233,580 | (8,104,412 | ) | 10,094,884 | (13,590,649) | |||||||||||||
|
|
||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
8,513,402 | (24,115,636 | ) | 38,563,656 | (92,765,688) | |||||||||||||
|
|
||||||||||||||||||
|
Distributions to shareholders: |
||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||
| Class A Shares |
(1,856,900 | ) | (1,179,526 | ) | (4,316,898 | ) | (3,009,735) | |||||||||||
| Class C Shares |
(90,226 | ) | (75,843 | ) | (222,539 | ) | (129,389) | |||||||||||
| Institutional Shares |
(3,884,861 | ) | (2,679,329 | ) | (19,678,864 | ) | (9,517,715) | |||||||||||
| Service Shares |
(4,246 | ) | (2,114 | ) | (30,429 | ) | (22,064) | |||||||||||
| Investor Shares |
(1,375,718 | ) | (1,354,450 | ) | (11,366,933 | ) | (5,262,247) | |||||||||||
| Class R6 Shares |
(2,764,035 | ) | (1,662,695 | ) | (8,767,559 | ) | (6,941,822) | |||||||||||
| Class R Shares |
(91,363 | ) | (52,912 | ) | (128,100 | ) | (82,914) | |||||||||||
| Class P Shares |
(3,665,495 | ) | (2,047,616 | ) | (27,686,210 | ) | (16,617,704) | |||||||||||
| Return of capital: |
||||||||||||||||||
| Class A Shares |
— | (488,496 | ) | (14,985 | ) | (564,005) | ||||||||||||
| Class C Shares |
— | (31,410 | ) | (773 | ) | (24,247) | ||||||||||||
| Institutional Shares |
— | (1,109,634 | ) | (68,314 | ) | (1,783,559) | ||||||||||||
| Service Shares |
— | (875 | ) | (106 | ) | (4,135) | ||||||||||||
| Investor Shares |
— | (560,941 | ) | (39,459 | ) | (986,112) | ||||||||||||
| Class R6 Shares |
— | (688,599 | ) | (30,436 | ) | (1,300,853) | ||||||||||||
| Class R Shares |
— | (21,914 | ) | (445 | ) | (15,537) | ||||||||||||
| Class P Shares |
— | (848,012 | ) | (96,110 | ) | (3,114,051) | ||||||||||||
|
|
||||||||||||||||||
| Total distributions to shareholders |
(13,732,844 | ) | (12,804,366 | ) | (72,448,160 | ) | (49,376,089) | |||||||||||
|
|
||||||||||||||||||
| From share transactions: |
||||||||||||||||||
| Proceeds from sales of shares |
82,141,263 | 117,819,701 | 968,754,396 | 721,385,205 | ||||||||||||||
| Reinvestment of distributions |
13,583,795 | 12,581,800 | 70,836,818 | 48,121,415 | ||||||||||||||
| Cost of shares redeemed |
(115,391,313 | ) | (137,411,234 | ) | (638,919,561 | ) | (698,539,848) | |||||||||||
|
|
||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(19,666,255 | ) | (7,009,733 | ) | 400,671,653 | 70,966,772 | ||||||||||||
|
|
||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
(24,885,697 | ) | (43,929,735 | ) | 366,787,149 | (71,175,005) | ||||||||||||
|
|
||||||||||||||||||
| Net assets: |
||||||||||||||||||
| Beginning of year |
363,164,978 | 407,094,713 | 1,652,992,393 | 1,724,167,398 | ||||||||||||||
|
|
||||||||||||||||||
| End of year |
$ 338,279,281 | $ 363,164,978 | $ 2,019,779,542 | $ 1,652,992,393 | ||||||||||||||
|
|
||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 147 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Statements of Changes in Net Assets (continued)
|
| Global Core Fixed Income Fund | Income Fund | |||||||||||||||||
| For the Fiscal Year Ended March 31, 2024
|
For the Fiscal Year Ended March 31, 2023
|
For the Fiscal Year Ended March 31, 2024
|
For the Fiscal Year Ended March 31, 2023
|
|||||||||||||||
| From operations: |
||||||||||||||||||
| Net investment income |
$ 16,592,859 | $ 11,153,264 | $ 4,586,409 | $ 3,907,371 | ||||||||||||||
| Net realized gain (loss) |
12,220,180 | (21,668,328 | ) | (4,094,860 | ) | (4,027,751) | ||||||||||||
| Net change in unrealized gain (loss) |
(778,804 | ) | (17,361,983 | ) | 8,882,032 | (3,913,584) | ||||||||||||
|
|
||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
28,034,235 | (27,877,047 | ) | 9,373,581 | (4,033,964) | |||||||||||||
|
|
||||||||||||||||||
|
Distributions to shareholders: |
||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||
| Class A Shares |
(736,848 | ) | (812,227 | ) | (45,202 | ) | (37,667) | |||||||||||
| Class C Shares |
(23,966 | ) | (28,542 | ) | (13,983 | ) | (17,012) | |||||||||||
| Institutional Shares |
(5,774,425 | ) | (4,965,774 | ) | (728,125 | ) | (1,410,479) | |||||||||||
| Service Shares |
(10,106 | ) | (9,686 | ) | — | — | ||||||||||||
| Investor Shares |
(1,178,355 | ) | (1,175,710 | ) | (154,852 | ) | (13,421) | |||||||||||
| Class R6 Shares |
(8,933,575 | ) | (6,852,849 | ) | (2,870 | ) | (3,691) | |||||||||||
| Class R Shares(a) |
— | — | (717 | ) | (3,344) | |||||||||||||
| Class P Shares |
(216,488 | ) | (177,950 | ) | (3,274,517 | ) | (3,953,435) | |||||||||||
| Return of capital: |
||||||||||||||||||
| Class A Shares |
— | — | (5,222 | ) | (563) | |||||||||||||
| Class C Shares |
— | — | (1,616 | ) | (254) | |||||||||||||
| Institutional Shares |
— | — | (84,122 | ) | (21,070) | |||||||||||||
| Investor Shares |
— | — | (17,890 | ) | (200) | |||||||||||||
| Class R6 Shares |
— | — | (332 | ) | (55) | |||||||||||||
| Class R Shares |
— | — | (83 | ) | (50) | |||||||||||||
| Class P Shares |
— | — | (378,314 | ) | (59,056) | |||||||||||||
|
|
||||||||||||||||||
| Total distributions to shareholders |
(16,873,763 | ) | (14,022,738 | ) | (4,707,845 | ) | (5,520,297) | |||||||||||
|
|
||||||||||||||||||
| From share transactions: |
||||||||||||||||||
| Proceeds from sales of shares |
161,395,351 | 200,879,098 | 82,598,680 | 17,085,730 | ||||||||||||||
| Reinvestment of distributions |
16,534,554 | 13,714,702 | 4,707,726 | 5,494,863 | ||||||||||||||
| Cost of shares redeemed |
(129,220,496 | ) | (216,857,678 | ) | (59,970,937 | ) | (47,493,649) | |||||||||||
|
|
||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
48,709,409 | (2,263,878 | ) | 27,335,469 | (24,913,056) | |||||||||||||
|
|
||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
59,869,881 | (44,163,663 | ) | 32,001,205 | (34,467,317) | |||||||||||||
|
|
||||||||||||||||||
| Net assets: |
||||||||||||||||||
| Beginning of year |
596,670,137 | 640,833,800 | 65,124,617 | 99,591,934 | ||||||||||||||
|
|
||||||||||||||||||
| End of year |
$ 656,540,018 | $ 596,670,137 | $ 97,125,822 | $ 65,124,617 | ||||||||||||||
|
|
||||||||||||||||||
| (a) | At the close of business on July 14, 2023, Class R Shares of the Income Fund were liquidated. |
| 148 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Statements of Changes in Net Assets (continued)
|
| Strategic Income Fund | ||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024
|
For the Fiscal Year Ended March 31, 2023
|
|||||||||||||||||
| From operations: |
||||||||||||||||||
| Net investment income |
$ 26,913,015 | $ 20,105,479 | ||||||||||||||||
| Net realized gain (loss) |
(19,171,831 | ) | 16,386,043 | |||||||||||||||
| Net change in unrealized gain (loss) |
44,386,311 | (26,439,976) | ||||||||||||||||
|
|
||||||||||||||||||
| Net increase in net assets resulting from operations |
52,127,495 | 10,051,546 | ||||||||||||||||
|
|
||||||||||||||||||
|
Distributions to shareholders: |
||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||
| Class A Shares |
(4,358,388 | ) | — | |||||||||||||||
| Class C Shares |
(204,091 | ) | — | |||||||||||||||
| Institutional Shares |
(13,507,496 | ) | — | |||||||||||||||
| Investor Shares |
(783,945 | ) | — | |||||||||||||||
| Class R6 Shares |
(1,579,779 | ) | — | |||||||||||||||
| Class R Shares |
(110,179 | ) | — | |||||||||||||||
| Class P Shares |
(6,520,191 | ) | — | |||||||||||||||
| Return of capital: |
||||||||||||||||||
| Class A Shares |
— | (4,035,457) | ||||||||||||||||
| Class C Shares |
— | (292,145) | ||||||||||||||||
| Institutional Shares |
— | (11,338,664) | ||||||||||||||||
| Investor Shares |
— | (567,074) | ||||||||||||||||
| Class R6 Shares |
— | (658,730) | ||||||||||||||||
| Class R Shares |
— | (77,238) | ||||||||||||||||
| Class P Shares |
— | (6,593,426) | ||||||||||||||||
|
|
||||||||||||||||||
| Total distributions to shareholders |
(27,064,069 | ) | (23,562,734) | |||||||||||||||
|
|
||||||||||||||||||
| From share transactions: |
||||||||||||||||||
| Proceeds from sales of shares |
180,198,179 | 117,632,691 | ||||||||||||||||
| Reinvestment of distributions |
24,149,933 | 21,260,731 | ||||||||||||||||
| Cost of shares redeemed |
(185,211,016 | ) | (277,523,602) | |||||||||||||||
|
|
||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
19,137,096 | (138,630,180) | ||||||||||||||||
|
|
||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
44,200,522 | (152,141,368) | ||||||||||||||||
|
|
||||||||||||||||||
| Net assets: |
||||||||||||||||||
| Beginning of year |
636,584,516 | 788,725,884 | ||||||||||||||||
|
|
||||||||||||||||||
| End of year |
$ 680,785,038 | $ 636,584,516 | ||||||||||||||||
|
|
||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 149 |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Class A Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.93 | $ | 9.83 | $ | 10.54 | $ | 10.33 | $ | 10.06 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.26 | 0.15 | 0.22 | 0.24 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.11 | ) | (0.87 | ) | (0.66 | ) | 0.48 | 0.32 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.22 | (0.61 | ) | (0.51 | ) | 0.70 | 0.56 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.34 | ) | (0.21 | ) | (0.11 | ) | (0.30 | ) | (0.29) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.08 | ) | (0.09 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.29 | ) | (0.20 | ) | (0.49 | ) | (0.29) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.81 | $ | 8.93 | $ | 9.83 | $ | 10.54 | $ | 10.33 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
2.44 | % | (6.08 | )% | (4.92 | )% | 6.56 | % | 5.66% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 47,886 | $ | 50,814 | $ | 58,088 | $ | 92,871 | $ | 84,503 | ||||||||||||
| Ratio of net expenses to average net assets |
0.80 | % | 0.79 | % | 0.78 | % | 0.78 | % | 0.79% | |||||||||||||
| Ratio of total expenses to average net assets |
1.05 | % | 1.02 | % | 0.96 | % | 0.93 | % | 0.95% | |||||||||||||
| Ratio of net investment income to average net assets |
3.75 | % | 2.89 | % | 1.41 | % | 2.03 | % | 2.34% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 150 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Class C Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.32 | $ | 10.05 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.26 | 0.19 | 0.07 | 0.14 | 0.16 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.12 | ) | (0.86 | ) | (0.66 | ) | 0.48 | 0.32 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.14 | (0.67 | ) | (0.59 | ) | 0.62 | 0.48 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.27 | ) | (0.16 | ) | (0.07 | ) | (0.22 | ) | (0.21) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.06 | ) | (0.05 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.27 | ) | (0.22 | ) | (0.12 | ) | (0.41 | ) | (0.21) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.80 | $ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.32 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
1.68 | % | (6.79 | )% | (5.55 | )% | 5.67 | % | 4.88% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 2,325 | $ | 3,649 | $ | 5,928 | $ | 11,437 | $ | 12,468 | ||||||||||||
| Ratio of net expenses to average net assets |
1.55 | % | 1.54 | % | 1.53 | % | 1.53 | % | 1.54% | |||||||||||||
| Ratio of total expenses to average net assets |
1.80 | % | 1.77 | % | 1.70 | % | 1.68 | % | 1.70% | |||||||||||||
| Ratio of net investment income to average net assets |
2.98 | % | 2.09 | % | 0.65 | % | 1.29 | % | 1.53% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 151 |
GOLDMAN SACHS BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Institutional Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.93 | $ | 9.83 | $ | 10.53 | $ | 10.33 | $ | 10.05 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.36 | 0.29 | 0.18 | 0.26 | 0.28 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.11 | ) | (0.87 | ) | (0.64 | ) | 0.47 | 0.32 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.25 | (0.58 | ) | (0.46 | ) | 0.73 | 0.60 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.37 | ) | (0.23 | ) | (0.14 | ) | (0.34 | ) | (0.32) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.09 | ) | (0.10 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.37 | ) | (0.32 | ) | (0.24 | ) | (0.53 | ) | (0.32) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.81 | $ | 8.93 | $ | 9.83 | $ | 10.53 | $ | 10.33 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
2.78 | % | (5.68 | )% | (4.61 | )% | 6.82 | % | 6.01% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 93,070 | $ | 106,676 | $ | 116,520 | $ | 158,080 | $ | 133,067 | ||||||||||||
| Ratio of net expenses to average net assets |
0.47 | % | 0.46 | % | 0.45 | % | 0.45 | % | 0.45% | |||||||||||||
| Ratio of total expenses to average net assets |
0.72 | % | 0.69 | % | 0.63 | % | 0.60 | % | 0.62% | |||||||||||||
| Ratio of net investment income to average net assets |
4.08 | % | 3.23 | % | 1.75 | % | 2.36 | % | 2.69% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 152 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Service Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.94 | $ | 9.83 | $ | 10.54 | $ | 10.33 | $ | 10.05 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.25 | 0.14 | 0.20 | 0.24 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.11 | ) | (0.87 | ) | (0.66 | ) | 0.48 | 0.31 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.20 | (0.62 | ) | (0.52 | ) | 0.68 | 0.55 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.19 | ) | (0.11 | ) | (0.28 | ) | (0.27) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.08 | ) | (0.08 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.27 | ) | (0.19 | ) | (0.47 | ) | (0.27) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.81 | $ | 8.94 | $ | 9.83 | $ | 10.54 | $ | 10.33 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
2.31 | % | (6.24 | )% | (5.08 | )% | 6.39 | % | 5.49% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 123 | $ | 130 | $ | 94 | $ | 84 | $ | 45 | ||||||||||||
| Ratio of net expenses to average net assets |
0.96 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95% | |||||||||||||
| Ratio of total expenses to average net assets |
1.22 | % | 1.18 | % | 1.13 | % | 1.09 | % | 1.12% | |||||||||||||
| Ratio of net investment income to average net assets |
3.59 | % | 2.77 | % | 1.31 | % | 1.83 | % | 2.29% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 153 |
GOLDMAN SACHS BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Investor Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.90 | $ | 9.79 | $ | 10.50 | $ | 10.30 | $ | 10.02 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.34 | 0.28 | 0.18 | 0.25 | 0.27 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.10 | ) | (0.86 | ) | (0.66 | ) | 0.47 | 0.32 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.24 | (0.58 | ) | (0.48 | ) | 0.72 | 0.59 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.36 | ) | (0.22 | ) | (0.13 | ) | (0.33 | ) | (0.31) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.09 | ) | (0.10 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.31 | ) | (0.23 | ) | (0.52 | ) | (0.31) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.78 | $ | 8.90 | $ | 9.79 | $ | 10.50 | $ | 10.30 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
2.69 | % | (5.78 | )% | (4.71 | )% | 6.84 | % | 5.82% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 28,542 | $ | 46,802 | $ | 64,096 | $ | 68,314 | $ | 26,436 | ||||||||||||
| Ratio of net expenses to average net assets |
0.55 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.54% | |||||||||||||
| Ratio of total expenses to average net assets |
0.80 | % | 0.77 | % | 0.71 | % | 0.68 | % | 0.70% | |||||||||||||
| Ratio of net investment income to average net assets |
3.96 | % | 3.10 | % | 1.70 | % | 2.24 | % | 2.61% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 154 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Class R6 Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.33 | $ | 10.05 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.36 | 0.29 | 0.19 | 0.26 | 0.28 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.11 | ) | (0.86 | ) | (0.66 | ) | 0.47 | 0.32 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.25 | (0.57 | ) | (0.47 | ) | 0.73 | 0.60 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.37 | ) | (0.23 | ) | (0.14 | ) | (0.34 | ) | (0.32) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.09 | ) | (0.10 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.37 | ) | (0.32 | ) | (0.24 | ) | (0.53 | ) | (0.32) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.81 | $ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.33 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
2.79 | % | (5.77 | )% | (4.60 | )% | 6.93 | % | 6.03% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 67,704 | $ | 66,642 | $ | 71,588 | $ | 72,608 | $ | 84,920 | ||||||||||||
| Ratio of net expenses to average net assets |
0.46 | % | 0.45 | % | 0.44 | % | 0.44 | % | 0.44% | |||||||||||||
| Ratio of total expenses to average net assets |
0.71 | % | 0.68 | % | 0.62 | % | 0.59 | % | 0.60% | |||||||||||||
| Ratio of net investment income to average net assets |
4.09 | % | 3.23 | % | 1.80 | % | 2.39 | % | 2.67% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 155 |
GOLDMAN SACHS BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Class R Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.32 | $ | 10.05 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.30 | 0.24 | 0.12 | 0.20 | 0.23 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.11 | ) | (0.86 | ) | (0.65 | ) | 0.47 | 0.30 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.19 | (0.62 | ) | (0.53 | ) | 0.67 | 0.53 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.19 | ) | (0.11 | ) | (0.27 | ) | (0.26) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.08 | ) | (0.07 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.32 | ) | (0.27 | ) | (0.18 | ) | (0.46 | ) | (0.26) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.80 | $ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.32 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
2.19 | % | (6.33 | )% | (5.16 | )% | 6.30 | % | 5.40% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 2,575 | $ | 2,537 | $ | 3,008 | $ | 5,030 | $ | 5,316 | ||||||||||||
| Ratio of net expenses to average net assets |
1.05 | % | 1.04 | % | 1.03 | % | 1.03 | % | 1.04% | |||||||||||||
| Ratio of total expenses to average net assets |
1.30 | % | 1.27 | % | 1.21 | % | 1.18 | % | 1.22% | |||||||||||||
| Ratio of net investment income to average net assets |
3.50 | % | 2.65 | % | 1.14 | % | 1.79 | % | 2.24% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 156 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Bond Fund
|
||||||||||||||||||||||
| Class P Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.33 | $ | 10.05 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.36 | 0.29 | 0.19 | 0.26 | 0.28 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.11 | ) | (0.86 | ) | (0.66 | ) | 0.47 | 0.32 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.25 | (0.57 | ) | (0.47 | ) | 0.73 | 0.60 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.37 | ) | (0.23 | ) | (0.14 | ) | (0.34 | ) | (0.32) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.19 | ) | — | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.09 | ) | (0.10 | ) | — | — | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.37 | ) | (0.32 | ) | (0.24 | ) | (0.53 | ) | (0.32) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.81 | $ | 8.93 | $ | 9.82 | $ | 10.53 | $ | 10.33 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
2.79 | % | (5.77 | )% | (4.60 | )% | 6.93 | % | 6.03% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 96,055 | $ | 85,915 | $ | 87,773 | $ | 94,092 | $ | 81,064 | ||||||||||||
| Ratio of net expenses to average net assets |
0.46 | % | 0.45 | % | 0.44 | % | 0.44 | % | 0.44% | |||||||||||||
| Ratio of total expenses to average net assets |
0.71 | % | 0.68 | % | 0.62 | % | 0.59 | % | 0.60% | |||||||||||||
| Ratio of net investment income to average net assets |
4.09 | % | 3.24 | % | 1.79 | % | 2.37 | % | 2.69% | |||||||||||||
| Portfolio turnover rate(c) |
1,287 | % | 1,007 | % | 627 | % | 690 | % | 742% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 157 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Class A Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.29 | $ | 10.11 | $ | 10.76 | $ | 10.79 | $ | 10.41 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.24 | 0.12 | 0.14 | 0.22 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.18 | ) | (0.80 | ) | (0.60 | ) | 0.29 | 0.51 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.14 | (0.56 | ) | (0.48 | ) | 0.43 | 0.73 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.22 | ) | (0.14 | ) | (0.21 | ) | (0.27) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.04 | ) | (0.03 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.26 | ) | (0.17 | ) | (0.46 | ) | (0.35) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.10 | $ | 9.29 | $ | 10.11 | $ | 10.76 | $ | 10.79 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
1.61 | % | (5.49 | )% | (4.52 | )% | 3.83 | % | 7.07% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 119,292 | $ | 119,479 | $ | 150,857 | $ | 164,129 | $ | 125,490 | ||||||||||||
| Ratio of net expenses to average net assets |
0.71 | % | 0.71 | % | 0.71 | % | 0.70 | % | 0.74% | |||||||||||||
| Ratio of total expenses to average net assets |
0.80 | % | 0.81 | % | 0.80 | % | 0.81 | % | 0.84% | |||||||||||||
| Ratio of net investment income to average net assets |
3.51 | % | 2.53 | % | 1.13 | % | 1.26 | % | 2.07% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 158 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Class C Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.34 | $ | 10.16 | $ | 10.82 | $ | 10.84 | $ | 10.46 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.25 | 0.17 | 0.04 | 0.06 | 0.15 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.17 | ) | (0.80 | ) | (0.61 | ) | 0.29 | 0.50 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.08 | (0.63 | ) | (0.57 | ) | 0.35 | 0.65 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.27 | ) | (0.16 | ) | (0.07 | ) | (0.12 | ) | (0.19) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.03 | ) | (0.02 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.27 | ) | (0.19 | ) | (0.09 | ) | (0.37 | ) | (0.27) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.15 | $ | 9.34 | $ | 10.16 | $ | 10.82 | $ | 10.84 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
0.86 | % | (6.15 | )% | (5.20 | )% | 3.05 | % | 6.25% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 8,037 | $ | 6,982 | $ | 9,529 | $ | 12,416 | $ | 8,331 | ||||||||||||
| Ratio of net expenses to average net assets |
1.46 | % | 1.46 | % | 1.46 | % | 1.45 | % | 1.50% | |||||||||||||
| Ratio of total expenses to average net assets |
1.55 | % | 1.56 | % | 1.55 | % | 1.56 | % | 1.60% | |||||||||||||
| Ratio of net investment income to average net assets |
2.76 | % | 1.78 | % | 0.37 | % | 0.50 | % | 1.37% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 159 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Institutional Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.33 | $ | 10.15 | $ | 10.81 | $ | 10.83 | $ | 10.45 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.35 | 0.27 | 0.16 | 0.17 | 0.26 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.18 | ) | (0.80 | ) | (0.61 | ) | 0.30 | 0.51 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.17 | (0.53 | ) | (0.45 | ) | 0.47 | 0.77 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.36 | ) | (0.24 | ) | (0.17 | ) | (0.24 | ) | (0.31) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.05 | ) | (0.04 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.29 | ) | (0.21 | ) | (0.49 | ) | (0.39) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.14 | $ | 9.33 | $ | 10.15 | $ | 10.81 | $ | 10.83 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
1.95 | % | (5.14 | )% | (4.18 | )% | 4.17 | % | 7.41% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 539,220 | $ | 401,838 | $ | 410,606 | $ | 645,062 | $ | 292,906 | ||||||||||||
| Ratio of net expenses to average net assets |
0.38 | % | 0.38 | % | 0.38 | % | 0.37 | % | 0.41% | |||||||||||||
| Ratio of total expenses to average net assets |
0.47 | % | 0.48 | % | 0.47 | % | 0.47 | % | 0.51% | |||||||||||||
| Ratio of net investment income to average net assets |
3.85 | % | 2.89 | % | 1.45 | % | 1.55 | % | 2.46% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 160 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Service Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.33 | $ | 10.15 | $ | 10.81 | $ | 10.83 | $ | 10.46 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.30 | 0.22 | 0.10 | 0.13 | 0.21 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.17 | ) | (0.79 | ) | (0.60 | ) | 0.29 | 0.50 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.13 | (0.57 | ) | (0.50 | ) | 0.42 | 0.71 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.21 | ) | (0.13 | ) | (0.19 | ) | (0.26) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.04 | ) | (0.03 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.32 | ) | (0.25 | ) | (0.16 | ) | (0.44 | ) | (0.34) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.14 | $ | 9.33 | $ | 10.15 | $ | 10.81 | $ | 10.83 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
1.44 | % | (5.61 | )% | (4.74 | )% | 3.65 | % | 6.87% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 845 | $ | 955 | $ | 1,115 | $ | 1,070 | $ | 1,141 | ||||||||||||
| Ratio of net expenses to average net assets |
0.88 | % | 0.88 | % | 0.88 | % | 0.87 | % | 0.91% | |||||||||||||
| Ratio of total expenses to average net assets |
0.97 | % | 0.98 | % | 0.97 | % | 0.98 | % | 1.01% | |||||||||||||
| Ratio of net investment income to average net assets |
3.33 | % | 2.38 | % | 0.97 | % | 1.11 | % | 1.95% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 161 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Investor Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.30 | $ | 10.11 | $ | 10.77 | $ | 10.80 | $ | 10.42 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.34 | 0.26 | 0.15 | 0.16 | 0.24 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.18 | ) | (0.78 | ) | (0.61 | ) | 0.30 | 0.52 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.16 | (0.52 | ) | (0.46 | ) | 0.46 | 0.76 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.24 | ) | (0.17 | ) | (0.24 | ) | (0.30) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.05 | ) | (0.03 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.29 | ) | (0.20 | ) | (0.49 | ) | (0.38) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.11 | $ | 9.30 | $ | 10.11 | $ | 10.77 | $ | 10.80 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
1.86 | % | (5.15 | )% | (4.37 | )% | 4.09 | % | 7.33% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 396,138 | $ | 195,489 | $ | 269,988 | $ | 426,467 | $ | 122,100 | ||||||||||||
| Ratio of net expenses to average net assets |
0.46 | % | 0.46 | % | 0.46 | % | 0.45 | % | 0.48% | |||||||||||||
| Ratio of total expenses to average net assets |
0.55 | % | 0.56 | % | 0.55 | % | 0.56 | % | 0.59% | |||||||||||||
| Ratio of net investment income to average net assets |
3.78 | % | 2.76 | % | 1.37 | % | 1.46 | % | 2.27% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 162 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Class R6 Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.34 | $ | 10.16 | $ | 10.82 | $ | 10.84 | $ | 10.46 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.35 | 0.28 | 0.17 | 0.19 | 0.27 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.18 | ) | (0.81 | ) | (0.62 | ) | 0.29 | 0.50 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.17 | (0.53 | ) | (0.45 | ) | 0.48 | 0.77 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.36 | ) | (0.24 | ) | (0.17 | ) | (0.25 | ) | (0.31) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.05 | ) | (0.04 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.29 | ) | (0.21 | ) | (0.50 | ) | (0.39) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.15 | $ | 9.34 | $ | 10.16 | $ | 10.82 | $ | 10.84 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
1.96 | % | (5.12 | )% | (4.16 | )% | 4.18 | % | 7.41% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 164,210 | $ | 276,178 | $ | 187,649 | $ | 39,378 | $ | 152,821 | ||||||||||||
| Ratio of net expenses to average net assets |
0.37 | % | 0.37 | % | 0.37 | % | 0.36 | % | 0.40% | |||||||||||||
| Ratio of total expenses to average net assets |
0.46 | % | 0.47 | % | 0.46 | % | 0.47 | % | 0.50% | |||||||||||||
| Ratio of net investment income to average net assets |
3.82 | % | 2.97 | % | 1.56 | % | 1.71 | % | 2.51% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 163 |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Class R Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.29 | $ | 10.11 | $ | 10.77 | $ | 10.79 | $ | 10.42 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.29 | 0.22 | 0.09 | 0.12 | 0.20 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.16 | ) | (0.80 | ) | (0.60 | ) | 0.29 | 0.50 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.13 | (0.58 | ) | (0.51 | ) | 0.41 | 0.70 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.20 | ) | (0.13 | ) | (0.18 | ) | (0.25) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.04 | ) | (0.02 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.31 | ) | (0.24 | ) | (0.15 | ) | (0.43 | ) | (0.33) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.11 | $ | 9.29 | $ | 10.11 | $ | 10.77 | $ | 10.79 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
1.36 | % | (5.62 | )% | (4.75 | )% | 3.57 | % | 6.70% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 3,762 | $ | 3,782 | $ | 4,181 | $ | 4,864 | $ | 4,774 | ||||||||||||
| Ratio of net expenses to average net assets |
0.96 | % | 0.96 | % | 0.96 | % | 0.95 | % | 1.00% | |||||||||||||
| Ratio of total expenses to average net assets |
1.05 | % | 1.06 | % | 1.05 | % | 1.06 | % | 1.10% | |||||||||||||
| Ratio of net investment income to average net assets |
3.26 | % | 2.31 | % | 0.88 | % | 1.02 | % | 1.88% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 164 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Core Fixed Income Fund
|
||||||||||||||||||||||
| Class P Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.34 | $ | 10.16 | $ | 10.82 | $ | 10.85 | $ | 10.47 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.35 | 0.27 | 0.16 | 0.18 | 0.27 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.18 | ) | (0.80 | ) | (0.61 | ) | 0.29 | 0.50 | ||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.17 | (0.53 | ) | (0.45 | ) | 0.47 | 0.77 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.36 | ) | (0.24 | ) | (0.17 | ) | (0.25 | ) | (0.31) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | (0.25 | ) | (0.08) | ||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.05 | ) | (0.04 | ) | — | — | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.29 | ) | (0.21 | ) | (0.50 | ) | (0.39) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.15 | $ | 9.34 | $ | 10.16 | $ | 10.82 | $ | 10.85 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
1.96 | % | (5.12 | )% | (4.25 | )% | 4.18 | % | 7.41% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 788,276 | $ | 648,289 | $ | 690,242 | $ | 809,047 | $ | 704,747 | ||||||||||||
| Ratio of net expenses to average net assets |
0.37 | % | 0.37 | % | 0.37 | % | 0.36 | % | 0.40% | |||||||||||||
| Ratio of total expenses to average net assets |
0.46 | % | 0.47 | % | 0.46 | % | 0.46 | % | 0.50% | |||||||||||||
| Ratio of net investment income to average net assets |
3.85 | % | 2.90 | % | 1.47 | % | 1.60 | % | 2.47% | |||||||||||||
| Portfolio turnover rate(d) |
1,127 | % | 884 | % | 489 | % | 575 | % | 693% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 165 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Global Core Fixed Income Fund
|
||||||||||||||||||||||
| Class A Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.20 | $ | 12.00 | $ | 12.73 | $ | 12.72 | $ | 12.47 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.27 | 0.18 | 0.07 | 0.14 | 0.14 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.75 | ) | (0.65 | ) | 0.54 | 0.47 | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.46 | (0.57 | ) | (0.58 | ) | 0.68 | 0.61 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.23 | ) | (0.11 | ) | (0.32 | ) | (0.20) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.04 | ) | (0.35 | ) | (0.16) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.28 | ) | (0.23 | ) | (0.15 | ) | (0.67 | ) | (0.36) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.38 | $ | 11.20 | $ | 12.00 | $ | 12.73 | $ | 12.72 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
4.15 | % | (4.72 | )% | (4.53 | )% | 5.15 | % | 4.88% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 28,643 | $ | 36,563 | $ | 45,557 | $ | 52,270 | $ | 42,358 | ||||||||||||
| Ratio of net expenses to average net assets |
0.92 | % | 0.91 | % | 0.94 | % | 1.00 | % | 1.01% | |||||||||||||
| Ratio of total expenses to average net assets |
1.12 | % | 1.19 | % | 1.16 | % | 1.17 | % | 1.13% | |||||||||||||
| Ratio of net investment income to average net assets |
2.43 | % | 1.56 | % | 0.56 | % | 1.07 | % | 1.08% | |||||||||||||
| Portfolio turnover rate(c) |
566 | % | 689 | % | 461 | % | 522 | % | 610% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 166 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Global Core Fixed Income Fund
|
||||||||||||||||||||||
| Class C Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.09 | $ | 11.88 | $ | 12.62 | $ | 12.61 | $ | 12.37 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income (loss)(a) |
0.18 | 0.09 | (0.03 | ) | 0.04 | 0.04 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.74 | ) | (0.64 | ) | 0.54 | 0.46 | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.37 | (0.65 | ) | (0.67 | ) | 0.58 | 0.50 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.19 | ) | (0.14 | ) | (0.03 | ) | (0.22 | ) | (0.10) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.04 | ) | (0.35 | ) | (0.16) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.19 | ) | (0.14 | ) | (0.07 | ) | (0.57 | ) | (0.26) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.27 | $ | 11.09 | $ | 11.88 | $ | 12.62 | $ | 12.61 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
3.30 | % | (5.33 | )% | (5.28 | )% | 4.40 | % | 4.06% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 1,027 | $ | 1,728 | $ | 2,938 | $ | 4,799 | $ | 6,300 | ||||||||||||
| Ratio of net expenses to average net assets |
1.67 | % | 1.66 | % | 1.70 | % | 1.75 | % | 1.76% | |||||||||||||
| Ratio of total expenses to average net assets |
1.87 | % | 1.94 | % | 1.91 | % | 1.91 | % | 1.88% | |||||||||||||
| Ratio of net investment income (loss) to average net assets |
1.67 | % | 0.78 | % | (0.22 | )% | 0.33 | % | 0.33% | |||||||||||||
| Portfolio turnover rate(c) |
566 | % | 689 | % | 461 | % | 522 | % | 610% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 167 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Global Core Fixed Income Fund
|
||||||||||||||||||||||
| Institutional Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.18 | $ | 11.97 | $ | 12.70 | $ | 12.70 | $ | 12.45 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.21 | 0.11 | 0.18 | 0.18 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.74 | ) | (0.65 | ) | 0.53 | 0.47 | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.49 | (0.53 | ) | (0.54 | ) | 0.71 | 0.65 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.26 | ) | (0.15 | ) | (0.36 | ) | (0.24) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.04 | ) | (0.35 | ) | (0.16) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.31 | ) | (0.26 | ) | (0.19 | ) | (0.71 | ) | (0.40) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.36 | $ | 11.18 | $ | 11.97 | $ | 12.70 | $ | 12.70 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
4.48 | % | (4.43 | )% | (4.24 | )% | 5.48 | % | 5.22% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 218,637 | $ | 206,613 | $ | 251,099 | $ | 282,633 | $ | 250,976 | ||||||||||||
| Ratio of net expenses to average net assets |
0.61 | % | 0.60 | % | 0.63 | % | 0.69 | % | 0.69% | |||||||||||||
| Ratio of total expenses to average net assets |
0.79 | % | 0.86 | % | 0.83 | % | 0.83 | % | 0.79% | |||||||||||||
| Ratio of net investment income to average net assets |
2.76 | % | 1.87 | % | 0.87 | % | 1.38 | % | 1.37% | |||||||||||||
| Portfolio turnover rate(c) |
566 | % | 689 | % | 461 | % | 522 | % | 610% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 168 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Global Core Fixed Income Fund
|
||||||||||||||||||||||
| Service Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.12 | $ | 11.91 | $ | 12.63 | $ | 12.62 | $ | 12.38 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.25 | 0.15 | 0.05 | 0.11 | 0.13 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.73 | ) | (0.65 | ) | 0.55 | 0.44 | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.43 | (0.58 | ) | (0.60 | ) | 0.66 | 0.57 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.25 | ) | (0.21 | ) | (0.08 | ) | (0.30 | ) | (0.17) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.04 | ) | (0.35 | ) | (0.16) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.25 | ) | (0.21 | ) | (0.12 | ) | (0.65 | ) | (0.33) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.30 | $ | 11.12 | $ | 11.91 | $ | 12.63 | $ | 12.62 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
3.88 | % | (4.87 | )% | (4.74 | )% | 4.98 | % | 4.71% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 427 | $ | 491 | $ | 567 | $ | 653 | $ | 196 | ||||||||||||
| Ratio of net expenses to average net assets |
1.11 | % | 1.10 | % | 1.13 | % | 1.18 | % | 1.19% | |||||||||||||
| Ratio of total expenses to average net assets |
1.29 | % | 1.36 | % | 1.33 | % | 1.34 | % | 1.30% | |||||||||||||
| Ratio of net investment income to average net assets |
2.24 | % | 1.38 | % | 0.37 | % | 0.85 | % | 1.02% | |||||||||||||
| Portfolio turnover rate(c) |
566 | % | 689 | % | 461 | % | 522 | % | 610% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 169 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Global Core Fixed Income Fund
|
||||||||||||||||||||||
| Investor Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.16 | $ | 11.95 | $ | 12.68 | $ | 12.67 | $ | 12.43 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.30 | 0.20 | 0.10 | 0.17 | 0.17 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.73 | ) | (0.65 | ) | 0.54 | 0.46 | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.48 | (0.53 | ) | (0.55 | ) | 0.71 | 0.63 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.26 | ) | (0.14 | ) | (0.35 | ) | (0.23) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.04 | ) | (0.35 | ) | (0.16) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.30 | ) | (0.26 | ) | (0.18 | ) | (0.70 | ) | (0.39) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.34 | $ | 11.16 | $ | 11.95 | $ | 12.68 | $ | 12.67 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
4.42 | % | (4.42 | )% | (4.31 | )% | 5.43 | % | 5.07% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 35,349 | $ | 49,849 | $ | 60,048 | $ | 73,477 | $ | 47,717 | ||||||||||||
| Ratio of net expenses to average net assets |
0.67 | % | 0.66 | % | 0.69 | % | 0.75 | % | 0.76% | |||||||||||||
| Ratio of total expenses to average net assets |
0.87 | % | 0.94 | % | 0.91 | % | 0.92 | % | 0.88% | |||||||||||||
| Ratio of net investment income to average net assets |
2.68 | % | 1.80 | % | 0.82 | % | 1.31 | % | 1.31% | |||||||||||||
| Portfolio turnover rate(c) |
566 | % | 689 | % | 461 | % | 522 | % | 610% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 170 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Global Core Fixed Income Fund
|
||||||||||||||||||||||
| Class R6 Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.18 | $ | 11.98 | $ | 12.71 | $ | 12.70 | $ | 12.45 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.21 | 0.11 | 0.19 | 0.17 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.74 | ) | (0.65 | ) | 0.53 | 0.48 | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.50 | (0.53 | ) | (0.54 | ) | 0.72 | 0.65 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.27 | ) | (0.15 | ) | (0.36 | ) | (0.24) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.04 | ) | (0.35 | ) | (0.16) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.31 | ) | (0.27 | ) | (0.19 | ) | (0.71 | ) | (0.40) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.37 | $ | 11.18 | $ | 11.98 | $ | 12.71 | $ | 12.70 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
4.39 | % | (4.34 | )% | (4.23 | )% | 5.49 | % | 5.22% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 363,947 | $ | 294,104 | $ | 272,464 | $ | 264,049 | $ | 311,837 | ||||||||||||
| Ratio of net expenses to average net assets |
0.60 | % | 0.59 | % | 0.62 | % | 0.68 | % | 0.68% | |||||||||||||
| Ratio of total expenses to average net assets |
0.78 | % | 0.85 | % | 0.82 | % | 0.82 | % | 0.78% | |||||||||||||
| Ratio of net investment income to average net assets |
2.78 | % | 1.91 | % | 0.89 | % | 1.40 | % | 1.36% | |||||||||||||
| Portfolio turnover rate(c) |
566 | % | 689 | % | 461 | % | 522 | % | 610% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 171 |
GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Global Core Fixed Income Fund
|
||||||||||||||||||||||
| Class P Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.19 | $ | 11.99 | $ | 12.72 | $ | 12.71 | $ | 12.46 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.21 | 0.11 | 0.19 | 0.18 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.74 | ) | (0.65 | ) | 0.53 | 0.47 | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.50 | (0.53 | ) | (0.54 | ) | 0.72 | 0.65 | |||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.27 | ) | (0.15 | ) | (0.36 | ) | (0.24) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.04 | ) | (0.35 | ) | (0.16) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.31 | ) | (0.27 | ) | (0.19 | ) | (0.71 | ) | (0.40) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.38 | $ | 11.19 | $ | 11.99 | $ | 12.72 | $ | 12.71 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
4.48 | % | (4.33 | )% | (4.23 | )% | 5.49 | % | 5.22% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 8,510 | $ | 7,323 | $ | 8,160 | $ | 8,889 | $ | 7,900 | ||||||||||||
| Ratio of net expenses to average net assets |
0.60 | % | 0.59 | % | 0.62 | % | 0.68 | % | 0.68% | |||||||||||||
| Ratio of total expenses to average net assets |
0.78 | % | 0.85 | % | 0.82 | % | 0.82 | % | 0.78% | |||||||||||||
| Ratio of net investment income to average net assets |
2.78 | % | 1.89 | % | 0.88 | % | 1.40 | % | 1.38% | |||||||||||||
| Portfolio turnover rate(c) |
566 | % | 689 | % | 461 | % | 522 | % | 610% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 172 | The accompanying notes are an integral part of these financial statements. |
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Income Fund
| ||||||||||||||||||||
| Class A Shares
| ||||||||||||||||||||
| Year Ended March 31,
|
Period Ended March 31, 2020(a) | |||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
|||||||||||||||||
| Per Share Data |
||||||||||||||||||||
| Net asset value, beginning of period |
$ | 8.54 | $ | 9.55 | $ | 10.25 | $ | 8.88 | $ 10.00 | |||||||||||
|
| ||||||||||||||||||||
| Net investment income(b) |
0.48 | 0.42 | 0.32 | 0.33 | 0.11 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.37 | (0.80 | ) | (0.59 | ) | 1.43 | (1.11) | |||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.85 | (0.38 | ) | (0.27 | ) | 1.76 | (1.00) | |||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.44 | ) | (0.62 | ) | (0.34 | ) | (0.35 | ) | (0.12) | |||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.09 | ) | (0.04 | ) | — | |||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.49 | ) | (0.63 | ) | (0.43 | ) | (0.39 | ) | (0.12) | |||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 8.90 | $ | 8.54 | $ | 9.55 | $ | 10.25 | $ 8.88 | |||||||||||
|
| ||||||||||||||||||||
| Total return(c) |
10.29 | % | (3.85 | )% | (2.86 | )% | 19.94 | % | (10.14)% | |||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 1,305 | $ | 598 | $ | 501 | $ | 501 | $ 142 | |||||||||||
| Ratio of net expenses to average net assets |
0.98 | % | 0.97 | % | 0.97 | % | 0.97 | % | 0.98%(d) | |||||||||||
| Ratio of total expenses to average net assets |
1.46 | % | 1.42 | % | 1.30 | % | 1.71 | % | 2.58%(d) | |||||||||||
| Ratio of net investment income to average net assets |
5.60 | % | 4.76 | % | 3.12 | % | 3.19 | % | 3.44%(d) | |||||||||||
| Portfolio turnover rate(e) |
641 | % | 469 | % | 139 | % | 363 | % | 110% | |||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on December 03, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 173 |
GOLDMAN SACHS INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Income Fund
| ||||||||||||||||||||
| Class C Shares
| ||||||||||||||||||||
| Year Ended March 31,
|
Period Ended March 31, 2020(a) | |||||||||||||||||||
|
2024
|
2023
|
2022
|
2021
|
|||||||||||||||||
| Per Share Data |
||||||||||||||||||||
| Net asset value, beginning of period |
$ | 8.54 | $ | 9.55 | $ | 10.25 | $ | 8.88 | $ 10.00 | |||||||||||
|
| ||||||||||||||||||||
| Net investment income(b) |
0.41 | 0.36 | 0.25 | 0.26 | 0.09 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.37 | (0.81 | ) | (0.60 | ) | 1.42 | (1.12) | |||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.78 | (0.45 | ) | (0.35 | ) | 1.68 | (1.03) | |||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.38 | ) | (0.55 | ) | (0.26 | ) | (0.27 | ) | (0.09) | |||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.09 | ) | (0.04 | ) | — | |||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.43 | ) | (0.56 | ) | (0.35 | ) | (0.31 | ) | (0.09) | |||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 8.89 | $ | 8.54 | $ | 9.55 | $ | 10.25 | $ 8.88 | |||||||||||
|
| ||||||||||||||||||||
| Total return(c) |
9.35 | % | (4.57 | )% | (3.59 | )% | 19.06 | % | (10.35)% | |||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 597 | $ | 328 | $ | 197 | $ | 77 | $ 65 | |||||||||||
| Ratio of net expenses to average net assets |
1.73 | % | 1.72 | % | 1.72 | % | 1.72 | % | 1.73%(d) | |||||||||||
| Ratio of total expenses to average net assets |
2.23 | % | 2.18 | % | 2.07 | % | 2.71 | % | 3.40%(d) | |||||||||||
| Ratio of net investment income to average net assets |
4.79 | % | 4.09 | % | 2.52 | % | 2.52 | % | 2.67%(d) | |||||||||||
| Portfolio turnover rate(e) |
641 | % | 469 | % | 139 | % | 363 | % | 110% | |||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on December 03, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 174 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Income Fund
| ||||||||||||||||||||
| Institutional Shares
| ||||||||||||||||||||
| Year Ended March 31,
|
Period Ended
| |||||||||||||||||||
|
2024
|
2023
|
2022
|
2021
|
|||||||||||||||||
| Per Share Data |
||||||||||||||||||||
| Net asset value, beginning of period |
$ | 8.54 | $ | 9.55 | $ | 10.25 | $ | 8.88 | $ 10.00 | |||||||||||
|
| ||||||||||||||||||||
| Net investment income(b) |
0.51 | 0.43 | 0.36 | 0.37 | 0.12 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.78 | ) | (0.60 | ) | 1.42 | (1.11) | |||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.87 | (0.35 | ) | (0.24 | ) | 1.79 | (0.99) | |||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.47 | ) | (0.65 | ) | (0.37 | ) | (0.38 | ) | (0.13) | |||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.09 | ) | (0.04 | ) | — | |||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.52 | ) | (0.66 | ) | (0.46 | ) | (0.42 | ) | (0.13) | |||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 8.89 | $ | 8.54 | $ | 9.55 | $ | 10.25 | $ 8.88 | |||||||||||
|
| ||||||||||||||||||||
| Total return(c) |
10.53 | % | (3.53 | )% | (2.54 | )% | 20.34 | % | (10.03)% | |||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 14,364 | $ | 13,094 | $ | 25,483 | $ | 25,710 | $22,264 | |||||||||||
| Ratio of net expenses to average net assets |
0.65 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64%(d) | |||||||||||
| Ratio of total expenses to average net assets |
1.15 | % | 1.06 | % | 0.98 | % | 1.75 | % | 2.53%(d) | |||||||||||
| Ratio of net investment income to average net assets |
5.89 | % | 4.96 | % | 3.47 | % | 3.63 | % | 3.72%(d) | |||||||||||
| Portfolio turnover rate(e) |
641 | % | 469 | % | 139 | % | 363 | % | 110% | |||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on December 03, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 175 |
GOLDMAN SACHS INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Income Fund
| ||||||||||||||||||||
| Investor Shares
| ||||||||||||||||||||
| Year Ended March 31,
|
Period Ended March 31, 2020(a)
| |||||||||||||||||||
|
2024
|
2023
|
2022
|
2021
|
|||||||||||||||||
| Per Share Data |
||||||||||||||||||||
| Net asset value, beginning of period |
$ | 8.54 | $ | 9.55 | $ | 10.25 | $ | 8.88 | $ 10.00 | |||||||||||
|
| ||||||||||||||||||||
| Net investment income(b) |
0.51 | 0.44 | 0.35 | 0.36 | 0.12 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.80 | ) | (0.60 | ) | 1.43 | (1.12) | |||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.87 | (0.36 | ) | (0.25 | ) | 1.79 | (1.00) | |||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.46 | ) | (0.64 | ) | (0.36 | ) | (0.38 | ) | (0.12) | |||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.09 | ) | (0.04 | ) | — | |||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.51 | ) | (0.65 | ) | (0.45 | ) | (0.42 | ) | (0.12) | |||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 8.90 | $ | 8.54 | $ | 9.55 | $ | 10.25 | $ 8.88 | |||||||||||
|
| ||||||||||||||||||||
| Total return(c) |
10.56 | % | (3.61 | )% | (2.62 | )% | 20.24 | % | (10.06)% | |||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 7,253 | $ | 268 | $ | 118 | $ | 54 | $ 45 | |||||||||||
| Ratio of net expenses to average net assets |
0.74 | % | 0.72 | % | 0.72 | % | 0.72 | % | 0.73%(d) | |||||||||||
| Ratio of total expenses to average net assets |
1.20 | % | 1.18 | % | 1.05 | % | 1.81 | % | 2.62%(d) | |||||||||||
| Ratio of net investment income to average net assets |
5.86 | % | 5.12 | % | 3.46 | % | 3.54 | % | 3.63%(d) | |||||||||||
| Portfolio turnover rate(e) |
641 | % | 469 | % | 139 | % | 363 | % | 110% | |||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on December 03, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 176 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Income Fund
| ||||||||||||||||||||
| Class R6 Shares
| ||||||||||||||||||||
| Year Ended March 31,
|
Period Ended March 31, 2020(a)
| |||||||||||||||||||
|
2024
|
2023
|
2022
|
2021
|
|||||||||||||||||
| Per Share Data |
||||||||||||||||||||
| Net asset value, beginning of period |
$ | 8.54 | $ | 9.55 | $ | 10.25 | $ | 8.88 | $ 10.00 | |||||||||||
|
| ||||||||||||||||||||
| Net investment income(b) |
0.51 | 0.44 | 0.36 | 0.37 | 0.12 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.79 | ) | (0.60 | ) | 1.43 | (1.11) | |||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.87 | (0.35 | ) | (0.24 | ) | 1.80 | (0.99) | |||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.47 | ) | (0.65 | ) | (0.37 | ) | (0.39 | ) | (0.13) | |||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.09 | ) | (0.04 | ) | — | |||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.52 | ) | (0.66 | ) | (0.46 | ) | (0.43 | ) | (0.13) | |||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 8.89 | $ | 8.54 | $ | 9.55 | $ | 10.25 | $ 8.88 | |||||||||||
|
| ||||||||||||||||||||
| Total return(c) |
10.54 | % | (3.52 | )% | (2.53 | )% | 20.35 | % | (10.03)% | |||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 56 | $ | 51 | $ | 53 | $ | 54 | $ 45 | |||||||||||
| Ratio of net expenses to average net assets |
0.64 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63%(d) | |||||||||||
| Ratio of total expenses to average net assets |
1.13 | % | 1.07 | % | 0.97 | % | 1.72 | % | 2.52%(d) | |||||||||||
| Ratio of net investment income to average net assets |
5.90 | % | 5.07 | % | 3.48 | % | 3.64 | % | 3.73%(d) | |||||||||||
| Portfolio turnover rate(e) |
641 | % | 469 | % | 139 | % | 363 | % | 110% | |||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on December 03, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 177 |
GOLDMAN SACHS INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Income Fund
| ||||||||||||||||||||
| Class P Shares
| ||||||||||||||||||||
| Year Ended March 31,
|
Period Ended March 31, 2020(a)
| |||||||||||||||||||
|
2024
|
2023
|
2022
|
2021
|
|||||||||||||||||
| Per Share Data |
||||||||||||||||||||
| Net asset value, beginning of period |
$ | 8.54 | $ | 9.55 | $ | 10.25 | $ | 8.88 | $ 10.00 | |||||||||||
|
| ||||||||||||||||||||
| Net investment income(b) |
0.51 | 0.44 | 0.36 | 0.36 | 0.12 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.79 | ) | (0.60 | ) | 1.44 | (1.11) | |||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.87 | (0.35 | ) | (0.24 | ) | 1.80 | (0.99) | |||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.47 | ) | (0.65 | ) | (0.37 | ) | (0.39 | ) | (0.13) | |||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.09 | ) | (0.04 | ) | — | |||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.52 | ) | (0.66 | ) | (0.46 | ) | (0.43 | ) | (0.13) | |||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 8.89 | $ | 8.54 | $ | 9.55 | $ | 10.25 | $ 8.88 | |||||||||||
|
| ||||||||||||||||||||
| Total return(c) |
10.54 | % | (3.52 | )% | (2.53 | )% | 20.35 | % | (10.03)% | |||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 73,551 | $ | 50,736 | $ | 73,188 | $ | 89,424 | $ 809 | |||||||||||
| Ratio of net expenses to average net assets |
0.64 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.60%(d) | |||||||||||
| Ratio of total expenses to average net assets |
1.11 | % | 1.06 | % | 0.97 | % | 1.10 | % | 0.63%(d) | |||||||||||
| Ratio of net investment income to average net assets |
5.95 | % | 5.02 | % | 3.48 | % | 3.46 | % | 3.76%(d) | |||||||||||
| Portfolio turnover rate(e) |
641 | % | 469 | % | 139 | % | 363 | % | 110% | |||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on December 03, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 178 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Income Fund
|
||||||||||||||||||||||
| Class A Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.00 | $ | 9.14 | $ | 9.41 | $ | 8.48 | $ | 9.28 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.36 | 0.24 | 0.09 | 0.31 | 0.26 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.09 | ) | (0.20 | ) | 0.99 | (0.78) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.72 | 0.15 | (0.11 | ) | 1.30 | (0.52) | ||||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.36 | ) | — | — | (0.35 | ) | —(b) | |||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.29 | ) | (0.16 | ) | (0.02 | ) | (0.28) | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.29 | ) | (0.16 | ) | (0.37 | ) | (0.28) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.36 | $ | 9.00 | $ | 9.14 | $ | 9.41 | $ | 8.48 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
8.30 | % | 1.64 | % | (1.12 | )% | 15.12 | % | (5.64)% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 103,331 | $ | 121,804 | $ | 127,793 | $ | 126,488 | $ | 115,257 | ||||||||||||
| Ratio of net expenses to average net assets |
1.04 | % | 1.03 | % | 1.01 | % | 1.02 | % | 1.01% | |||||||||||||
| Ratio of total expenses to average net assets |
1.15 | % | 1.12 | % | 1.07 | % | 1.05 | % | 1.04% | |||||||||||||
| Ratio of net investment income to average net assets |
3.94 | % | 2.75 | % | 0.94 | % | 3.27 | % | 2.84% | |||||||||||||
| Portfolio turnover rate(d) |
2,353 | % | 1,026 | % | 416 | % | 722 | % | 491% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 179 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Income Fund
|
||||||||||||||||||||||
| Class C Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.98 | $ | 9.11 | $ | 9.39 | $ | 8.46 | $ | 9.25 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.29 | 0.15 | 0.02 | 0.24 | 0.19 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.06 | ) | (0.21 | ) | 0.98 | (0.77) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.65 | 0.09 | (0.19 | ) | 1.22 | (0.58) | ||||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.29 | ) | — | — | (0.27 | ) | —(b) | |||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.22 | ) | (0.09 | ) | (0.02 | ) | (0.21) | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.29 | ) | (0.22 | ) | (0.09 | ) | (0.29 | ) | (0.21) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.34 | $ | 8.98 | $ | 9.11 | $ | 9.39 | $ | 8.46 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(c) |
7.50 | % | 0.81 | % | (1.82 | )% | 14.24 | % | (6.27)% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 5,855 | $ | 7,470 | $ | 22,237 | $ | 55,099 | $ | 89,308 | ||||||||||||
| Ratio of net expenses to average net assets |
1.79 | % | 1.78 | % | 1.76 | % | 1.77 | % | 1.77% | |||||||||||||
| Ratio of total expenses to average net assets |
1.90 | % | 1.87 | % | 1.81 | % | 1.80 | % | 1.79% | |||||||||||||
| Ratio of net investment income to average net assets |
3.20 | % | 1.68 | % | 0.18 | % | 2.54 | % | 2.10% | |||||||||||||
| Portfolio turnover rate(d) |
2,353 | % | 1,026 | % | 416 | % | 722 | % | 491% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 180 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Income Fund
|
||||||||||||||||||||||
| Institutional Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.01 | $ | 9.15 | $ | 9.42 | $ | 8.49 | $ | 9.28 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.39 | 0.27 | 0.12 | 0.34 | 0.29 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.09 | ) | (0.20 | ) | 0.99 | (0.76) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.75 | 0.18 | (0.08 | ) | 1.33 | (0.47) | ||||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.39 | ) | — | — | (0.38 | ) | (0.01) | |||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.32 | ) | (0.19 | ) | (0.02 | ) | (0.31) | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.39 | ) | (0.32 | ) | (0.19 | ) | (0.40 | ) | (0.32) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.37 | $ | 9.01 | $ | 9.15 | $ | 9.42 | $ | 8.49 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
8.65 | % | 1.97 | % | (0.83 | )% | 15.62 | % | (5.31)% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 343,876 | $ | 310,847 | $ | 376,645 | $ | 437,445 | $ | 564,586 | ||||||||||||
| Ratio of net expenses to average net assets |
0.71 | % | 0.70 | % | 0.68 | % | 0.69 | % | 0.68% | |||||||||||||
| Ratio of total expenses to average net assets |
0.82 | % | 0.79 | % | 0.74 | % | 0.71 | % | 0.70% | |||||||||||||
| Ratio of net investment income to average net assets |
4.29 | % | 3.04 | % | 1.28 | % | 3.61 | % | 3.18% | |||||||||||||
| Portfolio turnover rate(c) |
2,353 | % | 1,026 | % | 416 | % | 722 | % | 491% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 181 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Income Fund
|
||||||||||||||||||||||
| Investor Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.01 | $ | 9.14 | $ | 9.42 | $ | 8.48 | $ | 9.28 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.39 | 0.26 | 0.11 | 0.33 | 0.29 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.08 | ) | (0.21 | ) | 1.00 | (0.78) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.75 | 0.18 | (0.10 | ) | 1.33 | (0.49) | ||||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.39 | ) | — | — | (0.37 | ) | (0.01) | |||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.31 | ) | (0.18 | ) | (0.02 | ) | (0.30) | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.39 | ) | (0.31 | ) | (0.18 | ) | (0.39 | ) | (0.31) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.37 | $ | 9.01 | $ | 9.14 | $ | 9.42 | $ | 8.48 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
8.68 | % | 1.78 | % | (0.90 | )% | 15.52 | % | (5.40)% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 23,492 | $ | 17,221 | $ | 18,592 | $ | 22,711 | $ | 25,179 | ||||||||||||
| Ratio of net expenses to average net assets |
0.79 | % | 0.78 | % | 0.76 | % | 0.77 | % | 0.76% | |||||||||||||
| Ratio of total expenses to average net assets |
0.90 | % | 0.87 | % | 0.82 | % | 0.80 | % | 0.79% | |||||||||||||
| Ratio of net investment income to average net assets |
4.25 | % | 2.95 | % | 1.19 | % | 3.53 | % | 3.15% | |||||||||||||
| Portfolio turnover rate(c) |
2,353 | % | 1,026 | % | 416 | % | 722 | % | 491% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 182 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Income Fund
|
||||||||||||||||||||||
| Class R6 Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.00 | $ | 9.14 | $ | 9.41 | $ | 8.48 | $ | 9.28 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.39 | 0.27 | 0.14 | 0.34 | 0.29 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.37 | (0.09 | ) | (0.22 | ) | 0.99 | (0.77) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.76 | 0.18 | (0.08 | ) | 1.33 | (0.48) | ||||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.39 | ) | — | — | (0.38 | ) | (0.01) | |||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.32 | ) | (0.19 | ) | (0.02 | ) | (0.31) | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.39 | ) | (0.32 | ) | (0.19 | ) | (0.40 | ) | (0.32) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.37 | $ | 9.00 | $ | 9.14 | $ | 9.41 | $ | 8.48 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
8.67 | % | 1.87 | % | (0.71 | )% | 15.51 | % | (5.30)% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 50,711 | $ | 17,985 | $ | 19,883 | $ | 4,023 | $ | 6,779 | ||||||||||||
| Ratio of net expenses to average net assets |
0.70 | % | 0.69 | % | 0.67 | % | 0.68 | % | 0.67% | |||||||||||||
| Ratio of total expenses to average net assets |
0.81 | % | 0.78 | % | 0.73 | % | 0.70 | % | 0.69% | |||||||||||||
| Ratio of net investment income to average net assets |
4.30 | % | 3.06 | % | 1.47 | % | 3.63 | % | 3.16% | |||||||||||||
| Portfolio turnover rate(c) |
2,353 | % | 1,026 | % | 416 | % | 722 | % | 491% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 183 |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Income Fund
|
||||||||||||||||||||||
| Class R Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.98 | $ | 9.12 | $ | 9.40 | $ | 8.47 | $ | 9.26 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.34 | 0.22 | 0.07 | 0.29 | 0.24 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.09 | ) | (0.21 | ) | 0.98 | (0.77) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.70 | 0.13 | (0.14 | ) | 1.27 | (0.53) | ||||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.34 | ) | — | — | (0.32 | ) | — | |||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.27 | ) | (0.14 | ) | (0.02 | ) | (0.26) | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.27 | ) | (0.14 | ) | (0.34 | ) | (0.26) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.34 | $ | 8.98 | $ | 9.12 | $ | 9.40 | $ | 8.47 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
8.05 | % | 1.28 | % | (1.35 | )% | 14.98 | % | (5.89)% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 3,044 | $ | 2,886 | $ | 2,520 | $ | 2,539 | $ | 3,056 | ||||||||||||
| Ratio of net expenses to average net assets |
1.29 | % | 1.28 | % | 1.26 | % | 1.27 | % | 1.27% | |||||||||||||
| Ratio of total expenses to average net assets |
1.40 | % | 1.37 | % | 1.32 | % | 1.30 | % | 1.29% | |||||||||||||
| Ratio of net investment income to average net assets |
3.70 | % | 2.51 | % | 0.70 | % | 3.04 | % | 2.59% | |||||||||||||
| Portfolio turnover rate(c) |
2,353 | % | 1,026 | % | 416 | % | 722 | % | 491% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 184 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Income Fund
|
||||||||||||||||||||||
| Class P Shares
|
||||||||||||||||||||||
| Year Ended March 31,
|
||||||||||||||||||||||
| 2024
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||||
| Per Share Data |
||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.99 | $ | 9.13 | $ | 9.40 | $ | 8.47 | $ | 9.27 | ||||||||||||
|
|
||||||||||||||||||||||
| Net investment income(a) |
0.39 | 0.27 | 0.12 | 0.34 | 0.29 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.36 | (0.09 | ) | (0.20 | ) | 0.99 | (0.77) | |||||||||||||||
|
|
||||||||||||||||||||||
| Total from investment operations |
0.75 | 0.18 | (0.08 | ) | 1.33 | (0.48) | ||||||||||||||||
|
|
||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.39 | ) | — | — | (0.38 | ) | (0.01) | |||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.32 | ) | (0.19 | ) | (0.02 | ) | (0.31) | ||||||||||||||
|
|
||||||||||||||||||||||
| Total distributions |
(0.39 | ) | (0.32 | ) | (0.19 | ) | (0.40 | ) | (0.32) | |||||||||||||
|
|
||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.35 | $ | 8.99 | $ | 9.13 | $ | 9.40 | $ | 8.47 | ||||||||||||
|
|
||||||||||||||||||||||
| Total return(b) |
8.68 | % | 1.87 | % | (0.71 | )% | 15.53 | % | (5.31)% | |||||||||||||
|
|
||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 150,478 | $ | 158,372 | $ | 221,056 | $ | 268,868 | $ | 235,966 | ||||||||||||
| Ratio of net expenses to average net assets |
0.70 | % | 0.69 | % | 0.67 | % | 0.68 | % | 0.67% | |||||||||||||
| Ratio of total expenses to average net assets |
0.81 | % | 0.78 | % | 0.73 | % | 0.70 | % | 0.69% | |||||||||||||
| Ratio of net investment income to average net assets |
4.29 | % | 2.99 | % | 1.27 | % | 3.62 | % | 3.18% | |||||||||||||
| Portfolio turnover rate(c) |
2,353 | % | 1,026 | % | 416 | % | 722 | % | 491% | |||||||||||||
|
|
||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 185 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| Fund | Share Classes Offered | Diversified/ Non-diversified |
||||
| Bond and Core Fixed Income |
A, C, Institutional, Service, Investor, R6, R and P | Diversified | ||||
| Global Core Fixed Income |
A, C, Institutional, Service, Investor, R6 and P | Diversified | ||||
| Income |
A, C, Institutional, Investor, R6 and P | Diversified | ||||
| Strategic Income |
A, C, Institutional, Investor, R6, R and P | Diversified | ||||
Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to each of the Bond, Core Fixed Income, Income and Strategic Income Funds pursuant to management agreements with the Trust. Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as investment adviser to the Global Core Fixed Income Fund pursuant to a management agreement with the Trust (the management agreements with GSAM and GSAMI are collectively referred to herein as the “Agreements”).
At the close of business on July 14, 2023, Class R Shares of the Income Fund were liquidated.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities
| 186 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 2. SIGNIFICANT ACCOUNTING POLICIES ( continued) |
(“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| Fund | Income Distributions
Declared/Paid |
Capital Gains Distributions
Declared/Paid | ||
| Bond |
Daily/Monthly | Annually | ||
| Core Fixed Income |
Daily/Monthly | Annually | ||
| Global Core Fixed Income |
Daily/Monthly | Annually | ||
| Income |
Daily/Monthly | Annually | ||
| Strategic Income |
Monthly/Monthly | Annually | ||
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or
| 187 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s and GSAMI’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM and GSAMI have day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM and GSAMI to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the valuation procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the valuation procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are
| 188 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and a Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.
The Income and Strategic Income Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.
ii. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
iii. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.
iv. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.
| 189 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.
v. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.
vi. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.
vii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
| 190 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
iii. Options Contracts — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
| 191 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.
The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM and GSAMI believe that such quotations do not accurately reflect fair value, the fair value of a Funds’ investments may be determined under the Valuation Procedures. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2024:
BOND
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||||||||||
|
|
||||||||||||||||||||
| Assets |
||||||||||||||||||||
| Fixed Income |
||||||||||||||||||||
| Mortgage-Backed Obligations |
$ | — | $ | 204,555,912 | $ | — | ||||||||||||||
| Corporate Obligations |
— | 137,085,030 | — | |||||||||||||||||
| Asset-Backed Securities |
— | 51,230,087 | — | |||||||||||||||||
| Municipal Debt Obligations |
— | 3,876,870 | — | |||||||||||||||||
| Sovereign Debt Obligations |
— | 2,449,889 | — | |||||||||||||||||
| U.S. Treasury Obligations |
2,360,783 | — | — | |||||||||||||||||
| Bank Loans |
— | 248,939 | — | |||||||||||||||||
|
|
||||||||||||||||||||
| Total |
$ | 2,360,783 | $ | 399,446,727 | $ | — | ||||||||||||||
|
|
||||||||||||||||||||
| Liabilities |
||||||||||||||||||||
| Fixed Income |
||||||||||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (75,351,083 | ) | $ | — | |||||||||||||
|
|
||||||||||||||||||||
| 192 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| BOND (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | 2,216,809 | $ | — | ||||||
| Futures Contracts(a) |
413,758 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 3,574,848 | — | |||||||||
| Credit Default Swap Contracts(a) |
— | 55,603 | — | |||||||||
| Purchased Option Contracts |
— | 1,864,170 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 413,758 | $ | 7,711,430 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | (2,202,263 | ) | $ | — | |||||
| Futures Contracts(a) |
(100,342 | ) | — | — | ||||||||
| Interest Rate Swap Contracts(a) |
— | (2,159,063 | ) | — | ||||||||
| Written Option Contracts |
— | (1,975,728 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (100,342 | ) | $ | (6,337,054 | ) | $ | — | ||||
|
|
||||||||||||
| CORE FIXED INCOME |
||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations |
$ | — | $ | 1,007,624,312 | $ | — | ||||||
| Corporate Obligations |
— | 634,872,348 | — | |||||||||
| U.S. Treasury Obligations |
358,239,404 | — | — | |||||||||
| Asset-Backed Securities |
— | 206,409,196 | — | |||||||||
| Agency Debentures |
— | 29,655,167 | — | |||||||||
| Sovereign Debt Obligations |
— | 21,011,765 | — | |||||||||
| Municipal Debt Obligations |
— | 10,958,373 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 358,239,404 | $ | 1,910,531,161 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (334,550,745 | ) | $ | — | |||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | 8,763 | $ | — | ||||||
| Futures Contracts(a) |
1,307,893 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 6,726,856 | — | |||||||||
| Credit Default Swap Contracts(a) |
— | 1,835,116 | — | |||||||||
| Purchased Option Contracts |
— | 221,929 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 1,307,893 | $ | 8,792,664 | $ | — | ||||||
|
|
||||||||||||
| 193 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| CORE FIXED INCOME (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ — | $ (6,987) | $ | — | ||||||||
| Futures Contracts(a) |
(296,190) | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | (4,060,970) | — | |||||||||
| Written Option Contracts |
— | (616,951) | — | |||||||||
|
|
||||||||||||
| Total |
$ (296,190) | $ (4,684,908) | $ | — | ||||||||
|
|
||||||||||||
| GLOBAL CORE FIXED INCOME |
||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ — | $ 211,405,834 | $ | — | ||||||||
| Mortgage-Backed Obligations |
— | 172,475,430 | — | |||||||||
| Sovereign Debt Obligations |
114,591,334 | 35,853,054 | — | |||||||||
| Asset-Backed Securities |
— | 85,643,220 | — | |||||||||
| U.S. Treasury Obligations |
9,009,437 | — | — | |||||||||
| Agency Debentures |
— | 1,328,397 | — | |||||||||
| Structured Note |
— | 1,028,572 | — | |||||||||
| Exchange Traded Funds |
302,315 | — | — | |||||||||
| Investment Company |
9,667,648 | — | — | |||||||||
| Short-term Investments |
— | 26,524,489 | — | |||||||||
|
|
||||||||||||
| Total |
$133,570,734 | $ 534,258,996 | $ | — | ||||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ — | $ (35,608,689 | ) | $ | — | |||||||
|
|
||||||||||||
| Derivative Type |
||||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ — | $ 3,399,737 | $ | — | ||||||||
| Futures Contracts(a) |
1,021,692 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 5,580,482 | — | |||||||||
| Credit Default Swap Contracts(a) |
— | 318,824 | — | |||||||||
| Purchased Option Contracts |
— | 162,228 | — | |||||||||
|
|
||||||||||||
| Total |
$ 1,021,692 | $ 9,461,271 | $ | — | ||||||||
|
|
||||||||||||
| 194 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| GLOBAL CORE FIXED INCOME (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | (991,193 | ) | $ | — | |||||
| Futures Contracts(a) |
(198,586 | ) | — | — | ||||||||
| Interest Rate Swap Contracts(a) |
— | (3,644,006 | ) | — | ||||||||
| Credit Default Swap Contracts(a) |
— | (6,496 | ) | — | ||||||||
| Written Option Contracts |
— | (447,298 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (198,586 | ) | $ | (5,088,993 | ) | $ | — | ||||
|
|
||||||||||||
| INCOME |
||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 72,034,619 | $ | — | ||||||
| Mortgage-Backed Obligations |
— | 12,496,693 | — | |||||||||
| Asset-Backed Securities |
— | 4,495,556 | — | |||||||||
| Sovereign Debt Obligations |
— | 4,458,364 | — | |||||||||
| Bank Loans |
— | 4,154,893 | — | |||||||||
| U.S. Treasury Obligations |
1,602,915 | — | — | |||||||||
| Common Stock and/or Other Equity Investments(b) |
||||||||||||
| Europe |
— | 109,616 | — | |||||||||
| North America |
274,888 | — | — | |||||||||
| Investment Company |
7,515,504 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 9,393,307 | $ | 97,749,741 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (10,620,579 | ) | $ | — | |||||
|
|
||||||||||||
| Derivative Type |
||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 1,467 | $ | — | ||||||
| Futures Contracts |
13,008 | — | — | |||||||||
| Credit Default Swap Contracts |
— | 41,883 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 13,008 | $ | 43,350 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (556 | ) | $ | — | |||||
| Futures Contracts |
(50,921 | ) | — | — | ||||||||
| Interest Rate Swap Contracts |
— | (16,192 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (50,921 | ) | $ | (16,748 | ) | $ | — | ||||
|
|
||||||||||||
| 195 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| STRATEGIC INCOME | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations |
$ | — | $ | 532,112,698 | $ | — | ||||||
| Corporate Obligations |
— | 179,790,515 | — | |||||||||
| Asset-Backed Securities |
— | 148,051,739 | — | |||||||||
| U.S. Treasury Obligations |
85,993,602 | — | — | |||||||||
| Bank Loans |
— | 13,938,493 | 2,600,000 | |||||||||
| Sovereign Debt Obligations |
— | 10,410,846 | — | |||||||||
| Municipal Debt Obligations |
— | 8,396,670 | — | |||||||||
| Common Stock and/or Other Equity Investments(b) |
||||||||||||
| North America |
1,199,109 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 87,192,711 | $ | 892,700,961 | $ | 2,600,000 | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (322,434,375 | ) | $ | — | |||||
|
|
||||||||||||
| Derivative Type |
||||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | 8,914,699 | $ | — | ||||||
| Futures Contracts(a) |
29,219 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 20,902,166 | — | |||||||||
| Credit Default Swap Contracts(a) |
— | 522,998 | — | |||||||||
| Purchased Option Contracts |
— | 8,588,208 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 29,219 | $ | 38,928,071 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | (8,873,808 | ) | $ | — | |||||
| Futures Contracts(a) |
(695,199 | ) | — | — | ||||||||
| Interest Rate Swap Contracts(a) |
— | (12,936,272 | ) | — | ||||||||
| Credit Default Swap Contracts(a) |
— | (2,630 | ) | — | ||||||||
| Written Option Contracts |
— | (9,228,565 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (695,199 | ) | $ | (31,041,275 | ) | $ | — | ||||
|
|
||||||||||||
| (a) | Amount shown represents unrealized gain (loss) at period end. |
| (b) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the
| 196 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
Bond
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit |
Variation margin on swap contracts | $ | 55,603 | (a) | — | $ — | ||||||
| Currency |
Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 3,977,371 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (3,894,110 | ) | |||||||
| Interest rate |
Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 4,092,214 | (a) | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (2,543,286 | )(a) | ||||||
| Total |
$ | 8,125,188 | $ (6,437,396 | ) | ||||||||
| Core Fixed Income | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit |
Variation margin on swap contracts | $ | 1,835,116 | (a) | — | $ — | ||||||
| Currency |
Receivable for unrealized gain on forward foreign currency exchange contracts | 8,763 | Payable for unrealized loss on forward foreign currency exchange contracts | (6,987 | ) | |||||||
| Interest rate |
Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 8,256,678 | (a) | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (4,974,111 | )(a) | ||||||
| Total |
$ | 10,100,557 | $ (4,981,098 | ) | ||||||||
| Global Core Fixed Income | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit |
Receivable for unrealized gain on swap contracts; Variation margin on swap contracts | $ | 318,824 | (a) | Variation margin on swap contracts | $ (6,496 | )(a) | |||||
| Currency |
Receivable for unrealized gain on forward foreign currency exchange contracts | 3,399,737 | Payable for unrealized loss on forward foreign currency exchange contracts | (991,193 | ) | |||||||
| Interest rate |
Receivable for unrealized gain on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value |
6,764,402 | (a) | Payable for unrealized loss on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value |
(4,289,890 | )(a)(b) | ||||||
| Total |
$ | 10,482,963 | $ (5,287,579 | ) | ||||||||
| 197 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) | ||
| Income | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit |
Variation margin on swap contracts | $ | 41,883 | (a) | — | $ | — | |||||
| Currency |
Receivable for unrealized gain on forward foreign currency exchange contracts | 1,467 | Payable for unrealized loss on forward foreign currency exchange contracts | (556 | ) | |||||||
| Interest rate |
Variation margin on futures contracts | 13,008 | (a) | Variation margin on futures contracts; Variation margin on swap contracts | (67,113 | )(a) | ||||||
| Total |
$ | 56,358 | $ | (67,669 | ) | |||||||
| Strategic Income | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit |
Receivable for unrealized gain on swap contracts; Variation margin on swap contracts | $ | 522,998 | (a) | Variation margin on swap contracts | $ | (2,630 | )(a) | ||||
| Currency |
Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 16,956,667 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (16,594,212 | ) | |||||||
| Interest rate |
Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 21,477,625 | (a) | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (15,139,632 | )(a) | ||||||
| Total |
$ | 38,957,290 | $ | (31,736,474 | ) | |||||||
| (a) | Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
| (b) | Aggregate of amounts includes $19,807 for the Global Core Fixed Income Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return. |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and
| 198 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) | ||
accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
Bond
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | ||||||||||
| Credit |
Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | 643,893 | $ | (110,580 | ) | |||||||
| Currency |
Net realized gain (loss) from forward foreign currency exchange contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options contracts and written options contracts | (854,079 | ) | 553,180 | |||||||||
| Interest rate |
Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | (3,561,735 | ) | 301,183 | |||||||||
| Total |
$ | (3,771,921 | ) | $ | 743,783 | ||||||||
| Core Fixed Income | |||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | ||||||||||
| Credit |
Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | 3,097,098 | $ | 1,849,158 | ||||||||
| Currency |
Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (524,930 | ) | 234,365 | |||||||||
| Interest rate |
Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | (9,311,364 | ) | (756,759 | ) | ||||||||
| Total |
$ | (6,739,196 | ) | $ | 1,326,764 | ||||||||
| Global Core Fixed Income | |||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | ||||||||||
| Credit |
Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | 923,909 | $ | 150,848 | ||||||||
| Currency |
Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 20,763,431 | 3,653,577 | ||||||||||
| Interest rate |
Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 5,173,615 | (1,197,494 | ) | |||||||||
| Total |
$ | 26,860,955 | $ | 2,606,931 | |||||||||
| 199 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) | ||
| Income | |||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | ||||||||||
| Credit |
Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | 217,965 | $ | (29,388 | ) | |||||||
| Currency |
Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (26,270 | ) | 74,594 | |||||||||
| Interest rate |
Net realized gain (loss) from futures contracts, written options contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts | (308,254 | ) | (72,366 | ) | ||||||||
| Total |
$ | (116,559 | ) | $ | (27,160 | ) | |||||||
| Strategic Income | |||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | ||||||||||
| Credit |
Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | 1,415,940 | $ | 260,117 | ||||||||
| Currency |
Net realized gain (loss) from forward foreign currency exchange contracts; purchased options contracts and written options contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts; purchased options contracts and written options contracts | (3,846,543 | ) | 2,129,305 | |||||||||
| Interest rate |
Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 26,681,463 | 2,354,994 | ||||||||||
| Total |
$ | 24,250,860 | $ | 4,744,416 | |||||||||
For the fiscal year ended March 31, 2024, the relevant values for each derivative type were as follows:
| Average Number of Contracts, Notional Amounts, or Shares/Units(a) | ||||||||||||||||||||||||||
| Futures | Forward | Swap | Purchased | Purchased | Written | Written | ||||||||||||||||||||
| Fund | Contracts | Contracts | Agreements | Options | Swaptions | Options | Swaptions | |||||||||||||||||||
|
| ||||||||||||||||||||||||||
| Bond |
1,027 | $ | 295,612,849 | $ | 801,899,316 | 83,901,395 | $ | 55,355,080 | 80,164,602 | $166,335,654 | ||||||||||||||||
|
| ||||||||||||||||||||||||||
| Core Fixed Income |
3,677 | 29,548,824 | 1,457,891,309 | 166,634,206 | 110,522,328 | 119,719,461 | 333,732,534 | |||||||||||||||||||
|
| ||||||||||||||||||||||||||
| Global Core Fixed Income |
1,681 | 411,356,609 | 1,329,844,698 | 125,508,163 | 81,540,254 | 90,077,151 | 244,938,155 | |||||||||||||||||||
|
| ||||||||||||||||||||||||||
| Income |
148 | 7,004,827 | 17,896,288 | — | — | — | — | |||||||||||||||||||
|
| ||||||||||||||||||||||||||
| Strategic Income |
3,461 | 1,132,177,158 | 4,098,227,039 | 378,029,183 | 277,878,404 | 363,527,606 | 854,790,532 | |||||||||||||||||||
|
| ||||||||||||||||||||||||||
| (a) | Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2024. |
| 200 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.
Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.
Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that GSAM and GSAMI believe to be of good standing and by monitoring the financial stability of those counterparties.
Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.
The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2024:
Bond Fund
| Derivative Assets(1) | Derivative Liabilities(1) | |||||||||||||||||||||||||||||||||||||||
| Forward | Forward | Net Derivative | Collateral | |||||||||||||||||||||||||||||||||||||
| Options | Currency | Currency | Options | Asset | (Received) | Net | ||||||||||||||||||||||||||||||||||
| Counterparty | Purchased | Swaps | Contracts | Total | Contracts | Written | Total | (Liabilities) | Pledged(1) | Amount(2) | ||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| Barclays Bank PLC |
$ 144,379 | $ — | $ — | $ 144,379 | $ — | $ (163,220 | ) | $ (163,220 | ) | $ (18,841 | ) | $ — | $ (18,841 | ) | ||||||||||||||||||||||||||
| BNP Paribas SA |
267,276 | — | — | 267,276 | — | (225,155 | ) | (225,155 | ) | 42,121 | — | 42,121 | ||||||||||||||||||||||||||||
| BofA Securities LLC |
87,409 | — | — | 87,409 | — | (205,310 | ) | (205,310 | ) | (117,901 | ) | — | (117,901 | ) | ||||||||||||||||||||||||||
| Citibank NA |
305,057 | — | — | 305,057 | — | (350,588 | ) | (350,588 | ) | (45,531 | ) | 45,531 | — | |||||||||||||||||||||||||||
| Deutsche Bank AG (London) |
70,578 | — | — | 70,578 | — | (124,949 | ) | (124,949 | ) | (54,371 | ) | — | (54,371 | ) | ||||||||||||||||||||||||||
| HSBC Bank PLC |
134,146 | — | — | 134,146 | — | (62,590 | ) | (62,590 | ) | 71,556 | — | 71,556 | ||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
99,130 | 17,845 | 2,216,809 | 2,333,784 | (2,202,263 | ) | (192,545 | ) | (2,394,808 | ) | (61,024 | ) | 61,024 | — | ||||||||||||||||||||||||||
| MS & Co. Int. PLC |
174,615 | 19,034 | — | 193,649 | — | (211,781 | ) | (211,781 | ) | (18,132 | ) | 18,132 | — | |||||||||||||||||||||||||||
| UBS AG (London) |
581,580 | — | — | 581,580 | — | (439,590 | ) | (439,590 | ) | 141,990 | — | 141,990 | ||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| Total |
$1,864,170 | $36,879 | $2,216,809 | $4,117,858 | $(2,202,263) | $(1,975,728 | ) | $(4,177,991 | ) | $ (60,133 | ) | $124,687 | $ 64,554 | |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| (1) | Gross amounts available for offset but not netted in the Statement of Assets and Liabilities. |
| (2) | Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts. |
| 201 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) |
Strategic Income Fund
| Derivative Assets(1) | Derivative Liabilities(1) | |||||||||||||||||||||||||||||||||||||||
| Forward | Forward | Net Derivative | Collateral | |||||||||||||||||||||||||||||||||||||
| Options | Currency | Currency | Options | Asset | (Received) | Net | ||||||||||||||||||||||||||||||||||
| Counterparty | Purchased | Swaps | Contracts | Total | Contracts | Written | Total | (Liabilities) | Pledged(1) | Amount(2) | ||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| Barclays Bank PLC |
$ | 710,419 | $ | — | $ | — | $ | 710,419 | $ | — | $ | (773,241 | ) | $ | (773,241 | ) | $ (62,822 | ) | $ — | $ | (62,822 | ) | ||||||||||||||||||
| BNP Paribas SA |
1,223,401 | — | — | 1,223,401 | — | (1,029,836 | ) | (1,029,836 | ) | 193,565 | — | 193,565 | ||||||||||||||||||||||||||||
| BofA Securities LLC |
397,001 | — | — | 397,001 | — | (994,016 | ) | (994,016 | ) | (597,015 | ) | — | (597,015 | ) | ||||||||||||||||||||||||||
| Citibank NA |
1,379,253 | — | — | 1,379,253 | — | (1,655,805 | ) | (1,655,805 | ) | (276,552 | ) | 276,552 | — | |||||||||||||||||||||||||||
| Deutsche Bank AG (London) |
322,288 | — | — | 322,288 | — | (568,567 | ) | (568,567 | ) | (246,279 | ) | — | (246,279 | ) | ||||||||||||||||||||||||||
| HSBC Bank PLC |
612,132 | — | — | 612,132 | — | (286,873 | ) | (286,873 | ) | 325,259 | — | 325,259 | ||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
455,478 | 93,688 | 8,914,699 | 9,463,865 | (8,873,808 | ) | (874,228 | ) | (9,748,036 | ) | (284,171 | ) | 284,171 | — | ||||||||||||||||||||||||||
| MS & Co. Int. PLC |
798,417 | 67,390 | — | 865,807 | — | (1,017,479 | ) | (1,017,479 | ) | (151,672 | ) | 151,672 | — | |||||||||||||||||||||||||||
| UBS AG (London) |
2,689,819 | — | — | 2,689,819 | — | (2,028,520 | ) | (2,028,520 | ) | 661,299 | — | 661,299 | ||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| Total |
$ | 8,588,208 | $ | 161,078 | $ | 8,914,699 | $ | 17,663,985 | $ | (8,873,808 | ) | $ | (9,228,565 | ) | $ | (18,102,373 | ) | $(438,388 | ) | $712,395 | $ | 274,007 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
| (1) | Gross amounts available for offset but not netted in the Statement of Assets and Liabilities. |
| (2) | Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts. |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreements, GSAM and GSAMI manage the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM and GSAMI are entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the fiscal year ended March 31, 2024, contractual and effective net management fees with GSAM and GSAMI were at the following rates:
| Contractual Management Rate | ||||||||||||||||||||||||||||
| First | Next | Next | Next | Over | Effective Net Management | |||||||||||||||||||||||
| Fund | $1 billion | $1 billion | $3 billion | $3 billion | $8 billion | Effective Rate | Rate^ | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Bond |
0.41 | % | 0.37 | % | 0.35 | % | 0.34 | % | 0.34 | % | 0.41 | % | 0.41% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| Core Fixed Income |
0.40 | 0.36 | 0.34 | 0.33 | 0.32 | 0.38 | 0.33* | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Global Core Fixed Income |
0.65 | 0.59 | 0.56 | 0.55 | 0.54 | 0.65 | 0.56(a) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Income |
0.55 | 0.50 | 0.47 | 0.46 | 0.45 | 0.55 | 0.55 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Strategic Income |
0.60 | 0.54 | 0.51 | 0.50 | 0.49 | 0.60 | 0.59 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| ^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
| * | GSAM agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.33% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least July 28, 2024, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. |
| (a) | GSAMI agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.56% as an annual percentage rate of the average daily net assets of the Fund. This management fee waiver arrangement will remain in effect through at least July 28, 2024, and prior to such date, GSAMI may not terminate the arrangement without the approval of the Board of Trustees. |
| 202 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”), which is affiliated Underlying Fund. GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended March 31, 2024, GSAM waived $4,100, $60,473, $2,892 and $50,606 of the management fee for the Bond, Core Fixed Income, Income and Strategic Income Funds, respectively. For the fiscal year ended March 31, 2024, GSAMI waived $16,307 of the management fee for the Global Core Fixed Income Fund.
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| Distribution and/or Service Plan Rates | ||||||||||||||||
| Class A* | Class C | Service | Class R* | |||||||||||||
|
|
||||||||||||||||
| Distribution and/or Service Plan |
0.25 | % | 0.75 | % | 0.25 | % | 0.50% | |||||||||
|
|
||||||||||||||||
| * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2024, Goldman Sachs retained the following amounts:
| Front End Sales Charge |
Contingent Deferred Sales Charge | ||||||||||||||
|
Fund
|
Class A
|
Class C
| |||||||||||||
| Bond |
$ | 3,626 | $ | — | |||||||||||
| Core Fixed Income |
7,801 | 328 | |||||||||||||
| Global Core Fixed Income |
202 | — | |||||||||||||
| Income |
393 | — | |||||||||||||
| Strategic Income |
986 | — | |||||||||||||
| 203 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.02% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Global Core Fixed Income Fund. This arrangement will remain in effect through at least July 28, 2024, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.
F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global Core Fixed Income, Income and Strategic Income Funds are 0.004%, 0.014%, 0.004%, 0.054% and 0.054%, respectively. These Other Expense limitations will remain in place through at least July 28, 2024 for the Funds, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.
For the fiscal year ended March 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| Fund | Management Fee Waiver |
Transfer Agency Waivers/Credits |
Other Expense |
Total Expense Reductions |
||||||||||||
| Bond |
$ 4,100 | $ 497 | $846,851 | $ 851,448 | ||||||||||||
| Core Fixed Income |
1,007,686 | 1,217 | 573,393 | 1,582,296 | ||||||||||||
| Global Core Fixed Income |
559,871 | 15,181 | 539,509 | 1,114,561 | ||||||||||||
| Income |
2,892 | 3 | 366,433 | 369,328 | ||||||||||||
| Strategic Income |
50,606 | 523 | 629,712 | 680,841 | ||||||||||||
G. Line of Credit Facility — As of March 31, 2024, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for
| 204 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000. The facility was changed to $1,150,000,000 effective April 16, 2024.
H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2024, Goldman Sachs earned $54,013, $193,236 and $241,188 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income and Strategic Income Funds, respectively.
As of March 31, 2024, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:
| Fund | Goldman Sachs Balanced Strategy Portfolio |
Goldman Sachs Growth and Income Portfolio | ||
|
| ||||
| Global Core Fixed Income |
30% | 22% | ||
|
| ||||
As of March 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:
| Fund | Class C | Institutional | Service | Class R6 | ||||||||||||
|
|
||||||||||||||||
| Bond |
— | % | —% | 13% | —% | |||||||||||
|
|
||||||||||||||||
| Income |
9 | 77 | — | 100 | ||||||||||||
|
|
||||||||||||||||
The following table provides information about the Fund’s investments in the Government Money Market Fund as of and for the fiscal year ended March 31, 2024.
| Fund | Underlying Fund | Market Value as of March 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Market Value as of March 31, 2024 |
Shares as of March 31, 2024 |
Dividend Income |
|||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Bond |
Goldman Sachs Financial Square Government Fund — Institutional Shares |
$ | 6,334,996 | $ | 67,375,988 | $ | (73,710,984 | ) | $ | — | — | $ | 136,166 | |||||||||||||
|
|
||||||||||||||||||||||||||
| Core Fixed Income |
Goldman Sachs Financial Square Government Fund — Institutional Shares |
23,295,809 | 855,565,287 | (878,861,096 | ) | — | — | 1,969,688 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Global Core Fixed Income |
Goldman Sachs Financial Square Government Fund— Institutional Shares |
6,461,210 | 268,716,951 | (265,510,513 | ) | 9,667,648 | 9,667,648 | 529,006 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Income |
Goldman Sachs Financial Square Government Fund— Institutional Shares |
2,952,139 | 81,272,785 | (76,709,420 | ) | 7,515,504 | 7,515,504 | 93,015 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Strategic Income |
Goldman Sachs Financial Square Government Fund — Institutional Shares |
86,058,702 | 481,796,561 | (567,855,263 | ) | — | — | 1,623,609 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| 205 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2024, were as follows:
| Fund | Purchases of U.S. Government and |
Purchases (Excluding U.S. Government and Agency Obligations) |
Sales and Maturities of U.S. Government and Agency Obligations |
Sales and Maturities of (Excluding U.S. Government and Agency Obligations) |
||||||||||||
|
|
||||||||||||||||
| Bond |
$ 4,028,966,509 | $129,789,730 | $ 4,080,906,822 | $ 95,156,129 | ||||||||||||
|
|
||||||||||||||||
| Core Fixed Income |
19,081,306,110 | 503,552,971 | 18,846,829,656 | 310,396,554 | ||||||||||||
|
|
||||||||||||||||
| Global Core Fixed Income |
3,018,849,432 | 208,804,730 | 3,036,738,183 | 132,524,976 | ||||||||||||
|
|
||||||||||||||||
| Income |
460,917,757 | 52,816,662 | 460,600,733 | 31,307,908 | ||||||||||||
|
|
||||||||||||||||
| Strategic Income |
13,550,662,349 | 388,405,788 | 13,672,128,396 | 181,401,176 | ||||||||||||
|
|
||||||||||||||||
| 7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended March 31, 2024 was as follows:
| Bond | Core Fixed Income |
Global Core Fixed Income |
Income | Strategic Income | ||||||||||||||||
|
|
||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||
| Ordinary income |
$ | 13,732,844 | $ | 72,197,532 | $ | 16,873,763 | $ | 4,220,266 | $27,064,069 | |||||||||||
|
|
||||||||||||||||||||
| Total taxable distributions |
$ | 13,732,844 | $ | 72,197,532 | $ | 16,873,763 | $ | 4,220,266 | $27,064,069 | |||||||||||
|
|
||||||||||||||||||||
| Tax return of capital |
$ | — | $ | 250,628 | $ | — | $ | 487,579 | $ — | |||||||||||
|
|
||||||||||||||||||||
The tax character of distributions paid during the fiscal year ended March 31, 2023 was as follows:
| Bond | Core Fixed Income |
Global Core Fixed Income |
Income | Strategic Income | ||||||||||||||||
|
|
||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||
| Ordinary income |
$ | 9,054,485 | $ | 41,583,590 | $ | 14,022,738 | $ | 5,439,049 | $ — | |||||||||||
|
|
||||||||||||||||||||
| Total taxable distributions |
$ | 9,054,485 | $ | 41,583,590 | $ | 14,022,738 | $ | 5,439,049 | $ — | |||||||||||
|
|
||||||||||||||||||||
| Tax return of capital |
$ | 3,749,881 | $ | 7,792,499 | $ | — | $ | 81,248 | $23,562,734 | |||||||||||
|
|
||||||||||||||||||||
| 206 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 7. TAX INFORMATION (continued) |
As of March 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| Bond | Core Fixed Income |
Global Core Fixed Income |
Income | Strategic Income | ||||||||||||||||
|
|
||||||||||||||||||||
| Undistributed ordinary income — net |
$ | 467,667 | $ | — | $ | 26,756,922 | $ | — | $ | 8,362,719 | ||||||||||
|
|
||||||||||||||||||||
| Capital loss carryforwards: |
||||||||||||||||||||
| Perpetual Short-Term |
(21,398,601 | ) | (84,344,414 | ) | (26,050,939 | ) | (1,679,204 | ) | (1,185,151,268 | ) | ||||||||||
| Perpetual Long-Term |
(27,482,978 | ) | (90,256,168 | ) | (20,463,135 | ) | (5,880,134 | ) | (744,195,698 | ) | ||||||||||
|
|
||||||||||||||||||||
| Total capital loss carryforwards |
(48,881,579 | ) | (174,600,582 | ) | (46,514,074 | ) | (7,559,338 | ) | (1,929,346,966 | ) | ||||||||||
|
|
||||||||||||||||||||
| Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Dividends Payable and Straddle Loss Deferrals) |
$ | (1,032,851 | ) | $ | (5,324,363 | ) | $ | (497,479 | ) | $ | (2,095,331 | ) | $ | (10,520,537 | ) | |||||
| Unrealized gains (loss) — net |
(9,588,383 | ) | (97,505,119 | ) | (28,093,762 | ) | (1,258,712 | ) | (28,306,240 | ) | ||||||||||
|
|
||||||||||||||||||||
| Total accumulated earnings (loss) net |
$ | (59,035,146 | ) | $ | (277,430,064 | ) | $ | (48,348,393 | ) | $ | (10,913,381 | ) | $ | (1,959,811,024 | ) | |||||
|
|
||||||||||||||||||||
As of March 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Bond | Core Fixed Income |
Global Core Fixed Income |
Income | Strategic Income | ||||||||||||||||
|
|
||||||||||||||||||||
| Tax Cost |
$ | 415,091,197 | $ | 2,373,504,294 | $ | 702,032,566 | $ | 108,407,437 | $ | 1,026,881,311 | ||||||||||
|
|
||||||||||||||||||||
| Gross unrealized gain |
4,192,837 | 14,209,901 | 4,495,669 | 3,191,442 | 11,709,815 | |||||||||||||||
| Gross unrealized loss |
(13,781,220 | ) | (111,715,020 | ) | (32,589,431 | ) | (4,450,154 | ) | (40,016,055 | ) | ||||||||||
|
|
||||||||||||||||||||
| Net unrealized loss |
$ | (9,588,383 | ) | $ | (97,505,119 | ) | $ | (28,093,762 | ) | $ | (1,258,712 | ) | $ | (28,306,240 | ) | |||||
|
|
||||||||||||||||||||
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, differences in the tax treatment of partnership investments, swap transactions, and market discount accretion and premium amortization.
The Bond and Core Fixed Income Funds reclassed $5,191 and $12,938, respectively, from distributable earnings to paid-in capital for the year ending March 31, 2024. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from differences in the tax treatment of paydown gains and losses.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and have concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Collateralized Loan Obligations Risk — The Funds may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and
| 207 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 8. OTHER RISKS (continued) |
default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds’ may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly.
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
| 208 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 8. OTHER RISKS (continued) |
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’
| 209 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 8. OTHER RISKS (continued) |
investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.
Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.
| 210 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 8. OTHER RISKS (continued) |
Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.
Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.
Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund’s NAV.
| 9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM and GSAMI believe the risk of loss under these arrangements to be remote.
| 10. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM and GSAMI have concluded that there is no impact requiring adjustment or disclosure in the financial statements.
| 211 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| Bond Fund | ||||||||||||||||
| For the Fiscal Year Ended | For the Fiscal Year Ended | |||||||||||||||
| March 31, 2024 | March 31, 2023 | |||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
1,161,819 | $ | 10,150,341 | 774,250 | $ | 6,994,928 | ||||||||||
| Reinvestment of distributions |
203,478 | 1,773,405 | 175,473 | 1,572,529 | ||||||||||||
| Shares redeemed |
(1,617,531 | ) | (14,061,952 | ) | (1,173,031 | ) | (10,591,736 | ) | ||||||||
|
|
||||||||||||||||
| (252,234 | ) | (2,138,206 | ) | (223,308 | ) | (2,024,279 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
35,730 | 308,623 | 43,584 | 392,790 | ||||||||||||
| Reinvestment of distributions |
9,668 | 84,201 | 10,455 | 93,709 | ||||||||||||
| Shares redeemed |
(190,075 | ) | (1,658,930 | ) | (248,983 | ) | (2,257,845 | ) | ||||||||
|
|
||||||||||||||||
| (144,677 | ) | (1,266,106 | ) | (194,944 | ) | (1,771,346 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
1,949,188 | 17,036,026 | 5,993,722 | 53,889,274 | ||||||||||||
| Reinvestment of distributions |
444,230 | 3,872,674 | 418,788 | 3,752,557 | ||||||||||||
| Shares redeemed |
(3,769,791 | ) | (33,257,093 | ) | (6,328,702 | ) | (56,968,263 | ) | ||||||||
|
|
||||||||||||||||
| (1,376,373 | ) | (12,348,393 | ) | 83,808 | 673,568 | |||||||||||
|
|
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
2,254 | 19,634 | 4,961 | 44,959 | ||||||||||||
| Reinvestment of distributions |
478 | 4,164 | 334 | 2,989 | ||||||||||||
| Shares redeemed |
(3,263 | ) | (29,236 | ) | (386 | ) | (3,494 | ) | ||||||||
|
|
||||||||||||||||
| (531 | ) | (5,438 | ) | 4,909 | 44,454 | |||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
1,358,037 | 11,756,067 | 2,691,000 | 23,972,151 | ||||||||||||
| Reinvestment of distributions |
157,953 | 1,375,653 | 214,137 | 1,914,221 | ||||||||||||
| Shares redeemed |
(3,522,114 | ) | (30,405,855 | ) | (4,192,998 | ) | (37,415,522 | ) | ||||||||
|
|
||||||||||||||||
| (2,006,124 | ) | (17,274,135 | ) | (1,287,861 | ) | (11,529,150 | ) | |||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
2,083,242 | 18,189,601 | 1,583,072 | 14,375,949 | ||||||||||||
| Reinvestment of distributions |
312,923 | 2,726,844 | 255,265 | 2,286,317 | ||||||||||||
| Shares redeemed |
(2,170,115 | ) | (18,896,510 | ) | (1,663,500 | ) | (14,983,182 | ) | ||||||||
|
|
||||||||||||||||
| 226,050 | 2,019,935 | 174,837 | 1,679,084 | |||||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
69,968 | 614,501 | 33,824 | 299,630 | ||||||||||||
| Reinvestment of distributions |
9,336 | 81,359 | 7,137 | 63,850 | ||||||||||||
| Shares redeemed |
(70,980 | ) | (618,099 | ) | (63,113 | ) | (589,057 | ) | ||||||||
|
|
||||||||||||||||
| 8,324 | 77,761 | (22,152 | ) | (225,577 | ) | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
2,760,687 | 24,066,470 | 1,987,234 | 17,850,020 | ||||||||||||
| Reinvestment of distributions |
420,559 | 3,665,495 | 323,450 | 2,895,628 | ||||||||||||
| Shares redeemed |
(1,894,287 | ) | (16,463,638 | ) | (1,625,491 | ) | (14,602,135 | ) | ||||||||
|
|
||||||||||||||||
| 1,286,959 | 11,268,327 | 685,193 | 6,143,513 | |||||||||||||
|
|
||||||||||||||||
| NET DECREASE |
(2,258,606 | ) | $ | (19,666,255 | ) | (779,518 | ) | $ | (7,009,733 | ) | ||||||
|
|
||||||||||||||||
| 212 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Core Fixed Income Fund | ||||||||||||||||
| For the Fiscal Year Ended | For the Fiscal Year Ended | |||||||||||||||
| March 31, 2024 | March 31, 2023 | |||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
3,757,706 | $ | 33,965,864 | 4,115,699 | $ | 38,266,755 | ||||||||||
| Reinvestment of distributions |
466,225 | 4,211,602 | 375,575 | 3,483,359 | ||||||||||||
| Shares redeemed |
(3,981,012 | ) | (35,455,075 | ) | (6,556,026 | ) | (61,051,626 | ) | ||||||||
|
|
||||||||||||||||
| 242,919 | 2,722,391 | (2,064,752 | ) | (19,301,512 | ) | |||||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
303,200 | 2,770,632 | 119,445 | 1,115,030 | ||||||||||||
| Reinvestment of distributions |
22,603 | 205,284 | 15,145 | 141,129 | ||||||||||||
| Shares redeemed |
(195,255 | ) | (1,777,607 | ) | (324,821 | ) | (3,052,223 | ) | ||||||||
|
|
||||||||||||||||
| 130,548 | 1,198,309 | (190,231 | ) | (1,796,064 | ) | |||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
38,406,605 | 349,765,218 | 27,243,836 | 254,785,747 | ||||||||||||
| Reinvestment of distributions |
2,024,306 | 18,363,147 | 1,097,139 | 10,220,465 | ||||||||||||
| Shares redeemed |
(24,516,133 | ) | (221,961,847 | ) | (25,722,887 | ) | (241,308,954 | ) | ||||||||
|
|
||||||||||||||||
| 15,914,778 | 146,166,518 | 2,618,088 | 23,697,258 | |||||||||||||
|
|
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
2,770 | 25,311 | 2,600 | 24,403 | ||||||||||||
| Reinvestment of distributions |
661 | 6,000 | 514 | 4,787 | ||||||||||||
| Shares redeemed |
(13,416 | ) | (120,877 | ) | (10,621 | ) | (98,813 | ) | ||||||||
|
|
||||||||||||||||
| (9,985 | ) | (89,566 | ) | (7,507 | ) | (69,623 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
32,345,451 | 293,218,104 | 9,382,165 | 88,109,662 | ||||||||||||
| Reinvestment of distributions |
1,260,965 | 11,405,991 | 671,773 | 6,247,270 | ||||||||||||
| Shares redeemed |
(11,147,102 | ) | (100,454,946 | ) | (15,718,728 | ) | (147,167,686 | ) | ||||||||
|
|
||||||||||||||||
| 22,459,314 | 204,169,149 | (5,664,790 | ) | (52,810,754 | ) | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
7,050,781 | 64,383,520 | 15,150,077 | 144,082,164 | ||||||||||||
| Reinvestment of distributions |
959,508 | 8,733,956 | 881,791 | 8,194,290 | ||||||||||||
| Shares redeemed |
(19,639,681 | ) | (178,917,239 | ) | (4,925,774 | ) | (46,059,933 | ) | ||||||||
|
|
||||||||||||||||
| (11,629,392 | ) | (105,799,763 | ) | 11,106,094 | 106,216,521 | |||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
57,149 | 519,111 | 88,105 | 834,757 | ||||||||||||
| Reinvestment of distributions |
14,212 | 128,519 | 10,615 | 98,408 | ||||||||||||
| Shares redeemed |
(65,314 | ) | (589,263 | ) | (105,214 | ) | (992,528 | ) | ||||||||
|
|
||||||||||||||||
| 6,047 | 58,367 | (6,494 | ) | (59,363 | ) | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
24,702,379 | 224,106,636 | 20,774,264 | 194,166,687 | ||||||||||||
| Reinvestment of distributions |
3,056,004 | 27,782,319 | 2,115,711 | 19,731,707 | ||||||||||||
| Shares redeemed |
(11,044,657 | ) | (99,642,707 | ) | (21,405,924 | ) | (198,808,085 | ) | ||||||||
|
|
||||||||||||||||
| 16,713,726 | 152,246,248 | 1,484,051 | 15,090,309 | |||||||||||||
|
|
||||||||||||||||
| NET INCREASE |
43,827,955 | $ | 400,671,653 | 7,274,459 | $ | 70,966,772 | ||||||||||
|
|
||||||||||||||||
| 213 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Global Core Fixed Income Fund | ||||||||||||||||
| For the Fiscal Year Ended | For the Fiscal Year Ended | |||||||||||||||
| March 31, 2024 | March 31, 2023 | |||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
595,847 | $ | 6,644,012 | 527,550 | $ | 5,916,655 | ||||||||||
| Reinvestment of distributions |
52,764 | 589,525 | 62,456 | 696,556 | ||||||||||||
| Shares redeemed |
(1,397,427 | ) | (15,631,660 | ) | (1,123,210 | ) | (12,613,678 | ) | ||||||||
|
|
||||||||||||||||
| (748,816 | ) | (8,398,123 | ) | (533,204 | ) | (6,000,467 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
13,371 | 149,632 | 3,704 | 41,234 | ||||||||||||
| Reinvestment of distributions |
2,129 | 23,532 | 2,586 | 28,533 | ||||||||||||
| Shares redeemed |
(80,144 | ) | (887,739 | ) | (97,809 | ) | (1,087,105 | ) | ||||||||
|
|
||||||||||||||||
| (64,644 | ) | (714,575 | ) | (91,519 | ) | (1,017,338 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
6,206,648 | 69,277,775 | 9,751,969 | 109,316,503 | ||||||||||||
| Reinvestment of distributions |
508,245 | 5,669,545 | 434,630 | 4,841,297 | ||||||||||||
| Shares redeemed |
(5,958,164 | ) | (66,217,640 | ) | (12,676,400 | ) | (143,276,919 | ) | ||||||||
|
|
||||||||||||||||
| 756,729 | 8,729,680 | (2,489,801 | ) | (29,119,119 | ) | |||||||||||
|
|
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
10,490 | 116,979 | 6,044 | 67,700 | ||||||||||||
| Reinvestment of distributions |
911 | 10,106 | 875 | 9,686 | ||||||||||||
| Shares redeemed |
(17,827 | ) | (196,867 | ) | (10,348 | ) | (115,341 | ) | ||||||||
|
|
||||||||||||||||
| (6,426 | ) | (69,782 | ) | (3,429 | ) | (37,955 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
810,402 | 8,971,383 | 1,811,881 | 20,291,812 | ||||||||||||
| Reinvestment of distributions |
104,818 | 1,166,334 | 104,557 | 1,163,150 | ||||||||||||
| Shares redeemed |
(2,266,095 | ) | (25,255,802 | ) | (2,474,216 | ) | (27,392,122 | ) | ||||||||
|
|
||||||||||||||||
| (1,350,875 | ) | (15,118,085 | ) | (557,778 | ) | (5,937,160 | ) | |||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
6,774,423 | 74,909,740 | 5,791,188 | 65,245,194 | ||||||||||||
| Reinvestment of distributions |
793,086 | 8,859,024 | 610,780 | 6,797,530 | ||||||||||||
| Shares redeemed |
(1,853,708 | ) | (20,490,400 | ) | (2,853,069 | ) | (31,890,929 | ) | ||||||||
|
|
||||||||||||||||
| 5,713,801 | 63,278,364 | 3,548,899 | 40,151,795 | |||||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
122,028 | 1,325,830 | — | — | ||||||||||||
| Reinvestment of distributions |
19,366 | 216,488 | 15,961 | 177,950 | ||||||||||||
| Shares redeemed |
(47,913 | ) | (540,388 | ) | (42,556 | ) | (481,584 | ) | ||||||||
|
|
||||||||||||||||
| 93,481 | 1,001,930 | (26,595 | ) | (303,634 | ) | |||||||||||
|
|
||||||||||||||||
| NET INCREASE (DECREASE) |
4,393,250 | $ | 48,709,409 | (153,427 | ) | $ | (2,263,878 | ) | ||||||||
|
|
||||||||||||||||
| 214 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Income Fund | ||||||||||||||||
| For the Fiscal Year Ended | For the Fiscal Year Ended | |||||||||||||||
| March 31, 2024 | March 31, 2023 | |||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
86,999 | $ | 747,690 | 18,710 | $ | 163,359 | ||||||||||
| Reinvestment of distributions |
5,807 | 50,414 | 4,447 | 38,230 | ||||||||||||
| Shares redeemed |
(16,119 | ) | (139,273 | ) | (5,573 | ) | (49,492 | ) | ||||||||
|
|
||||||||||||||||
| 76,687 | 658,831 | 17,584 | 152,097 | |||||||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
46,951 | 411,487 | 16,234 | 140,679 | ||||||||||||
| Reinvestment of distributions |
1,802 | 15,599 | 2,014 | 17,266 | ||||||||||||
| Shares redeemed |
(20,112 | ) | (171,226 | ) | (403 | ) | (3,444 | ) | ||||||||
|
|
||||||||||||||||
| 28,641 | 255,860 | 17,845 | 154,501 | |||||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
93,861 | 818,525 | 278,162 | 2,507,708 | ||||||||||||
| Reinvestment of distributions |
93,956 | 812,245 | 162,826 | 1,406,115 | ||||||||||||
| Shares redeemed |
(106,568 | ) | (918,979 | ) | (1,576,131 | ) | (13,592,144 | ) | ||||||||
|
|
||||||||||||||||
| 81,249 | 711,791 | (1,135,143 | ) | (9,678,321 | ) | |||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
1,782,922 | 15,483,575 | 19,965 | 171,760 | ||||||||||||
| Reinvestment of distributions |
19,897 | 172,742 | 1,588 | 13,621 | ||||||||||||
| Shares redeemed |
(1,019,535 | ) | (8,967,951 | ) | (2,551 | ) | (21,915 | ) | ||||||||
|
|
||||||||||||||||
| 783,284 | 6,688,366 | 19,002 | 163,466 | |||||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Reinvestment of distributions |
371 | 3,202 | 435 | 3,746 | ||||||||||||
|
|
||||||||||||||||
| 371 | 3,202 | 435 | 3,746 | |||||||||||||
|
|
||||||||||||||||
| Class R Shares(a) |
||||||||||||||||
| Reinvestment of distributions |
81 | 693 | 395 | 3,394 | ||||||||||||
| Shares redeemed |
(5,926 | ) | (51,060 | ) | — | — | ||||||||||
|
|
||||||||||||||||
| (5,845 | ) | (50,367 | ) | 395 | 3,394 | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
7,702,409 | 65,137,403 | 1,639,888 | 14,102,224 | ||||||||||||
| Reinvestment of distributions |
421,729 | 3,652,831 | 464,933 | 4,012,491 | ||||||||||||
| Shares redeemed |
(5,797,240 | ) | (49,722,448 | ) | (3,826,073 | ) | (33,826,654 | ) | ||||||||
|
|
||||||||||||||||
| 2,326,898 | 19,067,786 | (1,721,252 | ) | (15,711,939 | ) | |||||||||||
|
|
||||||||||||||||
| NET INCREASE (DECREASE) |
3,291,285 | $ | 27,335,469 | (2,801,134 | ) | $ | (24,913,056 | ) | ||||||||
|
|
||||||||||||||||
| (a) | At the close of business on July 14, 2023, Class R Shares of the Fund were liquidated. |
| 215 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Strategic Income Fund | ||||||||||||||||
| For the Fiscal Year Ended | For the Fiscal Year Ended | |||||||||||||||
| March 31, 2024 | March 31, 2023 | |||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
779,867 | $ | 7,135,723 | 2,316,922 | $ | 20,485,902 | ||||||||||
| Reinvestment of distributions |
427,341 | 3,894,586 | 403,885 | 3,584,738 | ||||||||||||
| Shares redeemed |
(3,703,038 | ) | (33,643,887 | ) | (3,175,077 | ) | (28,200,127 | ) | ||||||||
|
|
||||||||||||||||
| (2,495,830 | ) | (22,613,578 | ) | (454,270 | ) | (4,129,487 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
272,782 | 2,496,257 | 100,764 | 884,784 | ||||||||||||
| Reinvestment of distributions |
20,114 | 182,625 | 32,621 | 289,125 | ||||||||||||
| Shares redeemed |
(497,926 | ) | (4,533,673 | ) | (1,741,427 | ) | (15,363,520 | ) | ||||||||
|
|
||||||||||||||||
| (205,030 | ) | (1,854,791 | ) | (1,608,042 | ) | (14,189,611 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
12,443,378 | 114,056,711 | 6,262,242 | 55,717,933 | ||||||||||||
| Reinvestment of distributions |
1,311,810 | 11,989,398 | 1,074,447 | 9,544,859 | ||||||||||||
| Shares redeemed |
(11,566,788 | ) | (105,436,841 | ) | (14,018,282 | ) | (125,088,853 | ) | ||||||||
|
|
||||||||||||||||
| 2,188,400 | 20,609,268 | (6,681,593 | ) | (59,826,061 | ) | |||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
1,326,126 | 12,163,086 | 513,604 | 4,614,219 | ||||||||||||
| Reinvestment of distributions |
85,603 | 783,945 | 63,814 | 566,954 | ||||||||||||
| Shares redeemed |
(816,123 | ) | (7,405,643 | ) | (698,988 | ) | (6,216,403 | ) | ||||||||
|
|
||||||||||||||||
| 595,606 | 5,541,388 | (121,570 | ) | (1,035,230 | ) | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
4,183,634 | 38,180,617 | 494,193 | 4,387,404 | ||||||||||||
| Reinvestment of distributions |
73,433 | 669,933 | 68,181 | 605,242 | ||||||||||||
| Shares redeemed |
(841,165 | ) | (7,697,583 | ) | (740,378 | ) | (6,570,990 | ) | ||||||||
|
|
||||||||||||||||
| 3,415,902 | 31,152,967 | (178,004 | ) | (1,578,344 | ) | |||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
47,352 | 430,499 | 73,775 | 660,128 | ||||||||||||
| Reinvestment of distributions |
11,995 | 109,255 | 8,618 | 76,387 | ||||||||||||
| Shares redeemed |
(54,854 | ) | (500,220 | ) | (37,484 | ) | (331,022 | ) | ||||||||
|
|
||||||||||||||||
| 4,493 | 39,534 | 44,909 | 405,493 | |||||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
628,421 | 5,735,286 | 3,474,953 | 30,882,321 | ||||||||||||
| Reinvestment of distributions |
715,561 | 6,520,191 | 743,915 | 6,593,426 | ||||||||||||
| Shares redeemed |
(2,867,545 | ) | (25,993,169 | ) | (10,822,971 | ) | (95,752,687 | ) | ||||||||
|
|
||||||||||||||||
| (1,523,563 | ) | (13,737,692 | ) | (6,604,103 | ) | (58,276,940 | ) | |||||||||
|
|
||||||||||||||||
| NET INCREASE (DECREASE) |
1,979,978 | $ | 19,137,096 | (15,602,673 | ) | $ | (138,630,180 | ) | ||||||||
|
|
||||||||||||||||
| 216 |
|
|
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Core Fixed Income Fund, Goldman Sachs Income Fund, and Goldman Sachs Strategic Income Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Core Fixed Income Fund, Goldman Sachs Income Fund, and Goldman Sachs Strategic Income Fund (five of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
May 24, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
| 217 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024, which represents a period of 183 days of a 366-day year. This projection assumes that annualized expense ratios were in effect during the period.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Bond Fund | Core Fixed Income Fund | Global Core Fixed Income Fund | ||||||||||||||||||||||||||||||||||
| Beginning | Ending | Expenses | Beginning | Ending | Expenses | Beginning | Ending | Expenses | ||||||||||||||||||||||||||||
| Account | Account | Paid for the | Account | Account | Paid for the | Account | Account | Paid for the | ||||||||||||||||||||||||||||
| Value | Value | 6 months ended | Value | Value | 6 months ended | Value | Value | 6 months ended | ||||||||||||||||||||||||||||
| Share Class | 10/1/23 | 3/31/24 | 3/31/24* | 10/1/23 | 3/31/24 | 3/31/24* | 10/1/23 | 3/31/24 | 3/31/24* | |||||||||||||||||||||||||||
|
Class A |
||||||||||||||||||||||||||||||||||||
|
Actual |
$1,000.00 | $1,068.70 | $4.07 | $1,000.00 | $1,062.50 | $3.65 | $1,000.00 | $1,062.80 | $4.70 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.10 | + | 3.98 | 1,000.00 | 1,021.50 | + | 3.58 | 1,000.00 | 1,020.50 | + | 4.60 | ||||||||||||||||||||||||
|
Class C |
||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,064.80 | 7.93 | 1,000.00 | 1,058.30 | 7.50 | 1,000.00 | 1,058.40 | 8.55 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,017.30 | + | 7.75 | 1,000.00 | 1,017.70 | + | 7.36 | 1,000.00 | 1,016.70 | + | 8.38 | ||||||||||||||||||||||||
|
Institutional |
||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,070.50 | 2.37 | 1,000.00 | 1,064.00 | 1.95 | 1,000.00 | 1,063.60 | 3.10 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.70 | + | 2.31 | 1,000.00 | 1,023.10 | + | 1.91 | 1,000.00 | 1,022.00 | + | 3.04 | ||||||||||||||||||||||||
|
Service |
||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,068.20 | 4.61 | 1,000.00 | 1,061.40 | 4.53 | 1,000.00 | 1,061.20 | 5.67 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.60 | + | 4.51 | 1,000.00 | 1,020.60 | + | 4.44 | 1,000.00 | 1,019.50 | + | 5.55 | ||||||||||||||||||||||||
|
Investor |
||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,070.20 | 2.78 | 1,000.00 | 1,063.70 | 2.37 | 1,000.00 | 1,063.30 | 3.41 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.30 | + | 2.71 | 1,000.00 | 1,022.70 | + | 2.32 | 1,000.00 | 1,021.70 | + | 3.34 | ||||||||||||||||||||||||
|
Class R6 |
||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,070.60 | 2.31 | 1,000.00 | 1,064.00 | 1.90 | 1,000.00 | 1,063.60 | 3.05 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.80 | + | 2.26 | 1,000.00 | 1,023.20 | + | 1.86 | 1,000.00 | 1,022.10 | + | 2.99 | ||||||||||||||||||||||||
|
Class R |
||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,067.50 | 5.36 | 1,000.00 | 1,061.10 | 4.94 | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,019.80 | + | 5.24 | 1,000.00 | 1,020.20 | + | 4.84 | — | — | + | — | ||||||||||||||||||||||||
|
Class P |
||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,070.60 | 2.31 | 1,000.00 | 1,064.00 | 1.90 | 1,000.00 | 1,064.50 | 3.05 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.80 | + | 2.26 | 1,000.00 | 1,023.20 | + | 1.86 | 1,000.00 | 1,022.10 | + | 2.99 | ||||||||||||||||||||||||
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Institutional | Service | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||
| Bond |
0.79% | 1.54% | 0.46% | 0.89% | 0.54% | 0.45% | 1.04% | 0.45% | ||||||||||||||||||||||||||
| Core Fixed Income |
0.71 | 1.46 | 0.38 | 0.88 | 0.46 | 0.37 | 0.96 | 0.37 | ||||||||||||||||||||||||||
| Global Core Fixed Income |
0.91 | 1.66 | 0.60 | 1.10 | 0.66 | 0.59 | — | 0.59 | ||||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
| 218 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited) (continued)
| Income Fund | Strategic Income Fund | |||||||||||||||||||||||
| Beginning | Ending | Expenses | Beginning | Ending | Expenses | |||||||||||||||||||
| Account | Account | Paid for the | Account | Account | Paid for the | |||||||||||||||||||
| Value | Value | 6 months ended | Value | Value | 6 months ended | |||||||||||||||||||
| Share Class | 10/1/23 | 3/31/24 | 3/31/24* | 10/1/23 | 3/31/24 | 3/31/24* | ||||||||||||||||||
| Class A |
||||||||||||||||||||||||
| Actual |
$1,000.00 | $1,082.90 | $5.14 | $ 1,000.00 | $1,065.40 | $5.32 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.10 | + | 4.98 | 1,000.00 | 1,019.90 | + | 5.20 | ||||||||||||||||
| Class C |
||||||||||||||||||||||||
| Actual |
1,000.00 | 1,079.00 | 9.06 | 1,000.00 | 1,061.60 | 9.17 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,016.30 | + | 8.79 | 1,000.00 | 1,016.10 | + | 8.97 | ||||||||||||||||
| Institutional |
||||||||||||||||||||||||
| Actual |
1,000.00 | 1,083.50 | 3.41 | 1,000.00 | 1,067.10 | 3.62 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.70 | + | 3.31 | 1,000.00 | 1,021.50 | + | 3.54 | ||||||||||||||||
| Investor |
||||||||||||||||||||||||
| Actual |
1,000.00 | 1,084.30 | 3.87 | 1,000.00 | 1,066.70 | 4.04 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.30 | + | 3.76 | 1,000.00 | 1,021.10 | + | 3.95 | ||||||||||||||||
| Class R6 |
||||||||||||||||||||||||
| Actual |
1,000.00 | 1,083.50 | 3.39 | 1,000.00 | 1,066.00 | 3.57 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.80 | + | 3.29 | 1,000.00 | 1,021.60 | + | 3.49 | ||||||||||||||||
| Class R |
||||||||||||||||||||||||
| Actual |
— | — | — | 1,000.00 | 1,064.20 | 6.61 | ||||||||||||||||||
|
Hypothetical 5% return |
— | — | + | — | 1,000.00 | 1,018.60 | + | 6.46 | ||||||||||||||||
| Class P |
||||||||||||||||||||||||
| Actual |
1,000.00 | 1,083.50 | 3.35 | 1,000.00 | 1,067.30 | 3.57 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.80 | + | 3.26 | 1,000.00 | 1,021.60 | + | 3.49 | ||||||||||||||||
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Institutional | Investor | Class R6 | Class R | Class P | |||||||||||||||||||||||
| Income |
0.99% | 1.75% | 0.66% | 0.75% | 0.65% | —% | 0.65% | |||||||||||||||||||||||
| Strategic Income |
1.03 | 1.78 | 0.70 | 0.78 | 0.69 | 1.28 | 0.69 | |||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
| 219 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each of the Bond, Core Fixed Income, Income and Strategic Income Funds’ investment adviser, to administer the Program for those funds, and GSAMI, the Global Core Fixed Income Fund’s investment adviser, to administer the Program for the Global Core Fixed Income Fund. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 13-14, 2024, GSAM and GSAMI provided written reports to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual reports discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The reports concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
| 220 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:
| Proposal | ||||||||
| Election of Trustees | For | Withheld | ||||||
| Cheryl K. Beebe |
169,452,067,796 | 5,900,273,020 | ||||||
| John G. Chou |
173,279,757,273 | 2,072,583,543 | ||||||
| Eileen H. Dowling |
173,287,456,218 | 2,064,884,598 | ||||||
| Lawrence Hughes |
173,486,691,901 | 1,865,648,915 | ||||||
| John F. Killian |
173,511,167,174 | 1,841,173,642 | ||||||
| Steven D. Krichmar |
173,484,256,228 | 1,868,084,588 | ||||||
| Michael Latham |
173,498,020,286 | 1,854,320,530 | ||||||
| Lawrence W. Stranghoener |
173,455,949,165 | 1,896,391,651 | ||||||
| Paul C. Wirth |
173,324,070,424 | 2,028,270,391 | ||||||
| 221 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships | |||||
| Gregory G. Weaver Age: 72 |
Chair of the Board of Trustees | Since 2023 (Trustee since 2015) | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).
Chair of the Board of Trustees—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Verizon Communications Inc. | |||||
| Cheryl K. Beebe Age:68 |
Trustee | Since 2024 | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008–Present); Director, The Mosaic Company (2019–Present); Director, HanesBrands Inc. (2020–Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015–2018); and formerly held the position of Executive Vice President, (2010–2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004–2014).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
| Dwight L. Bush Age: 67 |
Trustee | Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | MoneyLion, Inc. (an operator of a data-driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 70 |
Trustee | Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| John G. Chou Age:67 |
Trustee | Since 2022 | Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None |
| 222 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
| Joaquin Delgado Age: 64 |
Trustee | Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Stepan Company (a specialty chemical manufacturer) | |||||
| Eileen H. Dowling Age: 61 |
Trustee | Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017–2021), Multinational Corporations (2019–2021), the Institutional Product Group (2015–2019) and Institutional Marketing (2013–2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock.
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
| Lawrence Hughes Age:65 |
Trustee | Since 2024 | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company)(1991-2015), most recently as Chief Executive Officer (2010-2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
| John F. Killian Age: 69 |
Trustee | Since 2024 | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Consolidated Edison, Inc (a utility holding company) | |||||
| Steven D. Krichmar Age:65 |
Trustee | Since 2024 | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None |
| 223 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
| Michael Latham Age:58 |
Trustee | since 2024 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Real Estate Diversified Income Fund; and Goldman Sachs Credit Income Fund. | 181 | None | |||||
| Lawrence W. Stranghoener Age:69 |
Trustee | Since 2024 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011- 2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund. |
181 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
| Paul C. Wirth Age:66 |
Trustee | Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023-Present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None |
| 224 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Interested Trustee
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| James A. McNamara* Age: 61 |
President and Trustee | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” of the Trust because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of March 31, 2024. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c)the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2024, Goldman Sachs Trust consisted of 87 portfolios (85 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 7 portfolios; Goldman Sachs ETF Trust consisted of 68 portfolios (36 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public and has since been deregistered as an investment company. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Information as of the date of this shareholder report. Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
| 225 |
GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 | Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 61 |
President and Trustee | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Robert Griffith 200 West Street New York, NY 10282 Age: 49 |
Secretary | Since 2023 | Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010).
Secretary — Goldman Sachs Trust (previously Assistant Secretary (2022)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II (previously Assistant Secretary (2022)); and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)). | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384. |
| 1 | Information is provided as of March 31, 2024. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
|
Multi Sector Fixed Income Funds Tax Information (Unaudited)
For the fiscal year ended March 31, 2024, the Bond Fund, Core Fixed Income Fund, Global Core Fixed Income Fund, Income Fund, and Strategic Income Fund designate 98.25%, 96.78%, 100.00%, 100.00%, and 100.00%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
|
| 226 |
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FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
| ∎ | Financial Square Treasury Solutions Fund1 |
| ∎ | Financial Square Government Fund1 |
| ∎ | Financial Square Money Market Fund2 |
| ∎ | Financial Square Prime Obligations Fund2 |
| ∎ | Financial Square Treasury Instruments Fund1 |
| ∎ | Financial Square Treasury Obligations Fund1 |
| ∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
| ∎ | Investor Money Market Fund3 |
| ∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
| ∎ | Enhanced Income Fund |
| ∎ | Short-Term Conservative Income Fund |
| ∎ | Short Duration Government Fund |
| ∎ | Short Duration Bond Fund |
| ∎ | Government Income Fund |
| ∎ | Inflation Protected Securities Fund |
| ∎ | U.S. Mortgages Fund |
Multi-Sector
| ∎ | Bond Fund |
| ∎ | Core Fixed Income Fund |
| ∎ | Global Core Fixed Income Fund |
| ∎ | Strategic Income Fund |
| ∎ | Income Fund |
Municipal and Tax-Free
| ∎ | High Yield Municipal Fund |
| ∎ | Dynamic Municipal Income Fund |
| ∎ | Short Duration Tax-Free Fund |
| ∎ | Municipal Income Completion Fund |
Single Sector
| ∎ | Investment Grade Credit Fund |
| ∎ | High Yield Fund |
| ∎ | High Yield Floating Rate Fund |
| ∎ | Emerging Markets Debt Fund |
| ∎ | Emerging Markets Credit Fund4 |
| ∎ | Short Duration High Yield Fund5 |
Fundamental Equity
| ∎ | Equity Income Fund |
| ∎ | Small Cap Growth Fund |
| ∎ | Small Cap Value Fund |
| ∎ | Small/Mid Cap Value Fund |
| ∎ | Mid Cap Value Fund |
| ∎ | Large Cap Value Fund |
| ∎ | Focused Value Fund |
| ∎ | Large Cap Core Fund |
| ∎ | Strategic Growth Fund |
| ∎ | Small/Mid Cap Growth Fund |
| ∎ | Enhanced Core Equity Fund6 |
| ∎ | Technology Opportunities Fund |
| ∎ | Mid Cap Growth Fund |
| ∎ | Rising Dividend Growth Fund |
| ∎ | U.S. Equity ESG Fund |
| ∎ | Income Builder Fund |
Tax-Advantaged Equity
| ∎ | U.S. Tax-Managed Equity Fund |
| ∎ | International Tax-Managed Equity Fund |
| ∎ | U.S. Equity Dividend and Premium Fund |
| ∎ | International Equity Dividend and Premium Fund |
Equity Insights
| ∎ | Small Cap Equity Insights Fund |
| ∎ | U.S. Equity Insights Fund |
| ∎ | Small Cap Growth Insights Fund |
| ∎ | Large Cap Growth Insights Fund |
| ∎ | Large Cap Value Insights Fund |
| ∎ | Small Cap Value Insights Fund |
| ∎ | International Small Cap Insights Fund |
| ∎ | International Equity Insights Fund |
| ∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| ∎ | International Equity Income Fund |
| ∎ | International Equity ESG Fund |
| ∎ | China Equity Fund |
| ∎ | Emerging Markets Equity Fund |
| ∎ | Emerging Markets Equity ex. China Fund |
| ∎ | ESG Emerging Markets Equity Fund |
Alternative
| ∎ | Clean Energy Income Fund |
| ∎ | Real Estate Securities Fund |
| ∎ | Commodity Strategy Fund |
| ∎ | Global Real Estate Securities Fund |
| ∎ | Absolute Return Tracker Fund |
| ∎ | Managed Futures Strategy Fund |
| ∎ | MLP Energy Infrastructure Fund |
| ∎ | Energy Infrastructure Fund |
| ∎ | Multi-Strategy Alternatives Fund7 |
| ∎ | Global Infrastructure Fund |
Total Portfolio Solutions
| ∎ | Global Managed Beta Fund |
| ∎ | Multi-Manager Non-Core Fixed Income Fund |
| ∎ | Multi-Manager Global Equity Fund |
| ∎ | Multi-Manager International Equity Fund |
| ∎ | Tactical Tilt Overlay Fund |
| ∎ | Balanced Strategy Portfolio |
| ∎ | Multi-Manager U.S. Small Cap Equity Fund |
| ∎ | Multi-Manager Real Assets Strategy Fund |
| ∎ | Growth and Income Strategy Portfolio |
| ∎ | Growth Strategy Portfolio |
| ∎ | Dynamic Global Equity Fund |
| ∎ | Enhanced Dividend Global Equity Portfolio |
| ∎ | Tax-Advantaged Global Equity Portfolio |
| ∎ | Strategic Factor Allocation Fund |
| ∎ | Strategic Volatility Premium Fund |
| ∎ | GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 4 | Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund. |
| 5 | Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
| 6 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
| 7 | Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund. |
Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC.
| *This | list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn more about our exchange-traded funds. |
Goldman Sachs Funds Annual Report March 31, 2024 Municipal Funds Dynamic Municipal Income High Yield Municipal Municipal Income Completion Short Duration Tax-Free
Goldman Sachs Municipal Funds
| ∎ |
DYNAMIC MUNICIPAL INCOME |
| ∎ |
HIGH YIELD MUNICIPAL |
| ∎ |
MUNICIPAL INCOME COMPLETION |
| ∎ |
SHORT DURATION TAX-FREE |
|
|
3 | |||||||
| 6 | ||||||||
| 23 | ||||||||
| 228 | ||||||||
| 233 | ||||||||
| 233 | ||||||||
| 240 | ||||||||
| 246 | ||||||||
| 247 | ||||||||
| 254 | ||||||||
| 269 | ||||||||
| 272 | ||||||||
| Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024. |
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||||
MARKET REVIEW
Goldman Sachs Municipal Funds
March 31, 2024
During the 12 months ended March 31, 2024 (the “Reporting Period”), the performance of the municipal bond market was influenced most by interest rate volatility, market technicals (that is, supply/demand dynamics) and investor expectations for Federal Reserve (“Fed”) monetary policy.
Investment grade municipal securities posted a slight decline in the second quarter of 2023, when the Reporting Period began. Despite positive returns in June, which were driven by strong spring seasonals,1 negative returns in April and May more than offset the gains. Overall, during the second calendar quarter, the broad municipal market contended with numerous factors, including aftershocks of a regional banking crisis, tax filing season, elevated levels of selling by banks, down-to-the-wire debt ceiling negotiations in Congress, and a hawkish Fed. (Hawkish tends to suggest higher interest rates; opposite of dovish.) Among these market drivers, U.S. debt ceiling negotiations and a subsequent agreement accounted for most of the quarter’s headlines. Better than consensus expected employment and economic data, coupled with the Fed’s resolve to raise short-term interest rates to combat inflation, were also consistent themes. In this environment, U.S. Treasury yields and municipal yields rose, ending the quarter higher than they started. Regarding supply, municipal new issuance was 15% lower in the second quarter of 2023 than it had been in the second quarter of 2022, largely due to subdued refinancing activity and a drop in issuance for new state and local government projects.2 Meanwhile, higher interest rates had a negative impact on taxable municipal issuance, which had served as a refinancing tool in recent years. As for demand, municipal bond mutual funds experienced $6 billion in net investment outflows during the quarter, driven by tax liability-related selling in April and by elevated inflation readings and stronger economic data that increased investor concerns about higher interest rates.3
The third quarter of 2023 got off to a modestly positive start in July, fueled by strong summer market technicals. However, as autumn approached, these favorable seasonals reversed. Municipal bond yields rose significantly during August and September, resulting in negative returns for investment grade municipal securities for the third quarter overall. (Bond prices and yields move in opposite directions.) There was no shortage of market-moving headlines during the quarter, which contributed to the rise in municipal yields. Among them were increased issuance of U.S. Treasury securities, a drop in foreign demand for municipal bonds, a ratings downgrade of U.S. sovereign debt, and a hawkish tone at the Fed’s September policy meeting. With regard to supply, the third quarter saw a decrease in new issue volumes, with 4% less coming to market compared to the third quarter of 2022.2 Nonetheless, the decline was smaller than in some prior quarters when new issuance had dropped by double digits. Taxable municipal supply plummeted, as higher yields generally made refunding activity uneconomical. As for investment flows, municipal bond mutual funds saw $4 billion in net outflows during the third calendar quarter, as it became apparent the Fed might keep interest rates higher for longer. That said, third calendar quarter outflows were significantly lower than the $14 billion of outflows in the third quarter of 2022.3
Market conditions looked bleak as the fourth quarter of 2023 kicked off, with municipal bond yields hitting 15-year highs in October. Investment grade municipal securities were also pressured by weak market technicals, specifically an increase in supply and a lack of reinvestment capital. However, investment grade municipal securities roared back to close out the calendar year, delivering historic gains in November and December, as municipal yields fell precipitously. November, in particular, saw the best monthly performance for investment grade municipal securities in more than 40 years, which drove strongly positive returns for the fourth calendar quarter as a whole. Indeed, bond yields overall were volatile during the quarter. The 10-year U.S. Treasury yield briefly touched 5% in late October on strong labor and economic data and due to above consensus expected inflation readings, before plummeting to 3.88% in late December as the data reversed course. At the Fed’s December meeting, policymakers adopted a dovish tone and suggested there might be multiple interest rate cuts in 2024. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Regarding supply, new issue volumes fluctuated during the quarter, as issuers generally avoided bringing deals when bond market-moving events, such as economic data releases, were on the horizon. Despite the volatility, however, overall new issue volumes were 30% higher in the fourth quarter of 2023 than they had been in the fourth quarter of 2022.2 As for demand, municipal bond mutual funds saw net outflows of $5.4 billion during the fourth calendar quarter, much lower than the $30 billion in investment outflows seen during the fourth quarter of 2022.3
| 1 | “Seasonals” refer to supply/demand trends that tend to occur at particular times of the year in the municipal bond market. |
| 2 | Source of issuance data: Bond Buyer. |
| 3 | Source of investment flow data: Lipper. |
| 3 |
MARKET REVIEW
Despite favorable market technicals at the beginning of the new year and a consensus view that global bond yields would keep falling, investment grade municipal securities produced modestly negative returns in the first quarter of 2024. Rising interest rates, expensive municipal valuations and elevated new issue supply all weighed on the investment grade municipal market. The increase in interest rates was largely the result of investors paring back their expectations for the number of Fed rate cuts in 2024. At the start of the calendar year, the markets were generally pricing in more than six Fed rate cuts, with the first coming in March. However, strong labor data, above consensus inflation readings and the Fed’s own projections led the market to modify its rate cut expectations from six to three, with the first cut anticipated in the summer at the earliest. Regarding supply, new issuance was 25% higher during the first quarter of 2024 than it had been in the first quarter of 2023.2 The increase was driven primarily by the refinancing of Build America Bonds4 (“BABs”), generally through new tax-exempt issuance, along with multiple mega-deals of $1 billion or more. As for demand, municipal bond mutual funds experienced modest net inflows during the first quarter of 2024.
For the Reporting Period overall, primary market issuance was historically average, with approximately $400 billion in total new supply.2 Higher interest rates had a negative impact on taxable refunding issuance, while BAB refinancings boosted tax-exempt municipal supply. Regarding demand, municipal bond mutual funds experienced approximately $13 billion in net investment outflows during the Reporting Period overall, a stark improvement over the $100 billion of outflows experienced during the prior 12-month period.3 Both tax-loss harvesting and volatile interest rates played a role in the investment outflows.
Municipal yields rose across all maturities during the Reporting Period overall. The yield on a two-year AAA-rated municipal security rose 59 basis points to 2.98%; the yield on a 10-year AAA-rated municipal security rose 24 basis points to 2.50%; and the yield on a 30-year AAA-rated municipal security rose 36 basis points to 3.67%. By comparison, the yield on a two-year U.S. Treasury security rose 59 basis points to 4.62%; the yield on a 10-year U.S. Treasury security rose 73 basis points to 4.20%; and the yield on a 30-year U.S. Treasury security rose 69 basis points to 4.34%.5
In addition, the front, or short-term, end of the municipal yield curve, which had experienced an inversion for the first time in December 2022, became more inverted during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The valuations of short-term municipal securities were lofty compared to those of short-term U.S. Treasury securities, which put continued pressure on short-term municipal yields. At the end of the Reporting Period, the yield on a two-year AAA-rated municipal security was 48 basis points higher than the yield on a 10-year AAA-rated municipal security.6
For the Reporting Period overall, the investment grade municipal bond market, as measured by the Bloomberg Municipal Bond Index, recorded a positive return of 3.12%. The lowest rated segments of the index generally performed best. Among maturities, municipal securities of 22 years and longer outpaced municipal securities of shorter maturities.
High Yield Municipals
In the second quarter of 2023 when the Reporting Period began, high yield municipal securities generated a positive return, outperforming investment grade municipal securities, as spreads, or yield differentials, tightened. Although spreads continued to narrow in the third calendar quarter, high yield municipal securities posted a negative return overall for those months. They also lagged investment grade municipal securities, largely due to weakness among longer duration issues amid a sharp rise in interest rates. (The high yield municipal bond market is of structurally longer duration than the investment grade municipal bond market.) In the fourth calendar quarter, high yield municipal securities delivered strong gains, with the Bloomberg Municipal High Yield Bond Index recording its best return since the third quarter of 2009. High yield municipal securities also outperformed investment grade municipal securities, as municipal yields dropped and longer duration issues generated gains. During the first quarter of 2024, high yield municipal securities continued to produce positive returns and outperformed investment grade municipal securities.
| 4 | Build America Bonds are taxable municipal bonds featuring federal tax credits or subsidies for bondholders or state and local government bond issuers. The Build America Bonds program was introduced in 2009 and expired in 2010. |
| 5 | Source: Bloomberg Valuation (BVAL AAA) and Generic Government curves (USGG). |
| 6 | Source: Bloomberg Valuation (BVAL AAA). |
| 4 |
MARKET REVIEW
For the Reporting Period as a whole, high yield municipal securities outperformed investment grade municipal securities. The strongest performers in the high yield municipal bond market, as measured by the Bloomberg Municipal High Yield Bond Index, were Puerto Rico and transportation credits, while the weakest performers were housing and electric credits, both of which still produced positive returns.
Looking Ahead
At the end of the Reporting Period, we thought near-term market technicals might prove challenging for municipal securities broadly but that a more favorable backdrop should emerge. In our view, the municipal bond market was still grappling at the end of the Reporting Period with revised expectations about the timing of potential Fed interest rate cuts as well as with a heavy new issue calendar that had come at the same time investors were focused on the April tax filing deadline. Indeed, the heavier than consensus expected new issuance in the first quarter of 2024 had led some market participants to make upward revisions to their expectations for full calendar year supply. However, we believed there was still significant demand on the sidelines to absorb any increase. Summer months tend to see significant bond maturities and coupon income flows to investors, which should provide strong support for the new issue market, in our opinion. Additionally, we believed cash held in money market funds and in U.S. Treasury bills could fuel demand for municipal securities broadly if investors look to lock in yields with longer maturities before the Fed begins to cut interest rates.
From a credit perspective, at the end of the Reporting Period, we did not anticipate a meaningfully weaker environment in 2024. While there may be increased headlines around budget shortfalls as fiscal year 2025 budget negotiations begin, we believed state and local governments were in a strong position to handle revenue slowdowns. (Municipal fiscal years typically start on July 1st.) Should U.S. economic growth expand as Goldman Sachs economists projected at the end of the Reporting Period, municipal revenues should prove resilient, in our view. We also believed credit strength existed among high yield municipal issuers, and we expected 2024 municipal defaults to be below 2023 levels, with most defaults likely to be idiosyncratic in nature.
At the end of the Reporting Period, we welcomed what we thought would be an extended period of “higher for longer” municipal bond yields. In managing the Goldman Sachs Municipal Funds (the “Funds”), we planned to continue looking across maturities along the municipal yield curve and inclusive of all credit qualities in an effort to improve the Funds’ respective distribution rates. Because of the municipal yield curve inversion, we favored 15- to 20-year maturities over 10-year maturities at the end of the Reporting Period. On the front end of the municipal yield curve, we planned to continue monitoring the market’s views on anticipated Fed interest rate cuts and potentially adjust the Funds’ holdings of floating rate notes when appropriate. From a sector perspective, we intended to continue monitoring developments in the health care sector, looking for evidence of stability and potentially increasing the Funds’ exposure to health care credits. Finally, at the end of the Reporting Period, we planned to continue seeking to keep the Funds invested in the most tax-efficient manner.
| 5 |
PORTFOLIO RESULTS
Goldman Sachs Dynamic Municipal Income Fund
|
Investment Objective
The Fund seeks a high level of current income that is exempt from regular federal income tax. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Dynamic Municipal Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 4.91%, 4.20%, 5.26%, 4.72%, 5.17%, 5.26% and 5.26%, respectively. These returns compare to the 2.17% average annual total return of the Fund’s benchmark, the Bloomberg Municipal Bond 1-10 Year Blend Index (the “Index”), during the same time period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Index during the Reporting Period, with bottom-up security selection and overall credit positioning contributing positively to relative performance. The Fund’s sector and state positioning also added to returns. The Fund’s combined duration and yield curve positioning had a mixed impact on results during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) |
| Q | Which municipal bond market sectors most significantly affected Fund performance during the Reporting Period? |
| A | Individual security selection added most to the Fund’s relative returns during the Reporting Period. Specifically, the Fund was helped by selection among general obligation bonds and special tax bonds. On the other hand, selection of municipal electric utility credits detracted from relative performance. |
| In terms of credit positioning, the Fund’s bias toward lower-rated and non-rated municipal securities bolstered relative returns, as spreads, or yield differentials, tightened during the Reporting Period. |
| As for sector and state positioning, the Fund benefited from an overweight versus the Index in Puerto Rico credits and special tax bonds. This was partly offset by the Fund’s overweight in health care credits, which detracted from relative performance. |
| Q | How did duration and yield curve positioning decisions affect the Fund’s performance during the Reporting Period? |
| A | Amidst ongoing interest rate volatility, the Fund’s combined duration and yield curve positioning had a mixed impact on relative performance during the Reporting Period. The Fund was hurt by its longer duration position compared to the Index and by its overweight in the longer maturity end of the municipal yield curve, specifically in maturities of 20 years and longer, as municipal yields trended higher. This was partially offset by our efforts to hedge the Fund’s duration risk, which added to performance. In addition, as yields rose materially in the front, or short-term, end of the municipal yield curve, the Fund benefited from its underweight relative to the Index in one- to three-year maturities. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, the Fund used U.S. Treasury futures to manage U.S. interest rate duration, which had a positive impact on performance. |
| Q | What changes did you make in the Fund’s weightings and investments during the Reporting Period? |
| A | We opportunistically adjusted the Fund’s duration position relative to the Index, extending it midway through the Reporting Period to take advantage of higher municipal yields and then shortening it toward the end of the Reporting Period as the market began to reassess the likelihood and timing of Federal Reserve interest rate cuts. Similarly, we increased the Fund’s exposure to high yield municipal securities midway through the Reporting Period as we sought to capture the additional spread created by year-end tax-loss harvesting, and then we started to reduce that exposure toward the end of the Reporting Period as spreads stabilized and subsequently narrowed. We increased the Fund’s holdings of pre-refunded securities1 during the Reporting Period, as heavier supply in the secondary market created what we saw as attractive opportunities. We also selectively increased the Fund’s exposure to the hospital sector given that signs of credit |
| 6 |
PORTFOLIO RESULTS
| stability had begun to emerge, in our view. In addition, we reduced the Fund’s exposure to select Illinois credits after multiple ratings upgrades and as spreads narrowed. We also sought to take advantage of spread tightening by reducing the Fund’s exposure to alternative minimum tax, or AMT, bonds. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund held an overweight position compared to the Index in special assessment bonds because we believed they were attractive on a risk-return basis. In terms of state exposures, the Fund was overweight Florida credits, as a large percentage of special assessment bond issuers are located within Florida. The Fund was also overweight Illinois and Puerto Rico credits. In addition, the Fund maintained a position in taxable municipal securities as well as a down-in-quality bias versus the Index. The Fund held a longer duration than that of the Index and a relative overweight in the longer maturity end of the municipal yield curve at the end of the Reporting Period. |
| 1 Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically in Treasury securities. Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value—sometimes significantly. |
| 7 |
FUND BASICS
Dynamic Municipal Income Fund
as of March 31, 2024
| SECTOR ALLOCATION1 | ||||||||||
Percentage of Market Value
| 1 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 8 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Municipal Bond 1-10 Year Blend Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Dynamic Municipal Income Fund’s 10 Year Performance |
| Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024. |
| Average Annual Total Returns through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
4.91% | 1.60% | 2.77% | — | ||||||||
| Including sales charges |
0.98% | 0.83% | 2.38% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
4.20% | 0.84% | 2.00% | — | ||||||||
| Including contingent deferred sales charges |
3.18% | 0.84% | 2.00% | — | ||||||||
|
| ||||||||||||
| Institutional |
5.26% | 1.92% | 3.11% | — | ||||||||
|
| ||||||||||||
| Service |
4.72% | 1.41% | 2.59% | — | ||||||||
|
| ||||||||||||
| Investor |
5.17% | 1.85% | 3.02% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced on November 30, 2017) |
5.26% | 1.94% | — | 2.67% | ||||||||
|
| ||||||||||||
| Class P (Commenced on April 20, 2018) |
5.26% | 1.94% | — | 2.52% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 9 |
PORTFOLIO RESULTS
Goldman Sachs High Yield Municipal Fund
|
Investment Objective
The Fund seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Municipal Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 6.50%, 5.70%, 6.82%, 6.76%, 6.72% and 6.72%, respectively. These returns compare to the 5.96% average annual total return of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index (“High Yield Municipal Composite Index”), during the same time period. |
| The High Yield Municipal Fund Composite Index is composed 60% of the Bloomberg Municipal High Yield Bond Index (with dividends reinvested) and 40% of the Bloomberg Municipal Bond Index (with dividends reinvested), which generated average annual total returns of 7.89% and 3.12%, respectively, during the Reporting Period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | During the Reporting Period, the Fund generally outperformed the High Yield Municipal Composite Index, with bottom-up security selection and overall credit positioning contributing positively to relative performance. The Fund’s sector positioning added modestly to relative returns, while its state positioning detracted. The Fund’s combined duration and yield curve positioning had a mixed impact on performance during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) |
| Q | Which municipal bond market sectors most significantly affected Fund performance? |
| A | Individual security selection added most to the Fund’s relative performance during the Reporting Period. Specifically, selection among special tax credits and tobacco bonds bolstered returns. This was partially offset by selection of municipal electric utility credits, which detracted from results. |
| In terms of credit positioning, the Fund’s underweight versus the High Yield Municipal Composite Index in the highest-rated credits enhanced relative performance, as spreads, or yield differentials, tightened and investment grade municipal securities lagged high yield municipal securities during the Reporting Period overall. |
| Within sector positioning, the Fund benefited from an overweight relative to the High Yield Municipal Composite Index in special tax credits and from an underweight in housing credits. Within state positioning, the Fund’s underweight in Puerto Rico credits detracted from relative performance. |
| Q | How did duration and yield curve positioning decisions affect the Fund’s performance during the Reporting Period? |
| A | Amidst ongoing interest rate volatility, the Fund’s combined duration and yield curve positioning had a mixed impact on relative performance during the Reporting Period. Overall, the Fund’s positioning on the tax-exempt municipal yield curve added to performance. As yields rose materially in the front, or short-term, end of the curve, the Fund benefited from its underweight versus the High Yield Municipal Composite Index in one- to five-year maturities. On the other hand, the Fund was hampered by its exposure to taxable municipal securities with maturities of 10 years and longer. The Fund’s longer duration position compared to the High Yield Municipal Composite Index detracted from its relative returns during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS did not have a material impact on Fund performance during the Reporting Period. |
| 10 |
PORTFOLIO RESULTS
| Q | What changes did you make in the Fund’s weightings and investments during the Reporting Period? |
| A | We opportunistically adjusted the Fund’s duration position relative to the High Yield Municipal Composite Index, extending it midway through the Reporting Period to take advantage of higher municipal yields and then shortening it toward the end of the Reporting Period as the market began to reassess the likelihood and timing of Federal Reserve interest rate cuts. In addition, during the Reporting Period, we found what we saw as attractive opportunities among tax-exempt municipal securities, which we funded by reducing the Fund’s holdings of taxable municipal securities. From a sector perspective, we increased the Fund’s investments in special sales tax-backed bonds and corporate-backed issues because of what we considered to be their attractive valuations. We decreased the Fund’s investments in water and sewer bonds. From a ratings perspective, an increase in new issue supply late in the Reporting Period, coupled with tighter spreads, provided an opportunity, in our view, to add to the Fund’s exposure to AA-rated credits. We also found what we believed to be attractive opportunities in select non-rated credits, increasing the Fund’s exposure to that market segment during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, relative to the High Yield Municipal Composite Index, the Fund was overweight special assessment bonds, as we believed they remained attractive on a risk-return basis, and was underweight housing credits. In terms of state exposures, the Fund was overweight compared to the High Yield Municipal Composite Index in Florida credits, as a large percentage of special assessment bond issuers are located within Florida. At the end of the Reporting Period, the Fund continued to hold a position in taxable municipal securities. It also maintained a longer duration position than that of the High Yield Municipal Composite Index and had a relative overweight in the longer maturity end of the municipal yield curve. |
| 11 |
FUND BASICS
High Yield Municipal Fund
as of March 31, 2024
| SECTOR ALLOCATION1 | ||||||||||
Percentage of Market Value
| 1 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 12 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index, which is composed of the Bloomberg Municipal High Yield Bond Index (60%) and the Bloomberg Municipal Bond Index (40%) (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| High Yield Municipal Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Returns through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
6.50% | 2.05% | 4.26% | — | ||||||||
| Including sales charges |
1.67% | 1.11% | 3.79% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
5.70% | 1.29% | 3.49% | — | ||||||||
| Including contingent deferred sales charges |
4.67% | 1.29% | 3.49% | — | ||||||||
|
| ||||||||||||
| Institutional |
6.82% | 2.36% | 4.57% | — | ||||||||
|
| ||||||||||||
| Investor |
6.76% | 2.31% | 4.53% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced on November 30, 2017) |
6.72% | 2.35% | — | 3.48% | ||||||||
|
| ||||||||||||
| Class P (Commenced on April 20, 2018) |
6.72% | 2.37% | — | 3.18% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 13 |
PORTFOLIO RESULTS
Goldman Sachs Municipal Income Completion Fund
Investment Objective
The Fund seeks a high level of current income that is exempt from regular federal income tax.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Municipal Income Completion Fund’s (the “Fund”) performance and positioning during the 12 months ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Separate Account Institutional Shares generated an average annual total return of 7.47%. These returns compare to the 2.17% average annual total return of the Bloomberg Municipal Bond 1-10 Year Blend Index (with dividends reinvested) during the same time period. |
| Because the composition of the Bloomberg Municipal Bond 1-10 Year Blend Index is not comparable to the range of instruments in which the Fund may transact, references to the return of the Bloomberg Municipal Bond 1-10 Year Blend Index are included for informational purposes only and not an indication of how the Fund is managed. This Fund employs a benchmark agnostic strategy. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | During the Reporting Period, the Fund generated a positive absolute return, with its overall credit positioning adding most to performance. Sector and state positioning, along with bottom-up security selection, also contributed positively to the Fund’s returns. The Fund’s combined duration and yield curve positioning had a mixed impact on its performance during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) |
| Q | Which municipal bond market sectors most significantly affected Fund performance during the Reporting Period? |
| A | In terms of credit positioning, the Fund benefited from its bias toward lower-rated and non-rated securities, as spreads, or yield differentials, tightened during the Reporting Period. |
| As for sector and state positioning, the Fund’s exposure to Puerto Rico credits and special tax credits boosted returns. This was partially offset by the Fund’s positioning in health care and education credits, which detracted from performance. |
| Individual security selection added modestly to the Fund’s results. Specifically, the Fund was helped by selection among special tax credits and special assessment bonds. Conversely, selection of municipal electric utility credits detracted from performance. |
| Q | How did duration and yield curve positioning decisions affect the Fund’s performance during the Reporting Period? |
| A | Amidst ongoing interest rate volatility, the Fund’s combined duration and yield curve positioning had a mixed impact on performance during the Reporting Period. The Fund was hurt by its long duration position and its exposure to the longer maturity end, specifically the 20- to 30-year segment, of the municipal yield curve, as municipal yields trended higher. This was partially offset by our efforts to hedge the Fund’s duration risk, which added to performance during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used U.S. Treasury futures to manage U.S. interest rate duration, which had a positive impact on performance during the Reporting Period. |
| Q | What changes did you make in the Fund’s weightings and investments during the Reporting Period? |
| A | We opportunistically adjusted the Fund’s duration position, extending it midway through the Reporting Period to take advantage of higher municipal yields and then shortening it toward the end of the Reporting Period as the market began to reassess the likelihood and timing of Federal Reserve interest rate cuts. In addition, we increased the Fund’s exposure to select non-rated credits. We increased the Fund’s exposure to Texas and Florida credits, while reducing its exposure to Illinois credits. Finally, we added exposure to hospital credits during the Reporting Period amid what we saw as signs of stabilization in that market segment. |
| 14 |
PORTFOLIO RESULTS
| Q | How was the Fund positioned at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund had sizeable exposure to special assessment, hospital and sales tax-backed bonds. From a state perspective, the Fund had significant investments in Florida and Puerto Rico credits. It maintained a position in taxable municipal securities. The Fund also held a long duration position and had significant exposure to the longer maturity end of the municipal yield curve at the end of the Reporting Period. |
| 15 |
FUND BASICS
Municipal Income Completion Fund
as of March 31, 2024
| SECTOR ALLOCATION1 |
Percentage of Market Value
| 1 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 16 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2019 (commencement of operations) in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Municipal Bond 1-10 Year Blend Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS. com to obtain the most recent month-end returns.
| Municipal Income Completion Fund’s Lifetime Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2019 through March 31, 2024.
| Average Annual Total Returns through March 31, 2024* | One Year | Since Inception | ||||||
| Separate Account Institutional (Commenced on April 1, 2019) |
7.47% | 2.92% | ||||||
|
| ||||||||
| * | These returns assume reinvestment of all distributions at NAV. Because Separate Account Institutional Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 17 |
PORTFOLIO RESULTS
Goldman Sachs Short Duration Tax-Free Fund
Investment Objective
The Fund seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Tax-Free Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 2.60%, 2.19%, 2.87%, 2.36%, 2.85%, 2.88% and 2.88%, respectively. These returns compare to the 2.02% average annual total return of the Fund’s benchmark, the Bloomberg Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Index”), during the same time period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Index during the Reporting Period, with overall credit positioning and bottom-up security selection contributing most positively to relative performance. The Fund’s sector and state positioning also added modestly to returns as did its combined duration and yield curve positioning. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) |
| Q | Which municipal bond market sectors most significantly affected Fund performance during the Reporting Period? |
| A | Regarding credit positioning, the Fund benefited from its bias toward A-rated and BBB-rated credits, as spreads, or yield differentials, tightened during the Reporting Period. |
| 1 | Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically in Treasury securities. Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value—sometimes significantly. |
| Individual security selection also bolstered relative performance. Specifically, the Fund was aided by selection among general obligation bonds and pre-refunded securities,1 though selection among revenue bonds detracted from relative returns. |
| As for sector and state positioning, the Fund’s overweight relative to the Index in Puerto Rico credits and industrial power bonds added to performance. This was partially offset by the Fund’s overweight in health care credits, which detracted from relative results. |
| Q | How did duration and yield curve positioning decisions affect the Fund’s performance during the Reporting Period? |
| A | The Fund’s combined duration and yield curve positioning added modestly to performance during the Reporting Period. The Fund benefited from its underweight relative to the Index in tax-exempt maturities between one and three years, as the yields in this segment rose more than yields further out on the municipal yield curve. On the other hand, the Fund’s yield curve positioning in taxable municipal securities detracted from returns. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period as a whole? |
| A | The Fund did not use derivatives and similar instruments as part of its investment process during the Reporting Period. |
| Q | What changes did you make in the Fund’s weightings and investments during the Reporting Period? |
| A | Given the municipal yield curve inversion during the Reporting Period, we increased the Fund’s exposure to three-and four-year maturities and reduced its exposure to maturities of five years and longer. As spreads tightened, particularly toward the end of the Reporting Period, we reduced the Fund’s exposure to BBB-rated credits. That said, the Fund invested in what we saw as attractive opportunities among select non-rated issues. During the Reporting Period, we sought |
| 18 |
PORTFOLIO RESULTS
| to take advantage of heavy new issuance to increase the Fund’s exposure to Texas and Florida credits, while reducing its exposure to New York and Illinois credits. In addition, we selectively increased exposure to Puerto Rico credits given what we considered positive credit trends. Finally, we decreased the Fund’s exposure to select Illinois credits after multiple ratings upgrades and as spreads tightened. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund was overweight relative to the Index in BBB-rated credits. With regard to sectors, the Fund was underweight pre-refunded bonds and general obligation bonds. It was overweight industrial, health care and special tax credits at the end of the Reporting Period. From a state perspective, the Fund was overweight compared to the Index in Puerto Rico credits. Additionally, the Fund was overweight intermediate maturity municipal bonds relative to the Index. The Fund had exposure to floating rate notes at the end of the Reporting Period. |
| 19 |
FUND BASICS
Short Duration Tax-Free Fund
as of March 31, 2024
| SECTOR ALLOCATION1 | ||||||||||
Percentage of Market Value
| 1 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 20 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Municipal Bond 1-3 Year Blend Index (with distributions reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS. com to obtain the most recent month-end returns. |
| Short Duration Tax-Free Fund’s 10 Year Performance |
| Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024. |
| Average Annual Total Returns through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
2.60% | 0.86% | 1.05% | — | ||||||||
| Including sales charges |
1.04% | 0.56% | 0.90% | — | ||||||||
|
|
||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
2.19% | 0.44% | 0.64% | — | ||||||||
| Including contingent deferred sales charges |
1.53% | 0.44% | 0.64% | — | ||||||||
|
|
||||||||||||
| Institutional |
2.87% | 1.15% | 1.35% | — | ||||||||
|
|
||||||||||||
| Service |
2.36% | 0.65% | 0.85% | — | ||||||||
|
|
||||||||||||
| Investor |
2.85% | 1.11% | 1.30% | — | ||||||||
|
|
||||||||||||
| Class R6 (Commenced on November 30, 2017) |
2.88% | 1.14% | — | 1.55% | ||||||||
|
|
||||||||||||
| Class P (Commenced on April 20, 2018) |
2.88% | 1.16% | — | 1.55% | ||||||||
|
|
||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 21 |
FUND BASICS
Index Definitions
March 31, 2024
| The Bloomberg Municipal Bond 1-10 Year Blend Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Bloomberg Municipal Bond 1-10 Year Blend Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
| The Goldman Sachs High Yield Municipal Fund Composite Index is comprised of the Bloomberg Municipal High Yield Bond Index (60%)(with dividends reinvested) and the Bloomberg Municipal Bond Index (40%) (with dividends reinvested). |
| The Bloomberg Municipal High Yield Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Bloomberg Municipal High Yield Bond Index does not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
| The Bloomberg Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Bloomberg Municipal Bond Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
| The Bloomberg Municipal Bond 1-3 Year Blend Index (with dividends reinvested), an unmanaged index, represents investment grade municipal bonds with maturities greater than one year and less than 4 years, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
| 22 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds - 97.9% |
| |||||||||||||||
| Alabama - 1.5% |
| |||||||||||||||
| Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A1/A-) |
| |||||||||||||||
| $ | 5,000,000 | 4.000 | % | 09/15/2033 | $ | 5,031,286 | ||||||||||
| Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA+) |
| |||||||||||||||
| 9,500,000 | 5.000 | 11/15/2046 | 9,640,790 | |||||||||||||
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/ NR) |
| |||||||||||||||
| 22,955,000 | 4.000 | (a)(b) | 12/01/2049 | 23,040,324 | ||||||||||||
| Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) |
| |||||||||||||||
| 4,150,000 | 5.750 | (a)(b) | 04/01/2054 | 4,590,949 | ||||||||||||
| Health Care Authority for Baptist Health Series 2023 (A3/BBB+) |
| |||||||||||||||
| 1,500,000 | 5.000 | 11/15/2029 | 1,622,028 | |||||||||||||
| 1,500,000 | 5.000 | 11/15/2035 | 1,637,452 | |||||||||||||
| 1,000,000 | 5.000 | 11/15/2036 | 1,082,601 | |||||||||||||
| 325,000 | 5.000 | 11/15/2037 | 348,905 | |||||||||||||
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) |
| |||||||||||||||
| 4,920,000 | 5.750 | 10/01/2049 | 5,088,290 | |||||||||||||
| Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 10/01/2025 | 1,012,747 | |||||||||||||
| Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/BBB) |
| |||||||||||||||
| 225,000 | 2.000 | (a)(b) | 11/01/2033 | 222,632 | ||||||||||||
| Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (Baa2/BBB) |
| |||||||||||||||
| 225,000 | 2.000 | (a)(b) | 11/01/2033 | 222,632 | ||||||||||||
| Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (Baa2/BBB) |
| |||||||||||||||
| 1,750,000 | 2.000 | (a)(b) | 11/01/2033 | 1,731,584 | ||||||||||||
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/ BBB+) |
| |||||||||||||||
| 2,000,000 | 5.250 | 10/01/2040 | 2,228,500 | |||||||||||||
| 2,000,000 | 5.250 | 10/01/2041 | 2,214,627 | |||||||||||||
| 2,500,000 | 5.250 | 10/01/2044 | 2,731,544 | |||||||||||||
| 10,130,000 | 5.250 | 10/01/2049 | 10,869,906 | |||||||||||||
| 10,705,000 | 5.500 | 10/01/2053 | 11,649,006 | |||||||||||||
| Midcity Improvement District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 3.875 | 11/01/2027 | 187,411 | |||||||||||||
| 500,000 | 4.250 | 11/01/2032 | 452,857 | |||||||||||||
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| |||||||||||||||
| 20,000,000 | 5.000 | (a)(b) | 06/01/2049 | 21,447,064 | ||||||||||||
| Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (WR/NR) |
| |||||||||||||||
| 5,500,000 | 4.000 | (a)(b) | 06/01/2049 | 5,498,684 | ||||||||||||
| Southeast Energy Authority Commodity Supply RB Series 2022A- 1 (A1/NR) |
| |||||||||||||||
| 6,000,000 | 5.500 | (a)(b) | 01/01/2053 | 6,403,894 | ||||||||||||
| The Board of Trustees of The University of Alabama General RB, The University of Alabama, Series 2014-B (Aa2/AA) |
| |||||||||||||||
| 6,500,000 | 4.000 | (c) | 07/01/2024 | 6,503,697 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Alabama – (continued) |
| |||||||||||||||
| The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A-) |
| |||||||||||||||
| $ | 8,540,000 | 3.650 | % | 06/01/2028 | $ | 8,437,507 | ||||||||||
| The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A-) |
| |||||||||||||||
| 3,470,000 | 3.780 | (a)(b) | 06/01/2034 | 3,471,670 | ||||||||||||
| The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (WR/NR) |
| |||||||||||||||
| 2,820,000 | 4.000 | 06/01/2024 | 2,819,326 | |||||||||||||
|
|
|
|||||||||||||||
| 140,187,913 | ||||||||||||||||
|
|
||||||||||||||||
| Alaska - 0.0% |
| |||||||||||||||
| Northern Tobacco Securitization Corp. Tobacco Settlement Asset Back Bonds Series 2021 (NR/A) |
| |||||||||||||||
| 1,750,000 | 5.000 | 06/01/2031 | 1,965,615 | |||||||||||||
|
|
||||||||||||||||
| American Samoa - 0.0% |
| |||||||||||||||
| American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR) |
| |||||||||||||||
| 1,125,000 | 2.470 | (d) | 09/01/2024 | 1,106,414 | ||||||||||||
| American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) |
| |||||||||||||||
| 1,500,000 | 3.720 | (d) | 09/01/2027 | 1,376,994 | ||||||||||||
|
|
|
|||||||||||||||
| 2,483,408 | ||||||||||||||||
|
|
||||||||||||||||
| Arizona - 1.4% |
| |||||||||||||||
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) |
| |||||||||||||||
| 31,080,000 | 5.540 | (b)(e) | 01/01/2037 | 29,366,796 | ||||||||||||
| Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) |
| |||||||||||||||
| 515,000 | 4.500 | (d) | 07/01/2033 | 515,284 | ||||||||||||
| 250,000 | 5.250 | (d) | 07/01/2043 | 250,576 | ||||||||||||
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 8,000,000 | 6.500 | (d) | 11/01/2053 | 8,167,982 | ||||||||||||
| Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) |
| |||||||||||||||
| 425,000 | 3.375 | 07/01/2041 | 358,585 | |||||||||||||
| Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) |
| |||||||||||||||
| 1,400,000 | 5.000 | 11/01/2044 | 1,458,337 | |||||||||||||
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CC) |
| |||||||||||||||
| 570,000 | 5.000 | 01/01/2043 | 381,076 | |||||||||||||
| 3,250,000 | 4.500 | 01/01/2049 | 1,874,296 | |||||||||||||
| 2,095,000 | 5.000 | 01/01/2054 | 1,283,137 | |||||||||||||
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/D) |
| |||||||||||||||
| 1,565,000 | 5.000 | 01/01/2037 | 929,167 | |||||||||||||
| 1,105,000 | 5.000 | 01/01/2038 | 633,722 | |||||||||||||
| 300,000 | 5.000 | 01/01/2043 | 156,739 | |||||||||||||
| 2,125,000 | 5.000 | 01/01/2049 | 1,086,754 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Arizona – (continued) |
|
|||||||||||||||
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/D) – (continued) |
| |||||||||||||||
| $ | 600,000 | 5.125 | % | 01/01/2054 | $ | 299,240 | ||||||||||
| Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (NR/BBB-) |
| |||||||||||||||
| 620,000 | 4.000 | 07/01/2041 | 576,858 | |||||||||||||
| Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 875,000 | 4.000 | 07/01/2041 | 814,115 | |||||||||||||
| 1,065,000 | 4.000 | 07/01/2051 | 914,771 | |||||||||||||
| Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Caa3/NR) |
| |||||||||||||||
| 365,000 | 5.000 | * | 05/01/2024 | 219,000 | ||||||||||||
| 300,000 | 5.000 | * | 05/01/2029 | 165,000 | ||||||||||||
| 650,000 | 5.000 | * | 05/01/2031 | 357,500 | ||||||||||||
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) |
| |||||||||||||||
| 480,000 | 3.000 | (d) | 12/15/2031 | 429,193 | ||||||||||||
| City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2005 (NON-AMT) (A3/A-) |
| |||||||||||||||
| 3,350,000 | 3.800 | (a)(b) | 12/01/2035 | 3,391,892 | ||||||||||||
| City of Chandler IDA Industrial Development RB Series 2019 (A3/A-) |
| |||||||||||||||
| 2,000,000 | 5.000 | (a)(b) | 06/01/2049 | 2,002,154 | ||||||||||||
| City of Glendale, Arizona Subordinate Excise Tax RR Obligations, Series 2017 (A1/AA+) |
| |||||||||||||||
| 2,505,000 | 5.000 | 07/01/2029 | 2,668,644 | |||||||||||||
| City of Mesa, Arizona Utility Systems RR Bonds, Series 2021 (Aa2/AA-) |
| |||||||||||||||
| 1,400,000 | 4.000 | 07/01/2035 | 1,484,904 | |||||||||||||
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) |
| |||||||||||||||
| 1,375,000 | 3.000 | 07/01/2049 | 1,065,964 | |||||||||||||
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) |
| |||||||||||||||
| 2,290,000 | 3.250 | 07/01/2049 | 1,844,316 | |||||||||||||
| City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/A) |
| |||||||||||||||
| 2,225,000 | 5.000 | 07/01/2045 | 2,320,224 | |||||||||||||
| City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA) |
| |||||||||||||||
| 7,000,000 | 5.000 | 07/01/2030 | 7,287,736 | |||||||||||||
| Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) |
| |||||||||||||||
| 2,225,000 | 4.125 | (a)(b) | 09/01/2032 | 2,214,475 | ||||||||||||
| County of Maricopa IDA Education RB Series 2021A (NR/BB+) |
| |||||||||||||||
| 550,000 | 3.000 | (d) | 07/01/2031 | 507,805 | ||||||||||||
| 1,050,000 | 4.000 | (d) | 07/01/2041 | 926,200 | ||||||||||||
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BB+) |
| |||||||||||||||
| 900,000 | 2.100 | (d) | 07/01/2026 | 861,284 | ||||||||||||
| 3,225,000 | 2.625 | (d) | 07/01/2031 | 2,879,022 | ||||||||||||
| 3,225,000 | 3.500 | (d) | 07/01/2044 | 2,542,228 | ||||||||||||
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) |
| |||||||||||||||
| 2,500,000 | 6.750 | (d) | 11/15/2042 | 2,704,400 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Arizona – (continued) |
| |||||||||||||||
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR) |
| |||||||||||||||
| $ | 4,500,000 | 5.125 | %(d) | 11/15/2029 | $ | 4,540,913 | ||||||||||
| Entertainment Center Community Facilities District RB Series 2017 (NR/NR) |
| |||||||||||||||
| 4,544,000 | 4.000 | 07/01/2037 | 4,527,373 | |||||||||||||
| Equitable National Charter School Revolving Loan Fund RB for Arizona IDA Series 2019A (NR/A) |
| |||||||||||||||
| 1,055,000 | 5.000 | 11/01/2024 | 1,061,038 | |||||||||||||
| Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 395,000 | 3.500 | 07/01/2029 | 364,903 | |||||||||||||
| 376,000 | 4.100 | 07/01/2034 | 351,691 | |||||||||||||
| 1,096,000 | 4.750 | 07/01/2043 | 982,287 | |||||||||||||
| Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 535,000 | 4.000 | 05/15/2031 | 509,423 | |||||||||||||
| 900,000 | 5.000 | 05/15/2041 | 861,994 | |||||||||||||
| Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) |
| |||||||||||||||
| 5,140,000 | 5.000 | 11/15/2042 | 5,159,217 | |||||||||||||
| La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB+) |
| |||||||||||||||
| 380,000 | 4.000 | 02/15/2041 | 334,334 | |||||||||||||
| 295,000 | 4.000 | 02/15/2046 | 247,281 | |||||||||||||
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter
Schools Obligated Group Series 2020 A |
| |||||||||||||||
| 300,000 | 4.000 | (d) | 07/01/2030 | 293,011 | ||||||||||||
| 600,000 | 5.000 | (d) | 07/01/2040 | 592,075 | ||||||||||||
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter
Schools Obligated Group Series 2021 A |
| |||||||||||||||
| 950,000 | 4.000 | (d) | 07/01/2051 | 740,985 | ||||||||||||
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | (d) | 10/01/2026 | 201,076 | ||||||||||||
| 400,000 | 5.125 | (d) | 10/01/2030 | 413,949 | ||||||||||||
| Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) |
| |||||||||||||||
| 200,000 | 4.000 | 07/01/2025 | 199,177 | |||||||||||||
| 200,000 | 4.000 | 07/01/2026 | 200,426 | |||||||||||||
| 200,000 | 4.000 | 07/01/2027 | 201,464 | |||||||||||||
| 325,000 | 4.000 | 07/01/2028 | 329,067 | |||||||||||||
| 250,000 | 4.000 | 07/01/2029 | 254,348 | |||||||||||||
| 500,000 | 4.000 | 07/01/2034 | 505,087 | |||||||||||||
| 700,000 | 5.000 | 07/01/2039 | 725,676 | |||||||||||||
| Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) |
| |||||||||||||||
| 375,000 | 4.750 | (d) | 05/01/2030 | 372,447 | ||||||||||||
| 225,000 | 5.500 | (d) | 05/01/2040 | 222,389 | ||||||||||||
| Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) |
| |||||||||||||||
| 8,100,000 | 5.250 | 01/01/2053 | 8,988,679 | |||||||||||||
| 24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Arizona – (continued) |
| |||||||||||||||
| Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) |
| |||||||||||||||
| $ | 9,130,000 | 5.000 | % | 12/01/2037 | $ | 9,934,247 | ||||||||||
|
|
|
|||||||||||||||
| 128,053,933 | ||||||||||||||||
|
|
||||||||||||||||
| Arkansas - 0.2% |
| |||||||||||||||
| Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) |
| |||||||||||||||
| 2,000,000 | 5.450 | 09/01/2052 | 2,041,066 | |||||||||||||
| Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) |
| |||||||||||||||
| 5,790,000 | 5.000 | 12/01/2047 | 6,044,068 | |||||||||||||
| 4,630,000 | 3.200 | 12/01/2049 | 3,432,043 | |||||||||||||
| Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) |
| |||||||||||||||
| 315,000 | 3.000 | 07/01/2032 | 272,832 | |||||||||||||
| 310,000 | 3.125 | 07/01/2036 | 251,720 | |||||||||||||
| Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) |
| |||||||||||||||
| 4,700,000 | 3.500 | 07/01/2038 | 3,679,479 | |||||||||||||
| Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) |
| |||||||||||||||
| 1,030,000 | 5.000 | 06/01/2024 | 1,030,197 | |||||||||||||
| 1,380,000 | 5.000 | 06/01/2025 | 1,389,847 | |||||||||||||
| 1,545,000 | 5.000 | 06/01/2026 | 1,573,318 | |||||||||||||
| 1,815,000 | 5.000 | 06/01/2027 | 1,872,324 | |||||||||||||
|
|
|
|||||||||||||||
| 21,586,894 | ||||||||||||||||
|
|
||||||||||||||||
| California - 8.6% |
| |||||||||||||||
| Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) |
| |||||||||||||||
| 12,500,000 | 5.750 | 05/01/2048 | 13,986,899 | |||||||||||||
| Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) |
| |||||||||||||||
| 1,000,000 | 0.000 | (f) | 08/01/2037 | 625,249 | ||||||||||||
| Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) |
| |||||||||||||||
| 670,000 | 4.000 | 09/01/2024 | 668,743 | |||||||||||||
| Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 05/01/2040 | 1,045,767 | |||||||||||||
| Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) |
| |||||||||||||||
| 12,750,000 | 3.940 | (b)(e) | 04/01/2056 | 12,485,432 | ||||||||||||
| Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) |
| |||||||||||||||
| 8,450,000 | 4.050 | (b)(e) | 04/01/2056 | 8,250,089 | ||||||||||||
| Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) |
| |||||||||||||||
| 210,000 | 4.000 | 09/01/2024 | 209,683 | |||||||||||||
| 220,000 | 4.000 | 09/01/2025 | 220,099 | |||||||||||||
| 275,000 | 4.000 | 09/01/2031 | 276,788 | |||||||||||||
| 290,000 | 4.000 | 09/01/2032 | 291,919 | |||||||||||||
| 300,000 | 5.000 | 09/01/2033 | 312,125 | |||||||||||||
| 215,000 | 5.000 | 09/01/2034 | 223,590 | |||||||||||||
| 330,000 | 5.000 | 09/01/2035 | 342,865 | |||||||||||||
| 345,000 | 3.000 | 09/01/2036 | 315,798 | |||||||||||||
| 360,000 | 3.000 | 09/01/2037 | 323,238 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 370,000 | 3.000 | % | 09/01/2038 | $ | 323,214 | ||||||||||
| 380,000 | 3.000 | 09/01/2039 | 326,592 | |||||||||||||
| 1,160,000 | 5.000 | 09/01/2044 | 1,187,160 | |||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
| |||||||||||||||
| 8,010,000 | 5.000 | (a)(b) | 02/01/2054 | 8,572,159 | ||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) |
| |||||||||||||||
| 16,990,000 | 4.000 | (a)(b) | 05/01/2053 | 17,065,622 | ||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB+) |
| |||||||||||||||
| 70,000 | 4.000 | 06/01/2049 | 69,941 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) |
| |||||||||||||||
| 270,000 | 5.000 | 06/01/2050 | 273,492 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/ BBB+) |
| |||||||||||||||
| 950,000 | 4.000 | 06/01/2049 | 922,051 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/ BBB+) |
| |||||||||||||||
| 730,000 | 5.000 | 06/01/2049 | 756,725 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/ NR) |
| |||||||||||||||
| 2,375,000 | 0.000 | (f) | 06/01/2055 | 545,585 | ||||||||||||
| California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) |
| |||||||||||||||
| 825,000 | 4.000 | 06/01/2049 | 800,729 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) |
| |||||||||||||||
| 745,000 | 5.000 | 06/01/2049 | 770,485 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) |
| |||||||||||||||
| 12,130,000 | 0.000 | (f) | 06/01/2055 | 2,365,842 | ||||||||||||
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) |
| |||||||||||||||
| 45,220,000 | 0.000 | (f) | 06/01/2055 | 5,960,095 | ||||||||||||
| California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.250 | 04/01/2040 | 6,236,045 | |||||||||||||
| California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA) |
| |||||||||||||||
| 3,500,000 | 5.000 | 05/01/2045 | 4,253,922 | |||||||||||||
| California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) |
| |||||||||||||||
| 575,000 | 5.000 | 08/01/2040 | 594,642 | |||||||||||||
| 600,000 | 5.000 | 08/01/2045 | 617,630 | |||||||||||||
| California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) |
| |||||||||||||||
| 650,000 | 5.000 | 01/15/2039 | 714,766 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) – (continued) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | % | 01/15/2045 | $ | 1,070,144 | ||||||||||
| California Health Facilities Financing Authority RB for Children’s Hospital at Los Angeles Series 2017 A (Baa2/BBB) |
| |||||||||||||||
| 5,800,000 | 5.000 | 08/15/2047 | 5,864,104 | |||||||||||||
| California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (Aa3/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 02/01/2042 | 515,591 | |||||||||||||
| California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital at Stanford 2016 Series B (A1/A+) |
| |||||||||||||||
| 10,760,000 | 5.000 | 08/15/2055 | 10,959,652 | |||||||||||||
| California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A1/A+) |
| |||||||||||||||
| 375,000 | 5.000 | 11/15/2028 | 401,946 | |||||||||||||
| 350,000 | 5.000 | 11/15/2029 | 375,202 | |||||||||||||
| 565,000 | 5.000 | 11/15/2030 | 605,794 | |||||||||||||
| 1,010,000 | 5.000 | 11/15/2042 | 1,058,954 | |||||||||||||
| California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) |
| |||||||||||||||
| 7,970,000 | 5.000 | 10/01/2044 | 7,995,451 | |||||||||||||
| California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children’s Hospital At Stanford 2022 Series A Forward Delivery (A1/A+) |
| |||||||||||||||
| 5,300,000 | 4.000 | 05/15/2046 | 5,262,366 | |||||||||||||
| 2,250,000 | 4.000 | 05/15/2051 | 2,173,672 | |||||||||||||
| California Infrastructure & Economic Development Bank for Brightline West Passenger Rail Project Series RB Series 2020A (Aaa/NR) |
| |||||||||||||||
| 11,810,000 | 3.950 | (a)(b)(d) | 01/01/2050 | 11,779,949 | ||||||||||||
| California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) |
| |||||||||||||||
| 11,150,000 | 3.250 | 08/01/2029 | 11,189,842 | |||||||||||||
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) |
| |||||||||||||||
| 4,500,000 | 1.200 | (a)(b) | 12/01/2050 | 4,029,957 | ||||||||||||
| California Infrastructure & Economic Development Bank RB Series A (A3/A-) |
| |||||||||||||||
| 570,000 | 4.000 | 05/01/2039 | 579,594 | |||||||||||||
| California Infrastructure & Economic Development Bank RB Series B (A3/A-) |
| |||||||||||||||
| 4,315,000 | 4.000 | 05/01/2039 | 4,387,627 | |||||||||||||
| 1,460,000 | 4.000 | 05/01/2040 | 1,471,971 | |||||||||||||
| 2,435,000 | 4.000 | 05/01/2041 | 2,446,844 | |||||||||||||
| California Municipal Finance Authority RB for California Lutheran University Series 2018 (Baa1/NR) |
| |||||||||||||||
| 240,000 | 5.000 | 10/01/2033 | 253,447 | |||||||||||||
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) |
| |||||||||||||||
| 1,300,000 | 5.000 | 02/01/2034 | 1,349,929 | |||||||||||||
| 1,150,000 | 5.000 | 02/01/2035 | 1,193,355 | |||||||||||||
| 325,000 | 5.000 | 02/01/2042 | 331,821 | |||||||||||||
| 1,575,000 | 5.000 | 02/01/2047 | 1,596,761 | |||||||||||||
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 630,000 | 4.000 | 07/01/2031 | 621,276 | |||||||||||||
| 1,830,000 | 4.000 | 07/01/2041 | 1,628,267 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) |
| |||||||||||||||
| $ | 175,000 | 5.000 | % | 10/01/2025 | $ | 177,586 | ||||||||||
| 350,000 | 5.000 | 10/01/2027 | 366,119 | |||||||||||||
| 225,000 | 5.000 | 10/01/2029 | 238,978 | |||||||||||||
| 125,000 | 5.000 | 10/01/2030 | 132,732 | |||||||||||||
| 225,000 | 5.000 | 10/01/2031 | 238,499 | |||||||||||||
| California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) |
| |||||||||||||||
| 430,000 | 5.000 | (d) | 10/01/2034 | 440,050 | ||||||||||||
| 1,125,000 | 5.000 | (d) | 10/01/2039 | 1,121,395 | ||||||||||||
| 1,035,000 | 5.000 | (d) | 10/01/2049 | 991,850 | ||||||||||||
| California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) |
| |||||||||||||||
| 4,225,000 | 5.000 | 07/01/2047 | 4,261,177 | |||||||||||||
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (A2/NR) |
| |||||||||||||||
| 3,500,000 | 4.000 | 12/31/2047 | 3,087,419 | |||||||||||||
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| |||||||||||||||
| 800,000 | 5.000 | 12/31/2024 | 802,696 | |||||||||||||
| 2,570,000 | 5.000 | 12/31/2026 | 2,586,613 | |||||||||||||
| 2,005,000 | 5.000 | 06/30/2027 | 2,018,748 | |||||||||||||
| 3,005,000 | 5.000 | 12/31/2027 | 3,034,693 | |||||||||||||
| 12,225,000 | 5.000 | 12/31/2043 | 12,108,875 | |||||||||||||
| California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardens Project Series 2022B-1 (NR/NR) |
| |||||||||||||||
| 425,000 | 2.750 | 11/15/2027 | 424,266 | |||||||||||||
| California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardens Project Series 2022B-2 (NR/NR) |
| |||||||||||||||
| 720,000 | 2.125 | 11/15/2026 | 719,998 | |||||||||||||
| California Municipal Finance Authority Solid Waste Disposal RB for Republic Services, Inc. Project Series 2024A (NR/ BBB+/A-2) |
| |||||||||||||||
| 6,750,000 | 3.875 | (a)(b) | 03/01/2054 | 6,763,235 | ||||||||||||
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/ BB-) |
| |||||||||||||||
| 5,100,000 | 4.000 | 07/15/2029 | 5,056,633 | |||||||||||||
| California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) |
| |||||||||||||||
| 400,000 | 5.000 | 06/01/2035 | 405,814 | |||||||||||||
| California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) |
| |||||||||||||||
| 1,625,000 | 3.700 | (a)(b) | 08/01/2040 | 1,625,960 | ||||||||||||
| California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (NR/A-/A-2) |
| |||||||||||||||
| 4,130,000 | 3.000 | 11/01/2025 | 4,094,058 | |||||||||||||
| California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (NR/NR) |
| |||||||||||||||
| 8,320,001 | 7.500 | (d)* | 12/01/2040 | 624,000 | ||||||||||||
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) |
| |||||||||||||||
| 4,205,000 | 4.300 | 07/01/2040 | 4,226,085 | |||||||||||||
| 26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| California Pollution Control Financing Authority VRD Solid Waste RB Series 2001A (NR/A-/A-2) |
| |||||||||||||||
| $ | 1,250,000 | 2.500 | %(a)(b) | 07/01/2031 | $ | 1,248,574 | ||||||||||
| California Pollution Control Financing Authority VRD Solid Waste RB Series 2003A (NR/A-/A-2) |
| |||||||||||||||
| 3,500,000 | 2.500 | (a)(b) | 11/01/2038 | 3,496,007 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) |
| |||||||||||||||
| 19,840,000 | 5.000 | (d) | 07/01/2037 | 19,862,971 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| |||||||||||||||
| 2,725,000 | 5.000 | (d) | 07/01/2034 | 3,011,376 | ||||||||||||
| 420,000 | 5.000 | (d) | 07/01/2035 | 460,682 | ||||||||||||
| 2,605,000 | 5.000 | (d) | 07/01/2036 | 2,840,309 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| |||||||||||||||
| 1,440,000 | 5.000 | (d) | 11/21/2045 | 1,440,811 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) |
| |||||||||||||||
| 445,000 | 5.000 | (d) | 07/01/2024 | 446,932 | ||||||||||||
| 1,330,000 | 5.000 | (d) | 07/01/2029 | 1,400,723 | ||||||||||||
| California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,055,000 | 5.000 | (d) | 06/15/2040 | 1,041,093 | ||||||||||||
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/ BB-) |
| |||||||||||||||
| 760,000 | 6.250 | (d) | 04/01/2052 | 769,832 | ||||||||||||
| California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/ BBB-) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 10/01/2042 | 1,004,530 | ||||||||||||
| California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) |
| |||||||||||||||
| 450,000 | 4.000 | (d) | 10/01/2046 | 383,002 | ||||||||||||
| California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) |
| |||||||||||||||
| 2,000,000 | 5.000 | (d) | 07/01/2039 | 2,031,436 | ||||||||||||
| California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 950,000 | 5.250 | (d) | 07/01/2052 | 961,640 | ||||||||||||
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 6.250 | (d) | 06/01/2042 | 1,042,340 | ||||||||||||
| California School Finance Authority Charter School RB Orange County Educational Arts Academy Project Series 2023A (NR/ NR) |
| |||||||||||||||
| 545,000 | 5.000 | (d) | 06/01/2033 | 553,337 | ||||||||||||
| California School Finance Authority Charter School Refunding RB Partnerships To Uplift Communities Project Series 2023 Social Bonds (NR/BB+) |
| |||||||||||||||
| 715,000 | 5.000 | (d) | 08/01/2033 | 739,687 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) |
| |||||||||||||||
| $ | 170,000 | 3.000 | %(d) | 10/01/2030 | $ | 158,308 | ||||||||||
| 500,000 | 5.000 | (d) | 10/01/2040 | 503,694 | ||||||||||||
| California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 290,000 | 2.000 | (d) | 10/01/2025 | 278,793 | ||||||||||||
| 435,000 | 3.000 | (d) | 10/01/2031 | 400,270 | ||||||||||||
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) |
| |||||||||||||||
| 1,280,000 | 4.000 | (d) | 07/01/2030 | 1,271,043 | ||||||||||||
| 1,350,000 | 5.000 | (d) | 07/01/2040 | 1,356,892 | ||||||||||||
| California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) |
| |||||||||||||||
| 435,000 | 5.000 | (d) | 06/01/2041 | 418,481 | ||||||||||||
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR) |
| |||||||||||||||
| 400,000 | 4.875 | (d) | 06/01/2027 | 382,019 | ||||||||||||
| California School Finance Authority RB Refunding Series 2016 (NR/BBB) |
| |||||||||||||||
| 4,450,000 | 5.000 | (d) | 08/01/2046 | 4,457,502 | ||||||||||||
| California School Finance Authority School Facility Refunding RB Value Schools, Series 2023A (ST INTERCEPT) (NR/BBB-) |
| |||||||||||||||
| 930,000 | 5.000 | (d) | 07/01/2033 | 973,165 | ||||||||||||
| California State Various Purpose GO Bonds Series 2017 (Aa2/AA-) |
| |||||||||||||||
| 1,250,000 | 5.000 | 08/01/2046 | 1,292,054 | |||||||||||||
| California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) |
| |||||||||||||||
| 125,000 | 5.000 | 09/01/2030 | 127,558 | |||||||||||||
| 130,000 | 5.000 | 09/01/2037 | 132,069 | |||||||||||||
| California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 7.250 | (d) | 09/01/2050 | 1,342,773 | ||||||||||||
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) |
| |||||||||||||||
| 625,000 | 4.000 | 09/01/2041 | 604,562 | |||||||||||||
| 530,000 | 4.000 | 09/01/2051 | 480,883 | |||||||||||||
| California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) |
| |||||||||||||||
| 875,000 | 5.000 | 09/02/2034 | 939,206 | |||||||||||||
| 595,000 | 5.000 | 09/02/2039 | 623,931 | |||||||||||||
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) |
| |||||||||||||||
| 2,630,000 | 5.000 | 09/02/2033 | 2,776,028 | |||||||||||||
| 2,370,000 | 5.000 | 09/02/2038 | 2,464,346 | |||||||||||||
| 350,000 | 5.000 | 09/02/2043 | 359,945 | |||||||||||||
| California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 3,313,000 | 5.000 | 09/02/2029 | 3,452,041 | |||||||||||||
| California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/A-) |
| |||||||||||||||
| 670,000 | 4.000 | 09/02/2024 | 669,599 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/A-) – (continued) |
| |||||||||||||||
| $ | 1,500,000 | 5.000 | % | 09/02/2034 | $ | 1,627,789 | ||||||||||
| California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) |
| |||||||||||||||
| 3,150,000 | 4.500 | 11/01/2033 | 3,436,901 | |||||||||||||
| California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/ NR) |
| |||||||||||||||
| 550,000 | 3.000 | (d) | 06/01/2029 | 515,968 | ||||||||||||
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/ BB) |
| |||||||||||||||
| 2,975,000 | 5.250 | 12/01/2044 | 2,990,508 | |||||||||||||
| California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/ BBB) |
| |||||||||||||||
| 300,000 | 5.000 | 08/01/2029 | 313,398 | |||||||||||||
| 315,000 | 5.000 | 08/01/2030 | 329,580 | |||||||||||||
| California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) |
| |||||||||||||||
| 300,000 | 5.000 | (d) | 07/01/2024 | 300,570 | ||||||||||||
| 900,000 | 5.000 | (d) | 07/01/2029 | 922,800 | ||||||||||||
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) |
| |||||||||||||||
| 150,000 | 5.000 | 04/01/2030 | 156,558 | |||||||||||||
| 70,000 | 5.000 | 04/01/2031 | 73,062 | |||||||||||||
| 385,000 | 4.000 | 04/01/2032 | 390,773 | |||||||||||||
| 455,000 | 4.000 | 04/01/2034 | 461,767 | |||||||||||||
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (NR/A-) |
| |||||||||||||||
| 3,235,000 | 3.000 | 04/01/2037 | 2,976,096 | |||||||||||||
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) |
| |||||||||||||||
| 10,135,000 | 5.500 | 12/01/2054 | 10,189,498 | |||||||||||||
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB) |
| |||||||||||||||
| 7,000,000 | 6.000 | 12/01/2024 | 6,966,075 | |||||||||||||
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB) |
| |||||||||||||||
| 1,725,000 | 5.000 | (d) | 12/01/2031 | 1,764,053 | ||||||||||||
| California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) |
| |||||||||||||||
| 1,455,000 | 4.000 | 09/02/2028 | 1,447,142 | |||||||||||||
| 1,250,000 | 5.000 | 09/02/2040 | 1,277,094 | |||||||||||||
| California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR) |
| |||||||||||||||
| 355,000 | 4.000 | 09/02/2024 | 354,060 | |||||||||||||
| 1,015,000 | 4.000 | 09/02/2029 | 1,026,559 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ |
450,000 | 5.125 | % | 09/01/2042 | $ | 463,649 | ||||||||||
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) |
| |||||||||||||||
| 1,785,000 | 5.000 | 09/02/2048 | 1,822,979 | |||||||||||||
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) |
| |||||||||||||||
| 1,040,000 | 5.000 | 09/02/2048 | 1,064,221 | |||||||||||||
| California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/ NR) |
| |||||||||||||||
| 8,925,000 | 5.000 | 05/15/2042 | 9,002,911 | |||||||||||||
| 6,550,000 | 5.000 | 05/15/2047 | 6,598,480 | |||||||||||||
| California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) |
| |||||||||||||||
| 1,175,000 | 5.000 | 05/15/2040 | 1,184,676 | |||||||||||||
| California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) |
| |||||||||||||||
| 3,990,000 | 1.750 | 09/01/2029 | 3,490,629 | |||||||||||||
| California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) |
| |||||||||||||||
| 22,510,000 | 0.000 | (f) | 06/01/2046 | 3,815,906 | ||||||||||||
| CFD No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Series 2023 Special Tax Bonds (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 09/01/2048 | 1,010,214 | |||||||||||||
| Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 09/01/2028 | 251,050 | |||||||||||||
| 165,000 | 3.000 | 09/01/2037 | 141,448 | |||||||||||||
| 170,000 | 3.000 | 09/01/2038 | 141,432 | |||||||||||||
| 175,000 | 3.000 | 09/01/2039 | 142,381 | |||||||||||||
| 180,000 | 3.000 | 09/01/2040 | 143,380 | |||||||||||||
| 620,000 | 3.125 | 09/01/2044 | 479,945 | |||||||||||||
| Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA) |
| |||||||||||||||
| 3,500,000 | 0.000 | (f) | 06/01/2034 | 2,532,516 | ||||||||||||
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 600,000 | 4.000 | 09/01/2042 | 551,103 | |||||||||||||
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 875,000 | 4.000 | 09/01/2041 | 816,741 | |||||||||||||
| City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/ NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 09/01/2026 | 99,574 | ||||||||||||
| 150,000 | 4.000 | (d) | 09/01/2031 | 150,337 | ||||||||||||
| 700,000 | 4.000 | (d) | 09/01/2036 | 682,925 | ||||||||||||
| City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) |
| |||||||||||||||
| 575,000 | 5.000 | 09/01/2048 | 562,057 | |||||||||||||
| 28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
|
|||||||||||||||
| City of Beaumont CFD No. 2016-3 Sundance 2023 Special Tax Bonds (NR/NR) |
| |||||||||||||||
| $ | 745,000 | 5.000 | % | 09/01/2048 | $ | 759,944 | ||||||||||
| City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) |
| |||||||||||||||
| 1,125,000 | 4.000 | 09/01/2029 | 1,140,030 | |||||||||||||
| 1,275,000 | 4.000 | 09/01/2032 | 1,297,306 | |||||||||||||
| City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 5.250 | 09/01/2042 | 2,089,194 | |||||||||||||
| 2,000,000 | 5.375 | 09/01/2047 | 2,080,140 | |||||||||||||
| City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) |
| |||||||||||||||
| 225,000 | 4.000 | 09/01/2025 | 224,887 | |||||||||||||
| City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) |
| |||||||||||||||
| 940,000 | 5.000 | (d) | 09/01/2035 | 984,097 | ||||||||||||
| City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) |
| |||||||||||||||
| 3,000,000 | 5.000 | 05/15/2026 | 3,094,665 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) |
| |||||||||||||||
| 4,000,000 | 4.000 | 05/15/2049 | 3,825,592 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2019 Series F (AMT) (Aa3/AA-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 05/15/2039 | 1,052,828 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) |
| |||||||||||||||
| 750,000 | 5.000 | 05/15/2025 | 761,799 | |||||||||||||
| 5,000,000 | 5.000 | 05/15/2035 | 5,658,413 | |||||||||||||
| 2,350,000 | 5.000 | 05/15/2036 | 2,641,830 | |||||||||||||
| 1,250,000 | 5.000 | 05/15/2037 | 1,391,271 | |||||||||||||
| 1,255,000 | 5.000 | 05/15/2038 | 1,386,097 | |||||||||||||
| 5,500,000 | 5.250 | 05/15/2048 | 5,958,269 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate Refunding RB 2023 Series A (AMT) (Aa3/AA-) |
| |||||||||||||||
| 1,500,000 | 5.000 | 05/15/2026 | 1,544,543 | |||||||||||||
| City of Los Angeles, LAX Subordinate RB 2022 Series A (Aa3/ AA-) |
| |||||||||||||||
| 9,155,000 | 4.000 | 05/15/2038 | 9,122,463 | |||||||||||||
| City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) |
| |||||||||||||||
| 625,000 | 4.125 | 09/02/2038 | 632,201 | |||||||||||||
| 725,000 | 5.000 | 09/02/2043 | 771,670 | |||||||||||||
| City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 09/01/2026 | 249,616 | |||||||||||||
| 150,000 | 3.000 | 09/01/2038 | 121,507 | |||||||||||||
| 160,000 | 3.000 | 09/01/2039 | 126,597 | |||||||||||||
| City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) |
| |||||||||||||||
| 1,140,000 | 5.000 | 04/01/2024 | 1,140,000 | |||||||||||||
| 1,325,000 | 5.000 | 04/01/2027 | 907,313 | |||||||||||||
| 1,000,000 | 5.000 | 04/01/2029 | 650,816 | |||||||||||||
| 1,250,000 | 5.000 | 04/01/2030 | 814,854 | |||||||||||||
| 1,500,000 | 5.000 | 04/01/2031 | 979,757 | |||||||||||||
| City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 165,000 | 4.000 | 09/01/2030 | 165,538 | |||||||||||||
| 190,000 | 4.000 | 09/01/2033 | 190,027 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| City of Palm Desert Community Facilities District No. 2005- 1 Special Tax Refunding Bonds Series 2021 A (NR/NR) – (continued) |
| |||||||||||||||
| $ | 225,000 | 4.000 | % | 09/01/2036 | $ | 221,645 | ||||||||||
| City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 570,000 | 4.000 | 09/02/2026 | 568,099 | |||||||||||||
| 800,000 | 4.000 | 09/02/2031 | 801,796 | |||||||||||||
| City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) |
| |||||||||||||||
| 1,280,000 | 4.000 | 09/01/2029 | 1,289,027 | |||||||||||||
| 500,000 | 4.000 | 09/01/2030 | 502,484 | |||||||||||||
| City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 135,000 | 5.000 | 09/01/2031 | 138,718 | |||||||||||||
| 245,000 | 5.000 | 09/01/2032 | 251,725 | |||||||||||||
| 225,000 | 5.000 | 09/01/2033 | 231,155 | |||||||||||||
| 145,000 | 5.000 | 09/01/2034 | 148,920 | |||||||||||||
| 150,000 | 5.000 | 09/01/2035 | 153,933 | |||||||||||||
| 680,000 | 5.000 | 09/01/2036 | 696,821 | |||||||||||||
| 270,000 | 5.000 | 09/01/2037 | 276,206 | |||||||||||||
| 245,000 | 5.000 | 09/01/2038 | 250,202 | |||||||||||||
| 485,000 | 5.000 | 09/01/2039 | 494,921 | |||||||||||||
| City of Roseville CA ST Series 2019 (NR/NR) |
| |||||||||||||||
| 80,000 | 4.000 | 09/01/2024 | 79,837 | |||||||||||||
| 150,000 | 4.000 | 09/01/2025 | 149,721 | |||||||||||||
| 275,000 | 5.000 | 09/01/2026 | 282,622 | |||||||||||||
| 210,000 | 5.000 | 09/01/2027 | 218,831 | |||||||||||||
| 160,000 | 5.000 | 09/01/2028 | 168,495 | |||||||||||||
| 170,000 | 5.000 | 09/01/2029 | 179,881 | |||||||||||||
| 110,000 | 5.000 | 09/01/2030 | 116,365 | |||||||||||||
| City of Roseville Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/ NR) |
| |||||||||||||||
| 575,000 | 5.000 | 09/01/2038 | 588,605 | |||||||||||||
| City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) |
| |||||||||||||||
| 325,000 | 3.000 | 09/01/2029 | 308,574 | |||||||||||||
| 815,000 | 5.000 | 09/01/2034 | 860,625 | |||||||||||||
| 445,000 | 5.000 | 09/01/2039 | 459,839 | |||||||||||||
| City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 70,000 | 4.000 | 09/01/2024 | 69,832 | |||||||||||||
| 95,000 | 4.000 | 09/01/2026 | 95,092 | |||||||||||||
| 65,000 | 5.000 | 09/01/2030 | 69,445 | |||||||||||||
| 190,000 | 4.000 | 09/01/2032 | 190,949 | |||||||||||||
| 225,000 | 4.000 | 09/01/2034 | 225,876 | |||||||||||||
| 265,000 | 4.000 | 09/01/2036 | 263,080 | |||||||||||||
| 305,000 | 4.000 | 09/01/2038 | 291,558 | |||||||||||||
| 330,000 | 4.000 | 09/01/2040 | 305,006 | |||||||||||||
| City of Roseville, California Creekview Community Facilities District No. 1 Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 09/01/2043 | 505,244 | |||||||||||||
| City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) |
| |||||||||||||||
| 440,000 | 4.000 | (d) | 09/01/2028 | 444,841 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| City of San Francisco Airport Commission International Airport RB Series 2022A (A1/NR) |
| |||||||||||||||
| $ | 2,525,000 | 5.000 | % | 05/01/2052 | $ | 2,648,086 | ||||||||||
| City of San Francisco Airport Commission International Airport Revenue Refunding Bonds Series 2023A (A1/NR) |
| |||||||||||||||
| 12,400,000 | 5.000 | 05/01/2038 | 13,694,002 | |||||||||||||
| City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) |
| |||||||||||||||
| 4,650,000 | 5.000 | 05/01/2048 | 4,881,736 | |||||||||||||
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) |
| |||||||||||||||
| 26,310,000 | 5.000 | 05/01/2049 | 27,075,224 | |||||||||||||
| City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 600,000 | 5.000 | 09/01/2035 | 639,945 | |||||||||||||
| 1,000,000 | 5.000 | 09/01/2040 | 1,039,676 | |||||||||||||
| City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 320,000 | 2.000 | 09/01/2024 | 314,761 | |||||||||||||
| 330,000 | 2.250 | 09/01/2026 | 310,331 | |||||||||||||
| 350,000 | 2.375 | 09/01/2028 | 321,191 | |||||||||||||
| 380,000 | 2.750 | 09/01/2031 | 347,282 | |||||||||||||
| 405,000 | 3.000 | 09/01/2033 | 370,756 | |||||||||||||
| 415,000 | 3.000 | 09/01/2034 | 379,446 | |||||||||||||
| 270,000 | 3.000 | 09/01/2035 | 244,172 | |||||||||||||
| 900,000 | 3.125 | 09/01/2037 | 788,277 | |||||||||||||
| 740,000 | 3.125 | 09/01/2039 | 619,614 | |||||||||||||
| 810,000 | 3.250 | 09/01/2041 | 667,663 | |||||||||||||
| City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No. 1 Series 2019 B (NR/NR) |
| |||||||||||||||
| 95,000 | 3.125 | 09/01/2037 | 85,742 | |||||||||||||
| 700,000 | 3.250 | 09/01/2041 | 590,774 | |||||||||||||
| 585,000 | 3.500 | 09/01/2049 | 477,242 | |||||||||||||
| Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/ AA) |
| |||||||||||||||
| 275,000 | 3.125 | 08/01/2035 | 267,123 | |||||||||||||
| Community Facilities District of the Menifee Union School District Improvement Area Special Tax Bonds (NR/NR) |
| |||||||||||||||
| 850,000 | 5.000 | 09/01/2042 | 878,016 | |||||||||||||
| County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 450,000 | 5.000 | 09/01/2034 | 471,430 | |||||||||||||
| 725,000 | 5.000 | 09/01/2039 | 748,351 | |||||||||||||
| County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) |
| |||||||||||||||
| 2,250,000 | 5.000 | 09/01/2047 | 2,294,789 | |||||||||||||
| County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) |
| |||||||||||||||
| 1,745,000 | 5.000 | 07/01/2039 | 1,815,743 | |||||||||||||
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) |
| |||||||||||||||
| 4,000,000 | 5.250 | 05/15/2048 | 4,139,891 | |||||||||||||
| Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) |
| |||||||||||||||
| 5,815,000 | 5.000 | 05/15/2031 | 6,265,024 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB, 2023 Series F Subseries F-2 (Aa2/AA-/A-1) |
| |||||||||||||||
| $ | 14,100,000 | 4.350 | %(a)(b) | 07/01/2047 | $ | 14,100,000 | ||||||||||
| Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 09/01/2027 | 1,026,775 | |||||||||||||
| 6,680,000 | 5.000 | 09/01/2047 | 6,799,133 | |||||||||||||
| East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) |
| |||||||||||||||
| 390,000 | 3.125 | 09/01/2044 | 299,921 | |||||||||||||
| 1,610,000 | 3.125 | 09/01/2049 | 1,173,571 | |||||||||||||
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) |
| |||||||||||||||
| 3,255,000 | 4.000 | 01/15/2046 | 3,129,949 | |||||||||||||
| Eastern Municipal Water District Refunding Water and Wastewater RB Series 2018A (NR/AAA/A-1) |
| |||||||||||||||
| 16,780,000 | 4.200 | (a)(b) | 07/01/2046 | 16,780,000 | ||||||||||||
| Folsom Ranch Financing Authority Special Tax for City of Folsom Community Facilities District No. 21 Series 2021 (NR/NR) |
| |||||||||||||||
| 415,000 | 4.000 | 09/01/2046 | 366,978 | |||||||||||||
| 500,000 | 4.000 | 09/01/2050 | 429,511 | |||||||||||||
| Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) |
| |||||||||||||||
| 1,300,000 | 3.950 | 01/15/2053 | 1,189,833 | |||||||||||||
| Golden St Tobacco Securitization Corp Calif Tob Settlement Revenue Enhanced Tobacco Settlement Asset Backed Bonds 2015A (AGM-CR ST APPROP) (Aa3/AA) |
| |||||||||||||||
| 1,150,000 | 5.000 | (c) | 06/01/2025 | 1,174,750 | ||||||||||||
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) |
| |||||||||||||||
| 14,115,000 | 3.850 | 06/01/2050 | 13,209,619 | |||||||||||||
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 20,000,000 | 5.000 | (c) | 06/01/2028 | 21,870,036 | ||||||||||||
| Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) |
| |||||||||||||||
| 10,000,000 | 5.000 | (c) | 06/01/2025 | 10,215,216 | ||||||||||||
| Hayward Unified School District Election of 2014 GO Bonds Series 2017 (AGM) (NR/AA) |
| |||||||||||||||
| 8,000,000 | 4.000 | 08/01/2042 | 8,018,151 | |||||||||||||
| Improvement Area B of The City of Fillmore CFD No. 5, California Heritage Valley Parks Special Tax Bonds, 2023 Series (NR/NR) |
| |||||||||||||||
| 2,370,000 | 5.000 | 09/01/2048 | 2,395,992 | |||||||||||||
| Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA) |
| |||||||||||||||
| 665,000 | 4.000 | (d) | 06/01/2036 | 690,006 | ||||||||||||
| Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (NR/A-) |
| |||||||||||||||
| 870,000 | 3.678 | 06/01/2038 | 823,929 | |||||||||||||
| Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) |
| |||||||||||||||
| 3,280,000 | 5.000 | 03/01/2057 | 3,333,597 | |||||||||||||
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) |
| |||||||||||||||
| 180,000 | 4.000 | 09/01/2025 | 180,007 | |||||||||||||
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) – (continued) |
| |||||||||||||||
| $ | 175,000 | 4.000 | % | 09/01/2026 | $ | 175,570 | ||||||||||
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR) |
| |||||||||||||||
| 350,000 | 5.000 | 09/01/2030 | 382,142 | |||||||||||||
| 355,000 | 5.000 | 09/01/2032 | 387,063 | |||||||||||||
| 360,000 | 5.000 | 09/01/2034 | 391,964 | |||||||||||||
| 455,000 | 5.000 | 09/01/2036 | 491,535 | |||||||||||||
| Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 775,000 | 5.000 | 09/01/2043 | 797,635 | |||||||||||||
| 2,500,000 | 5.000 | 09/01/2048 | 2,555,169 | |||||||||||||
| Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/ AA) |
| |||||||||||||||
| 3,000,000 | 3.500 | 09/01/2035 | 2,976,070 | |||||||||||||
| Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) |
| |||||||||||||||
| 3,300,000 | 3.000 | 08/01/2046 | 2,720,390 | |||||||||||||
| Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) |
| |||||||||||||||
| 1,825,000 | 3.000 | 12/01/2050 | 1,387,703 | |||||||||||||
| Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) |
| |||||||||||||||
| 2,335,000 | 5.000 | 05/15/2034 | 2,472,029 | |||||||||||||
| Los Angeles Department of Airports Subordinated RB Series 2018 C (Aa3/AA-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 05/15/2035 | 1,049,690 | |||||||||||||
| Los Angeles Unified School District 2014 GO Refunding Bonds Series C (Aa3/AA-) |
| |||||||||||||||
| 4,520,000 | 5.000 | 07/01/2027 | 4,531,740 | |||||||||||||
| Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa2/AA) |
| |||||||||||||||
| 2,000,000 | 0.000 | (f) | 08/01/2037 | 1,242,336 | ||||||||||||
| 4,500,000 | 0.000 | (f) | 08/01/2038 | 2,644,404 | ||||||||||||
| 4,500,000 | 0.000 | (f) | 08/01/2039 | 2,508,403 | ||||||||||||
| Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-) |
| |||||||||||||||
| 1,205,000 | 0.000 | (f) | 08/01/2026 | 1,117,064 | ||||||||||||
| Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) |
| |||||||||||||||
| 2,510,000 | 0.000 | (f) | 08/01/2035 | 1,722,289 | ||||||||||||
| Mountain View Whisman School District (Santa Clara County, California) Election of 2012 GO Bonds, Series B (Aaa/AAA) |
| |||||||||||||||
| 2,000,000 | 4.000 | (c) | 09/01/2026 | 2,060,032 | ||||||||||||
| M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) |
| |||||||||||||||
| 1,750,000 | 6.500 | 11/01/2039 | 2,226,926 | |||||||||||||
| M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) |
| |||||||||||||||
| 2,875,000 | 6.125 | 11/01/2029 | 3,073,009 | |||||||||||||
| 2,000,000 | 6.500 | 11/01/2039 | 2,545,058 | |||||||||||||
| Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) |
| |||||||||||||||
| 5,000,000 | 5.750 | 08/01/2035 | 5,173,917 | |||||||||||||
| Northern California Gas Authority No. 1 RB for Gas Project
Series 2007 B (A1/A-) |
| |||||||||||||||
| 3,380,000 | 4.466 | (e) | 07/01/2027 | 3,359,270 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) |
| |||||||||||||||
| $ | 2,150,000 | 0.000 | %(f) | 08/01/2031 | $ | 1,698,135 | ||||||||||
| 4,150,000 | 0.000 | (f) | 08/01/2032 | 3,164,746 | ||||||||||||
| 3,550,000 | 0.000 | (f) | 08/01/2033 | 2,609,995 | ||||||||||||
| 6,450,000 | 7.000 | 08/01/2038 | 7,443,884 | |||||||||||||
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) |
| |||||||||||||||
| 320,000 | 4.000 | 09/01/2024 | 319,309 | |||||||||||||
| 1,490,000 | 4.000 | 09/01/2026 | 1,492,806 | |||||||||||||
| Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) |
| |||||||||||||||
| 3,250,000 | 4.000 | 08/01/2052 | 3,223,343 | |||||||||||||
| River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) |
| |||||||||||||||
| 1,970,000 | 5.000 | 09/01/2042 | 2,025,209 | |||||||||||||
| River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) |
| |||||||||||||||
| 875,000 | 4.000 | 09/01/2041 | 818,743 | |||||||||||||
| Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) |
| |||||||||||||||
| 195,000 | 4.000 | 09/01/2027 | 195,445 | |||||||||||||
| 205,000 | 4.000 | 09/01/2028 | 206,275 | |||||||||||||
| 210,000 | 4.000 | 09/01/2029 | 211,614 | |||||||||||||
| 220,000 | 4.000 | 09/01/2030 | 221,835 | |||||||||||||
| Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/ NR) |
| |||||||||||||||
| 750,000 | 5.000 | 09/01/2025 | 760,032 | |||||||||||||
| 1,075,000 | 5.000 | 09/01/2026 | 1,104,794 | |||||||||||||
| 1,000,000 | 5.000 | 09/01/2027 | 1,040,423 | |||||||||||||
| Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 09/01/2031 | 105,684 | |||||||||||||
| 185,000 | 5.000 | 09/01/2032 | 195,576 | |||||||||||||
| 165,000 | 5.000 | 09/01/2033 | 174,249 | |||||||||||||
| 175,000 | 4.000 | 09/01/2034 | 176,606 | |||||||||||||
| 150,000 | 4.000 | 09/01/2035 | 150,805 | |||||||||||||
| 125,000 | 3.000 | 09/01/2036 | 110,390 | |||||||||||||
| 470,000 | 5.000 | 09/01/2039 | 488,203 | |||||||||||||
| 250,000 | 3.250 | 09/01/2041 | 205,558 | |||||||||||||
| Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) |
| |||||||||||||||
| 850,000 | 2.500 | 09/01/2037 | 674,283 | |||||||||||||
| 725,000 | 4.000 | 09/01/2041 | 686,759 | |||||||||||||
| 1,000,000 | 4.000 | 09/01/2050 | 883,175 | |||||||||||||
| Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) |
| |||||||||||||||
| 21,965,000 | 4.304 | (e) | 06/01/2034 | 20,951,643 | ||||||||||||
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A2/NR) |
| |||||||||||||||
| 2,850,000 | 4.000 | 07/01/2039 | 2,820,274 | |||||||||||||
| 4,620,000 | 5.000 | 07/01/2046 | 4,874,475 | |||||||||||||
| San Diego Unified School District 2012 GO Refunding Bonds Series R-2 (Aa2/AA-) |
| |||||||||||||||
| 4,700,000 | 0.000 | (g) | 07/01/2041 | 4,627,146 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-) |
| |||||||||||||||
| $ | 5,000,000 | 0.000 | %(f) | 07/01/2039 | $ | 2,876,008 | ||||||||||
| San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (NR/A+) |
| |||||||||||||||
| 1,300,000 | 5.000 | 05/01/2027 | 1,356,177 | |||||||||||||
| San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (NR/A-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 08/01/2033 | 1,049,959 | |||||||||||||
| San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 09/01/2036 | 522,258 | |||||||||||||
| San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR) |
| |||||||||||||||
| 1,715,000 | 0.000 | (f) | 01/15/2026 | 1,608,879 | ||||||||||||
| San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A) |
| |||||||||||||||
| 1,000,000 | 5.000 | (c) | 01/15/2025 | 1,012,439 | ||||||||||||
| State of California Various Purpose GO Bonds (Aa2/AA-) |
| |||||||||||||||
| 21,355,000 | 7.500 | 04/01/2034 | 25,101,760 | |||||||||||||
| State of California Various Purpose GO Refunding Bonds (Aa2/ AA-) |
| |||||||||||||||
| 15,915,000 | 4.000 | 09/01/2043 | 16,296,183 | |||||||||||||
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) |
| |||||||||||||||
| 1,015,000 | 5.000 | 06/01/2026 | 1,051,879 | |||||||||||||
| 920,000 | 5.000 | 06/01/2028 | 990,293 | |||||||||||||
| 2,035,000 | 5.000 | 06/01/2029 | 2,228,279 | |||||||||||||
| 2,000,000 | 5.000 | 06/01/2032 | 2,200,285 | |||||||||||||
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 06/01/2034 | 1,095,240 | |||||||||||||
| 1,000,000 | 5.000 | 06/01/2036 | 1,084,974 | |||||||||||||
| 1,000,000 | 5.000 | 06/01/2039 | 1,067,411 | |||||||||||||
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) |
| |||||||||||||||
| 2,440,000 | 5.000 | 06/01/2048 | 2,492,910 | |||||||||||||
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) |
| |||||||||||||||
| 7,975,000 | 0.000 | (f) | 06/01/2054 | 1,553,293 | ||||||||||||
| Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) |
| |||||||||||||||
| 475,000 | 2.375 | 09/02/2041 | 327,692 | |||||||||||||
| 1,050,000 | 2.500 | 09/02/2046 | 687,858 | |||||||||||||
| Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) |
| |||||||||||||||
| 1,230,000 | 5.000 | 10/01/2025 | 1,250,149 | |||||||||||||
| Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 660,000 | 5.000 | 10/01/2029 | 706,895 | |||||||||||||
| 555,000 | 5.000 | 10/01/2030 | 596,222 | |||||||||||||
| 1,165,000 | 5.000 | 10/01/2031 | 1,248,057 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2033 | 1,061,167 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) – (continued) |
| |||||||||||||||
| $ | 495,000 | 5.000 | % | 10/01/2035 | $ | 523,722 | ||||||||||
| 705,000 | 5.000 | 10/01/2036 | 741,639 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2037 | 1,045,297 | |||||||||||||
| 880,000 | 5.000 | 10/01/2038 | 914,950 | |||||||||||||
| 750,000 | 5.000 | 10/01/2039 | 778,611 | |||||||||||||
| 980,000 | 5.000 | 10/01/2040 | 1,013,033 | |||||||||||||
| 1,945,000 | 5.000 | 10/01/2049 | 1,975,707 | |||||||||||||
| Washington Township Health Care District RB 2023 Series A (Baa3/NR) |
| |||||||||||||||
| 825,000 | 5.750 | 07/01/2053 | 887,614 | |||||||||||||
| West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/AA-) |
| |||||||||||||||
| 1,175,000 | 0.000 | (f) | 08/01/2025 | 1,121,924 | ||||||||||||
| West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 300,000 | 5.000 | 09/01/2039 | 319,642 | |||||||||||||
| 825,000 | 4.375 | 09/01/2044 | 808,625 | |||||||||||||
|
|
|
|||||||||||||||
| 801,991,573 | ||||||||||||||||
|
|
||||||||||||||||
| Colorado - 4.3% |
| |||||||||||||||
| Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR) |
| |||||||||||||||
| 325,000 | 5.250 | (c) | 12/01/2026 | 343,069 | ||||||||||||
| Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,425,000 | 4.700 | 12/01/2047 | 1,211,063 | |||||||||||||
| Belford North Metropolitan District GO Bonds Series 2020 A (NR/ NR) |
| |||||||||||||||
| 2,975,000 | 5.500 | 12/01/2050 | 2,744,595 | |||||||||||||
| Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,855,000 | 0.000 | (d)(g) | 12/01/2049 | 1,666,100 | ||||||||||||
| Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) |
| |||||||||||||||
| 9,555,000 | 5.000 | (c) | 03/01/2028 | 10,333,615 | ||||||||||||
| Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) |
| |||||||||||||||
| 18,620,000 | 4.000 | 12/01/2049 | 18,082,809 | |||||||||||||
| Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 525,000 | 5.000 | 12/01/2037 | 525,567 | |||||||||||||
| Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 525,000 | 5.000 | 12/01/2035 | 516,786 | |||||||||||||
| 1,030,000 | 5.000 | 12/01/2040 | 958,747 | |||||||||||||
| Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,120,000 | 5.000 | (d) | 12/01/2040 | 1,082,404 | ||||||||||||
| Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.250 | 12/01/2038 | 993,248 | |||||||||||||
| 32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 515,000 | 5.000 | % | 12/01/2041 | $ | 452,518 | ||||||||||
| Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) |
| |||||||||||||||
| 3,510,000 | 6.000 | 12/15/2029 | 3,895,457 | |||||||||||||
| 10,805,000 | 6.000 | 12/15/2030 | 11,979,530 | |||||||||||||
| City and County of Denver, Colorado , For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) |
| |||||||||||||||
| 2,875,000 | 5.000 | 11/15/2041 | 3,104,980 | |||||||||||||
| City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,035,000 | 5.000 | 12/01/2049 | 966,290 | |||||||||||||
| City of Denver Airport System Subordinate RB Series 2018A (A1/ A+) |
| |||||||||||||||
| 11,000,000 | 5.250 | 12/01/2043 | 11,500,018 | |||||||||||||
| City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 12/01/2024 | 5,025,062 | |||||||||||||
| City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) |
| |||||||||||||||
| 5,580,000 | 5.000 | 11/15/2053 | 5,860,131 | |||||||||||||
| City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) |
| |||||||||||||||
| 4,450,000 | 5.000 | 11/15/2027 | 4,707,174 | |||||||||||||
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) |
| |||||||||||||||
| 900,000 | 4.000 | 10/01/2056 | 701,446 | |||||||||||||
| Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) |
| |||||||||||||||
| 150,000 | 4.000 | 05/01/2036 | 142,280 | |||||||||||||
| 150,000 | 4.000 | 05/01/2041 | 132,147 | |||||||||||||
| Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) |
| |||||||||||||||
| 300,000 | 5.000 | (d) | 02/01/2034 | 301,432 | ||||||||||||
| Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) |
| |||||||||||||||
| 900,000 | 5.000 | (d) | 10/01/2029 | 911,164 | ||||||||||||
| 2,500,000 | 5.000 | (d) | 10/01/2039 | 2,436,860 | ||||||||||||
| Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR) |
| |||||||||||||||
| 265,000 | 4.000 | 11/01/2029 | 258,778 | |||||||||||||
| 400,000 | 5.000 | 11/01/2039 | 400,137 | |||||||||||||
| Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR) |
| |||||||||||||||
| 325,000 | 5.000 | 06/01/2049 | 325,141 | |||||||||||||
| 350,000 | 5.000 | 06/01/2054 | 350,081 | |||||||||||||
| Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) |
| |||||||||||||||
| 750,000 | 5.000 | 09/01/2052 | 746,637 | |||||||||||||
| Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (Baa3/NR) |
| |||||||||||||||
| 790,000 | 5.000 | 11/01/2049 | 760,740 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Colorado Health Facilities Authority (NR/A+) |
| |||||||||||||||
| $ | 1,275,000 | 5.000 | % | 11/01/2024 | $ | 1,283,319 | ||||||||||
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) |
| |||||||||||||||
| 3,040,000 | 6.000 | 07/01/2036 | 3,041,619 | |||||||||||||
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) |
| |||||||||||||||
| 1,925,000 | 6.000 | 07/01/2031 | 1,888,149 | |||||||||||||
| Colorado Health Facilities Authority Hospital RB for Parkview Medical Center, Inc. Project Series 2016 (Aa2/NR) |
| |||||||||||||||
| 18,310,000 | 5.000 | 09/01/2046 | 18,569,881 | |||||||||||||
| Colorado Health Facilities Authority RB (Commonspirit Health) Series 2019A-1 (A3/A-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 08/01/2036 | 5,388,549 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
| |||||||||||||||
| 3,560,000 | 5.000 | 08/01/2025 | 3,640,033 | |||||||||||||
| 1,275,000 | 5.000 | 08/01/2026 | 1,320,802 | |||||||||||||
| 1,575,000 | 5.000 | 08/01/2027 | 1,662,956 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) |
| |||||||||||||||
| 325,000 | 5.000 | 08/01/2025 | 332,306 | |||||||||||||
| 3,000,000 | 5.000 | 08/01/2037 | 3,210,224 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) |
| |||||||||||||||
| 6,400,000 | 5.500 | 11/01/2047 | 7,071,895 | |||||||||||||
| 8,000,000 | 5.250 | 11/01/2052 | 8,584,571 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| |||||||||||||||
| 12,275,000 | 5.000 | 12/01/2039 | 13,906,866 | |||||||||||||
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) |
| |||||||||||||||
| 1,800,000 | 4.000 | 09/01/2050 | 1,727,982 | |||||||||||||
| Colorado Health Facilities Authority RB for Retirement Housing Liberty Heights Project Series 1991-B (#Aaa/AA+) |
| |||||||||||||||
| 5,705,000 | 0.000 | (f) | 07/15/2024 | 5,637,257 | ||||||||||||
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) |
| |||||||||||||||
| 21,534,543 | 5.000 | (a) | 07/01/2057 | 16,657,057 | ||||||||||||
| Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) |
| |||||||||||||||
| 3,900,000 | 4.000 | 11/15/2043 | 3,782,653 | |||||||||||||
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) |
| |||||||||||||||
| 1,125,000 | 5.000 | 08/01/2035 | 1,219,535 | |||||||||||||
| 6,010,000 | 4.000 | 08/01/2044 | 5,774,449 | |||||||||||||
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| |||||||||||||||
| 145,000 | 5.000 | 08/01/2035 | 157,184 | |||||||||||||
| 1,500,000 | 5.000 | 08/01/2038 | 1,596,985 | |||||||||||||
| Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.000 | (c) | 06/01/2027 | 1,217,925 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+) |
| |||||||||||||||
| $ | 1,730,000 | 4.000 | % | 11/01/2039 | $ | 1,704,835 | ||||||||||
| 12,310,000 | 5.000 | 11/01/2039 | 13,206,685 | |||||||||||||
| 6,105,000 | 5.000 | 11/01/2044 | 6,431,196 | |||||||||||||
| Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) |
| |||||||||||||||
| 3,495,000 | 4.000 | 08/01/2049 | 3,249,964 | |||||||||||||
| Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) |
| |||||||||||||||
| 8,500,000 | 5.000 | (a)(b) | 08/01/2049 | 8,587,806 | ||||||||||||
| Colorado Health Facilities Authority Revenue Refunding Bonds Series 2019A Scl Health System (Aa1/AA+) |
| |||||||||||||||
| 4,000,000 | 4.000 | 01/01/2037 | 4,083,046 | |||||||||||||
| Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) |
| |||||||||||||||
| 2,350,000 | 3.500 | (a)(b) | 11/01/2043 | 2,350,195 | ||||||||||||
| Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (Aa2/AA) |
| |||||||||||||||
| 6,100,000 | 5.000 | 03/01/2043 | 6,408,831 | |||||||||||||
| Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR) |
| |||||||||||||||
| 8,205,000 | 5.000 | (c) | 03/01/2028 | 8,873,606 | ||||||||||||
| Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) |
| |||||||||||||||
| 775,000 | 5.250 | 12/01/2051 | 707,536 | |||||||||||||
| Copper Ridge Metropolitan District RB Series 2019 (NR/NR) |
| |||||||||||||||
| 3,454,000 | 4.000 | 12/01/2029 | 3,299,083 | |||||||||||||
| Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 889,000 | 5.000 | 12/01/2039 | 873,664 | |||||||||||||
| Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) |
| |||||||||||||||
| 740,000 | 5.000 | (d) | 12/01/2029 | 692,166 | ||||||||||||
| 1,940,000 | 5.500 | (d) | 12/01/2039 | 1,734,926 | ||||||||||||
| Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 2,485,000 | 5.000 | (d) | 12/01/2029 | 2,329,981 | ||||||||||||
| 3,105,000 | 5.500 | (d) | 12/01/2039 | 2,790,773 | ||||||||||||
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB-) |
| |||||||||||||||
| 27,295,000 | 5.000 | 10/01/2032 | 27,294,503 | |||||||||||||
| Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) |
| |||||||||||||||
| 5,505,000 | 5.000 | (d) | 12/01/2027 | 5,729,233 | ||||||||||||
| Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) |
| |||||||||||||||
| 1,460,000 | 5.000 | 12/01/2033 | 1,497,964 | |||||||||||||
| Denver Convention Center Hotel Authority Convention Center Hotel Senior RR Bonds, Series 2016 (Baa2/BBB-) |
| |||||||||||||||
| 2,370,000 | 5.000 | 12/01/2035 | 2,424,439 | |||||||||||||
| Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) |
| |||||||||||||||
| 640,000 | 5.000 | 12/01/2030 | 657,922 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) |
| |||||||||||||||
| $ | 300,000 | 5.000 | % | 12/01/2031 | $ | 308,133 | ||||||||||
| Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) |
| |||||||||||||||
| 765,000 | 5.000 | 12/01/2024 | 768,236 | |||||||||||||
| 425,000 | 5.000 | 12/01/2032 | 445,629 | |||||||||||||
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) |
| |||||||||||||||
| 4,760,000 | 5.000 | (d) | 12/01/2024 | 4,780,136 | ||||||||||||
| 4,995,000 | 5.000 | (d) | 12/01/2025 | 5,070,317 | ||||||||||||
| 1,000,000 | 5.000 | (d) | 12/01/2034 | 1,037,844 | ||||||||||||
| 1,675,000 | 4.000 | (d) | 12/01/2035 | 1,602,633 | ||||||||||||
| 2,000,000 | 4.000 | (d) | 12/01/2036 | 1,882,139 | ||||||||||||
| Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) |
| |||||||||||||||
| 120,000 | 5.000 | 12/01/2030 | 125,952 | |||||||||||||
| Denver Health and Hospital Authority Colorado Healthcare RB Series 2019A (NR/BBB) |
| |||||||||||||||
| 2,255,000 | 5.000 | 12/01/2031 | 2,365,093 | |||||||||||||
| 475,000 | 5.000 | 12/01/2032 | 498,791 | |||||||||||||
| 1,360,000 | 5.000 | 12/01/2033 | 1,424,754 | |||||||||||||
| Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR) |
| |||||||||||||||
| 4,255,000 | 5.250 | (d) | 12/01/2039 | 4,307,228 | ||||||||||||
| E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A1/AA) |
| |||||||||||||||
| 1,500,000 | 0.000 | (f) | 09/01/2035 | 1,021,037 | ||||||||||||
| E-470 Public Highway Authority RB Series 2010 A (A1/A+) |
| |||||||||||||||
| 6,000,000 | 0.000 | (f) | 09/01/2040 | 3,059,693 | ||||||||||||
| Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,800,000 | 5.550 | (d) | 12/01/2047 | 2,874,567 | ||||||||||||
| First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) |
| |||||||||||||||
| 20,000 | 3.000 | 12/01/2029 | 18,237 | |||||||||||||
| Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 570,000 | 3.750 | 12/01/2034 | 479,584 | |||||||||||||
| Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 648,000 | 4.000 | 12/01/2031 | 584,553 | |||||||||||||
| Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) |
| |||||||||||||||
| 725,000 | 5.000 | 12/01/2041 | 668,629 | |||||||||||||
| 1,550,000 | 5.000 | 12/01/2051 | 1,362,120 | |||||||||||||
| Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 878,000 | 5.000 | 12/01/2039 | 862,854 | |||||||||||||
| Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,065,000 | 5.500 | (c)(d) | 06/01/2025 | 1,084,465 | ||||||||||||
| Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 8,731,000 | 4.250 | 12/01/2046 | 7,321,355 | |||||||||||||
| Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.000 | 12/01/2039 | 1,367,339 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2049 | 962,920 | |||||||||||||
| Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,184,000 | 5.750 | 12/01/2050 | 1,186,915 | |||||||||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 1,105,000 | 6.500 | % | 12/01/2042 | $ | 1,113,949 | ||||||||||
| Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,380,000 | 5.000 | 12/01/2039 | 1,359,106 | |||||||||||||
| Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) |
| |||||||||||||||
| 2,940,000 | 3.500 | 12/01/2041 | 2,304,486 | |||||||||||||
| Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 2,450,000 | 7.000 | 12/01/2052 | 2,526,042 | |||||||||||||
| North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) |
| |||||||||||||||
| 500,000 | 5.500 | 12/01/2048 | 498,294 | |||||||||||||
| Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) |
| |||||||||||||||
| 175,000 | 4.000 | 12/01/2024 | 174,745 | |||||||||||||
| 100,000 | 4.000 | 12/01/2025 | 99,995 | |||||||||||||
| 315,000 | 4.000 | 12/01/2026 | 317,451 | |||||||||||||
| 290,000 | 4.000 | 12/01/2029 | 294,338 | |||||||||||||
| 205,000 | 4.000 | 12/01/2030 | 207,259 | |||||||||||||
| 225,000 | 4.000 | 12/01/2031 | 226,280 | |||||||||||||
| Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 925,000 | 5.000 | 12/01/2040 | 904,957 | |||||||||||||
| Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 646,000 | 5.000 | 12/01/2049 | 617,670 | |||||||||||||
| Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A1/A-) |
| |||||||||||||||
| 2,000,000 | 6.250 | 11/15/2028 | 2,123,276 | |||||||||||||
| Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 5,000,000 | 5.000 | 12/01/2039 | 4,892,730 | |||||||||||||
| Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) |
| |||||||||||||||
| 1,250,000 | 4.000 | 12/01/2036 | 1,076,423 | |||||||||||||
| 2,000,000 | 4.000 | 12/01/2041 | 1,604,587 | |||||||||||||
| Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 893,000 | 5.000 | 12/01/2049 | 849,041 | |||||||||||||
| Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) |
| |||||||||||||||
| 715,000 | 5.000 | 01/15/2029 | 767,215 | |||||||||||||
| 400,000 | 5.000 | 07/15/2029 | 432,732 | |||||||||||||
| 500,000 | 5.000 | 01/15/2030 | 545,360 | |||||||||||||
| 350,000 | 5.000 | 07/15/2030 | 384,519 | |||||||||||||
| Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 07/15/2027 | 523,823 | |||||||||||||
| Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 850,000 | 5.000 | 12/01/2049 | 813,870 | |||||||||||||
| Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 2,875,000 | 5.000 | 12/01/2039 | 2,825,404 | |||||||||||||
| Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,235,000 | 5.000 | 12/01/2049 | 1,225,289 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) |
| |||||||||||||||
| $ | 375,000 | 4.000 | % | 12/01/2032 | $ | 390,968 | ||||||||||
| 220,000 | 4.000 | 12/01/2034 | 227,959 | |||||||||||||
| South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 500,000 | 5.500 | 12/01/2048 | 426,958 | |||||||||||||
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/01/2037 | 1,003,007 | |||||||||||||
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 12/01/2027 | 95,816 | |||||||||||||
| 115,000 | 5.000 | 12/01/2037 | 115,346 | |||||||||||||
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) |
| |||||||||||||||
| 325,000 | 5.000 | 12/01/2047 | 316,072 | |||||||||||||
| St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/01/2037 | 1,001,239 | |||||||||||||
| Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) |
| |||||||||||||||
| 350,000 | 5.000 | 12/01/2032 | 371,332 | |||||||||||||
| Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,805,000 | 3.750 | 12/01/2040 | 1,607,285 | |||||||||||||
| The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 850,000 | 4.150 | 12/01/2030 | 825,417 | |||||||||||||
| Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 195,000 | 5.000 | 12/01/2026 | 203,333 | |||||||||||||
| 205,000 | 5.000 | 12/01/2027 | 217,528 | |||||||||||||
| 210,000 | 5.000 | 12/01/2028 | 226,483 | |||||||||||||
| 210,000 | 5.000 | 12/01/2029 | 230,527 | |||||||||||||
| 215,000 | 5.000 | 12/01/2030 | 236,789 | |||||||||||||
| 230,000 | 5.000 | 12/01/2031 | 253,161 | |||||||||||||
| 250,000 | 5.000 | 12/01/2032 | 275,100 | |||||||||||||
| 255,000 | 5.000 | 12/01/2033 | 280,213 | |||||||||||||
| 285,000 | 5.000 | 12/01/2034 | 312,498 | |||||||||||||
| 100,000 | 5.000 | 12/01/2035 | 109,221 | |||||||||||||
| Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) |
| |||||||||||||||
| 135,000 | 5.000 | 12/15/2026 | 140,445 | |||||||||||||
| 125,000 | 5.000 | 12/15/2028 | 129,979 | |||||||||||||
| 125,000 | 5.000 | 12/15/2029 | 129,934 | |||||||||||||
| 125,000 | 5.000 | 12/15/2030 | 129,879 | |||||||||||||
| 135,000 | 5.000 | 12/15/2031 | 140,211 | |||||||||||||
| 160,000 | 5.000 | 12/15/2032 | 166,165 | |||||||||||||
| Vauxmont Metropolitan District Senior LT GO Special Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 200,000 | 5.000 | 12/01/2024 | 201,525 | |||||||||||||
| 180,000 | 5.000 | 12/01/2025 | 184,406 | |||||||||||||
| Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) |
| |||||||||||||||
| 125,000 | 5.000 | 12/15/2025 | 128,356 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 1,194,000 | 4.375 | % | 12/01/2044 | $ | 1,151,197 | ||||||||||
| Weld County School District No. Re-4 In Weld County, Colorado GO Bonds, Series 2016 (ST AID WITHHLDG) (Aa2/NR) |
| |||||||||||||||
| 6,910,000 | 5.250 | 12/01/2041 | 7,163,670 | |||||||||||||
| West Meadow Metropolitan District Town of Fraser, Grand County, Colorado LT GO Senior Bonds Series 2023A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 6.000 | (d) | 12/01/2038 | 1,038,680 | ||||||||||||
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/01/2040 | 910,677 | |||||||||||||
| Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 595,000 | 5.000 | (c) | 12/01/2024 | 617,950 | ||||||||||||
| Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) |
| |||||||||||||||
| 1,199,000 | 5.375 | 12/01/2048 | 1,184,400 | |||||||||||||
|
|
|
|||||||||||||||
| 404,340,277 | ||||||||||||||||
|
|
||||||||||||||||
| Connecticut - 0.8% |
| |||||||||||||||
| City of New Haven GO Bonds Series 2018 A (NR/A-) |
| |||||||||||||||
| 815,000 | 5.000 | 08/01/2027 | 850,290 | |||||||||||||
| 1,615,000 | 5.000 | 08/01/2028 | 1,708,068 | |||||||||||||
| 900,000 | 5.500 | 08/01/2029 | 976,476 | |||||||||||||
| 725,000 | 5.500 | 08/01/2031 | 784,764 | |||||||||||||
| 500,000 | 5.500 | 08/01/2032 | 541,218 | |||||||||||||
| 405,000 | 5.500 | 08/01/2033 | 438,341 | |||||||||||||
| City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A1/AA) |
| |||||||||||||||
| 1,050,000 | 5.000 | 02/01/2028 | 1,116,523 | |||||||||||||
| City of New Haven GO Refunding Bonds Series B (AGM) (A1/AA) |
| |||||||||||||||
| 450,000 | 5.000 | 02/01/2030 | 494,191 | |||||||||||||
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 11.000 | (d) | 12/01/2027 | 1,676,061 | ||||||||||||
| Connecticut Health & Educational Facilities Authority RB for University of Hartford Series N (NR/BB+) |
| |||||||||||||||
| 375,000 | 5.000 | 07/01/2024 | 374,812 | |||||||||||||
| Connecticut State GO Bonds Series 2018 C (Aa3/AA-) |
| |||||||||||||||
| 825,000 | 5.000 | 06/15/2028 | 897,442 | |||||||||||||
| Connecticut State GO Refunding Bonds Series 2017 B (Aa3/AA-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 04/15/2028 | 5,420,112 | |||||||||||||
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 400,000 | 5.000 | (d) | 01/01/2030 | 391,186 | ||||||||||||
| Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BB+) |
| |||||||||||||||
| 575,000 | 5.000 | 07/01/2026 | 576,772 | |||||||||||||
| 440,000 | 5.000 | 07/01/2027 | 443,242 | |||||||||||||
| 530,000 | 5.000 | 07/01/2028 | 535,816 | |||||||||||||
| 485,000 | 5.000 | 07/01/2029 | 492,112 | |||||||||||||
| 875,000 | 5.000 | 07/01/2030 | 887,425 | |||||||||||||
| 645,000 | 5.000 | 07/01/2031 | 652,962 | |||||||||||||
| 575,000 | 5.000 | 07/01/2032 | 581,299 | |||||||||||||
| 475,000 | 5.000 | 07/01/2033 | 479,326 | |||||||||||||
| 450,000 | 5.000 | 07/01/2034 | 453,061 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Connecticut – (continued) |
| |||||||||||||||
| Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BB+) – (continued) |
| |||||||||||||||
| $ | 890,000 | 4.000 | % | 07/01/2039 | $ | 758,626 | ||||||||||
| Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 3,585,000 | 4.750 | (d) | 10/01/2048 | 3,406,016 | ||||||||||||
| Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) |
| |||||||||||||||
| 3,750,000 | 7.000 | (d) | 02/01/2045 | 3,751,129 | ||||||||||||
| South Central Connecticut Regional Water Authority Water System RB Thirty-Sixth Series A-1 (Aa3/AA-) |
| |||||||||||||||
| 265,000 | 4.000 | 08/01/2038 | 269,713 | |||||||||||||
| State of Connecticut GO Bonds 2020 Series A (Aa3/AA-) |
| |||||||||||||||
| 5,000,000 | 4.000 | 01/15/2036 | 5,247,538 | |||||||||||||
| State of Connecticut GO Bonds Series 2018 (Aa3/AA-) |
| |||||||||||||||
| 1,770,000 | 5.000 | 06/15/2027 | 1,882,724 | |||||||||||||
| 755,000 | 5.000 | 06/15/2029 | 819,171 | |||||||||||||
| State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) |
| |||||||||||||||
| 135,000 | 5.000 | 04/15/2028 | 146,343 | |||||||||||||
| 1,000,000 | 5.000 | 04/15/2035 | 1,098,823 | |||||||||||||
| 1,000,000 | 5.000 | 04/15/2036 | 1,094,655 | |||||||||||||
| 1,000,000 | 5.000 | 04/15/2039 | 1,080,577 | |||||||||||||
| State of Connecticut Health & Educational Facilities Authority RB Series B (A1/AA-) |
| |||||||||||||||
| 2,290,000 | 1.800 | (a)(b) | 07/01/2049 | 2,272,757 | ||||||||||||
| State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/AAA) |
| |||||||||||||||
| 15,000,000 | 1.100 | (a)(b) | 07/01/2033 | 14,605,767 | ||||||||||||
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) |
| |||||||||||||||
| 2,285,000 | 5.375 | 07/01/2052 | 2,138,630 | |||||||||||||
| State of Connecticut Special Tax Obligation Refunding Bonds for Transportation Infrastructure Purposes 2022 Series B (Aa3/AA) |
| |||||||||||||||
| 1,500,000 | 5.000 | 07/01/2025 | 1,531,982 | |||||||||||||
| State of Connecticut State Revolving Fund General RB (Green Bonds, 2017 Series A) (Aaa/AAA) |
| |||||||||||||||
| 3,945,000 | 5.000 | 05/01/2032 | 4,205,458 | |||||||||||||
| State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 05/01/2036 | 5,280,193 | |||||||||||||
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) |
| |||||||||||||||
| 480,000 | 4.000 | (d) | 04/01/2036 | 428,253 | ||||||||||||
| 400,000 | 4.000 | (d) | 04/01/2041 | 339,037 | ||||||||||||
| West Haven GO Bonds Series 2017 A (Baa3/BBB+) |
| |||||||||||||||
| 325,000 | 5.000 | 11/01/2025 | 332,464 | |||||||||||||
| 325,000 | 5.000 | 11/01/2026 | 336,962 | |||||||||||||
| 325,000 | 5.000 | 11/01/2027 | 342,079 | |||||||||||||
| West Haven GO Bonds Series 2017 B (Baa3/BBB+) |
| |||||||||||||||
| 645,000 | 5.000 | 11/01/2024 | 649,467 | |||||||||||||
| 240,000 | 5.000 | 11/01/2026 | 248,834 | |||||||||||||
|
|
|
|||||||||||||||
| 73,038,697 | ||||||||||||||||
|
|
||||||||||||||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Delaware - 0.3% |
| |||||||||||||||
| Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB) |
| |||||||||||||||
| $ | 370,000 | 3.000 | % | 06/01/2032 | $ | 320,878 | ||||||||||
| 450,000 | 4.000 | 06/01/2042 | 370,792 | |||||||||||||
| Delaware Economic Development Authority Charter Schools RB Series 2021 (NR/BBB+) |
| |||||||||||||||
| 1,425,000 | 4.000 | 09/01/2041 | 1,339,933 | |||||||||||||
| Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) |
| |||||||||||||||
| 760,000 | 5.000 | 06/01/2026 | 777,887 | |||||||||||||
| 600,000 | 5.000 | 06/01/2029 | 631,062 | |||||||||||||
| Delaware Health Facilities Authority Revenue Refunding Bonds for Christiana Care Health System Series 2020A (Aa2/AA+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 10/01/2040 | 5,313,735 | |||||||||||||
| Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) |
| |||||||||||||||
| 345,000 | 4.000 | 08/01/2029 | 339,029 | |||||||||||||
| 1,050,000 | 5.000 | 08/01/2039 | 1,058,615 | |||||||||||||
| Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) |
| |||||||||||||||
| 530,000 | 4.000 | 09/01/2030 | 535,617 | |||||||||||||
| 1,550,000 | 5.000 | 09/01/2040 | 1,607,098 | |||||||||||||
| State of Delaware GO Bonds Series 2023A (Aaa/AAA) |
| |||||||||||||||
| 7,550,000 | 5.000 | 05/01/2036 | 8,947,706 | |||||||||||||
| Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) |
| |||||||||||||||
| 496,000 | 4.000 | 07/01/2024 | 494,158 | |||||||||||||
| 511,000 | 4.000 | 07/01/2025 | 507,614 | |||||||||||||
| 556,000 | 4.000 | 07/01/2026 | 551,287 | |||||||||||||
| 616,000 | 4.000 | 07/01/2027 | 611,399 | |||||||||||||
| 2,044,000 | 4.000 | 07/01/2030 | 2,009,318 | |||||||||||||
|
|
|
|||||||||||||||
| 25,416,128 | ||||||||||||||||
|
|
||||||||||||||||
| District of Columbia - 0.9% |
| |||||||||||||||
| District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aa1/AAA) |
| |||||||||||||||
| 3,425,000 | 5.250 | 05/01/2048 | 3,819,168 | |||||||||||||
| District of Columbia GO Refunding Bonds Series 2017 A (Aaa/AA+) |
| |||||||||||||||
| 10,000,000 | 5.000 | 06/01/2035 | 10,577,893 | |||||||||||||
| District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2015A (NR/AA-) |
| |||||||||||||||
| 12,000,000 | 5.000 | 10/01/2034 | 12,057,083 | |||||||||||||
| District of Columbia Private Activity RB Series 2022A (A3/NR) |
| |||||||||||||||
| 1,750,000 | 5.500 | 02/28/2037 | 2,042,611 | |||||||||||||
| District of Columbia RB for International School Series 2019 (NR/BBB) |
| |||||||||||||||
| 860,000 | 5.000 | 07/01/2039 | 885,828 | |||||||||||||
| District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) |
| |||||||||||||||
| 1,275,000 | 4.000 | 07/01/2039 | 1,226,649 | |||||||||||||
| District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+) |
| |||||||||||||||
| 2,875,000 | 3.000 | (a)(b) | 10/01/2057 | 2,801,509 | ||||||||||||
| Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) |
| |||||||||||||||
| 7,500,000 | 5.000 | 10/01/2043 | 7,744,765 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| District of Columbia – (continued) |
| |||||||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2018A (Aa3/AA-) |
| |||||||||||||||
| $ | 6,375,000 | 5.000 | % | 10/01/2033 | $ | 6,783,887 | ||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2020B (Aa3/AA-) |
| |||||||||||||||
| 1,555,000 | 5.000 | 10/01/2029 | 1,740,354 | |||||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series 2022A (AMT) (Aa3/NR) |
| |||||||||||||||
| 1,100,000 | 5.000 | 10/01/2026 | 1,140,179 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) |
| |||||||||||||||
| 1,060,000 | 5.000 | 10/01/2031 | 1,150,884 | |||||||||||||
| 395,000 | 5.000 | 10/01/2033 | 428,210 | |||||||||||||
| 3,025,000 | 5.000 | 10/01/2035 | 3,266,447 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2037 | 1,068,597 | |||||||||||||
| 2,065,000 | 5.000 | 10/01/2039 | 2,190,241 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) |
| |||||||||||||||
| 2,130,000 | 3.000 | 10/01/2050 | 1,624,267 | |||||||||||||
| 2,960,000 | 4.000 | 10/01/2053 | 2,780,834 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) |
| |||||||||||||||
| 925,000 | 5.000 | 10/01/2047 | 957,312 | |||||||||||||
| 1,550,000 | 4.000 | 10/01/2053 | 1,436,951 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) |
| |||||||||||||||
| 13,315,000 | 4.000 | 10/01/2049 | 12,513,540 | |||||||||||||
| Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) |
| |||||||||||||||
| 1,325,000 | 5.000 | 10/01/2035 | 1,344,351 | |||||||||||||
|
|
|
|||||||||||||||
| 79,581,560 | ||||||||||||||||
|
|
||||||||||||||||
| Florida - 11.9% |
| |||||||||||||||
| Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 915,000 | 5.375 | 06/15/2042 | 934,272 | |||||||||||||
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) |
| |||||||||||||||
| 4,990,000 | 3.250 | 05/01/2036 | 4,646,784 | |||||||||||||
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) |
| |||||||||||||||
| 475,000 | 4.000 | 05/01/2025 | 473,907 | |||||||||||||
| Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) |
| |||||||||||||||
| 40,000 | 4.000 | 05/01/2024 | 39,994 | |||||||||||||
| 210,000 | 4.500 | 05/01/2029 | 212,354 | |||||||||||||
| Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 325,000 | 2.875 | 05/01/2025 | 318,798 | |||||||||||||
| 1,725,000 | 4.000 | 05/01/2051 | 1,416,949 | |||||||||||||
| Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,420,000 | 3.625 | 05/01/2040 | 1,204,546 | |||||||||||||
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) |
| |||||||||||||||
| 2,250,000 | 4.000 | 10/01/2040 | 1,989,961 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 95,000 | 3.500 | % | 05/01/2024 | $ | 94,949 | ||||||||||
| Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) |
| |||||||||||||||
| 360,000 | 2.500 | 05/01/2024 | 359,397 | |||||||||||||
| 370,000 | 3.000 | 05/01/2025 | 361,042 | |||||||||||||
| 380,000 | 3.000 | 05/01/2026 | 367,550 | |||||||||||||
| 395,000 | 3.125 | 05/01/2027 | 381,465 | |||||||||||||
| Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR) |
| |||||||||||||||
| 150,000 | 4.250 | 05/01/2027 | 150,083 | |||||||||||||
| 320,000 | 4.750 | 05/01/2036 | 320,569 | |||||||||||||
| Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 600,000 | 4.500 | 05/01/2030 | 606,685 | |||||||||||||
| 1,000,000 | 5.400 | 05/01/2043 | 1,032,550 | |||||||||||||
| Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 205,000 | 3.600 | 05/01/2029 | 200,337 | |||||||||||||
| 310,000 | 4.000 | 05/01/2036 | 293,677 | |||||||||||||
| Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 70,000 | 3.125 | 11/01/2024 | 69,641 | |||||||||||||
| 990,000 | 3.500 | 11/01/2030 | 934,985 | |||||||||||||
| 1,705,000 | 4.000 | 11/01/2040 | 1,528,770 | |||||||||||||
| Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) |
| |||||||||||||||
| 110,000 | 4.200 | (d) | 05/01/2024 | 109,996 | ||||||||||||
| 630,000 | 4.550 | (d) | 05/01/2029 | 637,771 | ||||||||||||
| Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) |
| |||||||||||||||
| 700,000 | 5.125 | 06/15/2043 | 707,883 | |||||||||||||
| Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) |
| |||||||||||||||
| 810,000 | 5.375 | 05/01/2044 | 826,390 | |||||||||||||
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 305,000 | 2.500 | (d) | 05/01/2026 | 295,231 | ||||||||||||
| 500,000 | 3.000 | (d) | 05/01/2031 | 462,450 | ||||||||||||
| 425,000 | 3.200 | (d) | 05/01/2041 | 346,441 | ||||||||||||
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) |
| |||||||||||||||
| 155,000 | 2.500 | (d) | 05/01/2026 | 150,035 | ||||||||||||
| 315,000 | 3.000 | (d) | 05/01/2031 | 291,344 | ||||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) |
| |||||||||||||||
| 35,000 | 3.350 | 11/01/2024 | 34,882 | |||||||||||||
| 200,000 | 3.700 | 11/01/2029 | 196,040 | |||||||||||||
| 695,000 | 4.125 | 11/01/2039 | 651,515 | |||||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) |
| |||||||||||||||
| 115,000 | 5.000 | 05/01/2028 | 117,099 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 200,000 | 3.000 | % | 05/01/2032 | $ | 182,728 | ||||||||||
| 220,000 | 3.375 | 05/01/2041 | 180,137 | |||||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) |
| |||||||||||||||
| 325,000 | 5.375 | 05/01/2028 | 333,582 | |||||||||||||
| Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 125,000 | 2.250 | 05/01/2026 | 120,202 | |||||||||||||
| 435,000 | 2.750 | 05/01/2031 | 395,771 | |||||||||||||
| Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.500 | 05/01/2042 | 520,140 | |||||||||||||
| Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) |
| |||||||||||||||
| 225,000 | 2.500 | (d) | 05/01/2025 | 221,435 | ||||||||||||
| 320,000 | 3.250 | (d) | 05/01/2030 | 313,583 | ||||||||||||
| Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-) |
| |||||||||||||||
| 180,000 | 2.500 | 05/01/2024 | 179,741 | |||||||||||||
| 180,000 | 3.000 | 05/01/2025 | 176,084 | |||||||||||||
| 190,000 | 3.000 | 05/01/2026 | 183,703 | |||||||||||||
| Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 800,000 | 4.500 | 05/01/2030 | 809,220 | |||||||||||||
| 1,400,000 | 5.375 | 05/01/2043 | 1,415,267 | |||||||||||||
| Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.625 | (d) | 06/01/2024 | 49,953 | ||||||||||||
| 450,000 | 4.000 | (d) | 06/01/2030 | 443,132 | ||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) |
| |||||||||||||||
| 210,000 | 2.500 | 05/01/2025 | 206,393 | |||||||||||||
| 285,000 | 3.000 | 05/01/2030 | 273,829 | |||||||||||||
| 775,000 | 4.000 | 05/01/2040 | 738,654 | |||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR) |
| |||||||||||||||
| 325,000 | 2.500 | 05/01/2025 | 319,418 | |||||||||||||
| 250,000 | 3.000 | 05/01/2030 | 238,455 | |||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR) |
| |||||||||||||||
| 105,000 | 2.500 | 05/01/2025 | 103,196 | |||||||||||||
| 145,000 | 3.000 | 05/01/2030 | 138,312 | |||||||||||||
| 385,000 | 4.000 | 05/01/2040 | 366,944 | |||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) |
| |||||||||||||||
| 205,000 | 5.000 | 11/01/2031 | 207,521 | |||||||||||||
| 100,000 | 5.250 | 11/01/2046 | 100,452 | |||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 70,000 | 4.000 | (d) | 11/01/2024 | 69,979 | ||||||||||||
| 360,000 | 4.500 | (d) | 11/01/2029 | 365,230 | ||||||||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 2,000,000 | 4.250 | % | 05/01/2032 | $ | 1,980,030 | ||||||||||
| Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 275,000 | 2.375 | 05/01/2026 | 264,361 | |||||||||||||
| Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) |
| |||||||||||||||
| 35,000 | 4.500 | 11/01/2025 | 35,153 | |||||||||||||
| Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) |
| |||||||||||||||
| 175,000 | 5.000 | 11/01/2036 | 178,497 | |||||||||||||
| 305,000 | 5.000 | 11/01/2048 | 300,346 | |||||||||||||
| Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 350,000 | 3.300 | 05/01/2032 | 328,681 | |||||||||||||
| 1,385,000 | 4.000 | 05/01/2042 | 1,237,032 | |||||||||||||
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A) |
| |||||||||||||||
| 525,000 | 4.250 | 05/01/2029 | 530,556 | |||||||||||||
| 465,000 | 4.500 | 05/01/2035 | 467,073 | |||||||||||||
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) |
| |||||||||||||||
| 305,000 | 4.500 | 05/01/2025 | 305,627 | |||||||||||||
| Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) |
| |||||||||||||||
| 125,000 | 2.750 | 05/01/2024 | 124,831 | |||||||||||||
| 90,000 | 3.000 | 05/01/2025 | 88,024 | |||||||||||||
| Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) |
| |||||||||||||||
| 325,000 | 3.500 | 05/01/2024 | 324,767 | |||||||||||||
| 340,000 | 3.500 | 05/01/2025 | 336,828 | |||||||||||||
| 350,000 | 3.500 | 05/01/2026 | 345,919 | |||||||||||||
| 365,000 | 3.500 | 05/01/2027 | 359,888 | |||||||||||||
| Bellagio Community Development District Special Assessment Bonds Series 2016 (NR/BBB) |
| |||||||||||||||
| 170,000 | 3.000 | 11/01/2025 | 163,939 | |||||||||||||
| Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 425,000 | 2.625 | 05/01/2025 | 418,912 | |||||||||||||
| 1,075,000 | 3.250 | 05/01/2030 | 1,040,306 | |||||||||||||
| Belmont II Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 130,000 | 2.500 | 12/15/2025 | 126,790 | |||||||||||||
| 325,000 | 3.125 | 12/15/2030 | 310,813 | |||||||||||||
| Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,130,000 | 5.500 | 05/01/2043 | 1,164,130 | |||||||||||||
| Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.000 | 06/15/2025 | 49,250 | |||||||||||||
| 465,000 | 3.250 | 06/15/2030 | 436,211 | |||||||||||||
| Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 85,000 | 3.500 | 06/15/2024 | 84,874 | |||||||||||||
| 1,000,000 | 4.000 | 06/15/2032 | 972,116 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 190,000 | 2.500 | % | 05/01/2026 | $ | 183,129 | ||||||||||
| 455,000 | 3.000 | 05/01/2031 | 415,935 | |||||||||||||
| Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 165,000 | 2.875 | 05/01/2025 | 162,208 | |||||||||||||
| 1,130,000 | 3.250 | 05/01/2031 | 1,051,228 | |||||||||||||
| 500,000 | 3.625 | 05/01/2040 | 425,081 | |||||||||||||
| Bradbury Community Development District City of Haines City, Florida Special Assessment Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 750,000 | 4.375 | 05/01/2030 | 753,569 | |||||||||||||
| Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) |
| |||||||||||||||
| 700,000 | 6.250 | 12/15/2043 | 740,076 | |||||||||||||
| Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR/NR) |
| |||||||||||||||
| 400,000 | 3.000 | 06/15/2032 | 357,243 | |||||||||||||
| 1,095,000 | 3.250 | 06/15/2042 | 858,767 | |||||||||||||
| Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 05/01/2042 | 859,359 | |||||||||||||
| Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 325,000 | 2.375 | 05/01/2026 | 312,777 | |||||||||||||
| 500,000 | 2.850 | 05/01/2031 | 450,903 | |||||||||||||
| Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| 265,000 | 4.375 | 05/01/2027 | 265,532 | |||||||||||||
| 350,000 | 4.750 | 05/01/2032 | 354,670 | |||||||||||||
| Broward County Port Facilities RB Series 2019A (A1/A) |
| |||||||||||||||
| 1,005,000 | 5.000 | 09/01/2037 | 1,088,023 | |||||||||||||
| 1,050,000 | 5.000 | 09/01/2038 | 1,129,410 | |||||||||||||
| Broward County Port Facilities RB Series 2019B (A1/A) |
| |||||||||||||||
| 3,520,000 | 4.000 | 09/01/2039 | 3,539,200 | |||||||||||||
| 4,700,000 | 4.000 | 09/01/2049 | 4,324,256 | |||||||||||||
| Broward County Port Facilities RB Series 2019B (AMT) (A1/A) |
| |||||||||||||||
| 1,750,000 | 4.000 | 09/01/2044 | 1,695,604 | |||||||||||||
| Broward County Port Facilities RB Series 2022 (A1/NR) |
| |||||||||||||||
| 4,960,000 | 5.250 | 09/01/2047 | 5,319,376 | |||||||||||||
| 3,000,000 | 5.500 | 09/01/2052 | 3,235,452 | |||||||||||||
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) |
| |||||||||||||||
| 325,000 | 4.750 | 05/01/2027 | 325,899 | |||||||||||||
| 400,000 | 5.250 | 05/01/2032 | 408,474 | |||||||||||||
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) |
| |||||||||||||||
| 600,000 | 4.700 | 05/01/2031 | 600,229 | |||||||||||||
| 450,000 | 5.600 | 05/01/2044 | 450,345 | |||||||||||||
| Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 665,000 | 5.250 | 05/01/2042 | 681,436 | |||||||||||||
| Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.250 | 12/15/2024 | 49,669 | |||||||||||||
| 1,280,000 | 3.500 | 12/15/2030 | 1,207,961 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| |||||||||||||||
| $ | 28,215,000 | 5.250 | %(d) | 12/01/2058 | $ | 27,451,426 | ||||||||||
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) |
| |||||||||||||||
| 610,000 | 4.000 | (d) | 07/01/2041 | 510,659 | ||||||||||||
| 760,000 | 4.000 | (d) | 07/01/2051 | 577,148 | ||||||||||||
| Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) |
| |||||||||||||||
| 230,000 | 3.250 | (d) | 06/01/2031 | 203,322 | ||||||||||||
| Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba2/NR) |
| |||||||||||||||
| 320,000 | 3.000 | (d) | 12/15/2029 | 290,948 | ||||||||||||
| 645,000 | 5.000 | (d) | 12/15/2039 | 621,169 | ||||||||||||
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| |||||||||||||||
| 900,000 | 4.000 | (d) | 12/01/2028 | 876,046 | ||||||||||||
| 1,375,000 | 5.250 | (d) | 12/01/2043 | 1,371,554 | ||||||||||||
| Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR) |
| |||||||||||||||
| 880,000 | 4.500 | (d) | 01/01/2035 | 840,172 | ||||||||||||
| Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) |
| |||||||||||||||
| 2,500,000 | 6.000 | (d) | 05/01/2043 | 2,525,982 | ||||||||||||
| 2,500,000 | 6.250 | (d) | 05/01/2048 | 2,534,385 | ||||||||||||
| Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) |
| |||||||||||||||
| 558,000 | 4.250 | 05/01/2031 | 559,670 | |||||||||||||
| Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) |
| |||||||||||||||
| 800,000 | 5.300 | (d)(h) | 05/01/2044 | 798,004 | ||||||||||||
| Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 70,000 | 2.250 | 05/01/2026 | 67,642 | |||||||||||||
| Center Lake Ranch West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 5.750 | 05/01/2043 | 1,550,930 | |||||||||||||
| Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) |
| |||||||||||||||
| 110,000 | 3.500 | 11/01/2025 | 107,538 | |||||||||||||
| 115,000 | 3.500 | 11/01/2026 | 111,816 | |||||||||||||
| Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| |||||||||||||||
| 245,000 | 2.500 | 05/01/2024 | 244,602 | |||||||||||||
| 250,000 | 3.000 | 05/01/2025 | 244,216 | |||||||||||||
| 255,000 | 3.000 | 05/01/2026 | 246,549 | |||||||||||||
| 630,000 | 4.250 | 05/01/2037 | 611,242 | |||||||||||||
| Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 34,000 | 3.875 | (d) | 11/01/2024 | 33,935 | ||||||||||||
| 189,000 | 4.200 | (d) | 11/01/2029 | 189,309 | ||||||||||||
| 750,000 | 5.000 | (d) | 11/01/2049 | 733,029 | ||||||||||||
| Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 60,000 | 3.000 | 05/01/2025 | 59,097 | |||||||||||||
| 625,000 | 3.375 | 05/01/2031 | 583,400 | |||||||||||||
| 590,000 | 3.750 | 05/01/2040 | 509,387 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 180,000 | 2.400 | % | 05/01/2026 | $ | 173,185 | ||||||||||
| 650,000 | 2.875 | 05/01/2031 | 585,701 | |||||||||||||
| 740,000 | 3.350 | 05/01/2041 | 598,617 | |||||||||||||
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 230,000 | 2.500 | (d) | 05/01/2026 | 221,878 | ||||||||||||
| 220,000 | 3.000 | (d) | 05/01/2031 | 200,319 | ||||||||||||
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 235,000 | 2.625 | (d) | 05/01/2025 | 230,861 | ||||||||||||
| Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) |
| |||||||||||||||
| 360,000 | 3.750 | 05/01/2030 | 346,138 | |||||||||||||
| 975,000 | 4.250 | 05/01/2040 | 900,040 | |||||||||||||
| Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 1,430,000 | 3.250 | 05/01/2041 | 1,134,898 | |||||||||||||
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) |
| |||||||||||||||
| 1,250,000 | 5.500 | (d) | 10/01/2036 | 1,264,722 | ||||||||||||
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) |
| |||||||||||||||
| 800,000 | 5.000 | (d) | 10/01/2029 | 818,911 | ||||||||||||
| 1,000,000 | 5.000 | (d) | 10/01/2034 | 1,023,690 | ||||||||||||
| City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) |
| |||||||||||||||
| 1,000,000 | 4.000 | 10/01/2034 | 1,006,663 | |||||||||||||
| City of Fort Lauderdale, Florida Series 2023B (Prospect Lake Water Treatment Plant Project) (Aa1/AA+) |
| |||||||||||||||
| 17,250,000 | 5.500 | 09/01/2053 | 19,567,027 | |||||||||||||
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) |
| |||||||||||||||
| 2,000,000 | 5.125 | 06/01/2042 | 2,056,314 | |||||||||||||
| 950,000 | 5.250 | 06/01/2052 | 966,958 | |||||||||||||
| City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 1,425,000 | 3.250 | 09/01/2025 | 1,397,394 | |||||||||||||
| City of Pompano Beach RB Series 2021B-2 (NR/NR) |
| |||||||||||||||
| 1,865,000 | 1.450 | 01/01/2027 | 1,722,682 | |||||||||||||
| City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A) |
| |||||||||||||||
| 900,000 | 4.000 | 07/01/2038 | 910,105 | |||||||||||||
| 750,000 | 5.000 | 07/01/2040 | 802,318 | |||||||||||||
| City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) |
| |||||||||||||||
| 415,000 | 5.000 | 01/01/2037 | 412,649 | |||||||||||||
| 1,485,000 | 5.000 | 01/01/2047 | 1,365,695 | |||||||||||||
| 1,395,000 | 5.000 | 01/01/2052 | 1,250,663 | |||||||||||||
| City of West Palm Beach Utility System RB Series 2017 A (Aa2/AA+) |
| |||||||||||||||
| 15,000,000 | 5.000 | 10/01/2042 | 15,676,791 | |||||||||||||
| CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) |
| |||||||||||||||
| 5,000,000 | 0.000 | (g) | 05/01/2038 | 4,767,508 | ||||||||||||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 50,000 | 3.625 | %(d) | 06/15/2024 | $ | 49,938 | ||||||||||
| 295,000 | 4.000 | (d) | 06/15/2029 | 292,994 | ||||||||||||
| Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR) |
| |||||||||||||||
| 620,000 | 5.375 | 05/01/2036 | 620,513 | |||||||||||||
| Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 615,000 | 5.750 | 05/01/2042 | 643,160 | |||||||||||||
| Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) |
| |||||||||||||||
| 900,000 | 2.500 | 05/01/2024 | 898,609 | |||||||||||||
| 925,000 | 2.750 | 05/01/2025 | 903,684 | |||||||||||||
| 915,000 | 3.000 | 05/01/2026 | 884,850 | |||||||||||||
| 980,000 | 3.200 | 05/01/2027 | 945,339 | |||||||||||||
| 1,015,000 | 3.250 | 05/01/2028 | 990,272 | |||||||||||||
| 1,500,000 | 3.750 | 05/01/2046 | 1,320,787 | |||||||||||||
| Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,580,000 | 5.250 | 06/15/2043 | 1,628,717 | |||||||||||||
| Cope’s Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) |
| |||||||||||||||
| 1,225,000 | 5.750 | 05/01/2043 | 1,283,231 | |||||||||||||
| Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 45,000 | 3.200 | 12/15/2024 | 44,760 | |||||||||||||
| 600,000 | 3.500 | 12/15/2029 | 581,951 | |||||||||||||
| 325,000 | 4.000 | 12/15/2039 | 294,536 | |||||||||||||
| Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 315,000 | 4.750 | 05/01/2032 | 321,055 | |||||||||||||
| 250,000 | 5.500 | 05/01/2042 | 254,061 | |||||||||||||
| Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) |
| |||||||||||||||
| 1,470,000 | 4.600 | 05/01/2031 | 1,478,473 | |||||||||||||
| Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 105,000 | 2.750 | 05/01/2025 | 103,317 | |||||||||||||
| Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| |||||||||||||||
| 505,000 | 4.625 | 11/01/2031 | 509,304 | |||||||||||||
| Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 940,000 | 3.000 | 05/01/2031 | 888,077 | |||||||||||||
| 820,000 | 3.000 | 05/01/2037 | 700,098 | |||||||||||||
| Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 675,000 | 5.100 | 05/01/2043 | 675,457 | |||||||||||||
| Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) |
| |||||||||||||||
| 350,000 | 4.500 | (d) | 11/01/2028 | 351,661 | ||||||||||||
| Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB+) |
| |||||||||||||||
| 133,000 | 3.250 | 05/01/2024 | 132,859 | |||||||||||||
| 138,000 | 3.500 | 05/01/2025 | 135,904 | |||||||||||||
| 143,000 | 3.625 | 05/01/2026 | 140,979 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) |
| |||||||||||||||
| $ | 205,000 | 3.375 | % | 05/01/2024 | $ | 204,839 | ||||||||||
| 215,000 | 3.500 | 05/01/2025 | 213,129 | |||||||||||||
| 210,000 | 4.125 | 05/01/2035 | 210,774 | |||||||||||||
| County of Broward RB for Port Facilities Senior Bonds Series 2019 B (A1/A) |
| |||||||||||||||
| 3,045,000 | 5.000 | 09/01/2035 | 3,257,208 | |||||||||||||
| 1,610,000 | 4.000 | 09/01/2036 | 1,639,928 | |||||||||||||
| County of Miami-Dade Aviation RB Series 2019 A (NR/A) |
| |||||||||||||||
| 4,500,000 | 4.000 | 10/01/2044 | 4,314,517 | |||||||||||||
| 6,000,000 | 5.000 | 10/01/2044 | 6,214,166 | |||||||||||||
| County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) |
| |||||||||||||||
| 475,000 | 5.000 | 10/01/2027 | 500,566 | |||||||||||||
| 525,000 | 5.000 | 10/01/2028 | 561,543 | |||||||||||||
| 450,000 | 5.000 | 10/01/2029 | 487,726 | |||||||||||||
| 770,000 | 5.000 | 10/01/2030 | 833,547 | |||||||||||||
| 365,000 | 5.000 | 10/01/2031 | 394,723 | |||||||||||||
| 415,000 | 5.000 | 10/01/2032 | 448,297 | |||||||||||||
| 350,000 | 5.000 | 10/01/2033 | 377,500 | |||||||||||||
| 265,000 | 5.000 | 10/01/2034 | 284,996 | |||||||||||||
| 435,000 | 5.000 | 10/01/2035 | 465,352 | |||||||||||||
| 600,000 | 5.000 | 10/01/2036 | 636,792 | |||||||||||||
| 525,000 | 5.000 | 10/01/2037 | 553,273 | |||||||||||||
| 805,000 | 5.000 | 10/01/2038 | 844,778 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2039 | 1,045,397 | |||||||||||||
| 3,160,000 | 5.000 | 10/01/2049 | 3,237,735 | |||||||||||||
| County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+) |
| |||||||||||||||
| 155,000 | 0.000 | (f) | 10/01/2025 | 145,174 | ||||||||||||
| 275,000 | 0.000 | (f) | 10/01/2026 | 247,118 | ||||||||||||
| 360,000 | 0.000 | (f) | 10/01/2027 | 310,887 | ||||||||||||
| 500,000 | 0.000 | (f) | 10/01/2028 | 414,811 | ||||||||||||
| 700,000 | 0.000 | (f) | 10/01/2029 | 556,378 | ||||||||||||
| Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 120,000 | 3.875 | (d) | 11/01/2024 | 119,762 | ||||||||||||
| 740,000 | 4.250 | (d) | 11/01/2030 | 736,614 | ||||||||||||
| Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.125 | (d) | 11/01/2030 | 91,662 | ||||||||||||
| Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 450,000 | 3.875 | 05/01/2027 | 445,803 | |||||||||||||
| 755,000 | 4.250 | 05/01/2032 | 750,502 | |||||||||||||
| 2,185,000 | 4.625 | 05/01/2042 | 2,101,900 | |||||||||||||
| Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 4.250 | 05/01/2042 | 1,874,876 | |||||||||||||
| Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,040,000 | 5.125 | 05/01/2043 | 1,050,103 | |||||||||||||
| Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (NR/NR) |
| |||||||||||||||
| 385,000 | 4.000 | 05/01/2024 | 384,508 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 140,000 | 2.250 | % | 05/01/2026 | $ | 135,166 | ||||||||||
| 400,000 | 2.700 | 05/01/2031 | 367,039 | |||||||||||||
| Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) |
| |||||||||||||||
| 675,000 | 4.625 | 05/01/2030 | 680,689 | |||||||||||||
| 600,000 | 5.250 | 05/01/2043 | 607,317 | |||||||||||||
| Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) |
| |||||||||||||||
| 950,000 | 5.000 | 05/01/2053 | 940,163 | |||||||||||||
| Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) |
| |||||||||||||||
| 290,000 | 2.625 | 06/15/2025 | 284,359 | |||||||||||||
| 615,000 | 3.000 | 06/15/2031 | 560,924 | |||||||||||||
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 105,000 | 2.625 | (d) | 05/01/2025 | 103,241 | ||||||||||||
| 295,000 | 3.250 | (d) | 05/01/2030 | 277,162 | ||||||||||||
| Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 180,000 | 4.375 | 05/01/2027 | 179,635 | |||||||||||||
| 350,000 | 4.750 | 05/01/2032 | 353,146 | |||||||||||||
| 450,000 | 5.000 | 05/01/2042 | 441,297 | |||||||||||||
| Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 730,000 | 4.500 | (d) | 11/01/2028 | 736,935 | ||||||||||||
| Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| |||||||||||||||
| 2,385,000 | 5.400 | 05/01/2039 | 2,465,398 | |||||||||||||
| Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| |||||||||||||||
| 1,095,000 | 5.250 | 05/01/2043 | 1,109,949 | |||||||||||||
| Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) |
| |||||||||||||||
| 1,670,000 | 5.300 | 05/01/2039 | 1,709,155 | |||||||||||||
| Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.125 | 05/01/2030 | 501,860 | |||||||||||||
| DG Farms Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 155,000 | 3.250 | 05/01/2030 | 147,238 | |||||||||||||
| Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,890,000 | 4.600 | (d) | 05/01/2028 | 1,908,456 | ||||||||||||
| 745,000 | 4.250 | (d) | 12/15/2028 | 746,305 | ||||||||||||
| 2,395,000 | 4.750 | (d) | 12/15/2038 | 2,383,887 | ||||||||||||
| Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) |
| |||||||||||||||
| 690,000 | 3.750 | 05/01/2034 | 693,069 | |||||||||||||
| 955,000 | 4.000 | 05/01/2037 | 964,849 | |||||||||||||
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 225,000 | 2.375 | (d) | 05/01/2026 | 217,962 | ||||||||||||
| 470,000 | 3.000 | (d) | 05/01/2032 | 446,560 | ||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 175,000 | 4.500 | % | 05/01/2032 | $ | 178,727 | ||||||||||
| 500,000 | 5.125 | 05/01/2042 | 510,664 | |||||||||||||
| Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 105,000 | 4.375 | 05/01/2027 | 105,303 | |||||||||||||
| Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.000 | (d) | 05/01/2025 | 123,381 | ||||||||||||
| 440,000 | 3.625 | (d) | 05/01/2031 | 416,135 | ||||||||||||
| East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 75,000 | 2.500 | 05/01/2026 | 72,340 | |||||||||||||
| 270,000 | 3.000 | 05/01/2031 | 245,999 | |||||||||||||
| 440,000 | 3.300 | 05/01/2041 | 354,307 | |||||||||||||
| East 547 Community Development District Special Assessment Bond for Assessment Area Two Project Series 2023 (NR/NR) |
| |||||||||||||||
| 650,000 | 6.250 | 05/01/2043 | 686,784 | |||||||||||||
| East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) |
| |||||||||||||||
| 305,000 | 2.250 | 05/01/2026 | 293,880 | |||||||||||||
| 460,000 | 3.000 | 05/01/2032 | 431,226 | |||||||||||||
| East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.750 | 11/01/2024 | 49,905 | |||||||||||||
| East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR) |
| |||||||||||||||
| 280,000 | 4.125 | 11/01/2029 | 279,716 | |||||||||||||
| Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 355,000 | 3.250 | 05/01/2027 | 349,256 | |||||||||||||
| 530,000 | 3.625 | 05/01/2032 | 511,235 | |||||||||||||
| 780,000 | 4.000 | 05/01/2042 | 701,377 | |||||||||||||
| Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 65,000 | 2.750 | 05/01/2025 | 64,107 | |||||||||||||
| 110,000 | 3.250 | 05/01/2030 | 107,131 | |||||||||||||
| Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) |
| |||||||||||||||
| 295,000 | 2.500 | 05/01/2026 | 283,457 | |||||||||||||
| 700,000 | 3.100 | 05/01/2031 | 637,537 | |||||||||||||
| Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 855,000 | 3.000 | 05/01/2027 | 814,922 | |||||||||||||
| 1,875,000 | 3.375 | 05/01/2032 | 1,716,478 | |||||||||||||
| 1,875,000 | 4.000 | 05/01/2042 | 1,611,298 | |||||||||||||
| Enbrook Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 430,000 | 3.000 | (d) | 05/01/2030 | 396,226 | ||||||||||||
| Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 730,000 | 4.875 | 05/01/2033 | 751,490 | |||||||||||||
| 500,000 | 5.600 | 05/01/2043 | 521,600 | |||||||||||||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 375,000 | 2.625 | %(d) | 05/01/2031 | $ | 347,201 | ||||||||||
| 1,860,000 | 3.125 | (d) | 05/01/2041 | 1,613,829 | ||||||||||||
| Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) |
| |||||||||||||||
| 125,000 | 2.450 | 11/01/2026 | 119,382 | |||||||||||||
| 315,000 | 3.100 | 11/01/2031 | 283,899 | |||||||||||||
| Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) |
| |||||||||||||||
| 130,000 | 2.500 | 05/01/2026 | 125,163 | |||||||||||||
| 325,000 | 3.000 | 05/01/2031 | 293,687 | |||||||||||||
| 335,000 | 3.500 | 05/01/2041 | 271,700 | |||||||||||||
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) |
| |||||||||||||||
| 3,705,000 | 4.000 | 08/15/2045 | 3,310,980 | |||||||||||||
| Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB) |
| |||||||||||||||
| 1,360,000 | 5.000 | 08/15/2031 | 1,442,584 | |||||||||||||
| 3,140,000 | 5.000 | 08/15/2032 | 3,329,555 | |||||||||||||
| 355,000 | 5.000 | 08/15/2033 | 375,353 | |||||||||||||
| 2,045,000 | 5.000 | 08/15/2034 | 2,154,396 | |||||||||||||
| 2,595,000 | 5.000 | 08/15/2035 | 2,719,063 | |||||||||||||
| 9,500,000 | 5.000 | 08/15/2036 | 9,876,880 | |||||||||||||
| 4,080,000 | 5.000 | 08/15/2040 | 4,165,994 | |||||||||||||
| Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/ BBB) |
| |||||||||||||||
| 400,000 | 2.000 | (a)(b) | 11/01/2033 | 395,791 | ||||||||||||
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) |
| |||||||||||||||
| 465,000 | 3.250 | 11/01/2025 | 458,302 | |||||||||||||
| 1,375,000 | 3.625 | 11/01/2030 | 1,298,826 | |||||||||||||
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 15,000 | 3.250 | 11/01/2025 | 14,784 | |||||||||||||
| Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 70,000 | 4.125 | (d) | 11/01/2024 | 69,950 | ||||||||||||
| 445,000 | 4.250 | (d) | 11/01/2029 | 446,215 | ||||||||||||
| Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) |
| |||||||||||||||
| 850,000 | 4.400 | 06/15/2031 | 853,313 | |||||||||||||
| Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 05/01/2052 | 816,737 | |||||||||||||
| Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,030,000 | 2.625 | 05/01/2026 | 996,165 | |||||||||||||
| 1,220,000 | 3.125 | 05/01/2031 | 1,117,231 | |||||||||||||
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 1,875,000 | 4.250 | 05/01/2029 | 1,882,436 | |||||||||||||
| 3,045,000 | 5.000 | 05/01/2035 | 3,118,789 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 355,000 | 3.500 | % | 05/01/2030 | $ | 336,511 | ||||||||||
| 165,000 | 4.000 | 05/01/2040 | 147,777 | |||||||||||||
| Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 1,450,000 | 2.750 | 11/01/2035 | 1,255,325 | |||||||||||||
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) |
| |||||||||||||||
| 1,265,000 | 5.000 | (d) | 07/01/2032 | 1,213,690 | ||||||||||||
| 3,000,000 | 5.375 | (d) | 07/01/2042 | 2,771,563 | ||||||||||||
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 2,005,000 | 5.000 | (d) | 10/01/2042 | 1,964,715 | ||||||||||||
| Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2023C (NR/NR) |
| |||||||||||||||
| 10,750,000 | 8.250 | (a)(b)(d)(h) | 07/01/2057 | 10,746,575 | ||||||||||||
| Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2023C (NR/NR) |
| |||||||||||||||
| 10,750,000 | 8.000 | (a)(b)(d) | 07/01/2057 | 11,395,000 | ||||||||||||
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,455,000 | 4.000 | (d) | 06/01/2030 | 1,325,023 | ||||||||||||
| Florida Development Finance Corp. RB for Imagine School at |
| |||||||||||||||
| Broward Series 2019 A (Baa3/NR) |
| |||||||||||||||
| 425,000 | 4.000 | (d) | 12/15/2029 | 414,993 | ||||||||||||
| 725,000 | 5.000 | (d) | 12/15/2034 | 741,102 | ||||||||||||
| 770,000 | 5.000 | (d) | 12/15/2039 | 774,794 | ||||||||||||
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,675,000 | 5.125 | (d) | 06/01/2040 | 1,511,685 | ||||||||||||
| Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) |
| |||||||||||||||
| 320,000 | 4.000 | 07/01/2035 | 311,915 | |||||||||||||
| Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) |
| |||||||||||||||
| 405,000 | 4.000 | 06/01/2030 | 381,462 | |||||||||||||
| Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (NR/NR) |
| |||||||||||||||
| 14,700,000 | 7.375 | (d) | 01/01/2049 | 15,319,011 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 275,000 | 5.000 | (d) | 06/01/2031 | 271,403 | ||||||||||||
| 200,000 | 5.000 | (d) | 06/01/2035 | 193,832 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) |
| |||||||||||||||
| 630,000 | 4.000 | (d) | 06/30/2036 | 551,685 | ||||||||||||
| 660,000 | 4.000 | (d) | 06/30/2041 | 536,535 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/ NR) |
| |||||||||||||||
| 415,000 | 4.000 | (d) | 06/01/2026 | 402,191 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A3/A-) |
| |||||||||||||||
| 300,000 | 5.000 | 04/01/2027 | 312,726 | |||||||||||||
| 250,000 | 5.000 | 04/01/2029 | 268,849 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) |
| |||||||||||||||
| $ | 470,000 | 4.000 | %(d) | 09/15/2030 | $ | 446,077 | ||||||||||
| 1,050,000 | 5.000 | (d) | 09/15/2040 | 986,025 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Florida Passenger Rail Project Series 2019A-2 (NR/NR) |
| |||||||||||||||
| 1,525,000 | 6.250 | (a)(b)(d) | 01/01/2049 | 1,525,323 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR) |
| |||||||||||||||
| 20,465,000 | 6.500 | (a)(b)(d) | 01/01/2049 | 20,471,262 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR) |
| |||||||||||||||
| 9,090,000 | 6.375 | (a)(b)(d) | 01/01/2049 | 9,091,156 | ||||||||||||
| Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-) |
| |||||||||||||||
| 350,000 | 5.000 | 10/01/2024 | 350,513 | |||||||||||||
| Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 4.500 | (d) | 06/01/2033 | 1,989,501 | ||||||||||||
| 250,000 | 4.750 | (d) | 06/01/2038 | 241,969 | ||||||||||||
| 4,500,000 | 5.000 | (d) | 06/01/2048 | 4,189,471 | ||||||||||||
| Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB) |
| |||||||||||||||
| 2,000,000 | 5.000 | 03/01/2044 | 2,029,942 | |||||||||||||
| Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/ BBB) |
| |||||||||||||||
| 2,750,000 | 5.000 | 03/01/2047 | 2,765,410 | |||||||||||||
| Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) |
| |||||||||||||||
| 1,445,000 | 3.350 | (a)(b) | 10/01/2027 | 1,433,557 | ||||||||||||
| Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (A2/A) |
| |||||||||||||||
| 8,795,000 | 5.000 | 09/01/2025 | 8,891,192 | |||||||||||||
| 4,530,000 | 5.000 | 09/01/2026 | 4,674,504 | |||||||||||||
| 3,305,000 | 5.000 | 09/01/2027 | 3,439,668 | |||||||||||||
| Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR) |
| |||||||||||||||
| 1,540,000 | 4.875 | 11/01/2037 | 1,546,478 | |||||||||||||
| Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.000 | 11/01/2028 | 199,020 | |||||||||||||
| 1,065,000 | 5.000 | 11/01/2038 | 1,078,608 | |||||||||||||
| Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 95,000 | 3.350 | 11/01/2024 | 94,486 | |||||||||||||
| 1,785,000 | 4.125 | 11/01/2039 | 1,639,717 | |||||||||||||
| Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 465,000 | 3.750 | 11/01/2039 | 406,261 | |||||||||||||
| Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR) |
| |||||||||||||||
| 355,000 | 2.625 | (d) | 05/01/2025 | 349,220 | ||||||||||||
| 495,000 | 3.250 | (d) | 05/01/2030 | 475,902 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 615,000 | 2.950 | % | 05/01/2031 | $ | 555,538 | ||||||||||
| 1,595,000 | 3.350 | 05/01/2041 | 1,285,509 | |||||||||||||
| Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR) |
| |||||||||||||||
| 530,000 | 4.250 | 05/01/2026 | 531,644 | |||||||||||||
| Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) |
| |||||||||||||||
| 560,000 | 3.250 | 05/01/2025 | 554,268 | |||||||||||||
| 1,360,000 | 4.000 | 05/01/2030 | 1,334,622 | |||||||||||||
| Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 100,000 | 3.750 | 11/01/2024 | 99,737 | |||||||||||||
| 555,000 | 4.125 | 11/01/2029 | 554,097 | |||||||||||||
| 1,195,000 | 4.750 | 11/01/2039 | 1,177,914 | |||||||||||||
| 1,930,000 | 5.000 | 11/01/2050 | 1,877,648 | |||||||||||||
| Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 215,000 | 3.200 | 11/01/2031 | 196,878 | |||||||||||||
| 500,000 | 3.500 | 11/01/2041 | 409,360 | |||||||||||||
| Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 435,000 | 2.500 | 05/01/2026 | 419,688 | |||||||||||||
| Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/ NR) |
| |||||||||||||||
| 515,000 | 4.650 | 05/01/2034 | 516,867 | |||||||||||||
| 755,000 | 5.450 | 05/01/2044 | 759,079 | |||||||||||||
| Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/ NR) |
| |||||||||||||||
| 990,000 | 5.000 | 11/15/2036 | 990,236 | |||||||||||||
| Grove Resort Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 170,000 | 3.300 | 05/01/2032 | 155,518 | |||||||||||||
| 440,000 | 3.550 | 05/01/2042 | 360,794 | |||||||||||||
| Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 55,000 | 3.000 | 11/01/2024 | 54,660 | |||||||||||||
| 1,195,000 | 3.500 | 11/01/2030 | 1,141,024 | |||||||||||||
| Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) |
| |||||||||||||||
| 365,000 | 3.875 | 05/01/2026 | 362,210 | |||||||||||||
| Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,650,000 | 6.300 | 05/01/2043 | 1,771,313 | |||||||||||||
| Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.700 | 05/01/2031 | 1,002,677 | |||||||||||||
| Hammock oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 700,000 | 5.625 | 05/01/2043 | 723,842 | |||||||||||||
| Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 375,000 | 4.200 | 05/01/2027 | 373,121 | |||||||||||||
| 450,000 | 4.400 | 05/01/2032 | 449,698 | |||||||||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 585,000 | 4.700 | % | 05/01/2042 | $ | 552,270 | ||||||||||
| Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) |
| |||||||||||||||
| 220,000 | 2.625 | 05/01/2025 | 216,236 | |||||||||||||
| 510,000 | 3.250 | 05/01/2030 | 487,397 | |||||||||||||
| Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/ NR) |
| |||||||||||||||
| 125,000 | 2.375 | 05/01/2026 | 120,387 | |||||||||||||
| 205,000 | 3.000 | 05/01/2031 | 187,152 | |||||||||||||
| Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 290,000 | 3.100 | 05/01/2024 | 289,735 | |||||||||||||
| 1,880,000 | 3.300 | 05/01/2029 | 1,804,673 | |||||||||||||
| 365,000 | 3.700 | 05/01/2033 | 340,794 | |||||||||||||
| Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.100 | 05/01/2024 | 99,909 | |||||||||||||
| 1,140,000 | 3.300 | 05/01/2029 | 1,093,899 | |||||||||||||
| Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 800,000 | 5.125 | 05/01/2043 | 813,033 | |||||||||||||
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| |||||||||||||||
| 265,000 | 4.000 | 05/01/2024 | 264,963 | |||||||||||||
| 265,000 | 4.000 | 05/01/2025 | 265,213 | |||||||||||||
| 140,000 | 4.000 | 05/01/2026 | 140,665 | |||||||||||||
| Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) |
| |||||||||||||||
| 35,000 | 3.250 | 11/01/2024 | 34,821 | |||||||||||||
| 400,000 | 3.500 | 11/01/2030 | 379,470 | |||||||||||||
| 1,000,000 | 3.875 | 11/01/2039 | 897,798 | |||||||||||||
| Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.625 | 11/01/2030 | 119,468 | |||||||||||||
| Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 270,000 | 2.600 | 05/01/2026 | 261,052 | |||||||||||||
| 435,000 | 3.200 | 05/01/2031 | 401,274 | |||||||||||||
| 1,000,000 | 3.450 | 05/01/2041 | 829,410 | |||||||||||||
| Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) |
| |||||||||||||||
| 785,000 | 5.000 | 05/01/2034 | 810,003 | |||||||||||||
| Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) |
| |||||||||||||||
| 215,000 | 4.000 | 05/01/2024 | 214,983 | |||||||||||||
| 225,000 | 4.000 | 05/01/2025 | 226,128 | |||||||||||||
| 235,000 | 4.000 | 05/01/2026 | 238,423 | |||||||||||||
| 240,000 | 4.000 | 05/01/2027 | 246,033 | |||||||||||||
| 250,000 | 4.000 | 05/01/2028 | 256,953 | |||||||||||||
| Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) |
| |||||||||||||||
| 605,000 | 3.500 | 05/01/2024 | 604,458 | |||||||||||||
| 625,000 | 3.625 | 05/01/2025 | 618,430 | |||||||||||||
| 650,000 | 3.750 | 05/01/2026 | 641,807 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) – (continued) |
| |||||||||||||||
| $ | 1,005,000 | 4.200 | % | 05/01/2031 | $ | 1,002,435 | ||||||||||
| 1,000,000 | 4.350 | 05/01/2036 | 1,000,403 | |||||||||||||
| Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) |
| |||||||||||||||
| 365,000 | 2.500 | 05/01/2030 | 343,064 | |||||||||||||
| 375,000 | 2.500 | 05/01/2031 | 348,570 | |||||||||||||
| 300,000 | 3.000 | 05/01/2032 | 293,854 | |||||||||||||
| 300,000 | 3.000 | 05/01/2033 | 289,572 | |||||||||||||
| 245,000 | 3.000 | 05/01/2034 | 231,766 | |||||||||||||
| 255,000 | 3.000 | 05/01/2035 | 240,129 | |||||||||||||
| 260,000 | 3.000 | 05/01/2036 | 240,573 | |||||||||||||
| Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) |
| |||||||||||||||
| 1,700,000 | 5.000 | 03/01/2039 | 1,315,852 | |||||||||||||
| Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR) |
| |||||||||||||||
| 120,000 | 2.875 | 05/01/2025 | 118,078 | |||||||||||||
| 200,000 | 3.250 | 05/01/2031 | 184,653 | |||||||||||||
| Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| |||||||||||||||
| 140,000 | 3.250 | 05/01/2031 | 129,257 | |||||||||||||
| Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 60,000 | 4.000 | (d) | 12/15/2024 | 59,942 | ||||||||||||
| 550,000 | 4.250 | (d) | 12/15/2029 | 552,096 | ||||||||||||
| Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) |
| |||||||||||||||
| 20,000 | 3.375 | 11/01/2025 | 19,801 | |||||||||||||
| 220,000 | 3.875 | 11/01/2031 | 212,492 | |||||||||||||
| 300,000 | 4.200 | 11/01/2039 | 278,018 | |||||||||||||
| Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR) |
| |||||||||||||||
| 295,000 | 4.875 | 11/01/2027 | 299,392 | |||||||||||||
| 865,000 | 5.375 | 11/01/2037 | 882,264 | |||||||||||||
| 775,000 | 5.500 | 11/01/2047 | 783,833 | |||||||||||||
| Highlands Meadows II Community Development District Special |
| |||||||||||||||
| Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR) |
| |||||||||||||||
| 60,000 | 4.875 | 11/01/2027 | 60,888 | |||||||||||||
| 335,000 | 5.500 | 11/01/2047 | 338,818 | |||||||||||||
| Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR) |
| |||||||||||||||
| 790,000 | 4.000 | 11/01/2028 | 787,242 | |||||||||||||
| 700,000 | 4.500 | 11/01/2038 | 677,716 | |||||||||||||
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) |
| |||||||||||||||
| 680,000 | 3.000 | (d) | 05/01/2025 | 671,053 | ||||||||||||
| 1,020,000 | 3.500 | (d) | 05/01/2031 | 963,582 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 250,000 | 2.800 | % | 05/01/2031 | $ | 224,568 | ||||||||||
| 1,000,000 | 3.200 | 05/01/2041 | 794,270 | |||||||||||||
| Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (NR/AA-) |
| |||||||||||||||
| 6,275,000 | 5.000 | 10/01/2040 | 6,289,161 | |||||||||||||
| Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 45,000 | 4.000 | 11/01/2025 | 44,876 | |||||||||||||
| 165,000 | 4.500 | 11/01/2031 | 175,560 | |||||||||||||
| 170,000 | 5.000 | 11/01/2041 | 181,347 | |||||||||||||
| Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 747,000 | 3.000 | 05/01/2031 | 678,473 | |||||||||||||
| 933,000 | 3.000 | 05/01/2037 | 765,446 | |||||||||||||
| Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) |
| |||||||||||||||
| 1,705,000 | 4.050 | (a)(b) | 09/01/2056 | 1,711,944 | ||||||||||||
| Housing Finance Authority of Miami-Dade County Multifamily Housing RB for St. Mary Towers Apartments Series 2024 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 1,000,000 | 3.400 | (a)(b) | 04/01/2041 | 991,201 | ||||||||||||
| Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 40,000 | 4.000 | (d) | 11/01/2024 | 39,947 | ||||||||||||
| 210,000 | 5.000 | (d) | 11/01/2039 | 211,836 | ||||||||||||
| Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,360,000 | 5.750 | 12/15/2043 | 1,422,640 | |||||||||||||
| JEA Electric System RB 2008 D (A2/A/A-1) |
| |||||||||||||||
| 12,615,000 | 4.600 | (a)(b) | 10/01/2038 | 12,615,000 | ||||||||||||
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,175,000 | 4.500 | (d) | 05/01/2038 | 1,137,546 | ||||||||||||
| 1,855,000 | 4.625 | (d) | 05/01/2048 | 1,709,391 | ||||||||||||
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 670,000 | 2.750 | 05/01/2031 | 597,944 | |||||||||||||
| 765,000 | 3.125 | 05/01/2041 | 598,523 | |||||||||||||
| Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) |
| |||||||||||||||
| 915,000 | 6.000 | 11/01/2043 | 948,051 | |||||||||||||
| Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 110,000 | 2.625 | 05/01/2025 | 108,197 | |||||||||||||
| 155,000 | 3.000 | 05/01/2030 | 147,526 | |||||||||||||
| Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 600,000 | 3.125 | 05/01/2041 | 520,590 | |||||||||||||
| Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 640,000 | 4.900 | 05/01/2033 | 661,266 | |||||||||||||
| Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.625 | 05/01/2037 | 992,190 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 305,000 | 2.750 | % | 06/15/2025 | $ | 300,702 | ||||||||||
| 485,000 | 3.125 | 06/15/2030 | 472,542 | |||||||||||||
| 375,000 | 4.000 | 06/15/2040 | 366,662 | |||||||||||||
| Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 700,000 | 3.600 | 06/15/2041 | 648,074 | |||||||||||||
| Knightsbridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 245,000 | 4.250 | (d)(h) | 06/15/2031 | 243,935 | ||||||||||||
| Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) |
| |||||||||||||||
| 350,000 | 4.500 | 05/01/2027 | 348,695 | |||||||||||||
| 350,000 | 5.000 | 05/01/2032 | 350,344 | |||||||||||||
| 1,030,000 | 5.500 | 05/01/2042 | 1,042,417 | |||||||||||||
| Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) |
| |||||||||||||||
| 625,000 | 4.500 | (d) | 05/01/2030 | 628,910 | ||||||||||||
| 550,000 | 5.250 | (d) | 05/01/2043 | 557,906 | ||||||||||||
| Lake Harris Community Development District 2023 Project Area Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.700 | 05/01/2030 | 202,158 | |||||||||||||
| Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 355,000 | 3.500 | 05/01/2030 | 336,511 | |||||||||||||
| 325,000 | 4.000 | 05/01/2035 | 309,630 | |||||||||||||
| Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 625,000 | 5.625 | 05/01/2043 | 648,813 | |||||||||||||
| Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 2.625 | 05/01/2026 | 96,715 | |||||||||||||
| 125,000 | 3.200 | 05/01/2031 | 116,041 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) |
| |||||||||||||||
| 180,000 | 3.125 | 05/01/2025 | 178,086 | |||||||||||||
| 370,000 | 3.400 | 05/01/2030 | 351,891 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) |
| |||||||||||||||
| 445,000 | 2.500 | (d) | 05/01/2025 | 436,821 | ||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) |
| |||||||||||||||
| 225,000 | 3.250 | 05/01/2029 | 214,954 | |||||||||||||
| 200,000 | 3.850 | 05/01/2039 | 178,791 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) |
| |||||||||||||||
| 470,000 | 3.000 | 05/01/2030 | 433,895 | |||||||||||||
| 750,000 | 3.500 | 05/01/2040 | 630,963 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR) |
| |||||||||||||||
| 295,000 | 2.625 | 05/01/2031 | 261,723 | |||||||||||||
| 1,000,000 | 3.100 | 05/01/2041 | 785,408 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) |
| |||||||||||||||
| 55,000 | 3.600 | 05/01/2024 | 54,972 | |||||||||||||
| 285,000 | 3.800 | 05/01/2029 | 280,994 | |||||||||||||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for |
| |||||||||||||||
| Del Webb Project Series 2017 (NR/NR) |
| |||||||||||||||
| $ | 420,000 | 4.300 | %(d) | 05/01/2027 | $ | 422,617 | ||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) |
| |||||||||||||||
| 5,000 | 2.900 | (d) | 05/01/2024 | 4,994 | ||||||||||||
| 570,000 | 3.200 | (d) | 05/01/2029 | 546,451 | ||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 40,000 | 3.600 | 05/01/2024 | 39,980 | |||||||||||||
| 225,000 | 3.800 | 05/01/2029 | 221,837 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) |
| |||||||||||||||
| 375,000 | 4.250 | 05/01/2025 | 375,332 | |||||||||||||
| 1,605,000 | 4.875 | 05/01/2035 | 1,611,893 | |||||||||||||
| 905,000 | 4.875 | 05/01/2045 | 891,206 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) |
| |||||||||||||||
| 735,000 | 4.625 | 05/01/2027 | 742,778 | |||||||||||||
| 1,000,000 | 5.250 | 05/01/2037 | 1,019,295 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) |
| |||||||||||||||
| 1,055,000 | 4.250 | 05/01/2028 | 1,058,420 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) |
| |||||||||||||||
| 395,000 | 4.350 | 05/01/2024 | 395,049 | |||||||||||||
| 1,970,000 | 4.750 | 05/01/2029 | 2,006,779 | |||||||||||||
| 2,250,000 | 5.300 | 05/01/2039 | 2,306,444 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project Series 2023 (NR/NR) |
| |||||||||||||||
| 2,500,000 | 6.125 | 05/01/2043 | 2,642,395 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/ NR) |
| |||||||||||||||
| 210,000 | 4.250 | 05/01/2026 | 210,059 | |||||||||||||
| 5,475,000 | 5.000 | 05/01/2036 | 5,539,112 | |||||||||||||
| 3,945,000 | 5.125 | 05/01/2046 | 3,950,596 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 500,000 | 2.000 | 05/01/2028 | 461,955 | |||||||||||||
| 500,000 | 2.000 | 05/01/2029 | 454,140 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 425,000 | 3.000 | 05/01/2041 | 332,279 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) |
| |||||||||||||||
| 230,000 | 2.500 | (d) | 05/01/2025 | 225,820 | ||||||||||||
| 440,000 | 3.200 | (d) | 05/01/2030 | 411,184 | ||||||||||||
| Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 145,000 | 3.500 | 05/01/2024 | 144,917 | |||||||||||||
| 275,000 | 3.875 | 05/01/2029 | 272,038 | |||||||||||||
| Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 560,000 | 4.125 | (d) | 11/01/2028 | 560,604 | ||||||||||||
| 250,000 | 4.750 | (d) | 11/01/2048 | 236,136 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) |
| |||||||||||||||
| $ | 375,000 | 3.000 | % | 05/01/2024 | $ | 374,483 | ||||||||||
| 490,000 | 3.000 | 05/01/2025 | 478,362 | |||||||||||||
| 500,000 | 3.000 | 05/01/2026 | 483,430 | |||||||||||||
| 520,000 | 3.000 | 05/01/2027 | 499,262 | |||||||||||||
| 535,000 | 3.000 | 05/01/2028 | 510,646 | |||||||||||||
| 550,000 | 3.000 | 05/01/2029 | 523,545 | |||||||||||||
| 1,605,000 | 3.000 | 05/01/2035 | 1,452,710 | |||||||||||||
| Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 140,000 | 3.125 | 05/01/2024 | 139,879 | |||||||||||||
| 535,000 | 3.375 | 05/01/2030 | 504,976 | |||||||||||||
| 925,000 | 4.000 | 05/01/2038 | 848,444 | |||||||||||||
| Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 310,000 | 4.375 | 05/01/2027 | 310,114 | |||||||||||||
| 435,000 | 4.750 | 05/01/2032 | 439,923 | |||||||||||||
| 370,000 | 5.000 | 05/01/2042 | 371,694 | |||||||||||||
| Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| |||||||||||||||
| 330,000 | 3.500 | 05/01/2025 | 327,093 | |||||||||||||
| 340,000 | 3.500 | 05/01/2026 | 335,303 | |||||||||||||
| Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A2/A+) |
| |||||||||||||||
| 4,590,000 | 5.000 | (a)(b) | 04/01/2033 | 4,655,173 | ||||||||||||
| Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 505,000 | 3.125 | 05/01/2025 | 499,172 | |||||||||||||
| Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,270,000 | 5.000 | 05/01/2038 | 1,283,621 | |||||||||||||
| Longleaf Community Development District (NR/NR) |
| |||||||||||||||
| 446,000 | 5.375 | 05/01/2030 | 446,175 | |||||||||||||
| Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| |||||||||||||||
| 405,000 | 4.500 | (d) | 05/01/2031 | 407,938 | ||||||||||||
| LT Ranch Community Development District Capital Improvement RB Series 2022-1 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.300 | 05/01/2032 | 103,185 | |||||||||||||
| 285,000 | 5.750 | 05/01/2042 | 295,792 | |||||||||||||
| 460,000 | 5.900 | 05/01/2053 | 474,270 | |||||||||||||
| LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 400,000 | 3.000 | 05/01/2025 | 394,926 | |||||||||||||
| 980,000 | 3.400 | 05/01/2030 | 926,253 | |||||||||||||
| 1,420,000 | 4.000 | 05/01/2040 | 1,281,822 | |||||||||||||
| LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) |
| |||||||||||||||
| 1,100,000 | 3.250 | 05/01/2031 | 1,015,589 | |||||||||||||
| LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) |
| |||||||||||||||
| 275,000 | 2.500 | 05/01/2026 | 265,130 | |||||||||||||
| 700,000 | 3.125 | 05/01/2031 | 641,034 | |||||||||||||
| 775,000 | 3.450 | 05/01/2041 | 638,678 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 65,000 | 3.800 | % | 05/01/2024 | $ | 64,977 | ||||||||||
| 290,000 | 4.000 | 05/01/2029 | 288,443 | |||||||||||||
| Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 130,000 | 3.250 | 06/15/2024 | 129,744 | |||||||||||||
| 885,000 | 3.625 | 06/15/2030 | 844,106 | |||||||||||||
| Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,365,000 | 6.625 | (d) | 05/01/2053 | 1,474,999 | ||||||||||||
| Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 350,000 | 4.000 | 05/01/2032 | 343,248 | |||||||||||||
| 1,050,000 | 4.250 | 05/01/2042 | 960,931 | |||||||||||||
| McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.750 | (d) | 11/01/2029 | 1,018,453 | ||||||||||||
| Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A) |
| |||||||||||||||
| 745,000 | 4.450 | 05/01/2030 | 745,315 | |||||||||||||
| Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 505,000 | 3.000 | 05/01/2031 | 458,674 | |||||||||||||
| 1,785,000 | 3.250 | 05/01/2041 | 1,416,638 | |||||||||||||
| Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 750,000 | 5.400 | 05/01/2043 | 770,547 | |||||||||||||
| Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A) |
| |||||||||||||||
| 30,000,000 | 5.000 | 10/01/2038 | 30,295,728 | |||||||||||||
| Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A) |
| |||||||||||||||
| 11,565,000 | 5.000 | 10/01/2040 | 11,895,111 | |||||||||||||
| Miami RB Refunding Parking System Series 2019 (BAM) (A1/ AA) |
| |||||||||||||||
| 1,000,000 | 4.000 | 10/01/2038 | 1,004,989 | |||||||||||||
| Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.750 | 11/01/2027 | 1,018,471 | |||||||||||||
| 850,000 | 5.125 | 11/01/2039 | 864,828 | |||||||||||||
| 2,350,000 | 5.250 | 11/01/2049 | 2,388,948 | |||||||||||||
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (NR/A) |
| |||||||||||||||
| 2,225,000 | 5.000 | 10/01/2049 | 2,286,839 | |||||||||||||
| Miami-Dade County Capital Asset Acquisition Special Obligation Bonds Series 2023A (Aa2/AA) |
| |||||||||||||||
| 3,770,000 | 5.000 | 04/01/2045 | 4,045,894 | |||||||||||||
| 9,810,000 | 5.000 | 04/01/2048 | 10,429,741 | |||||||||||||
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) |
| |||||||||||||||
| 430,000 | 5.000 | (d) | 07/01/2037 | 431,120 | ||||||||||||
| 670,000 | 5.250 | (d) | 07/01/2042 | 669,163 | ||||||||||||
| Miami-Dade County Seaport Revenue Refunding Bonds Series 2021A (AGM) (A3/AA) |
| |||||||||||||||
| 10,000,000 | 4.000 | 10/01/2041 | 9,813,710 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) |
| |||||||||||||||
| $ | 2,715,000 | 5.250 | % | 10/01/2052 | $ | 2,860,096 | ||||||||||
| Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) |
| |||||||||||||||
| 1,425,000 | 4.000 | 10/01/2051 | 1,387,310 | |||||||||||||
| Miami-Dade County, Florida Seaport RR Bonds, Series 2022A (AMT) (A3/NR) |
| |||||||||||||||
| 2,030,000 | 5.000 | 10/01/2042 | 2,149,513 | |||||||||||||
| Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) |
| |||||||||||||||
| 4,500,000 | 5.000 | 05/01/2037 | 4,500,249 | |||||||||||||
| Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 305,000 | 2.500 | 05/01/2026 | 293,343 | |||||||||||||
| 740,000 | 3.125 | 05/01/2031 | 662,191 | |||||||||||||
| Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 635,000 | 4.625 | 05/01/2027 | 637,952 | |||||||||||||
| 325,000 | 5.125 | 05/01/2032 | 334,746 | |||||||||||||
| Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 65,000 | 3.125 | 12/15/2024 | 64,581 | |||||||||||||
| 675,000 | 3.375 | 12/15/2030 | 640,493 | |||||||||||||
| 1,500,000 | 4.000 | 12/15/2039 | 1,359,817 | |||||||||||||
| Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) |
| |||||||||||||||
| 1,545,000 | 5.250 | 11/01/2035 | 1,551,537 | |||||||||||||
| New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 500,000 | 3.500 | 05/01/2031 | 469,377 | |||||||||||||
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) |
| |||||||||||||||
| 20,000 | 3.125 | (d) | 05/01/2025 | 19,772 | ||||||||||||
| 30,000 | 3.500 | (d) | 05/01/2031 | 28,270 | ||||||||||||
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) |
| |||||||||||||||
| 125,000 | 3.500 | (d) | 05/01/2026 | 121,888 | ||||||||||||
| 130,000 | 3.500 | (d) | 05/01/2027 | 126,354 | ||||||||||||
| 135,000 | 3.500 | (d) | 05/01/2028 | 131,778 | ||||||||||||
| 140,000 | 3.500 | (d) | 05/01/2029 | 136,598 | ||||||||||||
| 700,000 | 3.500 | (d) | 05/01/2038 | 636,302 | ||||||||||||
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) |
| |||||||||||||||
| 370,000 | 4.625 | 05/01/2031 | 370,983 | |||||||||||||
| 500,000 | 5.450 | 05/01/2044 | 502,715 | |||||||||||||
| North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 200,000 | 2.625 | 05/01/2026 | 193,391 | |||||||||||||
| 280,000 | 3.125 | 05/01/2031 | 257,374 | |||||||||||||
| North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 250,000 | 5.625 | 05/01/2030 | 258,665 | |||||||||||||
| 525,000 | 6.375 | 05/01/2043 | 562,676 | |||||||||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 280,000 | 2.450 | % | 11/01/2026 | $ | 267,119 | ||||||||||
| 500,000 | 3.000 | 11/01/2031 | 452,400 | |||||||||||||
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 215,000 | 5.250 | (d) | 05/01/2032 | 217,699 | ||||||||||||
| North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 265,000 | 2.625 | 05/01/2025 | 260,174 | |||||||||||||
| 495,000 | 3.125 | 05/01/2030 | 459,688 | |||||||||||||
| 430,000 | 3.625 | 05/01/2040 | 366,462 | |||||||||||||
| North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) |
| |||||||||||||||
| 655,000 | 5.000 | 10/01/2030 | 720,158 | |||||||||||||
| 575,000 | 5.000 | 10/01/2031 | 632,243 | |||||||||||||
| 1,025,000 | 5.000 | 10/01/2033 | 1,125,269 | |||||||||||||
| 1,205,000 | 5.000 | 10/01/2034 | 1,320,934 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2036 | 1,086,853 | |||||||||||||
| 1,975,000 | 5.000 | 10/01/2037 | 2,133,307 | |||||||||||||
| 2,075,000 | 5.000 | 10/01/2038 | 2,230,702 | |||||||||||||
| 2,180,000 | 5.000 | 10/01/2039 | 2,336,099 | |||||||||||||
| 2,630,000 | 5.000 | 10/01/2044 | 2,768,914 | |||||||||||||
| Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 325,000 | 4.875 | 05/01/2030 | 330,102 | |||||||||||||
| Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 115,000 | 2.500 | 06/15/2025 | 112,858 | |||||||||||||
| 300,000 | 3.000 | 06/15/2030 | 282,706 | |||||||||||||
| 315,000 | 4.000 | 06/15/2040 | 285,832 | |||||||||||||
| Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 400,000 | 4.250 | 06/15/2030 | 403,970 | |||||||||||||
| 585,000 | 5.250 | 06/15/2043 | 603,038 | |||||||||||||
| Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 195,000 | 3.700 | 05/01/2024 | 194,914 | |||||||||||||
| 825,000 | 4.100 | 05/01/2029 | 825,162 | |||||||||||||
| Orlando Utilities Commission RB Series 2021 B (Aa2/AA) |
| |||||||||||||||
| 4,325,000 | 1.250 | (a)(b) | 10/01/2046 | 3,786,585 | ||||||||||||
| Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.250 | 05/01/2025 | 99,029 | |||||||||||||
| 350,000 | 3.500 | 05/01/2030 | 332,308 | |||||||||||||
| Osceola County Expressway System Senior Lien Convertible Capital Appreciation RB Series 2014B-2 (NR/NR) |
| |||||||||||||||
| 5,000,000 | 0.000 | (c)(g) | 10/01/2031 | 5,905,398 | ||||||||||||
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR) |
| |||||||||||||||
| 3,280,000 | 5.875 | 11/01/2037 | 3,407,127 | |||||||||||||
| 3,495,000 | 6.000 | 11/01/2047 | 3,604,651 | |||||||||||||
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 640,000 | 4.875 | (d) | 11/01/2028 | 651,735 | ||||||||||||
| Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (NR/BBB+) |
| |||||||||||||||
| 400,000 | 5.000 | 10/01/2026 | 414,499 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 120,000 | 2.375 | %(d) | 05/01/2026 | $ | 115,467 | ||||||||||
| 180,000 | 2.875 | (d) | 05/01/2031 | 162,500 | ||||||||||||
| 365,000 | 3.300 | (d) | 05/01/2041 | 293,551 | ||||||||||||
| Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 600,000 | 4.125 | 06/15/2030 | 602,977 | |||||||||||||
| 950,000 | 5.000 | 06/15/2043 | 959,706 | |||||||||||||
| Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) |
| |||||||||||||||
| 4,000,000 | 5.000 | 10/01/2034 | 4,515,492 | |||||||||||||
| 1,810,000 | 5.000 | 10/01/2043 | 1,926,293 | |||||||||||||
| Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 11/15/2041 | 240,193 | |||||||||||||
| 1,030,000 | 5.000 | 11/15/2042 | 1,078,960 | |||||||||||||
| Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) |
| |||||||||||||||
| 2,300,000 | 4.000 | 05/15/2053 | 1,657,928 | |||||||||||||
| 1,825,000 | 5.000 | 05/15/2053 | 1,584,077 | |||||||||||||
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) |
| |||||||||||||||
| 615,000 | 4.000 | 05/15/2030 | 585,698 | |||||||||||||
| 8,190,000 | 4.000 | 05/15/2036 | 7,334,609 | |||||||||||||
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) |
| |||||||||||||||
| 945,000 | 7.500 | 05/15/2053 | 1,040,982 | |||||||||||||
| Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) |
| |||||||||||||||
| 910,000 | 4.700 | 05/01/2033 | 922,656 | |||||||||||||
| 400,000 | 5.400 | 05/01/2043 | 408,942 | |||||||||||||
| Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 275,000 | 2.800 | 05/01/2031 | 246,869 | |||||||||||||
| 730,000 | 3.125 | 05/01/2041 | 571,140 | |||||||||||||
| Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) |
| |||||||||||||||
| 85,000 | 3.400 | 05/01/2025 | 84,260 | |||||||||||||
| 245,000 | 3.750 | 05/01/2030 | 236,451 | |||||||||||||
| 965,000 | 4.150 | 05/01/2040 | 886,770 | |||||||||||||
| Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) |
| |||||||||||||||
| 215,000 | 3.500 | 11/01/2025 | 212,517 | |||||||||||||
| 225,000 | 3.500 | 11/01/2026 | 221,965 | |||||||||||||
| 230,000 | 3.500 | 11/01/2027 | 226,743 | |||||||||||||
| 240,000 | 3.500 | 11/01/2028 | 236,184 | |||||||||||||
| Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 785,000 | 4.000 | (d) | 05/01/2050 | 649,118 | ||||||||||||
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) |
| |||||||||||||||
| 350,000 | 3.750 | 05/01/2031 | 346,523 | |||||||||||||
| 1,045,000 | 4.000 | 05/01/2036 | 1,047,074 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) |
| |||||||||||||||
| $ | 205,000 | 4.000 | % | 05/01/2027 | $ | 204,285 | ||||||||||
| 3,575,000 | 5.000 | 05/01/2039 | 3,605,267 | |||||||||||||
| Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 655,000 | 2.875 | 11/01/2031 | 578,401 | |||||||||||||
| 1,155,000 | 3.150 | 11/01/2041 | 897,962 | |||||||||||||
| Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 65,000 | 4.500 | 05/01/2024 | 65,013 | |||||||||||||
| 465,000 | 4.750 | 05/01/2030 | 471,702 | |||||||||||||
| Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 625,000 | 3.125 | 05/01/2030 | 580,076 | |||||||||||||
| 800,000 | 3.750 | 05/01/2040 | 690,120 | |||||||||||||
| Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) |
| |||||||||||||||
| 345,000 | 4.250 | 05/01/2031 | 346,844 | |||||||||||||
| 1,030,000 | 4.500 | 05/01/2038 | 1,017,305 | |||||||||||||
| Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) |
| |||||||||||||||
| 265,000 | 4.000 | 05/01/2026 | 262,859 | |||||||||||||
| 275,000 | 4.000 | 05/01/2027 | 273,208 | |||||||||||||
| 285,000 | 4.125 | 05/01/2028 | 284,822 | |||||||||||||
| Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) |
| |||||||||||||||
| 400,000 | 4.625 | 05/01/2030 | 402,319 | |||||||||||||
| 515,000 | 5.375 | 05/01/2043 | 521,807 | |||||||||||||
| Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 495,000 | 4.000 | 05/01/2030 | 489,984 | |||||||||||||
| Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 195,000 | 2.500 | 05/01/2026 | 188,427 | |||||||||||||
| 335,000 | 3.125 | 05/01/2031 | 308,261 | |||||||||||||
| Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) |
| |||||||||||||||
| 100,000 | 2.625 | 05/01/2026 | 96,696 | |||||||||||||
| 260,000 | 3.250 | 05/01/2031 | 240,944 | |||||||||||||
| 760,000 | 3.550 | 05/01/2041 | 634,391 | |||||||||||||
| Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) |
| |||||||||||||||
| 480,000 | 5.250 | 09/01/2035 | 556,838 | |||||||||||||
| 500,000 | 5.250 | 09/01/2036 | 576,009 | |||||||||||||
| 250,000 | 5.500 | 09/01/2037 | 289,990 | |||||||||||||
| 210,000 | 5.500 | 09/01/2038 | 241,891 | |||||||||||||
| 3,665,000 | 5.750 | 09/01/2054 | 4,118,182 | |||||||||||||
| Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) |
| |||||||||||||||
| 440,000 | 4.000 | 05/01/2024 | 439,702 | |||||||||||||
| 475,000 | 4.000 | 05/01/2026 | 474,338 | |||||||||||||
| 515,000 | 4.000 | 05/01/2028 | 518,826 | |||||||||||||
| 1,315,000 | 4.500 | 05/01/2031 | 1,336,956 | |||||||||||||
| Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 450,000 | 4.250 | 06/15/2030 | 453,034 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-) |
| |||||||||||||||
| $ | 1,330,000 | 4.500 | % | 11/01/2033 | $ | 1,330,523 | ||||||||||
| Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 225,000 | 3.000 | (d) | 12/15/2031 | 214,520 | ||||||||||||
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) |
| |||||||||||||||
| 545,000 | 2.000 | 05/01/2028 | 494,619 | |||||||||||||
| 555,000 | 2.000 | 05/01/2029 | 495,777 | |||||||||||||
| 565,000 | 2.125 | 05/01/2030 | 496,481 | |||||||||||||
| 1,000,000 | 2.625 | 05/01/2034 | 870,386 | |||||||||||||
| 990,000 | 2.800 | 05/01/2037 | 823,011 | |||||||||||||
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) |
| |||||||||||||||
| 285,000 | 2.750 | 05/01/2025 | 280,633 | |||||||||||||
| Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) |
| |||||||||||||||
| 1,900,000 | 5.000 | 07/01/2029 | 1,950,798 | |||||||||||||
| Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) |
| |||||||||||||||
| 40,000 | 2.875 | 05/01/2025 | 39,362 | |||||||||||||
| 170,000 | 3.250 | 05/01/2031 | 157,326 | |||||||||||||
| Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) |
| |||||||||||||||
| 855,000 | 2.800 | 05/01/2025 | 840,699 | |||||||||||||
| 3,330,000 | 3.200 | 05/01/2031 | 3,081,387 | |||||||||||||
| 1,875,000 | 3.500 | 05/01/2037 | 1,641,443 | |||||||||||||
| Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) |
| |||||||||||||||
| 250,000 | 4.600 | 05/01/2031 | 251,439 | |||||||||||||
| Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) |
| |||||||||||||||
| 275,000 | 4.750 | 11/01/2029 | 282,501 | |||||||||||||
| Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) |
| |||||||||||||||
| 30,000 | 3.250 | 11/01/2024 | 29,842 | |||||||||||||
| 555,000 | 3.500 | 11/01/2030 | 544,878 | |||||||||||||
| Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) |
| |||||||||||||||
| 160,000 | 2.500 | 05/01/2026 | 155,752 | |||||||||||||
| Preston Cove Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 430,000 | 3.250 | 05/01/2027 | 417,864 | |||||||||||||
| 1,820,000 | 4.000 | 05/01/2042 | 1,600,868 | |||||||||||||
| Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) |
| |||||||||||||||
| 690,000 | 5.875 | 12/15/2043 | 722,932 | |||||||||||||
| Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) |
| |||||||||||||||
| 90,000 | 2.200 | 12/15/2026 | 86,064 | |||||||||||||
| 485,000 | 2.700 | 12/15/2031 | 441,727 | |||||||||||||
| 735,000 | 3.125 | 12/15/2041 | 594,579 | |||||||||||||
| Ranches At Lake Mcleod Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 625,000 | 5.250 | 06/15/2043 | 638,214 | |||||||||||||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| $ | 30,000 | 4.100 | %(d) | 05/01/2024 | $ | 29,997 | ||||||||||
| 185,000 | 4.500 | (d) | 05/01/2029 | 187,056 | ||||||||||||
| Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR) |
| |||||||||||||||
| 185,000 | 4.250 | 11/01/2025 | 185,189 | |||||||||||||
| Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 370,000 | 4.250 | 05/01/2031 | 368,645 | |||||||||||||
| Reserve At Van Oaks Community Development District City of Auburndale, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) |
| |||||||||||||||
| 670,000 | 5.125 | 05/01/2043 | 682,390 | |||||||||||||
| Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) |
| |||||||||||||||
| 325,000 | 5.000 | 05/01/2025 | 328,209 | |||||||||||||
| Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 65,000 | 3.750 | 05/01/2024 | 64,982 | |||||||||||||
| 425,000 | 4.000 | 05/01/2030 | 420,234 | |||||||||||||
| Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,150,000 | 3.000 | 05/01/2036 | 1,002,323 | |||||||||||||
| Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 40,000 | 3.500 | 05/01/2024 | 39,978 | |||||||||||||
| 405,000 | 4.000 | 05/01/2030 | 407,285 | |||||||||||||
| 615,000 | 4.500 | 05/01/2040 | 605,934 | |||||||||||||
| 610,000 | 4.750 | 05/01/2050 | 580,213 | |||||||||||||
| Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 190,000 | 3.000 | 05/01/2032 | 177,738 | |||||||||||||
| 400,000 | 3.300 | 05/01/2042 | 331,851 | |||||||||||||
| Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/ NR) |
| |||||||||||||||
| 330,000 | 4.750 | 05/01/2030 | 331,867 | |||||||||||||
| Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 365,000 | 4.750 | 05/01/2027 | 366,558 | |||||||||||||
| 700,000 | 5.000 | 05/01/2032 | 712,608 | |||||||||||||
| Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 145,000 | 4.375 | 05/01/2030 | 145,824 | |||||||||||||
| 275,000 | 5.250 | 05/01/2043 | 280,762 | |||||||||||||
| River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) |
| |||||||||||||||
| 2,390,000 | 4.000 | 05/01/2031 | 2,391,752 | |||||||||||||
| 890,000 | 4.000 | 05/01/2035 | 889,882 | |||||||||||||
| River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) |
| |||||||||||||||
| 435,000 | 2.375 | 05/01/2026 | 418,318 | |||||||||||||
| 600,000 | 3.000 | 05/01/2031 | 544,958 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) |
| |||||||||||||||
| $ | 700,000 | 6.250 | % | 05/01/2043 | $ | 740,794 | ||||||||||
| River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| |||||||||||||||
| 310,000 | 2.750 | 05/01/2025 | 304,559 | |||||||||||||
| 690,000 | 3.250 | 05/01/2031 | 640,944 | |||||||||||||
| River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR) |
| |||||||||||||||
| 80,000 | 3.000 | 05/01/2026 | 77,918 | |||||||||||||
| 1,000,000 | 3.000 | 05/01/2031 | 913,854 | |||||||||||||
| 1,000,000 | 3.000 | 05/01/2036 | 836,023 | |||||||||||||
| River Landing Community Development District Special Assessment Series 2020 A (NR/NR) |
| |||||||||||||||
| 165,000 | 3.000 | 05/01/2025 | 162,915 | |||||||||||||
| 475,000 | 3.600 | 05/01/2030 | 452,807 | |||||||||||||
| Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 150,000 | 2.400 | 05/01/2026 | 144,321 | |||||||||||||
| 300,000 | 3.000 | 05/01/2031 | 273,333 | |||||||||||||
| Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 130,000 | 2.400 | (d) | 05/01/2026 | 125,178 | ||||||||||||
| 300,000 | 3.000 | (d) | 05/01/2031 | 273,385 | ||||||||||||
| Rivington Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 4,065,000 | 4.000 | 05/01/2052 | 3,330,265 | |||||||||||||
| Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 3.650 | 05/01/2032 | 937,103 | |||||||||||||
| Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR/NR) |
| |||||||||||||||
| 965,000 | 3.750 | 05/01/2042 | 810,271 | |||||||||||||
| Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.625 | (d) | 05/01/2029 | 203,414 | ||||||||||||
| 830,000 | 6.250 | (d) | 05/01/2042 | 872,166 | ||||||||||||
| Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 810,000 | 2.850 | 05/01/2027 | 769,743 | |||||||||||||
| 1,100,000 | 3.200 | 05/01/2032 | 1,001,256 | |||||||||||||
| Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 410,000 | 3.400 | 11/01/2041 | 335,594 | |||||||||||||
| Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 820,000 | 5.000 | 05/01/2043 | 827,116 | |||||||||||||
| Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) |
| |||||||||||||||
| 235,000 | 5.700 | 05/01/2030 | 243,237 | |||||||||||||
| 1,000,000 | 6.500 | 05/01/2043 | 1,079,837 | |||||||||||||
| Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| |||||||||||||||
| 660,000 | 5.750 | (d) | 11/01/2043 | 677,242 | ||||||||||||
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 235,000 | 2.500 | 06/15/2025 | 230,238 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 320,000 | 3.000 | % | 06/15/2030 | $ | 304,937 | ||||||||||
| 290,000 | 4.000 | 06/15/2040 | 275,353 | |||||||||||||
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 215,000 | 2.625 | 12/15/2027 | 204,030 | |||||||||||||
| 355,000 | 3.100 | 12/15/2032 | 329,597 | |||||||||||||
| Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 585,000 | 5.250 | 05/01/2042 | 592,133 | |||||||||||||
| Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 680,000 | 2.375 | 05/01/2035 | 584,023 | |||||||||||||
| 1,425,000 | 2.625 | 05/01/2040 | 1,133,807 | |||||||||||||
| San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 145,000 | 3.375 | (d) | 06/15/2024 | 144,771 | ||||||||||||
| 1,000,000 | 3.750 | (d) | 06/15/2031 | 956,619 | ||||||||||||
| Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 450,000 | 3.000 | 11/01/2031 | 429,622 | |||||||||||||
| 1,100,000 | 3.300 | 11/01/2041 | 962,764 | |||||||||||||
| Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.750 | 11/01/2042 | 526,238 | |||||||||||||
| Savanna Lakes Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 815,000 | 5.125 | (d) | 06/15/2043 | 830,207 | ||||||||||||
| Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) |
| |||||||||||||||
| 415,000 | 5.250 | 11/01/2030 | 423,248 | |||||||||||||
| Sawgrass Village Community Development District Manatee County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) |
| |||||||||||||||
| 600,000 | 4.875 | 05/01/2030 | 605,400 | |||||||||||||
| 1,260,000 | 5.500 | 05/01/2043 | 1,278,817 | |||||||||||||
| Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/ NR) |
| |||||||||||||||
| 1,100,000 | 6.125 | 11/01/2043 | 1,153,625 | |||||||||||||
| Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 335,000 | 2.750 | 05/01/2025 | 330,221 | |||||||||||||
| 465,000 | 3.250 | 05/01/2030 | 452,499 | |||||||||||||
| 560,000 | 3.750 | 05/01/2040 | 514,536 | |||||||||||||
| Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 645,000 | 5.125 | 05/01/2030 | 654,984 | |||||||||||||
| Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) |
| |||||||||||||||
| 400,000 | 6.500 | 11/01/2043 | 424,866 | |||||||||||||
| Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 340,000 | 3.750 | 05/01/2027 | 334,879 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Scenic Terrace South Community Development District Special |
| |||||||||||||||
| Assessment Bonds Series 2022 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 565,000 | 4.125 | % | 05/01/2032 | $ | 552,821 | ||||||||||
| 1,240,000 | 4.500 | 05/01/2042 | 1,161,416 | |||||||||||||
| Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 725,000 | 5.250 | (d) | 06/15/2043 | 740,324 | ||||||||||||
| Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| |||||||||||||||
| 600,000 | 5.000 | 06/15/2043 | 609,733 | |||||||||||||
| Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) |
| |||||||||||||||
| 400,000 | 4.400 | 10/01/2027 | 400,613 | |||||||||||||
| 550,000 | 5.000 | 10/01/2032 | 560,488 | |||||||||||||
| Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.500 | 05/01/2043 | 1,025,086 | |||||||||||||
| Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 3,300,000 | 4.700 | 05/01/2034 | 3,300,007 | |||||||||||||
| Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 70,000 | 4.000 | (d) | 11/01/2024 | 69,918 | ||||||||||||
| 735,000 | 4.500 | (d) | 11/01/2029 | 741,406 | ||||||||||||
| Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 450,000 | 4.625 | 05/01/2030 | 454,597 | |||||||||||||
| 725,000 | 5.500 | 05/01/2043 | 746,898 | |||||||||||||
| Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 3.500 | 06/15/2041 | 913,668 | |||||||||||||
| Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 325,000 | 3.625 | 05/01/2024 | 324,849 | |||||||||||||
| 1,895,000 | 4.000 | 05/01/2029 | 1,887,044 | |||||||||||||
| 5,000,000 | 4.750 | 05/01/2039 | 4,932,838 | |||||||||||||
| Siena North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 160,000 | 3.300 | 06/15/2032 | 146,921 | |||||||||||||
| 450,000 | 4.000 | 06/15/2042 | 395,500 | |||||||||||||
| Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.550 | 05/01/2044 | 1,010,808 | |||||||||||||
| Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 900,000 | 3.000 | 06/15/2032 | 818,057 | |||||||||||||
| 1,905,000 | 3.250 | 06/15/2042 | 1,621,770 | |||||||||||||
| Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 695,000 | 5.375 | 05/01/2043 | 718,419 | |||||||||||||
| Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) |
| |||||||||||||||
| 175,000 | 2.500 | 05/01/2026 | 169,095 | |||||||||||||
| 325,000 | 3.100 | 05/01/2031 | 297,479 | |||||||||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/ NR) |
| |||||||||||||||
| $ | 230,000 | 2.500 | % | 05/01/2026 | $ | 222,017 | ||||||||||
| 720,000 | 3.000 | 05/01/2031 | 655,178 | |||||||||||||
| Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) |
| |||||||||||||||
| 145,000 | 3.125 | 11/01/2025 | 143,439 | |||||||||||||
| 500,000 | 3.625 | 11/01/2031 | 501,978 | |||||||||||||
| 300,000 | 4.125 | 11/01/2040 | 291,730 | |||||||||||||
| Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) |
| |||||||||||||||
| 1,100,000 | 5.500 | 05/01/2043 | 1,125,992 | |||||||||||||
| Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 700,000 | 5.250 | 05/01/2043 | 712,618 | |||||||||||||
| South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 180,000 | 2.375 | 06/15/2026 | 173,732 | |||||||||||||
| 175,000 | 2.875 | 06/15/2031 | 163,196 | |||||||||||||
| 475,000 | 3.250 | 06/15/2041 | 395,328 | |||||||||||||
| South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB) |
| |||||||||||||||
| 435,000 | 3.250 | 05/01/2024 | 434,556 | |||||||||||||
| 445,000 | 3.450 | 05/01/2025 | 436,394 | |||||||||||||
| 465,000 | 3.625 | 05/01/2026 | 454,288 | |||||||||||||
| 975,000 | 4.125 | 05/01/2036 | 949,301 | |||||||||||||
| South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 125,000 | 4.250 | (d) | 11/01/2024 | 125,046 | ||||||||||||
| 730,000 | 4.500 | (d) | 11/01/2029 | 738,315 | ||||||||||||
| South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 05/01/2024 | 99,988 | |||||||||||||
| 590,000 | 4.625 | 05/01/2029 | 598,582 | |||||||||||||
| South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| |||||||||||||||
| 355,000 | 2.750 | 11/01/2024 | 349,552 | |||||||||||||
| 370,000 | 3.000 | 11/01/2025 | 358,876 | |||||||||||||
| Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 390,000 | 2.400 | 05/01/2026 | 377,615 | |||||||||||||
| Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 2.875 | 05/01/2024 | 99,874 | |||||||||||||
| 300,000 | 3.250 | 05/01/2029 | 286,791 | |||||||||||||
| Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 170,000 | 3.375 | 05/01/2025 | 168,721 | |||||||||||||
| 610,000 | 4.000 | 05/01/2030 | 615,146 | |||||||||||||
| 330,000 | 4.300 | 05/01/2040 | 323,878 | |||||||||||||
| 300,000 | 4.500 | 05/01/2046 | 284,926 | |||||||||||||
| Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/ NR) |
| |||||||||||||||
| 155,000 | 3.000 | (d) | 05/01/2033 | 154,884 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||
| Florida – (continued) |
| |||||||||||||
| Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||
| $ | 300,000 | 4.375% | 05/01/2031 | $ | 300,230 | |||||||||
| St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||
| 900,000 | 4.000 | 12/15/2036 | 801,221 | |||||||||||
| St. Johns County Water & Sewer RB Series 2022 (Aa2/AAA) |
| |||||||||||||
| 7,065,000 | 5.000 | 06/01/2047 | 7,718,606 | |||||||||||
| St. Johns County, Florida Water and Sewer RB, Series 2022 (Aa2/ AAA) |
| |||||||||||||
| 14,955,000 | 5.000 | 06/01/2052 | 16,088,109 | |||||||||||
| State of Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2024 Series A (Aaa/AAA) |
| |||||||||||||
| 3,645,000 | 5.000 | 06/01/2026 | 3,797,274 | |||||||||||
| Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||
| 140,000 | 2.450 | 05/01/2026 | 134,678 | |||||||||||
| Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||
| 230,000 | 2.375(d) | 06/15/2026 | 220,814 | |||||||||||
| Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-) |
| |||||||||||||
| 270,000 | 2.500 | 05/01/2024 | 269,375 | |||||||||||
| 280,000 | 3.000 | 05/01/2025 | 276,073 | |||||||||||
| 290,000 | 3.000 | 05/01/2026 | 284,819 | |||||||||||
| Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||
| 330,000 | 3.000(d) | 11/01/2032 | 294,423 | |||||||||||
| 585,000 | 3.300(d) | 11/01/2041 | 471,934 | |||||||||||
| Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||
| 855,000 | 6.375 | 11/01/2052 | 927,246 | |||||||||||
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||
| 90,000 | 3.500 | 06/15/2024 | 89,928 | |||||||||||
| 500,000 | 4.000 | 06/15/2030 | 504,230 | |||||||||||
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||
| 825,000 | 5.375 | 06/15/2043 | 868,661 | |||||||||||
| Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||
| 280,000 | 2.500(d) | 12/15/2025 | 273,235 | |||||||||||
| 500,000 | 3.000(d) | 12/15/2030 | 480,417 | |||||||||||
| 1,000,000 | 3.500(d) | 12/15/2040 | 915,402 | |||||||||||
| Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) |
| |||||||||||||
| 500,000 | 3.625 | 12/15/2030 | 476,307 | |||||||||||
| 870,000 | 4.000 | 12/15/2039 | 787,851 | |||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||
| 110,000 | 3.125 | 12/15/2025 | 107,851 | |||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||
| 285,000 | 4.300 | 06/15/2027 | 285,915 | |||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||
| 300,000 | 4.450 | 06/15/2031 | 303,209 | |||||||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 550,000 | 5.250 | % | 06/15/2044 | $ | 559,961 | ||||||||||
| Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 250,000 | 3.000 | 06/15/2032 | 225,225 | |||||||||||||
| 1,000,000 | 3.250 | 06/15/2042 | 798,574 | |||||||||||||
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) |
| |||||||||||||||
| 180,000 | 2.375 | (d) | 06/15/2026 | 174,133 | ||||||||||||
| 225,000 | 2.875 | (d) | 06/15/2031 | 213,235 | ||||||||||||
| 275,000 | 3.300 | (d) | 06/15/2041 | 244,575 | ||||||||||||
| Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) |
| |||||||||||||||
| 105,000 | 4.250 | 06/15/2027 | 105,239 | |||||||||||||
| 260,000 | 4.500 | 06/15/2032 | 264,516 | |||||||||||||
| 585,000 | 5.000 | 06/15/2042 | 590,444 | |||||||||||||
| Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 545,000 | 5.250 | (d) | 05/01/2044 | 544,348 | ||||||||||||
| Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 275,000 | 3.150 | 05/01/2031 | 253,010 | |||||||||||||
| 650,000 | 3.450 | 05/01/2041 | 533,856 | |||||||||||||
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) |
| |||||||||||||||
| 140,000 | 3.000 | 05/01/2025 | 138,216 | |||||||||||||
| 455,000 | 3.300 | 05/01/2031 | 422,192 | |||||||||||||
| 750,000 | 3.750 | 05/01/2040 | 647,971 | |||||||||||||
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) |
| |||||||||||||||
| 115,000 | 2.400 | 05/01/2026 | 111,259 | |||||||||||||
| 160,000 | 3.000 | 05/01/2031 | 151,447 | |||||||||||||
| Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR) |
| |||||||||||||||
| 375,000 | 2.750 | (d) | 05/01/2031 | 354,163 | ||||||||||||
| 700,000 | 3.150 | (d) | 05/01/2041 | 608,539 | ||||||||||||
| Summerstone Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 165,000 | 3.250 | 05/01/2030 | 161,427 | |||||||||||||
| Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) |
| |||||||||||||||
| 340,000 | 4.200 | 05/01/2027 | 338,243 | |||||||||||||
| 460,000 | 4.600 | 05/01/2032 | 460,463 | |||||||||||||
| Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) |
| |||||||||||||||
| 395,000 | 2.500 | 05/01/2029 | 368,951 | |||||||||||||
| 715,000 | 2.875 | 05/01/2033 | 653,640 | |||||||||||||
| 1,435,000 | 3.000 | 05/01/2038 | 1,227,146 | |||||||||||||
| Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 810,000 | 3.500 | 05/01/2029 | 786,960 | |||||||||||||
| Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+) |
| |||||||||||||||
| 190,000 | 2.500 | 05/01/2024 | 189,729 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+) – (continued) |
| |||||||||||||||
| $ | 195,000 | 3.000 | % | 05/01/2025 | $ | 190,908 | ||||||||||
| 200,000 | 3.000 | 05/01/2026 | 193,542 | |||||||||||||
| 1,120,000 | 3.500 | 05/01/2031 | 1,087,690 | |||||||||||||
| 1,355,000 | 4.000 | 05/01/2036 | 1,355,006 | |||||||||||||
| Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 240,000 | 2.375 | 05/01/2026 | 230,796 | |||||||||||||
| 285,000 | 3.000 | 05/01/2031 | 259,461 | |||||||||||||
| Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) |
| |||||||||||||||
| 7,090,000 | 4.000 | 10/01/2028 | 7,155,761 | |||||||||||||
| Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) |
| |||||||||||||||
| 1,115,000 | 4.800 | 05/01/2036 | 1,118,076 | |||||||||||||
| Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,655,000 | 3.400 | 06/15/2032 | 1,534,300 | |||||||||||||
| 2,900,000 | 4.000 | 06/15/2052 | 2,383,836 | |||||||||||||
| Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,415,000 | 5.000 | 05/01/2043 | 1,421,250 | |||||||||||||
| Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) |
| |||||||||||||||
| 400,000 | 2.350 | 12/15/2026 | 381,161 | |||||||||||||
| 750,000 | 3.000 | 12/15/2031 | 676,982 | |||||||||||||
| 2,000,000 | 3.300 | 12/15/2041 | 1,605,128 | |||||||||||||
| Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) |
| |||||||||||||||
| 205,000 | 3.000 | 05/01/2027 | 197,841 | |||||||||||||
| 210,000 | 3.125 | 05/01/2028 | 203,576 | |||||||||||||
| 230,000 | 3.375 | 05/01/2032 | 224,198 | |||||||||||||
| Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) |
| |||||||||||||||
| 735,000 | 3.600 | 05/01/2041 | 641,708 | |||||||||||||
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/ NR) |
| |||||||||||||||
| 415,000 | 5.200 | (d) | 05/01/2028 | 423,861 | ||||||||||||
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/ NR) |
| |||||||||||||||
| 300,000 | 4.625 | 05/01/2028 | 303,120 | |||||||||||||
| Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) |
| |||||||||||||||
| 4,695,000 | 3.000 | 05/01/2033 | 4,485,731 | |||||||||||||
| 5,280,000 | 3.000 | 05/01/2037 | 4,757,798 | |||||||||||||
| Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 05/01/2024 | 99,943 | |||||||||||||
| 760,000 | 3.850 | 05/01/2029 | 752,102 | |||||||||||||
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA) |
| |||||||||||||||
| 2,025,000 | 3.000 | 05/01/2033 | 1,929,948 | |||||||||||||
| 4,925,000 | 3.000 | 05/01/2040 | 4,239,713 | |||||||||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) |
| |||||||||||||||
| $ | 530,000 | 3.450 | %(d) | 05/01/2024 | $ | 529,709 | ||||||||||
| 2,965,000 | 3.750 | (d) | 05/01/2029 | 2,920,571 | ||||||||||||
| Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 1,875,000 | 5.000 | 11/01/2029 | 1,915,710 | |||||||||||||
| 95,000 | 5.375 | 11/01/2039 | 98,598 | |||||||||||||
| Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 505,000 | 4.250 | (d) | 06/15/2028 | 505,840 | ||||||||||||
| Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 130,000 | 3.125 | 12/15/2025 | 127,475 | |||||||||||||
| 735,000 | 3.625 | 12/15/2031 | 694,278 | |||||||||||||
| 450,000 | 4.000 | 12/15/2040 | 402,718 | |||||||||||||
| Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A3/A-) |
| |||||||||||||||
| 750,000 | 5.000 | 04/01/2030 | 796,162 | |||||||||||||
| 650,000 | 5.000 | 04/01/2031 | 690,533 | |||||||||||||
| 10,430,000 | 5.000 | 04/01/2048 | 10,617,619 | |||||||||||||
| Town of Davie, Florida Educational Facilities Revenue and Refunding Bonds (Nova Southeastern University Project), Series 2018 (A3/A-) |
| |||||||||||||||
| 550,000 | 5.000 | 04/01/2032 | 583,497 | |||||||||||||
| Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA) |
| |||||||||||||||
| 2,000,000 | 4.000 | 07/01/2043 | 2,007,637 | |||||||||||||
| 7,000,000 | 4.000 | 07/01/2047 | 6,997,465 | |||||||||||||
| Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) |
| |||||||||||||||
| 35,000 | 3.500 | 05/01/2024 | 34,979 | |||||||||||||
| 360,000 | 4.000 | 05/01/2030 | 355,781 | |||||||||||||
| 595,000 | 4.375 | 05/01/2039 | 569,423 | |||||||||||||
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) |
| |||||||||||||||
| 415,000 | 3.125 | (d) | 05/01/2030 | 393,624 | ||||||||||||
| 475,000 | 3.625 | (d) | 05/01/2040 | 421,766 | ||||||||||||
| Towns At Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/ NR) |
| |||||||||||||||
| 645,000 | 6.125 | (d) | 11/01/2043 | 678,600 | ||||||||||||
| Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 295,000 | 2.300 | 05/01/2026 | 283,657 | |||||||||||||
| Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 70,000 | 4.375 | (d) | 11/01/2024 | 70,092 | ||||||||||||
| 485,000 | 5.250 | (d) | 11/01/2039 | 509,291 | ||||||||||||
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 240,000 | 2.500 | (d) | 05/01/2025 | 236,074 | ||||||||||||
| 235,000 | 3.250 | (d) | 05/01/2030 | 228,659 | ||||||||||||
| Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,190,000 | 3.125 | (d) | 11/01/2041 | 935,943 | ||||||||||||
| 750,000 | 4.000 | (d) | 11/01/2051 | 616,702 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 105,000 | 2.500 | % | 11/01/2026 | $ | 100,311 | ||||||||||
| 200,000 | 3.000 | 11/01/2031 | 181,043 | |||||||||||||
| Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) |
| |||||||||||||||
| 85,000 | 3.875 | 05/01/2024 | 84,973 | |||||||||||||
| 490,000 | 4.125 | 05/01/2029 | 489,665 | |||||||||||||
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) |
| |||||||||||||||
| 3,955,000 | 4.625 | (d) | 11/01/2038 | 3,877,002 | ||||||||||||
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) |
| |||||||||||||||
| 55,000 | 4.000 | 11/01/2024 | 54,885 | |||||||||||||
| 495,000 | 4.500 | 11/01/2029 | 500,530 | |||||||||||||
| TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 4.750 | 11/01/2047 | 1,884,401 | |||||||||||||
| TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/ NR) |
| |||||||||||||||
| 110,000 | 3.000 | 11/01/2024 | 109,147 | |||||||||||||
| 700,000 | 3.375 | 11/01/2030 | 656,095 | |||||||||||||
| TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR) |
| |||||||||||||||
| 215,000 | 4.375 | 11/01/2025 | 215,115 | |||||||||||||
| Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 3.000 | 05/01/2027 | 192,289 | |||||||||||||
| 465,000 | 3.375 | 05/01/2032 | 429,009 | |||||||||||||
| 1,430,000 | 4.000 | 05/01/2042 | 1,264,179 | |||||||||||||
| Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A) |
| |||||||||||||||
| 995,000 | 4.250 | 05/01/2031 | 996,933 | |||||||||||||
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) |
| |||||||||||||||
| 310,000 | 4.500 | 05/01/2030 | 311,013 | |||||||||||||
| 500,000 | 5.375 | 05/01/2043 | 505,885 | |||||||||||||
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) |
| |||||||||||||||
| 225,000 | 5.125 | 05/01/2030 | 228,432 | |||||||||||||
| Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) |
| |||||||||||||||
| 365,000 | 2.500 | 05/01/2024 | 364,474 | |||||||||||||
| 375,000 | 2.625 | 05/01/2025 | 366,182 | |||||||||||||
| 390,000 | 3.000 | 05/01/2026 | 378,181 | |||||||||||||
| 400,000 | 3.125 | 05/01/2027 | 390,204 | |||||||||||||
| 410,000 | 3.250 | 05/01/2028 | 400,465 | |||||||||||||
| Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/ NR) |
| |||||||||||||||
| 100,000 | 4.200 | 05/01/2026 | 100,049 | |||||||||||||
| Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) |
| |||||||||||||||
| 115,000 | 3.000 | 12/15/2024 | 113,885 | |||||||||||||
| 1,000,000 | 3.375 | 12/15/2030 | 938,235 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) |
| |||||||||||||||
| $ | 1,370,000 | 5.000 | %(d) | 12/15/2032 | $ | 1,412,793 | ||||||||||
| 2,000,000 | 5.000 | (d) | 12/15/2037 | 2,035,880 | ||||||||||||
| 4,470,000 | 5.000 | (d) | 12/15/2047 | 4,402,149 | ||||||||||||
| Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) |
| |||||||||||||||
| 2,800,000 | 5.750 | 05/01/2043 | 2,879,594 | |||||||||||||
| Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,440,000 | 5.125 | 05/01/2042 | 1,447,031 | |||||||||||||
| Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 600,000 | 5.125 | 11/01/2030 | 609,805 | |||||||||||||
| 2,000,000 | 6.000 | 11/01/2043 | 2,075,249 | |||||||||||||
| Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 600,000 | 5.375 | 05/01/2033 | 621,090 | |||||||||||||
| Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 210,000 | 3.350 | (d) | 05/01/2041 | 169,252 | ||||||||||||
| 225,000 | 4.000 | (d) | 05/01/2051 | 184,851 | ||||||||||||
| University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) |
| |||||||||||||||
| 300,000 | 2.500 | 05/01/2027 | 289,699 | |||||||||||||
| 310,000 | 2.500 | 05/01/2028 | 295,775 | |||||||||||||
| 315,000 | 2.625 | 05/01/2029 | 301,692 | |||||||||||||
| 1,060,000 | 3.000 | 05/01/2034 | 1,002,744 | |||||||||||||
| 2,130,000 | 3.125 | 05/01/2038 | 1,930,489 | |||||||||||||
| 1,725,000 | 3.250 | 05/01/2040 | 1,567,362 | |||||||||||||
| Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.125 | 05/01/2043 | 1,019,228 | |||||||||||||
| V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) |
| |||||||||||||||
| 885,000 | 4.300 | 05/01/2030 | 894,020 | |||||||||||||
| 965,000 | 5.250 | 05/01/2043 | 988,055 | |||||||||||||
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| |||||||||||||||
| 235,000 | 3.000 | (d) | 05/01/2025 | 232,166 | ||||||||||||
| 525,000 | 3.500 | (d) | 05/01/2031 | 495,833 | ||||||||||||
| 975,000 | 4.000 | (d) | 05/01/2040 | 881,925 | ||||||||||||
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 3.625 | 05/01/2041 | 851,264 | |||||||||||||
| Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR) |
| |||||||||||||||
| 115,000 | 4.000 | (d) | 05/01/2024 | 114,986 | ||||||||||||
| Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.625 | (d) | 05/01/2029 | 1,013,622 | ||||||||||||
| 1,000,000 | 5.000 | (d) | 05/01/2038 | 1,015,505 | ||||||||||||
| Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) |
| |||||||||||||||
| 60,000 | 4.000 | 11/01/2024 | 59,953 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) – (continued) |
| |||||||||||||||
| $ | 385,000 | 4.500 | % | 11/01/2029 | $ | 389,788 | ||||||||||
| Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR) |
| |||||||||||||||
| 65,000 | 4.000 | 11/01/2024 | 64,949 | |||||||||||||
| 370,000 | 4.500 | 11/01/2029 | 374,614 | |||||||||||||
| Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) |
| |||||||||||||||
| 65,000 | 2.500 | (d) | 05/01/2026 | 62,667 | ||||||||||||
| 130,000 | 3.100 | (d) | 05/01/2031 | 119,037 | ||||||||||||
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) |
| |||||||||||||||
| 140,000 | 2.500 | (d) | 05/01/2026 | 134,975 | ||||||||||||
| 260,000 | 3.100 | (d) | 05/01/2031 | 238,075 | ||||||||||||
| Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) |
| |||||||||||||||
| 375,000 | 4.500 | 05/01/2031 | 377,745 | |||||||||||||
| Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) |
| |||||||||||||||
| 660,000 | 4.250 | 05/01/2031 | 664,828 | |||||||||||||
| Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 800,000 | 5.250 | 06/15/2043 | 816,324 | |||||||||||||
| Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.250 | 05/01/2037 | 952,110 | |||||||||||||
| Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) |
| |||||||||||||||
| 955,000 | 3.750 | 05/01/2026 | 945,911 | |||||||||||||
| Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) |
| |||||||||||||||
| 345,000 | 3.250 | (d) | 05/01/2024 | 344,637 | ||||||||||||
| 355,000 | 3.500 | (d) | 05/01/2025 | 348,791 | ||||||||||||
| 370,000 | 3.625 | (d) | 05/01/2026 | 364,643 | ||||||||||||
| Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) |
| |||||||||||||||
| 195,000 | 4.750 | 11/01/2025 | 196,178 | |||||||||||||
| Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 6.450 | 11/01/2042 | 1,063,529 | |||||||||||||
| Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 325,000 | 4.625 | 05/01/2030 | 328,801 | |||||||||||||
| 450,000 | 5.375 | 05/01/2043 | 462,176 | |||||||||||||
| Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR) |
| |||||||||||||||
| 245,000 | 2.375 | 05/01/2026 | 236,292 | |||||||||||||
| 300,000 | 3.000 | 05/01/2031 | 275,101 | |||||||||||||
| Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) |
| |||||||||||||||
| 250,000 | 3.250 | 05/01/2031 | 230,816 | |||||||||||||
| 235,000 | 4.000 | 05/01/2040 | 210,450 | |||||||||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 2.875 | % | 05/01/2025 | $ | 97,926 | ||||||||||
| 250,000 | 3.250 | 05/01/2031 | 230,816 | |||||||||||||
| 1,050,000 | 4.000 | 05/01/2040 | 940,311 | |||||||||||||
| Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) |
| |||||||||||||||
| 80,000 | 2.875 | 05/01/2025 | 78,341 | |||||||||||||
| 250,000 | 3.250 | 05/01/2031 | 230,816 | |||||||||||||
| 815,000 | 4.000 | 05/01/2040 | 729,860 | |||||||||||||
| Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (NR/A) |
| |||||||||||||||
| 495,000 | 4.250 | 05/01/2030 | 495,139 | |||||||||||||
| Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 380,000 | 2.000 | 05/01/2027 | 348,735 | |||||||||||||
| 385,000 | 2.000 | 05/01/2028 | 346,163 | |||||||||||||
| 395,000 | 2.000 | 05/01/2029 | 349,314 | |||||||||||||
| 150,000 | 2.125 | 05/01/2030 | 130,375 | |||||||||||||
| Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 500,000 | 2.300 | 05/01/2026 | 479,990 | |||||||||||||
| 930,000 | 2.800 | 05/01/2031 | 831,356 | |||||||||||||
| Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,465,000 | 4.600 | 05/01/2033 | 1,485,868 | |||||||||||||
| 900,000 | 5.300 | 05/01/2043 | 918,816 | |||||||||||||
| Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 325,000 | 3.125 | 05/01/2025 | 321,952 | |||||||||||||
| 500,000 | 3.500 | 05/01/2030 | 476,265 | |||||||||||||
| 930,000 | 3.750 | 05/01/2037 | 838,286 | |||||||||||||
| Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 910,000 | 3.800 | 05/01/2028 | 915,813 | |||||||||||||
| 1,810,000 | 4.000 | 05/01/2033 | 1,829,662 | |||||||||||||
| Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 380,000 | 2.625 | 05/01/2024 | 379,641 | |||||||||||||
| 1,200,000 | 3.000 | 05/01/2029 | 1,166,276 | |||||||||||||
| 1,425,000 | 3.375 | 05/01/2034 | 1,387,848 | |||||||||||||
| 3,775,000 | 3.550 | 05/01/2039 | 3,518,865 | |||||||||||||
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
| |||||||||||||||
| 1,140,000 | 1.875 | (d) | 05/01/2025 | 1,118,510 | ||||||||||||
| 2,850,000 | 2.625 | (d) | 05/01/2030 | 2,688,415 | ||||||||||||
| 3,285,000 | 3.000 | (d) | 05/01/2035 | 3,026,583 | ||||||||||||
| Village Community Development District No. 15 City of Wildwood, Florida Special Assessment RB, Series 2023 (NR/ NR) |
| |||||||||||||||
| 825,000 | 4.250 | (d) | 05/01/2028 | 833,775 | ||||||||||||
| 1,250,000 | 4.375 | (d) | 05/01/2033 | 1,286,494 | ||||||||||||
| 1,025,000 | 4.850 | (d) | 05/01/2038 | 1,054,156 | ||||||||||||
| Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) |
| |||||||||||||||
| 310,000 | 4.000 | 05/01/2026 | 313,352 | |||||||||||||
| 295,000 | 4.000 | 05/01/2027 | 300,793 | |||||||||||||
| 310,000 | 4.000 | 05/01/2028 | 319,390 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 325,000 | 4.000 | % | 05/01/2029 | $ | 335,316 | ||||||||||
| Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA) |
| |||||||||||||||
| 1,695,000 | 3.500 | 05/01/2032 | 1,700,350 | |||||||||||||
| 1,995,000 | 4.000 | 05/01/2037 | 2,013,836 | |||||||||||||
| Village Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 950,000 | 2.550 | 05/01/2031 | 881,352 | |||||||||||||
| 1,900,000 | 2.850 | 05/01/2036 | 1,685,511 | |||||||||||||
| 2,400,000 | 3.000 | 05/01/2041 | 2,014,835 | |||||||||||||
| Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) |
| |||||||||||||||
| 185,000 | 4.625 | 05/01/2027 | 185,423 | |||||||||||||
| 235,000 | 4.875 | 05/01/2032 | 238,486 | |||||||||||||
| 610,000 | 5.125 | 05/01/2042 | 612,980 | |||||||||||||
| Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/ NR) |
| |||||||||||||||
| 210,000 | 3.150 | 05/01/2032 | 190,700 | |||||||||||||
| 500,000 | 3.450 | 05/01/2042 | 402,278 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR/NR) |
| |||||||||||||||
| 110,000 | 3.125 | 11/01/2027 | 105,948 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR/NR) |
| |||||||||||||||
| 145,000 | 3.250 | 05/01/2027 | 140,755 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 35,000 | 3.750 | 05/01/2024 | 34,987 | |||||||||||||
| 220,000 | 4.000 | 05/01/2029 | 218,596 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 135,000 | 2.625 | 05/01/2025 | 133,016 | |||||||||||||
| 245,000 | 3.200 | 05/01/2030 | 237,340 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) |
| |||||||||||||||
| 325,000 | 4.625 | 05/01/2031 | 328,045 | |||||||||||||
| Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB) |
| |||||||||||||||
| 220,000 | 2.750 | 11/01/2024 | 216,210 | |||||||||||||
| 225,000 | 3.000 | 11/01/2025 | 216,896 | |||||||||||||
| 230,000 | 3.200 | 11/01/2026 | 220,967 | |||||||||||||
| 1,400,000 | 4.125 | 11/01/2046 | 1,261,180 | |||||||||||||
| Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) |
| |||||||||||||||
| 520,000 | 5.500 | 05/01/2034 | 520,379 | |||||||||||||
| 925,000 | 5.750 | 05/01/2044 | 925,444 | |||||||||||||
| Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) |
| |||||||||||||||
| 2,145,000 | 4.000 | 05/01/2031 | 2,121,278 | |||||||||||||
| Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.125 | (d) | 11/01/2038 | 507,330 | ||||||||||||
| Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) |
| |||||||||||||||
| 2,340,000 | 5.500 | 11/01/2045 | 2,345,480 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 460,000 | 4.250 | % | 06/15/2030 | $ | 463,426 | ||||||||||
| Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 65,000 | 3.250 | 11/01/2024 | 64,689 | |||||||||||||
| 375,000 | 3.625 | 11/01/2029 | 364,349 | |||||||||||||
| 1,000,000 | 4.000 | 11/01/2039 | 904,750 | |||||||||||||
| West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.250 | 06/15/2043 | 922,371 | |||||||||||||
| West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) |
| |||||||||||||||
| 380,000 | 2.750 | (d) | 05/01/2026 | 367,280 | ||||||||||||
| 415,000 | 3.250 | (d) | 05/01/2031 | 382,766 | ||||||||||||
| 515,000 | 3.625 | (d) | 05/01/2041 | 430,359 | ||||||||||||
| West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) |
| |||||||||||||||
| 170,000 | 4.750 | 05/01/2032 | 170,622 | |||||||||||||
| 300,000 | 5.125 | 05/01/2042 | 297,981 | |||||||||||||
| West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 190,000 | 2.650 | (d) | 05/01/2025 | 185,375 | ||||||||||||
| 630,000 | 3.000 | (d) | 05/01/2031 | 560,670 | ||||||||||||
| 1,725,000 | 4.000 | (d) | 05/01/2040 | 1,547,614 | ||||||||||||
| 1,595,000 | 4.000 | (d) | 05/01/2051 | 1,314,393 | ||||||||||||
| West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 295,000 | 2.400 | 05/01/2026 | 283,889 | |||||||||||||
| 575,000 | 3.000 | 05/01/2031 | 523,559 | |||||||||||||
| West Villages Improvement District Capital Improvement RB for Unit Of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.375 | 05/01/2044 | 1,000,000 | |||||||||||||
| West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) |
| |||||||||||||||
| 510,000 | 4.625 | 05/01/2029 | 514,697 | |||||||||||||
| 475,000 | 5.375 | 05/01/2042 | 488,968 | |||||||||||||
| West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 560,000 | 4.625 | 05/01/2030 | 566,301 | |||||||||||||
| 770,000 | 5.375 | 05/01/2043 | 790,835 | |||||||||||||
| West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR) |
| |||||||||||||||
| 2,530,000 | 5.000 | 05/01/2032 | 2,584,173 | |||||||||||||
| 1,930,000 | 4.500 | 05/01/2034 | 1,938,912 | |||||||||||||
| 3,390,000 | 5.000 | 05/01/2037 | 3,433,183 | |||||||||||||
| West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 130,000 | 4.000 | 05/01/2024 | 129,977 | |||||||||||||
| 750,000 | 4.250 | 05/01/2029 | 752,831 | |||||||||||||
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 155,000 | 2.500 | 05/01/2026 | 149,508 | |||||||||||||
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 465,000 | 6.000 | 05/01/2043 | 491,260 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 330,000 | 2.500 | % | 05/01/2026 | $ | 318,308 | ||||||||||
| Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/ NR) |
| |||||||||||||||
| 65,000 | 3.625 | 05/01/2024 | 64,969 | |||||||||||||
| 355,000 | 3.900 | 05/01/2029 | 351,047 | |||||||||||||
| Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 160,000 | 3.500 | (d) | 05/01/2024 | 159,902 | ||||||||||||
| 810,000 | 3.750 | (d) | 05/01/2029 | 796,613 | ||||||||||||
| Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 190,000 | 2.500 | 05/01/2026 | 183,567 | |||||||||||||
| 650,000 | 3.000 | 05/01/2031 | 593,648 | |||||||||||||
| 1,400,000 | 3.250 | 05/01/2041 | 1,129,125 | |||||||||||||
| Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 90,000 | 5.000 | 06/15/2029 | 91,136 | |||||||||||||
| 1,000,000 | 5.750 | 06/15/2042 | 1,037,613 | |||||||||||||
| Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 |
| |||||||||||||||
| (NR/NR) | ||||||||||||||||
| 655,000 | 4.875 | 05/01/2028 | 658,749 | |||||||||||||
| 1,000,000 | 5.375 | 05/01/2043 | 1,013,961 | |||||||||||||
| Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/ NR) |
| |||||||||||||||
| 550,000 | 5.375 | 05/01/2043 | 559,657 | |||||||||||||
| Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 575,000 | 5.375 | 05/01/2043 | 592,251 | |||||||||||||
| Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 135,000 | 4.250 | 05/01/2031 | 134,424 | |||||||||||||
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.500 | (d) | 06/15/2024 | 124,827 | ||||||||||||
| 1,285,000 | 3.750 | (d) | 06/15/2030 | 1,239,354 | ||||||||||||
| 3,350,000 | 4.250 | (d) | 06/15/2039 | 3,094,563 | ||||||||||||
| Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| 1,300,000 | 5.625 | 05/01/2042 | 1,350,345 | |||||||||||||
| Willows Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 70,000 | 3.875 | 05/01/2024 | 69,979 | |||||||||||||
| 500,000 | 4.370 | 05/01/2029 | 503,413 | |||||||||||||
| Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 130,000 | 2.400 | 05/01/2026 | 125,103 | |||||||||||||
| 300,000 | 2.950 | 05/01/2031 | 271,674 | |||||||||||||
| 865,000 | 3.350 | 05/01/2041 | 701,459 | |||||||||||||
| Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/ NR) |
| |||||||||||||||
| 200,000 | 4.250 | 11/01/2029 | 200,600 | |||||||||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/ NR) – (continued) |
| |||||||||||||||
| $ | 680,000 | 4.875 | % | 11/01/2039 | $ | 679,476 | ||||||||||
| Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 900,000 | 4.000 | 05/01/2042 | 791,715 | |||||||||||||
| Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) |
| |||||||||||||||
| 105,000 | 3.000 | 05/01/2025 | 103,485 | |||||||||||||
| 230,000 | 3.650 | 05/01/2030 | 219,860 | |||||||||||||
| Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) |
| |||||||||||||||
| 775,000 | 4.875 | 05/01/2036 | 777,172 | |||||||||||||
| 250,000 | 5.000 | 05/01/2047 | 242,009 | |||||||||||||
| Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 465,000 | 2.500 | 05/01/2025 | 456,202 | |||||||||||||
| 640,000 | 3.125 | 05/01/2030 | 594,182 | |||||||||||||
| Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+) |
| |||||||||||||||
| 1,450,000 | 4.500 | 05/01/2036 | 1,450,105 | |||||||||||||
| Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) |
| |||||||||||||||
| 130,000 | 2.500 | 05/01/2026 | 125,334 | |||||||||||||
| 340,000 | 3.000 | 05/01/2031 | 308,810 | |||||||||||||
|
|
|
|||||||||||||||
| 1,112,205,238 | ||||||||||||||||
|
|
||||||||||||||||
| Georgia - 2.1% |
| |||||||||||||||
| Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bown Project Series 2009 (Baa1/BBB+/A-2) |
| |||||||||||||||
| 3,920,000 | 3.950 | (a)(b) | 12/01/2032 | 3,967,705 | ||||||||||||
| Burke County Development Authority Pollution Control RB Fifth Series 1994 (Baa1/BBB+) |
| |||||||||||||||
| 3,000,000 | 2.150 | (a)(b) | 10/01/2032 | 2,983,885 | ||||||||||||
| Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (Baa1/BBB+) |
| |||||||||||||||
| 1,665,000 | 3.875 | (a)(b) | 10/01/2032 | 1,675,836 | ||||||||||||
| Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) |
| |||||||||||||||
| 1,050,000 | 4.000 | 08/01/2053 | 1,013,653 | |||||||||||||
| City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/ AA-) |
| |||||||||||||||
| 4,750,000 | 3.500 | 11/01/2043 | 4,362,186 | |||||||||||||
| Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) |
| |||||||||||||||
| 2,380,000 | 5.750 | 04/01/2053 | 2,681,315 | |||||||||||||
| County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA) |
| |||||||||||||||
| 7,585,000 | 4.000 | 01/01/2035 | 7,589,163 | |||||||||||||
| Development Authority of Bartow County Pollution Control RB First Series 1997 (Baa1/BBB+) |
| |||||||||||||||
| 5,000,000 | 1.800 | (a) | 09/01/2029 | 4,274,751 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Georgia – (continued) |
| |||||||||||||||
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (Baa1/BBB+) |
| |||||||||||||||
| $ | 4,355,000 | 3.375 | %(a)(b) | 11/01/2053 | $ | 4,328,263 | ||||||||||
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (Baa1/BBB+) |
| |||||||||||||||
| 3,055,000 | 3.375 | (a)(b) | 11/01/2048 | 3,036,244 | ||||||||||||
| Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) |
| |||||||||||||||
| 4,000,000 | 4.000 | 04/01/2050 | 3,769,245 | |||||||||||||
| Downtown Smyrna Development Authority, Georgia RB (City of Smyrna Projects), Series 2021 (NR/AAA) |
| |||||||||||||||
| 2,645,000 | 5.000 | 02/01/2027 | 2,800,145 | |||||||||||||
| Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) |
| |||||||||||||||
| 290,000 | 5.000 | 03/01/2027 | 270,314 | |||||||||||||
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) |
| |||||||||||||||
| 2,215,000 | 2.375 | 01/01/2031 | 2,014,855 | |||||||||||||
| 1,850,000 | 4.000 | 01/01/2036 | 1,868,908 | |||||||||||||
| Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB) |
| |||||||||||||||
| 775,000 | 4.000 | 08/01/2035 | 761,672 | |||||||||||||
| 500,000 | 4.000 | 08/01/2036 | 489,811 | |||||||||||||
| 750,000 | 4.000 | 08/01/2037 | 730,936 | |||||||||||||
| 745,000 | 4.000 | 08/01/2038 | 722,818 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/ NR) |
| |||||||||||||||
| 2,800,000 | 5.000 | 05/15/2030 | 2,953,074 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2019B (Aa2/ NR) |
| |||||||||||||||
| 24,050,000 | 4.000 | (a)(b) | 08/01/2049 | 24,081,046 | ||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/ NONR) |
| |||||||||||||||
| 15,875,000 | 4.000 | (a)(b) | 07/01/2052 | 16,000,889 | ||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/ NR) |
| |||||||||||||||
| 10,295,000 | 4.000 | (a)(b) | 05/01/2052 | 10,260,086 | ||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2022A (A3/ NR) |
| |||||||||||||||
| 2,185,000 | 4.000 | 12/01/2026 | 2,162,545 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/ NR) |
| |||||||||||||||
| 7,745,000 | 5.000 | (a)(b) | 07/01/2053 | 8,200,796 | ||||||||||||
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/ NR) |
| |||||||||||||||
| 2,760,000 | 5.000 | (a)(b) | 12/01/2053 | 2,948,178 | ||||||||||||
| Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/ NR) |
| |||||||||||||||
| 1,215,000 | 5.000 | 05/15/2028 | 1,256,965 | |||||||||||||
| Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/ NR) |
| |||||||||||||||
| 24,500,000 | 5.000 | (a)(b) | 09/01/2053 | 26,025,218 | ||||||||||||
| Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) |
| |||||||||||||||
| 2,850,000 | 5.000 | (a)(b) | 07/01/2054 | 2,911,057 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Georgia – (continued) |
| |||||||||||||||
| Monroe County Development Authority Pollution Control RB First Series 2009 (Baa1/BBB+/A-2) |
| |||||||||||||||
| $ | 1,850,000 | 1.000 | %(a)(b) | 07/01/2049 | $ | 1,679,595 | ||||||||||
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (Baa1/BBB+) |
| |||||||||||||||
| 1,940,000 | 3.875 | (a)(b) | 12/01/2041 | 1,952,625 | ||||||||||||
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (Baa1/BBB+) |
| |||||||||||||||
| 3,520,000 | 3.875 | (a)(b) | 06/01/2042 | 3,542,908 | ||||||||||||
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (Baa1/BBB+) |
| |||||||||||||||
| 1,940,000 | 3.875 | (a)(b) | 04/01/2043 | 1,952,625 | ||||||||||||
| Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M Bonds, Series 2023A (AGM) (A1/AA) |
| |||||||||||||||
| 2,300,000 | 5.000 | 07/01/2053 | 2,432,311 | |||||||||||||
| Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) |
| |||||||||||||||
| 4,360,000 | 5.000 | 01/01/2025 | 4,392,264 | |||||||||||||
| 4,575,000 | 5.000 | 01/01/2026 | 4,677,687 | |||||||||||||
| 4,805,000 | 5.000 | 01/01/2027 | 4,992,815 | |||||||||||||
| 5,040,000 | 5.000 | 01/01/2028 | 5,329,012 | |||||||||||||
| 5,295,000 | 5.000 | 01/01/2029 | 5,612,415 | |||||||||||||
| 1,080,000 | 5.000 | 01/01/2034 | 1,136,801 | |||||||||||||
| Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) |
| |||||||||||||||
| 495,000 | 5.000 | 06/01/2031 | 544,553 | |||||||||||||
| 400,000 | 5.000 | 06/01/2032 | 441,987 | |||||||||||||
| 500,000 | 5.000 | 06/01/2033 | 553,315 | |||||||||||||
| 400,000 | 4.000 | 06/01/2034 | 414,011 | |||||||||||||
| 500,000 | 4.000 | 06/01/2035 | 513,999 | |||||||||||||
| 1,000,000 | 4.000 | 06/01/2045 | 948,110 | |||||||||||||
| Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) |
| |||||||||||||||
| 2,615,000 | 4.000 | (d) | 01/01/2038 | 2,539,363 | ||||||||||||
| Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (Baa2/BBB) |
| |||||||||||||||
| 400,000 | 2.000 | (a)(b) | 11/01/2033 | 395,791 | ||||||||||||
| Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) |
| |||||||||||||||
| 1,925,000 | 1.900 | 08/01/2024 | 1,898,434 | |||||||||||||
| State of Georgia GO Bonds Series 2021A (Aaa/AAA) |
| |||||||||||||||
| 4,745,000 | 5.000 | 07/01/2025 | 4,852,024 | |||||||||||||
|
|
|
|||||||||||||||
| 196,944,204 | ||||||||||||||||
|
|
||||||||||||||||
| Guam - 0.8% |
| |||||||||||||||
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) |
| |||||||||||||||
| 1,285,000 | 5.250 | 10/01/2030 | 1,329,157 | |||||||||||||
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) |
| |||||||||||||||
| 1,265,000 | 5.250 | 10/01/2029 | 1,306,076 | |||||||||||||
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| |||||||||||||||
| 765,000 | 3.099 | 10/01/2028 | 691,823 | |||||||||||||
| 550,000 | 3.189 | 10/01/2029 | 487,859 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Guam – (continued) |
| |||||||||||||||
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) – (continued) |
| |||||||||||||||
| $ | 740,000 | 3.489 | % | 10/01/2031 | $ | 637,611 | ||||||||||
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) |
| |||||||||||||||
| 335,000 | 3.625 | 02/01/2025 | 331,551 | |||||||||||||
| 2,045,000 | 4.250 | 02/01/2030 | 2,010,419 | |||||||||||||
| Guam Government GO Bonds Series 2019 (Baa3/BB-) |
| |||||||||||||||
| 1,970,000 | 5.000 | 11/15/2031 | 2,032,126 | |||||||||||||
| Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) |
| |||||||||||||||
| 2,755,000 | 5.000 | 12/01/2025 | 2,795,654 | |||||||||||||
| 2,255,000 | 5.000 | 12/01/2026 | 2,316,544 | |||||||||||||
| 2,000,000 | 5.000 | 12/01/2027 | 2,054,686 | |||||||||||||
| Guam Government RB Refunding Series 2021 E (Baa3/NR) |
| |||||||||||||||
| 5,945,000 | 3.250 | 11/15/2026 | 5,732,906 | |||||||||||||
| Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| |||||||||||||||
| 525,000 | 5.000 | 01/01/2028 | 548,701 | |||||||||||||
| 1,250,000 | 5.000 | 01/01/2030 | 1,338,826 | |||||||||||||
| 950,000 | 5.000 | 01/01/2031 | 1,025,969 | |||||||||||||
| 7,065,000 | 4.000 | 01/01/2042 | 6,723,978 | |||||||||||||
| Guam Power Authority RB Series 2014 A (AGM) (A1/AA) |
| |||||||||||||||
| 325,000 | 5.000 | 10/01/2039 | 326,723 | |||||||||||||
| 250,000 | 5.000 | 10/01/2044 | 250,870 | |||||||||||||
| Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) |
| |||||||||||||||
| 1,825,000 | 5.000 | 10/01/2029 | 1,942,486 | |||||||||||||
| Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) |
| |||||||||||||||
| 6,995,000 | 5.000 | 01/01/2050 | 7,297,910 | |||||||||||||
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) |
| |||||||||||||||
| 125,000 | 5.000 | 07/01/2025 | 126,761 | |||||||||||||
| 785,000 | 5.000 | 07/01/2026 | 808,346 | |||||||||||||
| 500,000 | 5.000 | 07/01/2027 | 523,480 | |||||||||||||
| 525,000 | 5.000 | 07/01/2028 | 551,121 | |||||||||||||
| 345,000 | 5.000 | 07/01/2029 | 362,772 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2035 | 1,049,222 | |||||||||||||
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) |
| |||||||||||||||
| 1,375,000 | 5.000 | 07/01/2035 | 1,570,999 | |||||||||||||
| 1,350,000 | 5.000 | 07/01/2036 | 1,531,564 | |||||||||||||
| 1,325,000 | 5.000 | 07/01/2037 | 1,488,487 | |||||||||||||
| 1,200,000 | 5.000 | 07/01/2039 | 1,328,500 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2042 | 1,090,005 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2044 | 1,089,068 | |||||||||||||
| 1,100,000 | 5.000 | 07/01/2045 | 1,193,502 | |||||||||||||
| 1,125,000 | 5.000 | 01/01/2046 | 1,216,554 | |||||||||||||
| Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) |
| |||||||||||||||
| 8,650,000 | 5.000 | 01/01/2046 | 8,820,119 | |||||||||||||
| Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) |
| |||||||||||||||
| 200,000 | 5.000 | 07/01/2037 | 207,948 | |||||||||||||
| Port Authority of Guam Private Activity RB Series 2018 B (Baa2/A) |
| |||||||||||||||
| 400,000 | 5.000 | 07/01/2029 | 419,888 | |||||||||||||
| 600,000 | 5.000 | 07/01/2031 | 629,570 | |||||||||||||
| 250,000 | 5.000 | 07/01/2033 | 262,193 | |||||||||||||
| 225,000 | 5.000 | 07/01/2034 | 235,905 | |||||||||||||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Guam – (continued) |
| |||||||||||||||
| Port Authority of Guam Private Activity RB Series 2018 B |
| |||||||||||||||
| $ | 225,000 | 5.000 | % | 07/01/2036 | $ | 235,202 | ||||||||||
| Port Authority of Guam RB Series 2018 A (Baa2/A) |
| |||||||||||||||
| 2,500,000 | 5.000 | 07/01/2048 | 2,536,763 | |||||||||||||
| Territory of Guam Hotel Occupancy Tax RB Refunding |
| |||||||||||||||
| 300,000 | 5.000 | 11/01/2027 | 311,966 | |||||||||||||
| 450,000 | 5.000 | 11/01/2028 | 473,427 | |||||||||||||
| 450,000 | 5.000 | 11/01/2029 | 478,550 | |||||||||||||
| 1,000,000 | 5.000 | 11/01/2030 | 1,070,980 | |||||||||||||
|
|
|
|||||||||||||||
| 70,794,767 | ||||||||||||||||
|
|
||||||||||||||||
| Hawaii - 0.5% |
| |||||||||||||||
| City and County of Honolulu GO Bonds for Honolulu Rail Transit Project Series 2021E (Aa2/NR) |
| |||||||||||||||
| 5,315,000 | 5.000 | 03/01/2027 | 5,622,766 | |||||||||||||
| City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 220,000 | 5.000 | (a)(b) | 06/01/2027 | 225,730 | ||||||||||||
| Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) |
| |||||||||||||||
| 10,000,000 | 4.000 | 07/01/2047 | 9,492,734 | |||||||||||||
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) |
| |||||||||||||||
| 6,575,000 | 4.000 | 03/01/2037 | 4,487,504 | |||||||||||||
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) |
| |||||||||||||||
| 12,795,000 | 3.200 | 07/01/2039 | 8,434,220 | |||||||||||||
| Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) |
| |||||||||||||||
| 1,040,000 | 3.500 | 10/01/2049 | 673,330 | |||||||||||||
| Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR) |
| |||||||||||||||
| 30,000 | 4.000 | 05/15/2026 | 29,981 | |||||||||||||
| 35,000 | 5.000 | 05/15/2030 | 36,590 | |||||||||||||
| 150,000 | 5.000 | 05/15/2031 | 156,683 | |||||||||||||
| 180,000 | 5.000 | 05/15/2032 | 188,295 | |||||||||||||
| 60,000 | 3.000 | 05/15/2033 | 53,039 | |||||||||||||
| 100,000 | 3.000 | 05/15/2034 | 87,217 | |||||||||||||
| 150,000 | 3.000 | 05/15/2035 | 128,700 | |||||||||||||
| 670,000 | 3.250 | 05/15/2039 | 553,123 | |||||||||||||
| 575,000 | 5.000 | 05/15/2044 | 583,490 | |||||||||||||
| 1,000,000 | 5.000 | 05/15/2049 | 1,005,817 | |||||||||||||
| State of Hawaii Airports System RB Series 2022A (A1/AA-) |
| |||||||||||||||
| 9,000,000 | 5.000 | 07/01/2051 | 9,453,439 | |||||||||||||
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| |||||||||||||||
| 4,775,000 | 3.100 | 05/01/2026 | 3,794,539 | |||||||||||||
|
|
|
|||||||||||||||
| 45,007,197 | ||||||||||||||||
|
|
||||||||||||||||
| Idaho - 0.1% |
| |||||||||||||||
| City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) |
| |||||||||||||||
| 3,850,000 | 5.000 | 09/01/2051 | 4,131,051 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Idaho – (continued) |
| |||||||||||||||
| Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-) |
| |||||||||||||||
| $ | 4,515,000 | 2.750 | % | 10/01/2024 | $ | 4,475,694 | ||||||||||
|
|
|
|||||||||||||||
| 8,606,745 | ||||||||||||||||
|
|
||||||||||||||||
| Illinois - 9.9% |
| |||||||||||||||
| Barrington Community Unit School District GO School Bonds Series 2021 (NR/AAA) |
| |||||||||||||||
| 2,255,000 | 5.000 | 12/01/2029 | 2,513,255 | |||||||||||||
| Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) |
| |||||||||||||||
| 1,710,000 | 3.750 | 07/01/2041 | 1,618,987 | |||||||||||||
| Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA) |
| |||||||||||||||
| 7,200,000 | 5.000 | 01/01/2035 | 7,920,932 | |||||||||||||
| Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) |
| |||||||||||||||
| 3,900,000 | 5.000 | 04/01/2046 | 3,931,539 | |||||||||||||
| Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds (Dedicated Revenues), Series 2021B (NR/BB+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 12/01/2030 | 5,351,861 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) |
| |||||||||||||||
| 10,975,000 | 5.000 | 12/01/2042 | 10,974,236 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) |
| |||||||||||||||
| 900,000 | 5.000 | 12/01/2039 | 930,899 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) |
| |||||||||||||||
| 3,275,000 | 5.000 | 12/01/2047 | 3,311,666 | |||||||||||||
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) |
| |||||||||||||||
| 1,900,000 | 5.000 | 12/01/2034 | 1,947,982 | |||||||||||||
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2022B (NR/BB+) |
| |||||||||||||||
| 5,000,000 | 4.000 | 12/01/2041 | 4,711,871 | |||||||||||||
| Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) |
| |||||||||||||||
| 650,000 | 4.000 | 10/01/2043 | 619,815 | |||||||||||||
| Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA) |
| |||||||||||||||
| 350,000 | 0.000 | (f) | 01/01/2026 | 326,215 | ||||||||||||
| 165,000 | 0.000 | (f) | 01/01/2027 | 148,136 | ||||||||||||
| 240,000 | 0.000 | (f) | 01/01/2028 | 207,835 | ||||||||||||
| 330,000 | 5.000 | 01/01/2029 | 355,569 | |||||||||||||
| 110,000 | 5.000 | 01/01/2031 | 118,411 | |||||||||||||
| 1,570,000 | 5.000 | 01/01/2032 | 1,684,654 | |||||||||||||
| 630,000 | 5.000 | 01/01/2033 | 673,589 | |||||||||||||
| 1,270,000 | 5.000 | 01/01/2034 | 1,353,305 | |||||||||||||
| Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba1/BB+) |
| |||||||||||||||
| 7,690,000 | 5.482 | 12/01/2024 | 7,626,381 | |||||||||||||
| Chicago GO Bonds 2019A (NR/BBB+) |
| |||||||||||||||
| 2,750,000 | 5.000 | 01/01/2027 | 2,864,290 | |||||||||||||
| 590,000 | 5.000 | 01/01/2028 | 624,912 | |||||||||||||
| Chicago GO Bonds 2019A (NR/NR) |
| |||||||||||||||
| 1,025,000 | 5.000 | 01/01/2027 | 1,078,810 | |||||||||||||
| 100,000 | 5.000 | 01/01/2028 | 107,560 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) |
| |||||||||||||||
| $ | 3,550,000 | 6.000 | % | 04/01/2046 | $ | 3,720,041 | ||||||||||
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) |
| |||||||||||||||
| 835,000 | 5.000 | 04/01/2034 | 862,303 | |||||||||||||
| 500,000 | 5.000 | 04/01/2035 | 515,709 | |||||||||||||
| 335,000 | 5.000 | 04/01/2036 | 344,716 | |||||||||||||
| 1,300,000 | 5.000 | 04/01/2037 | 1,332,909 | |||||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB+) |
| |||||||||||||||
| 2,105,000 | 0.000 | (f) | 12/01/2026 | 1,892,789 | ||||||||||||
| 1,625,000 | 0.000 | (f) | 12/01/2027 | 1,403,636 | ||||||||||||
| 3,005,000 | 0.000 | (f) | 12/01/2029 | 2,387,356 | ||||||||||||
| 4,465,000 | 0.000 | (f) | 12/01/2030 | 3,408,879 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) |
| |||||||||||||||
| 465,000 | 0.000 | (f) | 12/01/2027 | 401,656 | ||||||||||||
| 1,040,000 | 0.000 | (f) | 12/01/2028 | 861,633 | ||||||||||||
| 90,000 | 0.000 | (f) | 12/01/2029 | 71,501 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB+) |
| |||||||||||||||
| 510,000 | 0.000 | (f) | 01/01/2031 | 390,375 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB+) |
| |||||||||||||||
| 2,500,000 | 6.000 | 12/01/2035 | 2,524,658 | |||||||||||||
| Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) |
| |||||||||||||||
| 4,070,000 | 0.000 | (f) | 12/01/2031 | 2,971,672 | ||||||||||||
| Chicago Illinois Board of Education GO Refunding Bonds |
| |||||||||||||||
| 2,530,000 | 5.500 | 12/01/2026 | 2,582,547 | |||||||||||||
| 11,080,000 | 5.500 | 12/01/2029 | 11,710,626 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB+) |
| |||||||||||||||
| 120,000 | 0.000 | (f) | 12/01/2025 | 112,182 | ||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB+) |
| |||||||||||||||
| 2,870,000 | 5.250 | 12/01/2039 | 2,869,970 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) |
| |||||||||||||||
| 10,380,000 | 6.038 | 12/01/2029 | 10,220,590 | |||||||||||||
| 2,500,000 | 6.138 | 12/01/2039 | 2,345,889 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB+) |
| |||||||||||||||
| 5,160,000 | 7.000 | 12/01/2044 | 5,369,199 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB+) |
| |||||||||||||||
| 7,125,000 | 6.500 | 12/01/2046 | 7,451,356 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) |
| |||||||||||||||
| 1,825,000 | 5.000 | 12/01/2024 | 1,833,672 | |||||||||||||
| 3,500,000 | 5.000 | 12/01/2025 | 3,548,831 | |||||||||||||
| 1,270,000 | 5.000 | 12/01/2026 | 1,304,661 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated
Revenues Series 2018 A (AGM) |
| |||||||||||||||
| $ | 2,375,000 | 5.000 | % | 12/01/2027 | $ | 2,474,216 | ||||||||||
| 2,500,000 | 5.000 | 12/01/2028 | 2,637,370 | |||||||||||||
| 2,750,000 | 5.000 | 12/01/2030 | 2,911,234 | |||||||||||||
| 4,700,000 | 5.000 | 12/01/2031 | 4,972,454 | |||||||||||||
| 1,350,000 | 5.000 | 12/01/2032 | 1,426,744 | |||||||||||||
| 3,800,000 | 5.000 | 12/01/2033 | 4,014,698 | |||||||||||||
| 1,500,000 | 5.000 | 12/01/2034 | 1,582,729 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2035 | 1,052,147 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA) |
| |||||||||||||||
| 2,180,000 | 5.000 | 12/01/2028 | 2,299,786 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB+) |
| |||||||||||||||
| 2,000,000 | 0.000 | (f) | 12/01/2025 | 1,866,042 | ||||||||||||
| 2,000,000 | 0.000 | (f) | 12/01/2026 | 1,789,945 | ||||||||||||
| 300,000 | 0.000 | (f) | 12/01/2027 | 257,926 | ||||||||||||
| 2,500,000 | 4.000 | 12/01/2027 | 2,503,272 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB+) |
| |||||||||||||||
| 1,250,000 | 5.000 | 12/01/2024 | 1,256,653 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2026 | 1,028,158 | |||||||||||||
| 3,060,000 | 5.000 | 12/01/2028 | 3,213,623 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2029 | 1,059,973 | |||||||||||||
| 3,000,000 | 5.000 | 12/01/2030 | 3,151,467 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2031 | 1,050,438 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2032 | 1,050,213 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2033 | 1,049,707 | |||||||||||||
| Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A1/AA) |
| |||||||||||||||
| 1,465,000 | 0.000 | (f) | 01/01/2030 | 1,182,103 | ||||||||||||
| Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB+) |
| |||||||||||||||
| 880,000 | 0.000 | (f) | 01/01/2032 | 643,709 | ||||||||||||
| Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Baa3/BBB+) |
| |||||||||||||||
| 430,000 | 5.500 | 01/01/2037 | 433,368 | |||||||||||||
| 2,920,000 | 5.500 | 01/01/2040 | 2,934,568 | |||||||||||||
| Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) |
| |||||||||||||||
| 1,320,000 | 5.500 | 01/01/2039 | 1,327,269 | |||||||||||||
| Chicago Illinois GO Bonds Series 2019 (NR/BBB+) |
| |||||||||||||||
| 4,280,000 | 5.000 | 01/01/2029 | 4,593,189 | |||||||||||||
| 1,135,000 | 5.000 | 01/01/2031 | 1,207,484 | |||||||||||||
| Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) |
| |||||||||||||||
| 4,435,000 | 5.000 | 01/01/2025 | 4,475,412 | |||||||||||||
| 5,600,000 | 5.000 | 01/01/2038 | 5,634,838 | |||||||||||||
| Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) |
| |||||||||||||||
| 375,000 | 6.000 | 01/01/2038 | 392,710 | |||||||||||||
| Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) |
| |||||||||||||||
| 4,340,000 | 5.000 | 01/01/2047 | 4,390,706 | |||||||||||||
| Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A+) |
| |||||||||||||||
| 3,615,000 | 5.000 | 01/01/2037 | 3,700,326 | |||||||||||||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A+) |
| |||||||||||||||
| $ | 8,955,000 | 5.250 | % | 01/01/2035 | $ | 9,461,777 | ||||||||||
| Chicago Illinois Sales Tax Refunding Series 2002 (NR/NR) |
| |||||||||||||||
| 1,105,000 | 5.000 | 01/01/2025 | 1,116,843 | |||||||||||||
| Chicago Illinois Wastewater Transmission RB Second Lien |
| |||||||||||||||
| 550,000 | 5.250 | 01/01/2042 | 570,676 | |||||||||||||
| 1,330,000 | 4.000 | 01/01/2052 | 1,253,927 | |||||||||||||
| Chicago Transit Authority Sales Tax Receipts RB Series 2014 (NR/ AA) |
| |||||||||||||||
| 25,240,000 | 5.250 | 12/01/2049 | 25,330,180 | |||||||||||||
| City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopment Project Series 2021 B (NR/NR) |
| |||||||||||||||
| 270,000 | 3.250 | 07/01/2029 | 265,576 | |||||||||||||
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2016 (NR/NR) |
| |||||||||||||||
| 1,400,000 | 5.750 | 04/01/2034 | 1,492,056 | |||||||||||||
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 2,500,000 | 5.000 | 04/01/2045 | 2,639,869 | |||||||||||||
| City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB+) |
| |||||||||||||||
| 4,725,000 | 5.500 | 12/01/2026 | 4,845,746 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) |
| |||||||||||||||
| 2,550,000 | 5.000 | 12/01/2046 | 2,536,137 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) |
| |||||||||||||||
| 2,750,000 | 5.000 | 12/01/2046 | 2,756,614 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) |
| |||||||||||||||
| 2,300,000 | 5.000 | 12/01/2036 | 2,410,664 | |||||||||||||
| 750,000 | 5.000 | 12/01/2038 | 776,888 | |||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (NR/BB+) |
| |||||||||||||||
| 500,000 | 5.000 | 12/01/2025 | 508,106 | |||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2017H (NR/BB+) |
| |||||||||||||||
| 4,500,000 | 5.000 | 12/01/2036 | 4,584,296 | |||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) |
| |||||||||||||||
| 2,450,000 | 5.000 | 12/01/2029 | 2,591,197 | |||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB+) |
| |||||||||||||||
| 1,900,000 | 5.000 | 12/01/2024 | 1,910,113 | |||||||||||||
| 6,495,000 | 5.000 | 12/01/2025 | 6,600,294 | |||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) |
| |||||||||||||||
| 15,000,000 | 5.000 | 12/01/2027 | 15,626,630 | |||||||||||||
| 5,450,000 | 5.000 | 12/01/2029 | 5,764,091 | |||||||||||||
| 4,365,000 | 5.000 | 12/01/2030 | 4,620,922 | |||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR/BB+) |
| |||||||||||||||
| 3,000,000 | 4.000 | 12/01/2037 | 2,944,143 | |||||||||||||
| City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) |
| |||||||||||||||
| 1,300,000 | 5.125 | 12/01/2032 | 1,301,664 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| City of Chicago Chicago O’Hare International Airport General Airport Senior Lien RR Bonds Series 2016B (NON-AMT) (NR/A+) |
| |||||||||||||||
| $ | 2,000,000 | 5.000 | % | 01/01/2041 | $ | 2,034,734 | ||||||||||
| City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) |
| |||||||||||||||
| 4,675,000 | 5.000 | 01/01/2026 | 4,788,251 | |||||||||||||
| 670,000 | 5.000 | 01/01/2027 | 697,845 | |||||||||||||
| 8,835,000 | 5.000 | 01/01/2028 | 9,357,796 | |||||||||||||
| 940,000 | 5.000 | 01/01/2032 | 1,014,415 | |||||||||||||
| City of Chicago GO Bonds Refunding Series 2021A (NR/BBB+) |
| |||||||||||||||
| 1,260,000 | 5.000 | 01/01/2027 | 1,312,366 | |||||||||||||
| City of Chicago GO Bonds Refunding Series 2021B (NR/BBB+) |
| |||||||||||||||
| 301,000 | 4.000 | 01/01/2028 | 307,222 | |||||||||||||
| City of Chicago GO Bonds Series 2015A (NR/BBB+) |
| |||||||||||||||
| 2,700,000 | 5.250 | (c) | 01/01/2025 | 2,726,883 | ||||||||||||
| City of Chicago GO Bonds Series 2019A (NR/BBB+) |
| |||||||||||||||
| 10,995,000 | 5.500 | 01/01/2049 | 11,453,897 | |||||||||||||
| City of Chicago GO Bonds Series 2021B (NR/BBB+) |
| |||||||||||||||
| 2,456,000 | 4.000 | 01/01/2038 | 2,455,051 | |||||||||||||
| 5,330,000 | 4.000 | 01/01/2044 | 5,095,107 | |||||||||||||
| City of Chicago GO Bonds Series 2023A (Baa3/BBB+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2029 | 1,073,175 | |||||||||||||
| 1,950,000 | 4.000 | 01/01/2035 | 1,991,630 | |||||||||||||
| 3,250,000 | 5.000 | 01/01/2035 | 3,564,265 | |||||||||||||
| 1,560,000 | 5.500 | 01/01/2043 | 1,661,368 | |||||||||||||
| City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) |
| |||||||||||||||
| 2,745,000 | 5.000 | 01/01/2025 | 2,770,013 | |||||||||||||
| 2,670,000 | 5.000 | 01/01/2029 | 2,865,377 | |||||||||||||
| 10,215,000 | 5.000 | 01/01/2030 | 11,098,377 | |||||||||||||
| City of Chicago IL Waterworks Revenue RB Series 1999 (Baa1/ A+) |
| |||||||||||||||
| 1,560,000 | 5.000 | 11/01/2028 | 1,619,400 | |||||||||||||
| 2,010,000 | 5.000 | 11/01/2029 | 2,090,973 | |||||||||||||
| 1,000,000 | 5.000 | 11/01/2030 | 1,040,995 | |||||||||||||
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) |
| |||||||||||||||
| 5,700,000 | 5.000 | 01/01/2037 | 6,301,000 | |||||||||||||
| 4,750,000 | 5.000 | 01/01/2038 | 5,203,816 | |||||||||||||
| 3,935,000 | 5.000 | 01/01/2039 | 4,275,583 | |||||||||||||
| City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A2/A) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2031 | 1,000,025 | |||||||||||||
| City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2016B (NR/A) |
| |||||||||||||||
| 8,000,000 | 5.000 | 01/01/2041 | 8,124,057 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) |
| |||||||||||||||
| 4,500,000 | 5.500 | 01/01/2053 | 4,814,056 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) |
| |||||||||||||||
| 1,500,000 | 5.250 | 01/01/2053 | 1,574,860 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) |
| |||||||||||||||
| 12,045,000 | 5.000 | 01/01/2032 | 12,142,078 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) |
| |||||||||||||||
| 5,660,000 | 5.000 | 01/01/2052 | 5,705,847 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) |
| |||||||||||||||
| $ | 2,250,000 | 4.500 | % | 01/01/2048 | $ | 2,229,459 | ||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2029 | 1,007,460 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2016B (NR/A+) |
| |||||||||||||||
| 4,250,000 | 5.000 | 01/01/2033 | 4,372,049 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) |
| |||||||||||||||
| 2,500,000 | 4.000 | 01/01/2042 | 2,507,477 | |||||||||||||
| City of Chicago Second Lien Wastewater Transmission RB, Refunding Series 2023B (AGM) (NR/AA) |
| |||||||||||||||
| 3,350,000 | 5.000 | 01/01/2035 | 3,834,058 | |||||||||||||
| 1,300,000 | 5.000 | 01/01/2036 | 1,481,519 | |||||||||||||
| 200,000 | 5.000 | 01/01/2037 | 225,982 | |||||||||||||
| 1,660,000 | 5.000 | 01/01/2038 | 1,861,508 | |||||||||||||
| City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (NR/A+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 01/01/2035 | 2,017,318 | |||||||||||||
| City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) |
| |||||||||||||||
| 1,645,000 | 5.000 | 11/01/2026 | 1,712,340 | |||||||||||||
| Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR) |
| |||||||||||||||
| 200,000 | 4.000 | 01/01/2029 | 206,538 | |||||||||||||
| 145,000 | 4.000 | 01/01/2030 | 149,833 | |||||||||||||
| Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA) |
| |||||||||||||||
| 10,350,000 | 5.500 | 12/01/2036 | 11,561,775 | |||||||||||||
| Cook County Sales Tax RB Series 2018 (NR/AA-) |
| |||||||||||||||
| 3,500,000 | 4.000 | 11/15/2037 | 3,555,809 | |||||||||||||
| County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-) |
| |||||||||||||||
| 3,750,000 | 4.000 | 11/15/2039 | 3,663,964 | |||||||||||||
| County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) |
| |||||||||||||||
| 1,500,000 | 4.000 | 11/15/2047 | 1,424,312 | |||||||||||||
| District of Greater Chicago Metropolitan Water Reclamation GO UT Bonds 2016 Series E (NR/AA+) |
| |||||||||||||||
| 7,520,000 | 5.000 | 12/01/2045 | 7,603,892 | |||||||||||||
| Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) |
| |||||||||||||||
| 615,000 | 5.000 | 11/01/2033 | 615,267 | |||||||||||||
| Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) |
| |||||||||||||||
| 1,320,000 | 5.000 | 12/01/2034 | 1,370,615 | |||||||||||||
| 1,695,000 | 5.000 | 12/01/2039 | 1,715,536 | |||||||||||||
| Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA) |
| |||||||||||||||
| 2,325,000 | 4.000 | 12/01/2036 | 2,352,025 | |||||||||||||
| 1,420,000 | 4.000 | 12/01/2037 | 1,424,182 | |||||||||||||
| 4,230,000 | 4.000 | 12/01/2042 | 4,230,388 | |||||||||||||
| Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR) |
| |||||||||||||||
| 500,000 | 4.000 | 12/01/2038 | 503,133 | |||||||||||||
| 400,000 | 4.000 | 12/01/2040 | 401,822 | |||||||||||||
| 1,085,000 | 4.000 | 12/01/2042 | 1,087,669 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) |
| |||||||||||||||
| $ | 1,235,000 | 5.500 | %(d) | 08/01/2043 | $ | 1,308,852 | ||||||||||
| Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 03/01/2040 | 977,927 | |||||||||||||
| 685,000 | 5.000 | 03/01/2042 | 665,700 | |||||||||||||
| Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) |
| |||||||||||||||
| 1,300,000 | 4.000 | 12/15/2032 | 1,344,294 | |||||||||||||
| 3,740,000 | 4.000 | 12/15/2033 | 3,852,771 | |||||||||||||
| 1,700,000 | 4.000 | 12/15/2034 | 1,747,916 | |||||||||||||
| 1,395,000 | 4.000 | 12/15/2035 | 1,437,421 | |||||||||||||
| 2,750,000 | 3.000 | 12/15/2036 | 2,573,512 | |||||||||||||
| 2,000,000 | 3.000 | 12/15/2037 | 1,827,033 | |||||||||||||
| Illinois Finance Authority RB for Mercy Health Corporation Series 2016 (A2/NR) |
| |||||||||||||||
| 15,205,000 | 5.000 | 12/01/2046 | 15,376,491 | |||||||||||||
| Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) |
| |||||||||||||||
| 24,305,000 | 4.000 | 07/15/2047 | 23,481,165 | |||||||||||||
| Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) |
| |||||||||||||||
| 685,000 | 5.500 | 05/15/2026 | 688,757 | |||||||||||||
| 725,000 | 5.500 | 05/15/2027 | 729,692 | |||||||||||||
| 765,000 | 5.500 | 05/15/2028 | 769,984 | |||||||||||||
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) |
| |||||||||||||||
| 5,600,000 | 6.125 | (d) | 04/01/2049 | 5,470,546 | ||||||||||||
| Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) |
| |||||||||||||||
| 1,000,000 | 3.875 | (a)(b) | 05/01/2040 | 1,003,457 | ||||||||||||
| Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR) |
| |||||||||||||||
| 1,850,000 | 3.250 | 05/15/2027 | 786,250 | |||||||||||||
| Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/AA-) |
| |||||||||||||||
| 4,000,000 | 4.250 | (c) | 01/01/2028 | 4,196,507 | ||||||||||||
| Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,155,000 | 4.000 | 05/15/2027 | 1,136,671 | |||||||||||||
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) |
| |||||||||||||||
| 750,000 | 5.000 | 09/01/2026 | 746,436 | |||||||||||||
| 500,000 | 5.000 | 09/01/2027 | 498,429 | |||||||||||||
| 500,000 | 5.000 | 09/01/2028 | 499,000 | |||||||||||||
| 1,600,000 | 5.000 | 09/01/2030 | 1,595,592 | |||||||||||||
| 1,000,000 | 5.000 | 09/01/2031 | 995,064 | |||||||||||||
| 1,000,000 | 5.000 | 09/01/2032 | 992,509 | |||||||||||||
| 1,035,000 | 5.000 | 09/01/2033 | 1,023,486 | |||||||||||||
| 1,150,000 | 5.000 | 09/01/2034 | 1,130,725 | |||||||||||||
| Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) |
| |||||||||||||||
| 900,000 | 4.000 | 09/01/2041 | 852,943 | |||||||||||||
| 4,100,000 | 5.000 | 09/01/2046 | 4,126,417 | |||||||||||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB) |
| |||||||||||||||
| $ | 650,000 | 4.000 | % | 11/01/2041 | $ | 592,470 | ||||||||||
| Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 375,000 | 5.000 | 05/15/2041 | 328,630 | |||||||||||||
| Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-) |
| |||||||||||||||
| 3,025,000 | 5.000 | 10/01/2041 | 3,142,679 | |||||||||||||
| Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-) |
| |||||||||||||||
| 1,380,000 | 5.000 | 10/01/2037 | 1,670,919 | |||||||||||||
| Illinois Finance Authority RB Series 2021 (NR/BB+) |
| |||||||||||||||
| 375,000 | 4.000 | (d) | 10/01/2042 | 312,131 | ||||||||||||
| Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/01/2049 | 992,091 | |||||||||||||
| Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-) |
| |||||||||||||||
| 1,230,000 | 5.000 | 01/01/2036 | 1,342,232 | |||||||||||||
| 5,290,000 | 4.000 | 01/01/2038 | 5,323,174 | |||||||||||||
| Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-) |
| |||||||||||||||
| 5,985,000 | 5.000 | 01/01/2027 | 6,287,886 | |||||||||||||
| 9,605,000 | 5.000 | 01/01/2028 | 10,278,112 | |||||||||||||
| 11,500,000 | 5.000 | 01/01/2029 | 12,564,138 | |||||||||||||
| Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR/BBB+) |
| |||||||||||||||
| 1,500,000 | 5.000 | 06/15/2030 | 1,621,045 | |||||||||||||
| Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA) |
| |||||||||||||||
| 4,160,000 | 5.000 | 06/15/2027 | 4,160,583 | |||||||||||||
| Illinois Sports Facilities Authority Sports Facilities Refunding Bonds Series 2021 (NR/BBB+) |
| |||||||||||||||
| 480,000 | 5.000 | 06/15/2032 | 516,911 | |||||||||||||
| Illinois State GO Bonds Series 2017 A (A3/A-) |
| |||||||||||||||
| 375,000 | 4.500 | 12/01/2041 | 377,655 | |||||||||||||
| Illinois State GO Bonds Series 2017 D (A3/A-) |
| |||||||||||||||
| 2,000,000 | 5.000 | 11/01/2025 | 2,048,721 | |||||||||||||
| 13,250,000 | 5.000 | 11/01/2026 | 13,817,523 | |||||||||||||
| 24,005,000 | 5.000 | 11/01/2028 | 25,446,630 | |||||||||||||
| Illinois State GO Bonds Series 2018 A (A3/A-) |
| |||||||||||||||
| 16,380,000 | 5.000 | 05/01/2031 | 17,587,129 | |||||||||||||
| 1,760,000 | 5.000 | 05/01/2042 | 1,816,979 | |||||||||||||
| 1,760,000 | 5.000 | 05/01/2043 | 1,814,776 | |||||||||||||
| Illinois State GO Bonds Series 2019 A (A3/A-) |
| |||||||||||||||
| 8,000,000 | 5.000 | 11/01/2024 | 8,065,860 | |||||||||||||
| Illinois State GO Bonds Series 2019 C (A3/A-) |
| |||||||||||||||
| 3,980,000 | 4.000 | 11/01/2042 | 3,791,131 | |||||||||||||
| Illinois State GO Bonds Series 2020 (A3/A-) |
| |||||||||||||||
| 1,525,000 | 5.500 | 05/01/2039 | 1,678,064 | |||||||||||||
| 4,240,000 | 5.750 | 05/01/2045 | 4,639,245 | |||||||||||||
| Illinois State GO Refunding Bonds Series 2016 (AGM) (A1/AA) |
| |||||||||||||||
| 1,185,000 | 4.000 | 02/01/2031 | 1,206,246 | |||||||||||||
| Illinois State GO Refunding Bonds Series 2018 B (A3/A-) |
| |||||||||||||||
| 2,340,000 | 5.000 | 10/01/2031 | 2,527,600 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Illinois State Taxable Pension Funding GO Bonds Series 2003 (A3/A-) |
| |||||||||||||||
| $ | 18,470,000 | 5.100 | % | 06/01/2033 | $ | 18,335,562 | ||||||||||
| Illinois State Toll Highway Authority Toll Highway Senior RB 2019 Series C (Aa3/AA-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 01/01/2025 | 5,053,218 | |||||||||||||
| Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) |
| |||||||||||||||
| 2,000,000 | 0.000 | (f) | 06/15/2034 | 1,389,498 | ||||||||||||
| 1,860,000 | 0.000 | (f) | 06/15/2038 | 1,062,795 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) |
| |||||||||||||||
| 6,920,000 | 0.000 | (f) | 12/15/2032 | 5,106,807 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) |
| |||||||||||||||
| 1,370,000 | 0.000 | (f) | 12/15/2031 | 1,049,757 | ||||||||||||
| 2,190,000 | 0.000 | (f) | 06/15/2033 | 1,583,426 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) |
| |||||||||||||||
| 2,000,000 | 5.000 | 12/15/2028 | 2,108,792 | |||||||||||||
| 300,000 | 5.000 | 12/15/2032 | 315,571 | |||||||||||||
| 600,000 | 5.000 | 12/15/2033 | 630,969 | |||||||||||||
| 500,000 | 5.000 | 12/15/2034 | 525,241 | |||||||||||||
| 1,260,000 | 0.000 | (g) | 12/15/2037 | 954,128 | ||||||||||||
| 3,500,000 | 0.000 | (g) | 12/15/2042 | 2,566,349 | ||||||||||||
| 3,850,000 | 0.000 | (g) | 12/15/2047 | 2,763,516 | ||||||||||||
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) |
| |||||||||||||||
| 5,355,000 | 4.000 | 06/15/2052 | 4,858,149 | |||||||||||||
| Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) |
| |||||||||||||||
| 2,730,000 | 4.000 | 06/01/2046 | 2,704,787 | |||||||||||||
| Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA) |
| |||||||||||||||
| 4,430,000 | 5.000 | 07/01/2029 | 4,711,609 | |||||||||||||
| Sales Tax Securitization Corp Bonds Series 2018C (NR/AA-) |
| |||||||||||||||
| 2,705,000 | 5.000 | 01/01/2026 | 2,782,372 | |||||||||||||
| Sales Tax Securitization Corp. Bonds Series 2018C (NR/AA-) |
| |||||||||||||||
| 4,180,000 | 5.000 | 01/01/2025 | 4,221,711 | |||||||||||||
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) |
| |||||||||||||||
| 2,240,000 | 5.000 | 01/01/2025 | 2,262,352 | |||||||||||||
| 3,535,000 | 5.000 | 01/01/2026 | 3,636,113 | |||||||||||||
| 4,000,000 | 5.000 | 01/01/2027 | 4,202,431 | |||||||||||||
| 10,905,000 | 5.000 | 01/01/2028 | 11,669,215 | |||||||||||||
| 485,000 | 5.000 | 01/01/2029 | 529,879 | |||||||||||||
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) |
| |||||||||||||||
| 2,000,000 | 5.000 | 01/01/2026 | 2,057,207 | |||||||||||||
| 7,500,000 | 5.000 | 01/01/2029 | 8,194,003 | |||||||||||||
| Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C (Forward Delivery) (NR/AA-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2035 | 1,143,894 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C Forward Delivery (NR/AA-) |
| |||||||||||||||
| $ | 100,000 | 5.000 | % | 01/01/2036 | $ | 113,797 | ||||||||||
| South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (A3/AA) |
| |||||||||||||||
| 1,000,000 | 4.000 | 01/01/2032 | 1,035,437 | |||||||||||||
| 325,000 | 4.000 | 01/01/2033 | 336,414 | |||||||||||||
| 475,000 | 4.000 | 01/01/2034 | 491,440 | |||||||||||||
| 420,000 | 4.000 | 01/01/2035 | 433,684 | |||||||||||||
| 470,000 | 4.000 | 01/01/2037 | 478,868 | |||||||||||||
| Southwestern Ill Dev Authority Local Govt Revenue Bonds Edwardsville Cusd #7 2007 (AGM) (NR/AA) |
| |||||||||||||||
| 6,055,000 | 0.000 | (f) | 12/01/2025 | 5,702,332 | ||||||||||||
| Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A1/AA) |
| |||||||||||||||
| 4,000,000 | 3.500 | 03/01/2030 | 4,004,681 | |||||||||||||
| State of Illinois GO Bonds Series 2016 (A3/A-) |
| |||||||||||||||
| 1,115,000 | 3.500 | 06/01/2031 | 1,077,361 | |||||||||||||
| State of Illinois GO Bonds Series 2017 A (A3/A-) |
| |||||||||||||||
| 1,455,000 | 4.250 | 12/01/2040 | 1,444,418 | |||||||||||||
| State of Illinois GO Bonds Series 2017 D (A3/A-) |
| |||||||||||||||
| 925,000 | 3.250 | 11/01/2026 | 910,362 | |||||||||||||
| State of Illinois GO Bonds Series 2017C (A3/A-) |
| |||||||||||||||
| 12,830,000 | 5.000 | 11/01/2029 | 13,601,529 | |||||||||||||
| State of Illinois GO Bonds Series 2017D (A3/A-) |
| |||||||||||||||
| 10,000,000 | 5.000 | 11/01/2027 | 10,628,319 | |||||||||||||
| State of Illinois GO Bonds Series 2019B (A3/A-) |
| |||||||||||||||
| 2,000,000 | 4.000 | 11/01/2034 | 2,030,453 | |||||||||||||
| State of Illinois GO Bonds Series 2020D (A3/A-) |
| |||||||||||||||
| 5,425,000 | 5.000 | 10/01/2024 | 5,463,167 | |||||||||||||
| State of Illinois GO Bonds Series 2021A (A3/A-) |
| |||||||||||||||
| 4,195,000 | 4.000 | 03/01/2041 | 4,093,651 | |||||||||||||
| State of Illinois GO Bonds Series 2022A (A3/A-) |
| |||||||||||||||
| 875,000 | 5.500 | 03/01/2047 | 955,213 | |||||||||||||
| State of Illinois GO Bonds Series 2023B (A3/A-) |
| |||||||||||||||
| 3,000,000 | 5.500 | 05/01/2047 | 3,278,412 | |||||||||||||
| State of Illinois GO Bonds, Series of May 2023B (A3/A-) |
| |||||||||||||||
| 1,760,000 | 5.250 | 05/01/2038 | 1,968,134 | |||||||||||||
| 2,195,000 | 5.250 | 05/01/2039 | 2,439,738 | |||||||||||||
| 2,700,000 | 5.250 | 05/01/2040 | 2,984,824 | |||||||||||||
| State of Illinois GO Refunding Bonds Series 2018A (A3/A-) |
| |||||||||||||||
| 500,000 | 5.000 | 10/01/2028 | 539,708 | |||||||||||||
| State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) |
| |||||||||||||||
| 1,500,000 | 4.000 | 12/01/2033 | 1,511,081 | |||||||||||||
| 10,700,000 | 4.250 | 12/01/2037 | 10,734,881 | |||||||||||||
| State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) |
| |||||||||||||||
| 5,100,000 | 5.000 | 10/01/2027 | 5,405,712 | |||||||||||||
| State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA) |
| |||||||||||||||
| 5,580,000 | 4.000 | 06/15/2028 | 5,679,054 | |||||||||||||
| State of Illinois Sales Tax RB Junior Obligation Series C (NR/A) |
| |||||||||||||||
| 16,365,000 | 5.000 | 06/15/2044 | 18,076,596 | |||||||||||||
| Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba2/NR) |
| |||||||||||||||
| 2,200,000 | 5.625 | (d) | 03/01/2043 | 2,208,102 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 265,000 | 4.000 | %(d) | 01/01/2031 | $ | 256,000 | ||||||||||
| 1,050,000 | 5.000 | (d) | 01/01/2045 | 1,002,927 | ||||||||||||
| Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR) |
| |||||||||||||||
| 2,690,000 | 5.000 | 01/01/2030 | 2,707,236 | |||||||||||||
| Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) |
| |||||||||||||||
| 1,200,000 | 4.250 | 01/01/2029 | 1,162,238 | |||||||||||||
| Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR) |
| |||||||||||||||
| 3,055,000 | 5.000 | 12/30/2027 | 3,286,257 | |||||||||||||
| 3,235,000 | 5.000 | 12/30/2028 | 3,554,524 | |||||||||||||
| Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) |
| |||||||||||||||
| 210,000 | 4.125 | 10/01/2041 | 184,537 | |||||||||||||
| 1,420,000 | 4.125 | 10/01/2046 | 1,190,336 | |||||||||||||
| Will County Community High School District No. 210 Lincoln- Way GO Refunding Bonds Series 2020 (AGM) (A2/AA) |
| |||||||||||||||
| 650,000 | 4.000 | 01/01/2034 | 658,374 | |||||||||||||
|
|
|
|||||||||||||||
| 926,026,599 | ||||||||||||||||
|
|
||||||||||||||||
| Indiana - 0.5% |
| |||||||||||||||
| City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA) |
| |||||||||||||||
| 1,845,000 | 2.000 | 09/01/2038 | 1,481,455 | |||||||||||||
| Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) |
| |||||||||||||||
| 1,550,000 | 5.125 | 06/01/2058 | 1,597,646 | |||||||||||||
| Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) |
| |||||||||||||||
| 540,000 | 5.000 | 09/15/2034 | 556,814 | |||||||||||||
| 680,000 | 5.000 | 09/15/2039 | 687,019 | |||||||||||||
| 445,000 | 4.000 | 09/15/2044 | 379,502 | |||||||||||||
| Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) |
| |||||||||||||||
| 2,165,000 | 4.125 | 12/01/2026 | 2,164,629 | |||||||||||||
| Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2023A (Aa3/AA) |
| |||||||||||||||
| 1,250,000 | 5.000 | 10/01/2035 | 1,465,946 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2036 | 1,163,661 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2037 | 1,152,672 | |||||||||||||
| 75,000 | 5.000 | 10/01/2038 | 85,830 | |||||||||||||
| Indiana Finance Authority First Lien Wastewater Utility RB Refunding for CWA Authority Project Series 2024A forward Delivery (Aa3/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | (h) | 10/01/2040 | 1,111,282 | ||||||||||||
| 1,500,000 | 5.000 | (h) | 10/01/2041 | 1,658,487 | ||||||||||||
| 1,700,000 | 5.000 | (h) | 10/01/2043 | 1,861,686 | ||||||||||||
| 1,600,000 | 5.000 | (h) | 10/01/2044 | 1,746,710 | ||||||||||||
| 1,250,000 | 5.000 | (h) | 10/01/2045 | 1,359,521 | ||||||||||||
| Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (NR/AA) |
| |||||||||||||||
| 16,825,000 | 5.000 | 10/01/2045 | 16,911,312 | |||||||||||||
| Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) |
| |||||||||||||||
| 2,300,000 | 2.100 | (a)(b) | 11/01/2049 | 2,183,820 | ||||||||||||
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Indiana – (continued) |
| |||||||||||||||
| Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) |
| |||||||||||||||
| $ | 185,000 | 4.000 | % | 07/01/2030 | $ | 177,564 | ||||||||||
| 300,000 | 5.000 | 07/01/2040 | 292,806 | |||||||||||||
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) |
| |||||||||||||||
| 2,110,000 | 3.000 | 11/01/2030 | 1,959,772 | |||||||||||||
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) |
| |||||||||||||||
| 2,350,000 | 3.000 | 11/01/2030 | 2,182,684 | |||||||||||||
| Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) |
| |||||||||||||||
| 350,000 | 1.990 | 11/15/2024 | 341,228 | |||||||||||||
| 360,000 | 2.450 | 11/15/2025 | 340,401 | |||||||||||||
| 465,000 | 2.520 | 11/15/2026 | 427,276 | |||||||||||||
| 610,000 | 2.920 | 11/15/2027 | 552,866 | |||||||||||||
| 850,000 | 3.210 | 11/15/2028 | 760,708 | |||||||||||||
| 880,000 | 3.260 | 11/15/2029 | 769,488 | |||||||||||||
| 670,000 | 3.300 | 11/15/2030 | 572,018 | |||||||||||||
| Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) |
| |||||||||||||||
| 1,300,000 | 4.000 | 09/01/2033 | 1,309,448 | |||||||||||||
|
|
|
|||||||||||||||
| 47,254,251 | ||||||||||||||||
|
|
||||||||||||||||
| Iowa - 0.4% |
| |||||||||||||||
| City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) |
| |||||||||||||||
| 11,195,000 | 5.000 | 05/01/2042 | 10,865,116 | |||||||||||||
| City of Davenport GO Corporate Bonds Series 2019 IA (Aa2/AA) |
| |||||||||||||||
| 1,060,000 | 4.000 | 06/01/2031 | 1,092,784 | |||||||||||||
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (Baa3/BBB-) |
| |||||||||||||||
| 5,800,000 | 4.000 | (a)(b) | 12/01/2050 | 6,045,766 | ||||||||||||
| Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (Aa3/NR) |
| |||||||||||||||
| 5,500,000 | 3.875 | (a)(b)(h) | 01/01/2042 | 5,500,000 | ||||||||||||
| Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) |
| |||||||||||||||
| 1,700,000 | 4.000 | 05/15/2055 | 1,206,689 | |||||||||||||
| 2,300,000 | 5.000 | 05/15/2055 | 1,977,410 | |||||||||||||
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) |
| |||||||||||||||
| 2,150,000 | 5.000 | 05/15/2043 | 2,006,810 | |||||||||||||
| 3,300,000 | 5.000 | 05/15/2048 | 2,963,178 | |||||||||||||
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) |
| |||||||||||||||
| 925,000 | 5.375 | 10/01/2052 | 958,587 | |||||||||||||
| Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB+) |
| |||||||||||||||
| 6,025,000 | 4.000 | 06/01/2049 | 6,079,835 | |||||||||||||
|
|
|
|||||||||||||||
| 38,696,175 | ||||||||||||||||
|
|
||||||||||||||||
| Kansas - 0.3% |
| |||||||||||||||
| City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 825,000 | 4.000 | 06/01/2036 | 763,957 | |||||||||||||
| City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) |
| |||||||||||||||
| 1,750,000 | 6.500 | 12/01/2052 | 1,778,736 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Kansas – (continued) |
| |||||||||||||||
| City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) |
| |||||||||||||||
| $ | 1,015,000 | 4.000 | % | 05/15/2024 | $ | 1,012,775 | ||||||||||
| 1,060,000 | 5.000 | 05/15/2025 | 1,050,754 | |||||||||||||
| City of Wichita Health Care Facilities RB Presbyterian Manors, Inc. Series III, 2019 (NR/NR) |
| |||||||||||||||
| 1,110,000 | 5.000 | 05/15/2026 | 1,091,158 | |||||||||||||
| Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) |
| |||||||||||||||
| 3,565,000 | 4.000 | 09/01/2036 | 3,640,813 | |||||||||||||
| Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (Aa3/AA-) |
| |||||||||||||||
| 15,850,000 | 5.250 | (c) | 09/01/2026 | 16,671,666 | ||||||||||||
|
|
|
|||||||||||||||
| 26,009,859 | ||||||||||||||||
|
|
||||||||||||||||
| Kentucky - 1.3% |
| |||||||||||||||
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) |
| |||||||||||||||
| 1,925,000 | 4.450 | (d) | 01/01/2042 | 1,899,304 | ||||||||||||
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) |
| |||||||||||||||
| 1,945,000 | 3.700 | (d) | 01/01/2032 | 1,902,561 | ||||||||||||
| City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) |
| |||||||||||||||
| 525,000 | 4.700 | (d) | 01/01/2052 | 520,140 | ||||||||||||
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) |
| |||||||||||||||
| 4,525,000 | 2.125 | 10/01/2034 | 3,607,709 | |||||||||||||
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) |
| |||||||||||||||
| 6,100,000 | 2.000 | 02/01/2032 | 5,056,296 | |||||||||||||
| County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) |
| |||||||||||||||
| 1,000,000 | 3.875 | (a)(b) | 06/01/2040 | 1,007,639 | ||||||||||||
| Fayette County School District Finance Corp. School Building RB Series 2023A (ST INTERCEPT) (Aa3/AA-) |
| |||||||||||||||
| 4,145,000 | 4.000 | 03/01/2045 | 4,026,028 | |||||||||||||
| 4,400,000 | 4.000 | 03/01/2048 | 4,209,926 | |||||||||||||
| Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) |
| |||||||||||||||
| 280,000 | 4.000 | 03/01/2046 | 249,578 | |||||||||||||
| 330,000 | 4.000 | 03/01/2049 | 287,204 | |||||||||||||
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) |
| |||||||||||||||
| 3,200,000 | 4.000 | 06/01/2037 | 3,207,549 | |||||||||||||
| 400,000 | 4.000 | 06/01/2045 | 379,244 | |||||||||||||
| Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A) |
| |||||||||||||||
| 2,000,000 | 4.000 | 10/01/2034 | 2,012,100 | |||||||||||||
| Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) |
| |||||||||||||||
| 17,250,000 | 2.000 | 10/01/2033 | 14,005,229 | |||||||||||||
| Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA) |
| |||||||||||||||
| 10,000,000 | 4.000 | 05/15/2038 | 10,012,613 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Kentucky – (continued) |
| |||||||||||||||
| Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) |
| |||||||||||||||
| $ | 3,600,000 | 5.000 | % | 10/01/2040 | $ | 3,959,099 | ||||||||||
| 2,455,000 | 5.000 | 10/01/2041 | 2,674,425 | |||||||||||||
| 830,000 | 5.000 | 10/01/2042 | 897,382 | |||||||||||||
| Louisville Jefferson County Metro Government Health System RB Series 2016A (Norton Healthcare, Inc.) (NR/A) |
| |||||||||||||||
| 2,125,000 | 5.000 | 10/01/2033 | 2,193,228 | |||||||||||||
| Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) |
| |||||||||||||||
| 32,050,000 | 4.000 | (a)(b) | 12/01/2050 | 31,987,156 | ||||||||||||
| Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (A1/NR) |
| |||||||||||||||
| 17,730,000 | 4.000 | (a)(b) | 08/01/2052 | 17,719,846 | ||||||||||||
| Public Energy Authority of Kentucky Gas Supply RR Bonds 2023 Series A-1 (Fixed Rate) 2023 (A1/NR) |
| |||||||||||||||
| 5,750,000 | 5.250 | (a)(b) | 04/01/2054 | 6,244,065 | ||||||||||||
| University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+) |
| |||||||||||||||
| 3,260,000 | 4.000 | 04/01/2026 | 3,275,657 | |||||||||||||
|
|
|
|||||||||||||||
| 121,333,978 | ||||||||||||||||
|
|
||||||||||||||||
| Louisiana - 1.7% |
| |||||||||||||||
| Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) |
| |||||||||||||||
| 1,150,000 | 4.000 | 12/01/2024 | 1,141,440 | |||||||||||||
| 4,155,000 | 5.000 | 12/01/2025 | 4,124,012 | |||||||||||||
| 3,555,000 | 5.000 | 12/01/2027 | 3,541,003 | |||||||||||||
| 1,600,000 | 5.000 | 12/01/2028 | 1,598,240 | |||||||||||||
| City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA) |
| |||||||||||||||
| 310,000 | 4.000 | 06/01/2036 | 320,367 | |||||||||||||
| 285,000 | 4.000 | 06/01/2037 | 291,580 | |||||||||||||
| 310,000 | 4.000 | 06/01/2038 | 314,732 | |||||||||||||
| 400,000 | 4.000 | 06/01/2039 | 404,338 | |||||||||||||
| Lake Charles Harbor & Terminal District RB Series 2021 (A3/NR) |
| |||||||||||||||
| 17,000,000 | 1.000 | (a)(b) | 12/01/2051 | 16,644,294 | ||||||||||||
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 370,000 | 3.625 | (d) | 06/01/2024 | 369,180 | ||||||||||||
| 2,540,000 | 3.750 | (d) | 06/01/2030 | 2,410,797 | ||||||||||||
| 5,070,000 | 4.375 | (d) | 06/01/2048 | 4,448,029 | ||||||||||||
| Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 365,000 | 2.375 | 06/01/2026 | 347,328 | |||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) |
| |||||||||||||||
| 1,935,000 | 5.000 | 08/15/2026 | 1,998,394 | |||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,765,000 | 6.500 | (d) | 06/15/2038 | 1,825,621 | ||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+) |
| |||||||||||||||
| 16,840,000 | 5.000 | (d) | 04/01/2035 | 17,228,741 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Louisiana – (continued) |
| |||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB) |
| |||||||||||||||
| $ | 18,260,000 | 3.500 | % | 11/01/2032 | $ | 17,601,955 | ||||||||||
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) |
| |||||||||||||||
| 7,110,000 | 4.150 | 09/01/2027 | 7,166,783 | |||||||||||||
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) |
| |||||||||||||||
| 6,325,000 | 4.200 | (a)(b) | 09/01/2033 | 6,463,577 | ||||||||||||
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013C (NON-AMT) (A3/NR) |
| |||||||||||||||
| 7,900,000 | 4.200 | (a)(b) | 09/01/2034 | 8,075,380 | ||||||||||||
| Louisiana Public Facilities Authority RB for Geo Academies |
| |||||||||||||||
| 420,000 | 5.625 | (d) | 06/01/2037 | 430,530 | ||||||||||||
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 400,000 | 6.000 | (d) | 06/01/2037 | 393,891 | ||||||||||||
| Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (NR/A) |
| |||||||||||||||
| 1,295,000 | 4.000 | 06/01/2050 | 1,197,046 | |||||||||||||
| Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (NR/AA) |
| |||||||||||||||
| 3,530,000 | 3.000 | 06/01/2050 | 2,685,522 | |||||||||||||
| Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) |
| |||||||||||||||
| 900,000 | 4.000 | 07/01/2044 | 869,047 | |||||||||||||
| Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) |
| |||||||||||||||
| 1,625,000 | 4.000 | 10/01/2036 | 1,645,371 | |||||||||||||
| 1,000,000 | 4.000 | 10/01/2037 | 1,004,552 | |||||||||||||
| Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| |||||||||||||||
| 3,695,000 | 4.000 | 05/15/2042 | 3,600,730 | |||||||||||||
| 600,000 | 5.000 | 05/15/2046 | 611,760 | |||||||||||||
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR) |
| |||||||||||||||
| 870,000 | 4.000 | (d) | 06/01/2031 | 813,617 | ||||||||||||
| 1,235,000 | 4.000 | (d) | 06/01/2041 | 1,002,279 | ||||||||||||
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR) |
| |||||||||||||||
| 490,000 | 4.000 | (d) | 06/01/2031 | 458,244 | ||||||||||||
| 1,225,000 | 4.000 | (d) | 06/01/2041 | 994,163 | ||||||||||||
| Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| |||||||||||||||
| 2,400,000 | 5.000 | 05/15/2042 | 2,459,459 | |||||||||||||
| Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) |
| |||||||||||||||
| 2,250,000 | 5.000 | 07/01/2035 | 2,608,967 | |||||||||||||
| 1,400,000 | 5.000 | 07/01/2036 | 1,611,874 | |||||||||||||
| 200,000 | 5.000 | 07/01/2037 | 228,310 | |||||||||||||
| 1,425,000 | 5.000 | 07/01/2038 | 1,610,797 | |||||||||||||
| Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) |
| |||||||||||||||
| 7,210,000 | 4.050 | (a)(b) | 06/01/2037 | 7,159,207 | ||||||||||||
| Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (Baa3/BBB-) |
| |||||||||||||||
| 21,235,000 | 2.200 | (a)(b) | 06/01/2037 | 20,253,816 | ||||||||||||
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Louisiana – (continued) |
| |||||||||||||||
| Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (Baa3/BBB-) |
| |||||||||||||||
| $ | 15,505,000 | 2.100 | %(a)(b) | 06/01/2037 | $ | 15,408,187 | ||||||||||
|
|
|
|||||||||||||||
| 163,363,160 | ||||||||||||||||
|
|
||||||||||||||||
| Maine - 0.2% |
| |||||||||||||||
| City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/A-) |
| |||||||||||||||
| 800,000 | 3.000 | 01/01/2027 | 782,933 | |||||||||||||
| 300,000 | 5.000 | 01/01/2028 | 319,708 | |||||||||||||
| 225,000 | 5.000 | 01/01/2029 | 244,363 | |||||||||||||
| 270,000 | 5.000 | 01/01/2030 | 298,475 | |||||||||||||
| 370,000 | 5.000 | 01/01/2031 | 411,235 | |||||||||||||
| 810,000 | 5.000 | 01/01/2032 | 893,238 | |||||||||||||
| 890,000 | 5.000 | 01/01/2033 | 980,217 | |||||||||||||
| 620,000 | 5.000 | 01/01/2034 | 682,560 | |||||||||||||
| City of Portland, Maine General Airport Refunding RB Series 2016 (NON-AMT) (Baa1/A-) |
| |||||||||||||||
| 1,295,000 | 5.000 | 01/01/2038 | 1,313,585 | |||||||||||||
| Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (A2/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 12/01/2024 | 502,996 | |||||||||||||
| 450,000 | 5.000 | 12/01/2025 | 458,457 | |||||||||||||
| 1,530,000 | 5.000 | 12/01/2026 | 1,563,978 | |||||||||||||
| 1,500,000 | 5.000 | 12/01/2027 | 1,555,380 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2028 | 1,042,846 | |||||||||||||
| Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+) |
| |||||||||||||||
| 200,000 | 4.000 | 07/01/2045 | 196,012 | |||||||||||||
| Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) |
| |||||||||||||||
| 6,785,000 | 4.000 | 07/01/2050 | 6,497,406 | |||||||||||||
| Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA) |
| |||||||||||||||
| 500,000 | 2.500 | 07/01/2029 | 491,227 | |||||||||||||
|
|
|
|||||||||||||||
| 18,234,616 | ||||||||||||||||
|
|
||||||||||||||||
| Maryland - 1.0% |
| |||||||||||||||
| Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) |
| |||||||||||||||
| 155,000 | 4.000 | 01/01/2036 | 156,373 | |||||||||||||
| 900,000 | 4.000 | 01/01/2039 | 884,962 | |||||||||||||
| Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) |
| |||||||||||||||
| 425,000 | 4.000 | 09/01/2027 | 415,417 | |||||||||||||
| 650,000 | 4.500 | 09/01/2033 | 639,434 | |||||||||||||
| City of Baltimore Project RB for Stormwater Projects Series 2019A (Aa2/AA-) |
| |||||||||||||||
| 4,465,000 | 5.000 | 07/01/2049 | 4,688,226 | |||||||||||||
| City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 100,000 | 2.750 | (d) | 06/01/2024 | 99,579 | ||||||||||||
| 40,000 | 3.000 | (d) | 06/01/2024 | 39,831 | ||||||||||||
| 125,000 | 2.800 | (d) | 06/01/2025 | 122,117 | ||||||||||||
| 135,000 | 2.850 | (d) | 06/01/2026 | 129,829 | ||||||||||||
| 175,000 | 2.950 | (d) | 06/01/2027 | 166,171 | ||||||||||||
| 190,000 | 3.050 | (d) | 06/01/2028 | 178,080 | ||||||||||||
| 200,000 | 3.150 | (d) | 06/01/2029 | 185,924 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Maryland – (continued) |
| |||||||||||||||
| City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) – (continued) |
| |||||||||||||||
| $ | 300,000 | 3.375 | %(d) | 06/01/2029 | $ | 280,278 | ||||||||||
| 200,000 | 3.200 | (d) | 06/01/2030 | 184,735 | ||||||||||||
| 200,000 | 3.250 | (d) | 06/01/2031 | 185,124 | ||||||||||||
| 250,000 | 3.300 | (d) | 06/01/2032 | 230,924 | ||||||||||||
| 270,000 | 3.350 | (d) | 06/01/2033 | 246,313 | ||||||||||||
| City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) |
| |||||||||||||||
| 245,000 | 3.000 | 07/01/2024 | 244,126 | |||||||||||||
| 945,000 | 4.000 | 07/01/2029 | 928,941 | |||||||||||||
| City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) |
| |||||||||||||||
| 1,675,000 | 5.000 | 01/01/2037 | 1,697,405 | |||||||||||||
| County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) |
| |||||||||||||||
| 440,000 | 4.000 | 01/01/2038 | 431,024 | |||||||||||||
| 370,000 | 4.000 | 01/01/2039 | 358,258 | |||||||||||||
| 1,330,000 | 4.000 | 01/01/2040 | 1,273,556 | |||||||||||||
| County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 615,000 | 4.000 | 01/01/2032 | 625,180 | |||||||||||||
| 530,000 | 4.000 | 01/01/2033 | 538,630 | |||||||||||||
| 450,000 | 4.000 | 01/01/2034 | 456,899 | |||||||||||||
| 150,000 | 4.000 | 01/01/2035 | 151,964 | |||||||||||||
| 1,380,000 | 4.000 | 01/01/2037 | 1,383,387 | |||||||||||||
| 1,045,000 | 4.000 | 01/01/2038 | 1,037,707 | |||||||||||||
| 1,725,000 | 4.000 | 01/01/2040 | 1,678,614 | |||||||||||||
| Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA) |
| |||||||||||||||
| 410,000 | 5.700 | 07/01/2029 | 410,706 | |||||||||||||
| Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) |
| |||||||||||||||
| 1,410,000 | 3.750 | 07/01/2039 | 1,258,052 | |||||||||||||
| Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) |
| |||||||||||||||
| 255,000 | 4.000 | 07/01/2040 | 237,194 | |||||||||||||
| Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2/NR) |
| |||||||||||||||
| 1,990,000 | 5.000 | 06/01/2040 | 2,199,503 | |||||||||||||
| 2,085,000 | 5.000 | 06/01/2041 | 2,296,334 | |||||||||||||
| 2,190,000 | 5.000 | 06/01/2042 | 2,401,200 | |||||||||||||
| Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (Aaa/AAA) |
| |||||||||||||||
| 2,355,000 | 5.000 | 02/15/2027 | 2,495,534 | |||||||||||||
| Maryland Economic Development Corp. Adjustable Mode Revenue Refunding Bonds for Constellation Energy Group Inc. Project Series 2006B (Baa1/BBB+) |
| |||||||||||||||
| 1,625,000 | 4.100 | (a)(b) | 10/01/2036 | 1,670,299 | ||||||||||||
| Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) |
| |||||||||||||||
| 3,150,000 | 5.000 | 11/12/2028 | 3,230,930 | |||||||||||||
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 06/01/2049 | 1,019,756 | |||||||||||||
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) |
| |||||||||||||||
| 5,490,000 | 3.997 | 04/01/2034 | 4,380,206 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Maryland – (continued) |
| |||||||||||||||
| Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR) |
| |||||||||||||||
| $ | 12,975,000 | 5.500 | % | 01/01/2046 | $ | 13,151,024 | ||||||||||
| Maryland Health & Higher Educational Facilities Authority RB for St. John’s College Series 2020 (NR/BBB+) |
| |||||||||||||||
| 390,000 | 4.000 | 10/01/2025 | 389,588 | |||||||||||||
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) |
| |||||||||||||||
| 800,000 | 3.250 | 07/01/2039 | 662,446 | |||||||||||||
| 350,000 | 4.000 | 07/01/2040 | 344,421 | |||||||||||||
| 750,000 | 4.000 | 07/01/2045 | 718,727 | |||||||||||||
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB+) |
| |||||||||||||||
| 425,000 | 4.000 | 10/01/2027 | 427,661 | |||||||||||||
| 440,000 | 4.000 | 10/01/2028 | 444,727 | |||||||||||||
| 355,000 | 4.000 | 10/01/2029 | 360,162 | |||||||||||||
| 475,000 | 4.000 | 10/01/2030 | 482,848 | |||||||||||||
| 795,000 | 3.000 | 10/01/2034 | 728,448 | |||||||||||||
| 475,000 | 4.000 | 10/01/2040 | 454,747 | |||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB Adventist Healthcare Issue Series 2020 (Baa3/NR) |
| |||||||||||||||
| 865,000 | 4.000 | 01/01/2038 | 806,116 | |||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) |
| |||||||||||||||
| 650,000 | 5.500 | (d) | 05/01/2042 | 638,290 | ||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) |
| |||||||||||||||
| 250,000 | 5.250 | (d) | 07/01/2033 | 256,534 | ||||||||||||
| 300,000 | 5.875 | (d) | 07/01/2043 | 306,009 | ||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1 (A2/A) |
| |||||||||||||||
| 3,325,000 | 5.000 | (a)(b) | 07/01/2045 | 3,354,500 | ||||||||||||
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) |
| |||||||||||||||
| 10,300,000 | 0.000 | (f) | 05/01/2051 | 2,807,567 | ||||||||||||
| 10,300,000 | 0.000 | (f) | 05/01/2052 | 2,660,176 | ||||||||||||
| Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B) |
| |||||||||||||||
| 3,000,000 | 5.000 | 09/01/2032 | 2,985,480 | |||||||||||||
| 1,250,000 | 5.000 | 09/01/2035 | 1,239,385 | |||||||||||||
| Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) |
| |||||||||||||||
| 390,000 | 4.500 | 06/01/2033 | 393,569 | |||||||||||||
| 675,000 | 4.875 | 06/01/2042 | 677,347 | |||||||||||||
| Prince George County Special Obligation Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 3,295,000 | 5.125 | (d) | 07/01/2039 | 3,239,446 | ||||||||||||
| Prince George’s County GO Bonds Consolidated Public Improvement Bonds Series 2014A (Aaa/AAA) |
| |||||||||||||||
| 4,010,000 | 4.000 | 09/01/2032 | 4,010,583 | |||||||||||||
| 1,545,000 | 4.000 | 09/01/2033 | 1,545,183 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Maryland – (continued) |
| |||||||||||||||
| State of Maryland GO Bonds for State & Local Facilities Loan Series 2022A (Aaa/AAA) |
| |||||||||||||||
| $ | 10,000,000 | 5.000 | % | 06/01/2037 | $ | 11,513,876 | ||||||||||
|
|
|
|||||||||||||||
| 95,837,582 | ||||||||||||||||
|
|
||||||||||||||||
| Massachusetts - 1.1% |
| |||||||||||||||
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023, Series A (Aa1/AA+) |
| |||||||||||||||
| 2,240,000 | 5.000 | 05/01/2053 | 2,400,931 | |||||||||||||
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) |
| |||||||||||||||
| 33,000,000 | 5.000 | 01/01/2049 | 35,904,508 | |||||||||||||
| Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds 2021 Series A (Aa3/AA+) |
| |||||||||||||||
| 10,000,000 | 4.000 | 07/01/2051 | 9,743,461 | |||||||||||||
| Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 07/15/2036 | 6,220,870 | |||||||||||||
| Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 5.000 | (d) | 11/15/2028 | 1,562,735 | ||||||||||||
| Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) |
| |||||||||||||||
| 225,000 | 4.000 | 12/01/2042 | 202,599 | |||||||||||||
| 245,000 | 5.000 | 12/01/2042 | 247,989 | |||||||||||||
| Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/B) |
| |||||||||||||||
| 125,000 | 5.000 | (d) | 07/15/2024 | 124,762 | ||||||||||||
| 125,000 | 5.000 | (d) | 07/15/2025 | 124,610 | ||||||||||||
| Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) |
| |||||||||||||||
| 425,000 | 5.000 | 10/01/2029 | 462,719 | |||||||||||||
| 325,000 | 5.000 | 10/01/2030 | 359,244 | |||||||||||||
| 450,000 | 5.000 | 10/01/2031 | 489,880 | |||||||||||||
| 400,000 | 5.000 | 10/01/2032 | 434,935 | |||||||||||||
| 500,000 | 5.000 | 10/01/2033 | 542,548 | |||||||||||||
| 450,000 | 5.000 | 10/01/2034 | 484,761 | |||||||||||||
| Massachusetts Development Finance Agency Sustainability RB for Boston Medical Center Issue Series 2023 G (Baa2/BBB) |
| |||||||||||||||
| 665,000 | 5.000 | 07/01/2025 | 673,799 | |||||||||||||
| Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB-) |
| |||||||||||||||
| 425,000 | 5.000 | 07/01/2038 | 428,844 | |||||||||||||
| 2,250,000 | 5.000 | 07/01/2039 | 2,259,997 | |||||||||||||
| Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa2/AA+) |
| |||||||||||||||
| 3,500,000 | 5.000 | 11/15/2039 | 3,638,890 | |||||||||||||
| Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa3/AA) |
| |||||||||||||||
| 10,735,000 | 4.000 | 02/15/2041 | 10,607,621 | |||||||||||||
| Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA+) |
| |||||||||||||||
| 4,030,000 | 4.000 | 05/01/2039 | 4,074,971 | |||||||||||||
| Massachusetts Water Resources Authority General Revenue Refunding Bonds, 2014 Series F (Aa1/AA+) |
| |||||||||||||||
| 7,915,000 | 4.000 | (c) | 08/01/2024 | 7,925,498 | ||||||||||||
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Massachusetts – (continued) |
| |||||||||||||||
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series E (Aa1/AA+) |
| |||||||||||||||
| $ | 7,525,000 | 5.250 | % | 09/01/2043 | $ | 8,053,910 | ||||||||||
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2022, Series C (Aa1/AA+) |
| |||||||||||||||
| 2,760,000 | 5.000 | 10/01/2052 | 2,953,161 | |||||||||||||
|
|
|
|||||||||||||||
| 99,923,243 | ||||||||||||||||
|
|
||||||||||||||||
| Michigan - 2.4% |
| |||||||||||||||
| City of Detroit Downtown Development Authority Tax Increment RR Bonds, Series 2018A (AGM) (NR/AA) |
| |||||||||||||||
| 700,000 | 5.000 | 07/01/2030 | 701,171 | |||||||||||||
| 1,785,000 | 5.000 | 07/01/2031 | 1,787,766 | |||||||||||||
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) |
| |||||||||||||||
| 50,843,183 | 4.000 | (a) | 04/01/2044 | 40,175,129 | ||||||||||||
| City of Detroit GO Bonds Series 2020 (Baa2/BB+) |
| |||||||||||||||
| 265,000 | 5.000 | 04/01/2024 | 265,000 | |||||||||||||
| 275,000 | 5.000 | 04/01/2025 | 277,227 | |||||||||||||
| 290,000 | 5.000 | 04/01/2026 | 296,101 | |||||||||||||
| 615,000 | 5.000 | 04/01/2027 | 634,018 | |||||||||||||
| 645,000 | 5.000 | 04/01/2028 | 672,296 | |||||||||||||
| 455,000 | 5.000 | 04/01/2029 | 480,297 | |||||||||||||
| 710,000 | 5.000 | 04/01/2030 | 756,405 | |||||||||||||
| City of Detroit GO Bonds Series 2021 A (Baa2/BB+) |
| |||||||||||||||
| 1,365,000 | 5.000 | 04/01/2030 | 1,454,215 | |||||||||||||
| 2,280,000 | 5.000 | 04/01/2036 | 2,429,867 | |||||||||||||
| 250,000 | 5.000 | 04/01/2038 | 262,433 | |||||||||||||
| 1,500,000 | 5.000 | 04/01/2039 | 1,567,276 | |||||||||||||
| City of Detroit GO Bonds Series 2021 B (Baa2/BB+) |
| |||||||||||||||
| 400,000 | 2.189 | 04/01/2024 | 400,000 | |||||||||||||
| 500,000 | 2.511 | 04/01/2025 | 482,801 | |||||||||||||
| 675,000 | 2.711 | 04/01/2026 | 636,048 | |||||||||||||
| City of Detroit Tax Exempt UT GO Bonds, Series 2023A Social Bonds (Baa2/BB+) |
| |||||||||||||||
| 1,000,000 | 5.250 | 05/01/2024 | 1,000,424 | |||||||||||||
| 1,750,000 | 5.250 | 05/01/2025 | 1,770,244 | |||||||||||||
| 1,250,000 | 5.250 | 05/01/2026 | 1,283,390 | |||||||||||||
| City of Detroit, County of Wayne, State of Michigan Unlimited Tax GO Bonds, Series 2021A (Tax-Exempt) (Social Bonds) (Baa2/BB+) |
| |||||||||||||||
| 1,880,000 | 5.000 | 04/01/2037 | 1,986,085 | |||||||||||||
| City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BB+) |
| |||||||||||||||
| 1,250,000 | 5.000 | 04/01/2035 | 1,338,682 | |||||||||||||
| Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) |
| |||||||||||||||
| 1,075,000 | 5.000 | 07/01/2026 | 1,077,066 | |||||||||||||
| 1,130,000 | 5.000 | 07/01/2027 | 1,132,199 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2028 | 1,001,946 | |||||||||||||
| 300,000 | 5.000 | 07/01/2029 | 300,547 | |||||||||||||
| 1,650,000 | 5.000 | 07/01/2033 | 1,652,106 | |||||||||||||
| 3,495,000 | 5.000 | 07/01/2037 | 3,495,999 | |||||||||||||
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) |
| |||||||||||||||
| 2,556,114 | 4.000 | (a) | 04/01/2044 | 2,019,783 | ||||||||||||
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) |
| |||||||||||||||
| (3M USD LIBOR + 0.60%) |
| |||||||||||||||
| 11,250,000 | 4.346 | (e) | 07/01/2032 | 10,757,489 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Michigan – (continued) |
| |||||||||||||||
| Great Lakes Water Authority Sewage Disposal System RR Senior Lien Bonds Series 2018B (Aa3/AA-) |
| |||||||||||||||
| $ | 5,125,000 | 5.000 | % | 07/01/2029 | $ | 5,688,156 | ||||||||||
| Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (Aa3/AA-) |
| |||||||||||||||
| 10,525,000 | 5.250 | 07/01/2035 | 10,971,468 | |||||||||||||
| Great Lakes Water Authority Water Supply System RR Senior Lien Bonds, Series 2016C (Aa3/AA-) |
| |||||||||||||||
| 17,775,000 | 5.250 | 07/01/2034 | 18,554,169 | |||||||||||||
| Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.875 | 01/01/2044 | 1,005,142 | |||||||||||||
| Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) |
| |||||||||||||||
| 485,000 | 4.000 | 11/15/2031 | 459,274 | |||||||||||||
| Michigan Finance Authority Act 38 Facilities Senior RB for The Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) |
| |||||||||||||||
| 1,850,000 | 5.500 | (h) | 02/28/2049 | 2,034,910 | ||||||||||||
| Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR/BBB-) |
| |||||||||||||||
| 645,000 | 4.000 | 02/01/2042 | 537,583 | |||||||||||||
| Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) |
| |||||||||||||||
| 3,700,000 | 4.000 | 11/15/2050 | 3,361,625 | |||||||||||||
| Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) |
| |||||||||||||||
| 6,380,000 | 4.000 | 02/15/2047 | 6,018,786 | |||||||||||||
| 13,070,000 | 4.000 | 02/15/2050 | 12,076,140 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2014D (Aa3/AA-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2032 | 1,001,897 | |||||||||||||
| 400,000 | 5.000 | 07/01/2034 | 400,729 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A1/A+) |
| |||||||||||||||
| 3,000,000 | 5.000 | 07/01/2034 | 3,027,308 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A1/A+) |
| |||||||||||||||
| 650,000 | 5.000 | 07/01/2036 | 650,846 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (Aa3/AA) |
| |||||||||||||||
| 325,000 | 5.000 | 07/01/2032 | 325,818 | |||||||||||||
| 250,000 | 5.000 | 07/01/2033 | 250,456 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A1/A+) |
| |||||||||||||||
| 2,100,000 | 5.000 | 07/01/2034 | 2,118,352 | |||||||||||||
| Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB+) |
| |||||||||||||||
| 995,000 | 3.500 | 09/01/2030 | 933,191 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Michigan – (continued) |
| |||||||||||||||
| Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) |
| |||||||||||||||
| $ | 450,000 | 4.000 | % | 09/01/2045 | $ | 418,013 | ||||||||||
| 475,000 | 4.000 | 09/01/2050 | 424,881 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) |
| |||||||||||||||
| 6,600,000 | 5.000 | 06/01/2040 | 6,927,244 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB+) |
| |||||||||||||||
| 1,150,000 | 5.000 | 06/01/2049 | 1,184,055 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) |
| |||||||||||||||
| 101,825,000 | 0.000 | (f) | 06/01/2065 | 11,494,973 | ||||||||||||
| Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) |
| |||||||||||||||
| 7,350,000 | 3.875 | (a)(b) | 06/01/2053 | 7,393,328 | ||||||||||||
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 15,000,000 | 4.250 | 12/31/2038 | 15,022,892 | |||||||||||||
| Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A) |
| |||||||||||||||
| 7,500,000 | 1.450 | 09/01/2030 | 6,345,152 | |||||||||||||
| Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A) |
| |||||||||||||||
| 7,175,000 | 1.350 | 08/01/2029 | 6,197,765 | |||||||||||||
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) |
| |||||||||||||||
| 40,075,000 | 0.000 | (f) | 06/01/2058 | 1,601,601 | ||||||||||||
| Universal Academy RB Refunding Series 2021 (NR/BBB-) |
| |||||||||||||||
| 265,000 | 2.000 | 12/01/2026 | 251,021 | |||||||||||||
| 500,000 | 4.000 | 12/01/2031 | 485,499 | |||||||||||||
| Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA) |
| |||||||||||||||
| 2,485,000 | 4.000 | 11/01/2026 | 2,535,036 | |||||||||||||
| 2,585,000 | 4.000 | 11/01/2027 | 2,665,658 | |||||||||||||
| Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA) |
| |||||||||||||||
| 3,705,000 | 5.000 | 05/01/2027 | 3,836,229 | |||||||||||||
| Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (NR/AA) |
| |||||||||||||||
| 1,145,000 | 5.000 | 05/01/2025 | 1,163,989 | |||||||||||||
| 1,215,000 | 5.000 | 05/01/2026 | 1,258,786 | |||||||||||||
| Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA) |
| |||||||||||||||
| 580,000 | 2.019 | 05/01/2025 | 561,060 | |||||||||||||
| Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (A1/A) |
| |||||||||||||||
| 400,000 | 5.000 | 12/01/2033 | 419,747 | |||||||||||||
| 1,065,000 | 5.000 | 12/01/2034 | 1,115,686 | |||||||||||||
| 650,000 | 5.000 | 12/01/2035 | 679,148 | |||||||||||||
| 800,000 | 5.000 | 12/01/2036 | 832,524 | |||||||||||||
| 880,000 | 5.000 | 12/01/2037 | 912,180 | |||||||||||||
|
|
|
|||||||||||||||
| 225,236,327 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Minnesota - 0.3% |
| |||||||||||||||
| City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) |
| |||||||||||||||
| $ | 1,315,000 | 4.000 | % | 07/01/2031 | $ | 1,233,505 | ||||||||||
| City of Minneapolis GO Green Bonds Series 2019 (NR/AAA) |
| |||||||||||||||
| 2,390,000 | 2.000 | 12/01/2029 | 2,164,975 | |||||||||||||
| 2,940,000 | 2.000 | 12/01/2030 | 2,635,930 | |||||||||||||
| City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) |
| |||||||||||||||
| 675,000 | 5.000 | 05/01/2048 | 702,401 | |||||||||||||
| City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB+) |
| |||||||||||||||
| 355,000 | 3.000 | 12/01/2030 | 314,422 | |||||||||||||
| Duluth Economic Development Authority Health Care Facilities RB (St. Luke’s Hospital of Duluth Obligated Group) Series 2022A (NR/BB+) |
| |||||||||||||||
| 450,000 | 5.000 | 06/15/2031 | 485,411 | |||||||||||||
| 475,000 | 5.000 | 06/15/2033 | 516,382 | |||||||||||||
| Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) |
| |||||||||||||||
| 2,160,000 | 4.250 | 02/15/2048 | 2,072,484 | |||||||||||||
| Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BB+) |
| |||||||||||||||
| 325,000 | 5.000 | 06/15/2027 | 334,838 | |||||||||||||
| 460,000 | 5.000 | 06/15/2028 | 479,574 | |||||||||||||
| 400,000 | 5.000 | 06/15/2029 | 422,157 | |||||||||||||
| Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 370,000 | 3.000 | 07/01/2024 | 368,131 | |||||||||||||
| 400,000 | 3.000 | 07/01/2025 | 390,189 | |||||||||||||
| 360,000 | 3.000 | 07/01/2026 | 344,416 | |||||||||||||
| Duluth Independent School District No.709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa1/NR) |
| |||||||||||||||
| 350,000 | 5.000 | 02/01/2028 | 373,703 | |||||||||||||
| Independent School District No. 709, (Duluth) St. Louis County, Minnesota Full Term Refunding Certificates of Participation, Series 2019B (SD CRED PROG) (Aa1/NR) |
| |||||||||||||||
| 375,000 | 5.000 | 02/01/2025 | 379,581 | |||||||||||||
| Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) |
| |||||||||||||||
| 500,000 | 5.000 | 05/01/2047 | 446,524 | |||||||||||||
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) |
| |||||||||||||||
| 165,000 | 4.000 | 12/01/2026 | 163,926 | |||||||||||||
| 165,000 | 4.000 | 12/01/2027 | 164,175 | |||||||||||||
| 205,000 | 4.000 | 12/01/2028 | 204,171 | |||||||||||||
| 125,000 | 4.000 | 12/01/2029 | 124,594 | |||||||||||||
| 250,000 | 4.000 | 12/01/2030 | 248,814 | |||||||||||||
| 170,000 | 4.000 | 12/01/2031 | 168,704 | |||||||||||||
| Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) |
| |||||||||||||||
| 5,650,000 | 4.000 | 12/01/2026 | 5,677,968 | |||||||||||||
| Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aaa/AAA) |
| |||||||||||||||
| 1,680,000 | 3.000 | 10/01/2029 | 1,682,301 | |||||||||||||
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Minnesota – (continued) |
| |||||||||||||||
| State of Minnesota GO State Various Purpose Bonds Series 2015A (Aaa/AAA) |
| |||||||||||||||
| $ | 5,500,000 | 5.000 | % | 08/01/2035 | $ | 5,599,568 | ||||||||||
|
|
|
|||||||||||||||
| 27,698,844 | ||||||||||||||||
|
|
||||||||||||||||
| Mississippi - 0.2% |
| |||||||||||||||
| Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (Baa2/BBB) |
| |||||||||||||||
| 9,500,000 | 2.650 | (a)(b) | 04/01/2037 | 9,198,481 | ||||||||||||
| Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) |
| |||||||||||||||
| 440,000 | 5.000 | (d) | 10/01/2024 | 440,218 | ||||||||||||
| 660,000 | 5.000 | (d) | 10/01/2025 | 660,344 | ||||||||||||
| 750,000 | 5.000 | (d) | 10/01/2026 | 757,696 | ||||||||||||
| 700,000 | 5.000 | (d) | 10/01/2027 | 712,863 | ||||||||||||
| 950,000 | 5.000 | (d) | 10/01/2028 | 975,046 | ||||||||||||
| 700,000 | 5.000 | (d) | 10/01/2029 | 723,929 | ||||||||||||
| 175,000 | 5.000 | (d) | 10/01/2030 | 181,966 | ||||||||||||
| 1,400,000 | 5.000 | (d) | 10/01/2031 | 1,457,235 | ||||||||||||
| Mississippi State GO Bonds Series 2015 F (Aa2/AA) |
| |||||||||||||||
| 1,000,000 | 4.000 | (c) | 11/01/2025 | 1,013,112 | ||||||||||||
|
|
|
|||||||||||||||
| 16,120,890 | ||||||||||||||||
|
|
||||||||||||||||
| Missouri - 0.6% |
| |||||||||||||||
| Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) |
| |||||||||||||||
| 1,200,000 | 4.000 | 03/01/2041 | 1,178,121 | |||||||||||||
| City of Poplar Bluff COPS Series 2021 (NR/BBB+) |
| |||||||||||||||
| 875,000 | 2.500 | 10/01/2041 | 588,698 | |||||||||||||
| 1,060,000 | 2.625 | 10/01/2046 | 664,147 | |||||||||||||
| City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,650,000 | 5.000 | 05/15/2041 | 1,661,934 | |||||||||||||
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) |
| |||||||||||||||
| 355,000 | 5.000 | 09/01/2029 | 363,931 | |||||||||||||
| I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 700,000 | 4.500 | (d) | 12/01/2029 | 686,737 | ||||||||||||
| Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (A2/A-) |
| |||||||||||||||
| 4,410,000 | 5.000 | 03/01/2031 | 4,685,465 | |||||||||||||
| Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A-) |
| |||||||||||||||
| 2,000,000 | 5.000 | 03/01/2033 | 2,182,122 | |||||||||||||
| 3,200,000 | 5.000 | 03/01/2034 | 3,483,874 | |||||||||||||
| Kansas City Industrial Development Authority Special Obligation Bonds for Kansas City International Airport Series 2019 A (A2/A-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 03/01/2034 | 5,307,419 | |||||||||||||
| Metropolitan St. Louis Sewer District Wastewater System Improvement and Refunding RB Series 2017A (Aa1/AAA) |
| |||||||||||||||
| 3,850,000 | 5.000 | 05/01/2047 | 3,983,777 | |||||||||||||
| Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) |
| |||||||||||||||
| 2,585,000 | 5.000 | 09/01/2043 | 2,667,330 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Missouri – (continued) |
| |||||||||||||||
| Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 370,000 | 4.000 | % | 08/01/2036 | $ | 326,531 | ||||||||||
| 475,000 | 4.000 | 08/01/2041 | 383,629 | |||||||||||||
| Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| 860,000 | 5.000 | 09/01/2027 | 872,157 | |||||||||||||
| 1,065,000 | 5.000 | 09/01/2031 | 1,089,559 | |||||||||||||
| Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) |
| |||||||||||||||
| 520,000 | 4.000 | 02/15/2037 | 526,959 | |||||||||||||
| 615,000 | 4.000 | 02/15/2039 | 616,815 | |||||||||||||
| 1,850,000 | 4.000 | 02/15/2044 | 1,810,109 | |||||||||||||
| Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR) |
| |||||||||||||||
| 495,000 | 3.000 | 10/01/2026 | 485,396 | |||||||||||||
| 875,000 | 4.000 | 10/01/2031 | 853,944 | |||||||||||||
| Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA) |
| |||||||||||||||
| 275,000 | 5.000 | 10/01/2030 | 301,128 | |||||||||||||
| Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) |
| |||||||||||||||
| 210,000 | 5.000 | 10/01/2026 | 217,722 | |||||||||||||
| 210,000 | 5.000 | 10/01/2029 | 229,301 | |||||||||||||
| 150,000 | 5.000 | 10/01/2032 | 164,293 | |||||||||||||
| 240,000 | 4.000 | 10/01/2034 | 246,876 | |||||||||||||
| 125,000 | 4.000 | 10/01/2035 | 128,286 | |||||||||||||
| 150,000 | 4.000 | 10/01/2036 | 153,673 | |||||||||||||
| 170,000 | 4.000 | 10/01/2037 | 172,731 | |||||||||||||
| 145,000 | 4.000 | 10/01/2038 | 146,046 | |||||||||||||
| 110,000 | 4.000 | 10/01/2039 | 110,191 | |||||||||||||
| Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR) |
| |||||||||||||||
| 350,000 | 3.000 | 05/01/2024 | 349,419 | |||||||||||||
| 250,000 | 3.000 | 05/01/2026 | 242,709 | |||||||||||||
| St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (A1/AA) |
| |||||||||||||||
| 6,000,000 | 5.000 | 10/01/2049 | 6,232,645 | |||||||||||||
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) |
| |||||||||||||||
| 4,000,000 | 3.500 | (a)(b) | 05/01/2038 | 3,952,394 | ||||||||||||
| State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) |
| |||||||||||||||
| 460,000 | 4.000 | 02/15/2038 | 463,291 | |||||||||||||
| The Industrial Development Authority of The City of Kansas City, Missouri Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019B (AGM) (A1/AA) |
| |||||||||||||||
| 2,775,000 | 5.000 | 03/01/2049 | 2,853,325 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Missouri – (continued) |
| |||||||||||||||
| The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | %(d) | 10/01/2033 | $ | 1,004,569 | ||||||||||
|
|
|
|||||||||||||||
| 51,387,253 | ||||||||||||||||
|
|
||||||||||||||||
| Montana - 0.0% |
| |||||||||||||||
| City of Billings RB for Sewer System Series 2017 (Aa3/NR) |
| |||||||||||||||
| 575,000 | 5.000 | 07/01/2029 | 609,994 | |||||||||||||
| City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project Series 2023 (A3/NR) |
| |||||||||||||||
| 3,875,000 | 3.875 | 07/01/2028 | 3,928,309 | |||||||||||||
|
|
|
|||||||||||||||
| 4,538,303 | ||||||||||||||||
|
|
||||||||||||||||
| Nebraska - 0.1% |
| |||||||||||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) |
| |||||||||||||||
| 415,000 | 4.000 | 01/01/2033 | 426,407 | |||||||||||||
| 2,000,000 | 4.000 | 01/01/2035 | 2,049,102 | |||||||||||||
| 1,250,000 | 4.000 | 01/01/2036 | 1,273,300 | |||||||||||||
| 1,185,000 | 4.000 | 01/01/2037 | 1,198,437 | |||||||||||||
| 1,500,000 | 4.000 | 01/01/2038 | 1,507,570 | |||||||||||||
| 2,000,000 | 4.000 | 01/01/2039 | 2,002,226 | |||||||||||||
|
|
|
|||||||||||||||
| 8,457,042 | ||||||||||||||||
|
|
||||||||||||||||
| Nevada - 0.6% |
| |||||||||||||||
| City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 195,000 | 3.500 | 06/01/2025 | 191,150 | |||||||||||||
| 180,000 | 3.500 | 06/01/2026 | 173,983 | |||||||||||||
| 190,000 | 3.500 | 06/01/2027 | 181,799 | |||||||||||||
| 140,000 | 3.500 | 06/01/2028 | 132,642 | |||||||||||||
| 160,000 | 3.500 | 06/01/2029 | 149,878 | |||||||||||||
| 160,000 | 3.250 | 06/01/2030 | 145,821 | |||||||||||||
| 295,000 | 3.250 | 06/01/2031 | 265,768 | |||||||||||||
| 395,000 | 3.500 | 06/01/2032 | 358,531 | |||||||||||||
| 440,000 | 3.500 | 06/01/2033 | 395,866 | |||||||||||||
| 945,000 | 3.500 | 06/01/2034 | 841,953 | |||||||||||||
| City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 415,000 | 2.750 | 06/01/2033 | 335,508 | |||||||||||||
| 730,000 | 2.750 | 06/01/2036 | 556,612 | |||||||||||||
| City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 235,000 | 4.250 | 06/01/2034 | 232,971 | |||||||||||||
| 230,000 | 4.625 | 06/01/2043 | 223,697 | |||||||||||||
| 370,000 | 4.625 | 06/01/2049 | 351,237 | |||||||||||||
| City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) |
| |||||||||||||||
| 1,180,000 | 2.750 | (d) | 06/15/2028 | 1,134,674 | ||||||||||||
| Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) |
| |||||||||||||||
| 1,300,000 | 3.750 | (a)(b) | 01/01/2036 | 1,291,239 | ||||||||||||
| Clark County School District GO Bonds Series 2018 A (A1/AA-) |
| |||||||||||||||
| 3,745,000 | 5.000 | 06/15/2030 | 4,033,310 | |||||||||||||
| Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 615,000 | 5.000 | 06/15/2033 | 685,237 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Nevada – (continued) |
| |||||||||||||||
| Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) – (continued) |
| |||||||||||||||
| $ | 850,000 | 5.000 | % | 06/15/2034 | $ | 945,841 | ||||||||||
| 855,000 | 4.000 | 06/15/2038 | 867,450 | |||||||||||||
| 950,000 | 4.000 | 06/15/2039 | 961,181 | |||||||||||||
| 700,000 | 4.000 | 06/15/2040 | 705,591 | |||||||||||||
| Clark County School District, Nevada GO (Limited Tax) Building Bonds Series 2020A (AGM) (A1/AA) |
| |||||||||||||||
| 105,000 | 5.000 | 06/15/2030 | 118,181 | |||||||||||||
| 105,000 | 5.000 | 06/15/2032 | 117,089 | |||||||||||||
| Clark County, Nevada Airport System Subordinate Lien Refunding RB (McCarran International Airport) Series 2019A (NON-AMT) (Aa2/A+) |
| |||||||||||||||
| 2,600,000 | 5.000 | 07/01/2026 | 2,707,022 | |||||||||||||
| Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) |
| |||||||||||||||
| 1,650,000 | 4.000 | 09/01/2035 | 1,525,849 | |||||||||||||
| Henderson Nevada Local Improvement District No. T-18 (NR/NR) |
| |||||||||||||||
| 1,245,000 | 4.000 | 09/01/2025 | 1,236,716 | |||||||||||||
| Humboldt County Pollution Control Refunding RB for Sierra Pacific Power Company Projects Series 2016A (Non-AMT) (A2/A) |
| |||||||||||||||
| 3,000,000 | 3.550 | 10/01/2029 | 3,027,611 | |||||||||||||
| Humboldt County Pollution Control Refunding RB for Sierra Pacific Power Company Projects Series 2016B (Non-AMT) (A2/A) |
| |||||||||||||||
| 2,845,000 | 3.550 | 10/01/2029 | 2,865,745 | |||||||||||||
| Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) |
| |||||||||||||||
| 3,270,000 | 4.000 | 07/01/2049 | 3,084,839 | |||||||||||||
| Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/AA-) |
| |||||||||||||||
| 1,180,000 | 5.000 | 07/01/2026 | 1,224,665 | |||||||||||||
| Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) |
| |||||||||||||||
| 640,000 | 5.000 | 07/01/2026 | 664,225 | |||||||||||||
| Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/AA-) |
| |||||||||||||||
| 2,685,000 | 5.000 | 07/01/2043 | 2,817,511 | |||||||||||||
| Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/AA-) |
| |||||||||||||||
| 1,195,000 | 5.000 | 07/01/2027 | 1,265,825 | |||||||||||||
| Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021C (Aa1/AA) |
| |||||||||||||||
| 7,305,000 | 5.000 | 06/01/2025 | 7,449,591 | |||||||||||||
| State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 11/01/2026 | 5,088,109 | |||||||||||||
| Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) |
| |||||||||||||||
| 1,700,000 | 5.000 | 07/01/2040 | 1,756,454 | |||||||||||||
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (Non-AMT) (A2/A) |
| |||||||||||||||
| 3,845,000 | 3.625 | (a)(b) | 03/01/2036 | 3,874,675 | ||||||||||||
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016G (Non-AMT) (A2/A) |
| |||||||||||||||
| 2,000,000 | 3.625 | (a)(b) | 03/01/2036 | 2,013,441 | ||||||||||||
|
|
|
|||||||||||||||
| 55,999,487 | ||||||||||||||||
|
|
||||||||||||||||
| 74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Hampshire - 0.7% |
| |||||||||||||||
| National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) |
| |||||||||||||||
| $ | 3,500,000 | 3.000 | % | 08/15/2046 | $ | 2,830,918 | ||||||||||
| National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (Baa1/A-) |
| |||||||||||||||
| 8,635,000 | 4.000 | 12/01/2028 | 8,647,351 | |||||||||||||
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 4,700,000 | 4.000 | 01/01/2041 | 4,008,229 | |||||||||||||
| New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) |
| |||||||||||||||
| 8,710,000 | 5.000 | 08/01/2032 | 9,182,536 | |||||||||||||
| 1,135,000 | 5.000 | 08/01/2033 | 1,197,297 | |||||||||||||
| 4,200,000 | 5.000 | 08/01/2034 | 4,429,424 | |||||||||||||
| 7,085,000 | 5.000 | 08/01/2035 | 7,452,550 | |||||||||||||
| 5,430,000 | 5.000 | 08/01/2036 | 5,690,941 | |||||||||||||
| 5,975,000 | 5.000 | 08/01/2037 | 6,237,868 | |||||||||||||
| 5,945,000 | 5.000 | 08/01/2038 | 6,185,364 | |||||||||||||
| 2,535,000 | 5.000 | 08/01/2039 | 2,629,466 | |||||||||||||
| 2,790,000 | 5.000 | 08/01/2040 | 2,881,673 | |||||||||||||
| New Hampshire Health and Education Facilities Authority RB, Dartmouth College Issue, Series 2017 (Aa1/AA+) |
| |||||||||||||||
| 2,225,000 | 5.000 | 06/01/2028 | 2,442,260 | |||||||||||||
|
|
|
|||||||||||||||
| 63,815,877 | ||||||||||||||||
|
|
||||||||||||||||
| New Jersey - 4.1% |
| |||||||||||||||
| Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (A2/AA) |
| |||||||||||||||
| 250,000 | 5.000 | 03/01/2026 | 257,457 | |||||||||||||
| Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) |
| |||||||||||||||
| 3,840,000 | 4.000 | 07/01/2053 | 3,569,540 | |||||||||||||
| City of Hoboken GO Bonds for Open Space Bonds and General Improvement Bonds and Parking Utility Bonds Series 2022 (NR/AA+) |
| |||||||||||||||
| 1,455,000 | 3.000 | 02/15/2049 | 1,177,147 | |||||||||||||
| 1,455,000 | 3.000 | 02/15/2050 | 1,165,274 | |||||||||||||
| Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB) |
| |||||||||||||||
| 470,000 | 4.000 | 06/15/2038 | 453,665 | |||||||||||||
| Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA) |
| |||||||||||||||
| 1,100,000 | 3.000 | 09/01/2034 | 1,058,974 | |||||||||||||
| 1,350,000 | 3.000 | 09/01/2035 | 1,281,954 | |||||||||||||
| 1,350,000 | 3.000 | 09/01/2036 | 1,260,081 | |||||||||||||
| 1,350,000 | 3.000 | 09/01/2037 | 1,223,843 | |||||||||||||
| 1,350,000 | 3.000 | 09/01/2038 | 1,202,793 | |||||||||||||
| 1,100,000 | 3.000 | 09/01/2039 | 969,104 | |||||||||||||
| New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) |
| |||||||||||||||
| 500,000 | 5.000 | 07/01/2032 | 505,200 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) |
| |||||||||||||||
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (A2/A-) |
| |||||||||||||||
| $ | 4,000,000 | 5.500 | %(c) | 12/15/2026 | $ | 4,267,319 | ||||||||||
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (A2/A-) |
| |||||||||||||||
| 5,805,000 | 5.000 | 06/15/2028 | 6,257,516 | |||||||||||||
| 10,295,000 | 5.000 | 06/15/2029 | 11,168,430 | |||||||||||||
| New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A1/AA) |
| |||||||||||||||
| 1,300,000 | 5.000 | 06/01/2042 | 1,330,669 | |||||||||||||
| New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (A2/A-) |
| |||||||||||||||
| 1,955,000 | 5.000 | 06/15/2024 | 1,959,021 | |||||||||||||
| 9,340,000 | 5.000 | 06/15/2029 | 10,149,478 | |||||||||||||
| New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A+) |
| |||||||||||||||
| 785,000 | 3.000 | 06/01/2032 | 768,692 | |||||||||||||
| 1,545,000 | 5.000 | 06/01/2032 | 1,626,613 | |||||||||||||
| New Jersey Economic Development Authority School Facilities Construction Bonds 2016 Series AAA (A2/A-) |
| |||||||||||||||
| 6,415,000 | 5.000 | (c) | 12/15/2026 | 6,760,947 | ||||||||||||
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds , 2024 Series SSS (A2/A-) |
| |||||||||||||||
| 1,610,000 | 5.250 | (h) | 06/15/2036 | 1,914,405 | ||||||||||||
| 1,675,000 | 5.250 | (h) | 06/15/2038 | 1,954,497 | ||||||||||||
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) |
| |||||||||||||||
| 1,465,000 | 5.250 | (h) | 06/15/2037 | 1,723,536 | ||||||||||||
| 1,675,000 | 5.250 | (h) | 06/15/2039 | 1,944,700 | ||||||||||||
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB-) |
| |||||||||||||||
| 6,125,000 | 5.250 | 09/15/2029 | 6,137,951 | |||||||||||||
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB-) |
| |||||||||||||||
| 1,100,000 | 5.625 | 11/15/2030 | 1,111,145 | |||||||||||||
| New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) |
| |||||||||||||||
| 4,040,000 | 5.000 | 10/01/2047 | 4,103,384 | |||||||||||||
| New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) |
| |||||||||||||||
| 5,380,000 | 5.000 | 06/15/2037 | 5,650,495 | |||||||||||||
| New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/BBB+) |
| |||||||||||||||
| 10,325,000 | 5.375 | 01/01/2043 | 10,352,156 | |||||||||||||
| New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) |
| |||||||||||||||
| 4,850,000 | 3.750 | (a)(b) | 11/01/2034 | 4,841,108 | ||||||||||||
| New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) |
| |||||||||||||||
| 1,600,000 | 4.000 | 07/01/2042 | 1,170,507 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) |
| |||||||||||||||
| New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A) |
| |||||||||||||||
| $ | 1,250,000 | 3.000 | % | 07/01/2040 | $ | 1,056,000 | ||||||||||
| New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (HUD SECT 8) (NR/AA-) |
| |||||||||||||||
| 1,320,000 | 0.650 | 05/01/2024 | 1,316,226 | |||||||||||||
| 2,555,000 | 0.750 | 11/01/2024 | 2,481,165 | |||||||||||||
| 1,910,000 | 0.900 | 11/01/2025 | 1,787,053 | |||||||||||||
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) |
| |||||||||||||||
| 19,370,000 | 0.000 | (f) | 12/15/2036 | 12,166,074 | ||||||||||||
| New Jersey State Turnpike Authority RB Series 2015 E (A1/AA-) |
| |||||||||||||||
| 1,675,000 | 5.000 | 01/01/2032 | 1,696,635 | |||||||||||||
| 5,000,000 | 5.000 | 01/01/2045 | 5,034,400 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) |
| |||||||||||||||
| 290,000 | 0.000 | (f) | 12/15/2025 | 273,775 | ||||||||||||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A2/A+) |
| |||||||||||||||
| 2,200,000 | 5.000 | 06/15/2027 | 2,281,142 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Series 2016 (A2/A+) |
| |||||||||||||||
| 2,435,000 | 5.000 | 06/15/2030 | 2,516,932 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) |
| |||||||||||||||
| 4,805,000 | 0.000 | (f) | 12/15/2035 | 3,193,223 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) |
| |||||||||||||||
| 3,000,000 | 0.000 | (f) | 12/15/2035 | 1,982,258 | ||||||||||||
| 11,270,000 | 0.000 | (f) | 12/15/2038 | 6,295,999 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) |
| |||||||||||||||
| 9,735,000 | 0.000 | (f) | 12/15/2026 | 8,898,608 | ||||||||||||
| 1,325,000 | 0.000 | (f) | 12/15/2031 | 1,029,992 | ||||||||||||
| 5,000,000 | 0.000 | (f) | 12/15/2036 | 3,120,922 | ||||||||||||
| 1,495,000 | 0.000 | (f) | 12/15/2037 | 885,163 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) |
| |||||||||||||||
| 755,000 | 5.000 | 06/15/2046 | 761,604 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB for |
| |||||||||||||||
| Transportation System Bonds Series 2006 C (NATL) (A2/A-) |
| |||||||||||||||
| 20,405,000 | 0.000 | (f) | 12/15/2031 | 15,922,105 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) |
| |||||||||||||||
| 26,425,000 | 0.000 | (f) | 12/15/2036 | 16,494,070 | ||||||||||||
| 33,225,000 | 0.000 | (f) | 12/15/2037 | 19,671,945 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) |
| |||||||||||||||
| 230,000 | 0.000 | (f) | 12/15/2033 | 166,303 | ||||||||||||
| 30,275,000 | 0.000 | (f) | 12/15/2038 | 16,913,165 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) |
| |||||||||||||||
| 1,620,000 | 5.000 | 12/15/2039 | 1,738,226 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date | Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) |
| |||||||||||||||
| New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A2/A+) |
| |||||||||||||||
| $ | 735,000 | 5.000 | % | 06/15/2030 | $ | 759,731 | ||||||||||
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) |
| |||||||||||||||
| 2,905,000 | 4.000 | 12/15/2031 | 3,010,548 | |||||||||||||
| 2,070,000 | 5.000 | 12/15/2032 | 2,242,915 | |||||||||||||
| 7,775,000 | 5.000 | 12/15/2034 | 8,401,079 | |||||||||||||
| 8,840,000 | 5.000 | 12/15/2035 | 9,515,169 | |||||||||||||
| 3,455,000 | 5.000 | 12/15/2036 | 3,702,189 | |||||||||||||
| 2,410,000 | 4.250 | 12/15/2038 | 2,455,577 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) |
| |||||||||||||||
| 8,320,000 | 5.000 | 12/15/2033 | 9,006,775 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) |
| |||||||||||||||
| 120,000 | 3.000 | 06/15/2050 | 91,823 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) |
| |||||||||||||||
| 4,600,000 | 4.000 | 06/15/2045 | 4,481,851 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) |
| |||||||||||||||
| 4,675,000 | 4.250 | 06/15/2044 | 4,724,596 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (A2/A-) |
| |||||||||||||||
| 6,155,000 | 5.000 | 06/15/2030 | 6,685,503 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) |
| |||||||||||||||
| 3,060,000 | 5.000 | 06/15/2034 | 3,310,049 | |||||||||||||
| 10,000,000 | 5.000 | 06/15/2037 | 10,690,461 | |||||||||||||
| 3,000,000 | 5.250 | 06/15/2043 | 3,157,086 | |||||||||||||
| 10,000,000 | 4.500 | 06/15/2049 | 10,031,702 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) |
| |||||||||||||||
| 2,000,000 | 4.000 | 06/15/2044 | 1,956,540 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) |
| |||||||||||||||
| 6,255,000 | 0.000 | (f) | 12/15/2032 | 4,691,707 | ||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) |
| |||||||||||||||
| 3,190,000 | 0.000 | (f) | 12/15/2029 | 2,654,087 | ||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A2/A-) |
| |||||||||||||||
| 2,500,000 | 5.000 | 12/15/2032 | 2,763,298 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) |
| |||||||||||||||
| 4,550,000 | 4.250 | 06/15/2040 | 4,715,801 | |||||||||||||
| 2,000,000 | 5.250 | 06/15/2041 | 2,263,410 | |||||||||||||
| 3,000,000 | 5.250 | 06/15/2042 | 3,371,759 | |||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) |
| |||||||||||||||
| 10,000,000 | 5.000 | 01/01/2034 | 10,027,206 | |||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) |
| |||||||||||||||
| 3,000,000 | 4.000 | 01/01/2043 | 2,969,120 | |||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) |
| |||||||||||||||
| 1,400,000 | 4.500 | 01/01/2048 | 1,443,335 | |||||||||||||
| 76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) |
| |||||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/ AA-) – (continued) |
| |||||||||||||||
| $ | 4,725,000 | 5.250 | % | 01/01/2052 | $ | 5,173,712 | ||||||||||
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| |||||||||||||||
| 900,000 | 5.375 | 07/01/2053 | 918,247 | |||||||||||||
| Salem County Pollution Control Financing Authority Pollution Control RB for Philadelphia Electric Company Project 1993 Series A (Baa1/BBB+) |
| |||||||||||||||
| 2,740,000 | 4.450 | 03/01/2025 | 2,748,429 | |||||||||||||
| South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (A3/NR) |
| |||||||||||||||
| 1,020,000 | 5.000 | 01/01/2037 | 1,064,272 | |||||||||||||
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) |
| |||||||||||||||
| 5,585,000 | 5.000 | 01/01/2048 | 5,686,777 | |||||||||||||
| South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A1/AA) |
| |||||||||||||||
| 725,000 | 5.000 | 11/01/2033 | 793,950 | |||||||||||||
| Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB-) |
| |||||||||||||||
| 17,605,000 | 5.000 | 06/01/2046 | 17,901,356 | |||||||||||||
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) |
| |||||||||||||||
| 6,455,000 | 6.750 | (d) | 12/01/2041 | 4,202,704 | ||||||||||||
|
|
|
|||||||||||||||
| 384,613,350 | ||||||||||||||||
|
|
||||||||||||||||
| New Mexico - 0.2% |
| |||||||||||||||
| City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) |
| |||||||||||||||
| 6,000,000 | 1.800 | 04/01/2029 | 5,309,732 | |||||||||||||
| City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) |
| |||||||||||||||
| 6,835,000 | 3.900 | (a)(b) | 06/01/2040 | 6,823,145 | ||||||||||||
| Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) |
| |||||||||||||||
| 175,000 | 4.000 | 09/01/2025 | 175,677 | |||||||||||||
| 200,000 | 5.000 | 09/01/2029 | 217,026 | |||||||||||||
| 450,000 | 5.000 | 09/01/2030 | 495,755 | |||||||||||||
| 300,000 | 5.000 | 09/01/2031 | 331,134 | |||||||||||||
| 350,000 | 5.000 | 09/01/2032 | 386,154 | |||||||||||||
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 637,000 | 3.750 | (d) | 05/01/2028 | 625,303 | ||||||||||||
| 2,070,000 | 4.000 | (d) | 05/01/2033 | 2,013,223 | ||||||||||||
| 2,345,000 | 4.250 | (d) | 05/01/2040 | 2,188,319 | ||||||||||||
|
|
|
|||||||||||||||
| 18,565,468 | ||||||||||||||||
|
|
||||||||||||||||
| New York - 8.7% |
| |||||||||||||||
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| |||||||||||||||
| 1,400,000 | 5.000 | 07/15/2042 | 1,422,809 | |||||||||||||
| Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) |
| |||||||||||||||
| 110,000 | 4.000 | 06/15/2025 | 109,080 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) |
| |||||||||||||||
| $ | 200,000 | 4.000 | % | 06/15/2027 | $ | 194,932 | ||||||||||
| 200,000 | 4.000 | 06/15/2028 | 193,660 | |||||||||||||
| Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) |
| |||||||||||||||
| 725,000 | 5.000 | 06/15/2042 | 730,771 | |||||||||||||
| Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) |
| |||||||||||||||
| 600,000 | 5.000 | 07/01/2042 | 610,772 | |||||||||||||
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,425,000 | 5.000 | (d) | 12/01/2041 | 1,331,284 | ||||||||||||
| Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) |
| |||||||||||||||
| 2,500,000 | 5.000 | 07/01/2042 | 2,591,426 | |||||||||||||
| Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) |
| |||||||||||||||
| 300,000 | 4.000 | (d) | 06/15/2031 | 284,110 | ||||||||||||
| 425,000 | 4.000 | (d) | 06/15/2041 | 356,316 | ||||||||||||
| Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) |
| |||||||||||||||
| 2,465,000 | 4.000 | (d) | 06/15/2027 | 2,323,655 | ||||||||||||
| Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) |
| |||||||||||||||
| 350,000 | 5.000 | (d) | 06/15/2033 | 367,351 | ||||||||||||
| 425,000 | 5.250 | (d) | 06/15/2043 | 431,787 | ||||||||||||
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) |
| |||||||||||||||
| 260,000 | 6.500 | (d) | 07/01/2032 | 269,955 | ||||||||||||
| 2,500,000 | 6.500 | (d) | 07/01/2042 | 2,537,884 | ||||||||||||
| 850,000 | 6.500 | (d) | 07/01/2052 | 857,167 | ||||||||||||
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) |
| |||||||||||||||
| 900,000 | 9.750 | (d) | 07/01/2032 | 875,972 | ||||||||||||
| Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) |
| |||||||||||||||
| 750,000 | 4.750 | 06/15/2053 | 727,334 | |||||||||||||
| Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) |
| |||||||||||||||
| 7,920,000 | 4.250 | (a)(b) | 04/01/2042 | 7,999,290 | ||||||||||||
| City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) |
| |||||||||||||||
| 325,000 | 5.000 | 07/01/2025 | 328,826 | |||||||||||||
| 335,000 | 5.000 | 07/01/2026 | 339,433 | |||||||||||||
| 425,000 | 5.000 | 07/01/2027 | 431,250 | |||||||||||||
| City of New York GO Bonds 2023 Series C (Aa2/AA) |
| |||||||||||||||
| 2,845,000 | 5.000 | 08/01/2026 | 2,969,952 | |||||||||||||
| City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) |
| |||||||||||||||
| 1,945,000 | 5.000 | 08/01/2026 | 2,032,211 | |||||||||||||
| City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) |
| |||||||||||||||
| 5,760,000 | 5.000 | 10/01/2026 | 6,040,771 | |||||||||||||
| City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) |
| |||||||||||||||
| 1,905,000 | 5.000 | 09/01/2026 | 1,992,296 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) |
| |||||||||||||||
| $ | 2,500,000 | 5.500 | % | 05/01/2046 | $ | 2,809,457 | ||||||||||
| 3,900,000 | 4.500 | 05/01/2049 | 3,991,470 | |||||||||||||
| City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) |
| |||||||||||||||
| 4,750,000 | 4.000 | 03/01/2050 | 4,605,504 | |||||||||||||
| Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) |
| |||||||||||||||
| 2,300,000 | 5.250 | 07/01/2049 | 2,496,306 | |||||||||||||
| 2,750,000 | 5.250 | 07/01/2054 | 2,955,695 | |||||||||||||
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2015E (Aa1/AA+) |
| |||||||||||||||
| 14,675,000 | 3.250 | 03/15/2035 | 14,353,346 | |||||||||||||
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) |
| |||||||||||||||
| 10,000,000 | 5.250 | 03/15/2052 | 11,009,581 | |||||||||||||
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2045 | 1,017,579 | |||||||||||||
| Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) |
| |||||||||||||||
| 500,000 | 4.000 | 03/15/2039 | 509,851 | |||||||||||||
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) |
| |||||||||||||||
| 29,200,000 | 0.000 | (d)(f) | 06/01/2060 | 1,933,256 | ||||||||||||
| Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (Baa2/BBB) |
| |||||||||||||||
| 500,000 | 2.100 | (a)(b) | 03/01/2027 | 494,982 | ||||||||||||
| Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A
(Aaa/NR) |
| |||||||||||||||
| 6,727,585 | 5.935 | (e) | 01/25/2033 | 6,721,160 | ||||||||||||
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) |
| |||||||||||||||
| 200,000 | 5.000 | 12/01/2025 | 202,855 | |||||||||||||
| Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR) |
| |||||||||||||||
| 2,500,000 | 5.000 | (a)(b) | 11/15/2045 | 2,711,672 | ||||||||||||
| Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) |
| |||||||||||||||
| 645,000 | 5.000 | 11/15/2027 | 666,433 | |||||||||||||
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) |
| |||||||||||||||
| 9,325,000 | 4.750 | 11/15/2045 | 9,598,334 | |||||||||||||
| 4,445,000 | 5.000 | 11/15/2050 | 4,618,928 | |||||||||||||
| 1,800,000 | 5.250 | 11/15/2055 | 1,887,767 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) |
| |||||||||||||||
| 3,275,000 | 5.000 | 11/15/2029 | 3,609,518 | |||||||||||||
| 1,450,000 | 5.000 | 11/15/2030 | 1,625,660 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/A-) |
| |||||||||||||||
| 1,340,000 | 5.000 | 11/15/2027 | 1,415,306 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) |
| |||||||||||||||
| 2,465,000 | 4.000 | 11/15/2032 | 2,505,431 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) |
| |||||||||||||||
| $ | 7,785,000 | 5.000 | % | 11/15/2037 | $ | 8,857,986 | ||||||||||
| 8,605,000 | 5.000 | 11/15/2039 | 9,727,966 | |||||||||||||
| 5,445,000 | 5.000 | 11/15/2040 | 6,086,515 | |||||||||||||
| 4,190,000 | 4.000 | 11/15/2043 | 4,078,619 | |||||||||||||
| 14,200,000 | 5.250 | 11/15/2049 | 15,380,284 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/A-) |
| |||||||||||||||
| 545,000 | 5.000 | 11/15/2027 | 568,498 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) |
| |||||||||||||||
| 530,000 | 5.000 | 11/15/2029 | 550,791 | |||||||||||||
| 755,000 | 5.250 | 11/15/2031 | 790,318 | |||||||||||||
| Metropolitan Transportation Authority RB Series 2016 C-1 (A3/A-) |
| |||||||||||||||
| 595,000 | 5.000 | 11/15/2028 | 619,135 | |||||||||||||
| Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/A-) |
| |||||||||||||||
| 475,000 | 5.000 | 11/15/2025 | 483,952 | |||||||||||||
| Metropolitan Transportation Authority Transportation RB Series 2015B (A3/A-) |
| |||||||||||||||
| 2,340,000 | 5.250 | 11/15/2055 | 2,363,110 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (AGM) (A1/AA) |
| |||||||||||||||
| 11,050,000 | 5.000 | 11/15/2044 | 11,472,619 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) |
| |||||||||||||||
| 4,980,000 | 4.000 | 11/15/2047 | 4,771,878 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) |
| |||||||||||||||
| 3,000,000 | 4.000 | 11/15/2047 | 2,845,812 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/A-) |
| |||||||||||||||
| 5,000,000 | 4.000 | 11/15/2047 | 4,743,020 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) |
| |||||||||||||||
| 3,750,000 | 5.000 | 11/15/2027 | 3,996,973 | |||||||||||||
| 400,000 | 5.000 | 11/15/2028 | 437,795 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/A-) |
| |||||||||||||||
| 1,655,000 | 5.000 | 11/15/2025 | 1,699,525 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-) |
| |||||||||||||||
| 2,765,000 | 5.000 | 11/15/2027 | 2,947,101 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds Subseries 2015E-1 (Aa2/AA/A-1) |
| |||||||||||||||
| 11,015,000 | 4.450 | (a)(b) | 11/15/2050 | 11,015,000 | ||||||||||||
| MTA Hudson Rail Yards Trust Obligations Series 2016A (A3/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 11/15/2056 | 1,978,528 | |||||||||||||
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) |
| |||||||||||||||
| 82,790,000 | 0.000 | (f) | 06/01/2060 | 5,375,182 | ||||||||||||
| New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA) |
| |||||||||||||||
| 1,045,000 | 2.250 | 10/01/2029 | 978,931 | |||||||||||||
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| |||||||||||||||
| 4,015,000 | 3.000 | 01/01/2039 | 3,536,691 | |||||||||||||
| 78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/AA) |
| |||||||||||||||
| $ | 2,175,000 | 4.000 | % | 03/01/2045 | $ | 2,068,928 | ||||||||||
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 2,365,000 | 3.000 | 03/01/2036 | 2,220,578 | |||||||||||||
| 2,555,000 | 3.000 | 03/01/2040 | 2,212,430 | |||||||||||||
| 1,925,000 | 4.000 | 03/01/2045 | 1,864,537 | |||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2015 Subseries BB-4 (Aa1/AA+/A-1) |
| |||||||||||||||
| 6,290,000 | 4.450 | (a)(b) | 06/15/2050 | 6,290,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2021 Series Ee Subseries Ee-1 and Ee-2 (Aa1/AA+/A-1) |
| |||||||||||||||
| 5,365,000 | 4.500 | (a)(b) | 06/15/2045 | 5,365,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2021 Series Ee Subseries Ee-1 and Ee-2 (Aa1/AA+/A-1+) |
| |||||||||||||||
| 18,040,000 | 4.500 | (a)(b) | 06/15/2045 | 18,040,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2023 Series Cc (Aa1/AA+/A-1) |
| |||||||||||||||
| 13,335,000 | 4.450 | (a)(b) | 06/15/2053 | 13,335,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2009 Subseries Bb-1 (Aa1/AA+/A-1) |
| |||||||||||||||
| 11,445,000 | 4.400 | (a)(b) | 06/15/2039 | 11,445,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2018 Series Bb (Aa1/AA+) |
| |||||||||||||||
| 11,150,000 | 5.000 | 06/15/2046 | 11,592,862 | |||||||||||||
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2019 Series Ee, (Aa1/AA+) |
| |||||||||||||||
| 1,000,000 | 4.000 | 06/15/2040 | 1,008,227 | |||||||||||||
| New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 07/15/2032 | 5,132,668 | |||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2018 Series B Subseries B-1 (Aa1/AAA) |
| |||||||||||||||
| 18,400,000 | 5.000 | 08/01/2045 | 19,170,890 | |||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Subseries C-4 (Aa1/AAA/A-1) |
| |||||||||||||||
| 18,000,000 | 4.450 | (a)(b) | 11/01/2044 | 18,000,000 | ||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax-Exempt Bonds (Aa1/AAA) |
| |||||||||||||||
| 6,000,000 | 5.500 | 11/01/2045 | 6,806,040 | |||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2024 Series A-1 (Aa1/AAA) |
| |||||||||||||||
| 830,000 | 4.000 | 05/01/2045 | 814,236 | |||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) |
| |||||||||||||||
| 6,490,000 | 5.500 | 05/01/2042 | 7,622,911 | |||||||||||||
| 3,500,000 | 5.500 | 05/01/2053 | 3,939,152 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) |
| |||||||||||||||
| $ | 3,755,000 | 5.000 | % | 11/15/2030 | $ | 3,825,917 | ||||||||||
| New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) |
| |||||||||||||||
| 143,440,000 | 0.000 | (f) | 06/01/2060 | 10,470,604 | ||||||||||||
| New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) |
| |||||||||||||||
| 4,840,000 | 3.500 | 02/15/2048 | 4,821,221 | |||||||||||||
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| |||||||||||||||
| 4,050,000 | 5.150 | (d) | 11/15/2034 | 4,064,710 | ||||||||||||
| 9,000,000 | 5.375 | (d) | 11/15/2040 | 9,028,512 | ||||||||||||
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) |
| |||||||||||||||
| 4,175,000 | 7.250 | (d) | 11/15/2044 | 4,206,120 | ||||||||||||
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| |||||||||||||||
| 20,610,000 | 5.000 | (d) | 11/15/2044 | 20,616,309 | ||||||||||||
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) |
| |||||||||||||||
| 855,000 | 2.625 | 09/15/2069 | 780,670 | |||||||||||||
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) |
| |||||||||||||||
| 1,070,000 | 2.800 | 09/15/2069 | 962,297 | |||||||||||||
| New York NY GO Bonds 2008 L-4 (Aa1/AA+/A-1) |
| |||||||||||||||
| 5,910,000 | 4.500 | (a)(b) | 04/01/2038 | 5,910,000 | ||||||||||||
| New York NY GO Bonds 2018 E-1 (Aa2/AA) |
| |||||||||||||||
| 9,725,000 | 5.000 | 03/01/2044 | 10,194,178 | |||||||||||||
| New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) |
| |||||||||||||||
| 7,835,000 | 4.000 | 07/15/2051 | 7,310,773 | |||||||||||||
| New York St Dorm Auth St Pers Income Tax Rev General Purpose Bonds 2022 A (NR/NR) |
| |||||||||||||||
| 450,000 | 5.000 | 03/15/2027 | 479,154 | |||||||||||||
| New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa1/AA+) |
| |||||||||||||||
| 2,550,000 | 5.000 | (c) | 08/15/2026 | 2,676,947 | ||||||||||||
| New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) |
| |||||||||||||||
| 25,000,000 | 4.000 | 03/15/2043 | 24,955,055 | |||||||||||||
| New York State Dormitory Authority Personal Income Tax RB Series 2021E (NR/AA+) |
| |||||||||||||||
| 10,000,000 | 4.000 | 03/15/2038 | 10,346,375 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa1/AA+) |
| |||||||||||||||
| 1,810,000 | 5.000 | 03/15/2026 | 1,881,779 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) |
| |||||||||||||||
| 1,400,000 | 5.000 | 07/01/2033 | 1,464,531 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) |
| |||||||||||||||
| 100,000 | 3.560 | 07/01/2026 | 96,381 | |||||||||||||
| 100,000 | 3.670 | 07/01/2027 | 95,490 | |||||||||||||
| 40,000 | 3.760 | 07/01/2028 | 37,872 | |||||||||||||
| 200,000 | 3.820 | 07/01/2029 | 187,197 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR) |
| |||||||||||||||
| $ | 970,000 | 5.000 | % | 07/01/2025 | $ | 978,239 | ||||||||||
| 1,185,000 | 5.000 | 07/01/2029 | 1,207,785 | |||||||||||||
| 745,000 | 5.000 | 07/01/2030 | 762,523 | |||||||||||||
| 100,000 | 4.000 | 07/01/2031 | 96,016 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Caa1/B-) |
| |||||||||||||||
| 540,000 | 5.000 | 07/01/2032 | 489,181 | |||||||||||||
| 465,000 | 5.000 | 07/01/2034 | 413,680 | |||||||||||||
| 1,005,000 | 5.000 | 07/01/2035 | 901,496 | |||||||||||||
| 440,000 | 5.000 | 07/01/2036 | 391,984 | |||||||||||||
| 545,000 | 4.000 | 07/01/2040 | 417,403 | |||||||||||||
| 590,000 | 5.000 | 07/01/2041 | 510,395 | |||||||||||||
| 2,315,000 | 4.000 | 07/01/2045 | 1,687,232 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) |
| |||||||||||||||
| 530,000 | 4.000 | 09/01/2036 | 525,140 | |||||||||||||
| 500,000 | 4.000 | 09/01/2037 | 488,791 | |||||||||||||
| 575,000 | 4.000 | 09/01/2038 | 553,820 | |||||||||||||
| 615,000 | 4.000 | 09/01/2039 | 588,176 | |||||||||||||
| 750,000 | 4.000 | 09/01/2040 | 708,847 | |||||||||||||
| New York State Dormitory Authority RB Refunding for St. John’s University Series 2021 A (A3/A-) |
| |||||||||||||||
| 2,750,000 | 4.000 | 07/01/2048 | 2,625,913 | |||||||||||||
| New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa1/NR) |
| |||||||||||||||
| 4,450,000 | 3.000 | 03/15/2038 | 4,048,743 | |||||||||||||
| New York State Dormitory Authority RB Series 2020 B (Aa2/NR) |
| |||||||||||||||
| 1,100,000 | 3.000 | 04/01/2042 | 931,100 | |||||||||||||
| 1,550,000 | 3.000 | 04/01/2048 | 1,216,194 | |||||||||||||
| New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/BBB+) |
| |||||||||||||||
| 5,350,000 | 7.389 | (a)(b) | 07/01/2034 | 5,350,000 | ||||||||||||
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) |
| |||||||||||||||
| 1,440,000 | 2.875 | (a)(b)(d) | 12/01/2044 | 1,313,166 | ||||||||||||
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) |
| |||||||||||||||
| 750,000 | 2.750 | (a)(b) | 09/01/2050 | 729,266 | ||||||||||||
| New York State Housing Finance Agency 2021 Series J-2 |
| |||||||||||||||
| 3,050,000 | 1.100 | (a)(b) | 11/01/2061 | 2,748,916 | ||||||||||||
| New York State Thruway Authority General RB Series P (A1/A+) |
| |||||||||||||||
| 1,865,000 | 5.250 | 01/01/2054 | 2,040,151 | |||||||||||||
| New York State Thruway Authority General RB Series P (A1/A+) |
| |||||||||||||||
| 1,800,000 | 5.000 | 01/01/2049 | 1,947,458 | |||||||||||||
| New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa1/NR) |
| |||||||||||||||
| 7,000,000 | 3.000 | 03/15/2050 | 5,428,480 | |||||||||||||
| New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2020A (Tax-Exempt) (Aa1/NR) |
| |||||||||||||||
| 11,500,000 | 4.000 | 03/15/2038 | 11,837,799 | |||||||||||||
| New York State Urban Development Corporation State Sales Tax RB, Series 2023A (Tax-Exempt) (Aa1/NR) |
| |||||||||||||||
| 8,000,000 | 5.000 | 03/15/2051 | 8,731,074 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (Baa1/NR) |
| |||||||||||||||
| $ | 2,500,000 | 5.000 | % | 12/01/2036 | $ | 2,713,427 | ||||||||||
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) |
| |||||||||||||||
| 1,000,000 | 4.000 | 12/01/2040 | 989,722 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) |
| |||||||||||||||
| 4,750,000 | 5.000 | 01/01/2027 | 4,890,925 | |||||||||||||
| 310,000 | 5.000 | 01/01/2031 | 321,307 | |||||||||||||
| 8,645,000 | 5.000 | 01/01/2033 | 8,959,286 | |||||||||||||
| 3,800,000 | 5.000 | 01/01/2034 | 3,936,313 | |||||||||||||
| 9,625,000 | 4.000 | 01/01/2036 | 9,624,524 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| |||||||||||||||
| 2,850,000 | 5.000 | 01/01/2036 | 2,941,741 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa3/NR) |
| |||||||||||||||
| 2,580,000 | 4.000 | 10/01/2030 | 2,588,795 | |||||||||||||
| 4,815,000 | 5.000 | 10/01/2035 | 5,103,930 | |||||||||||||
| 7,240,000 | 5.000 | 10/01/2040 | 7,499,720 | |||||||||||||
| 8,775,000 | 4.375 | 10/01/2045 | 8,648,669 | |||||||||||||
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) |
| |||||||||||||||
| 1,225,000 | 2.500 | 10/31/2031 | 1,031,236 | |||||||||||||
| 600,000 | 4.000 | 10/31/2034 | 592,491 | |||||||||||||
| 4,780,000 | 4.000 | 10/31/2041 | 4,362,270 | |||||||||||||
| New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A1/AA) |
| |||||||||||||||
| 1,500,000 | 4.000 | 07/01/2046 | 1,414,861 | |||||||||||||
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 12/01/2028 | 530,995 | |||||||||||||
| 500,000 | 5.000 | 12/01/2029 | 538,902 | |||||||||||||
| 2,200,000 | 5.000 | 12/01/2036 | 2,358,127 | |||||||||||||
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) |
| |||||||||||||||
| 165,000 | 5.000 | 12/01/2032 | 181,735 | |||||||||||||
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| |||||||||||||||
| 690,000 | 5.000 | 07/01/2034 | 690,810 | |||||||||||||
| 15,675,000 | 5.000 | 07/01/2041 | 15,552,531 | |||||||||||||
| 4,050,000 | 5.000 | 07/01/2046 | 3,989,633 | |||||||||||||
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) |
| |||||||||||||||
| 8,425,000 | 5.250 | 01/01/2050 | 8,431,419 | |||||||||||||
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 1,150,000 | 5.000 | 06/30/2049 | 1,201,409 | |||||||||||||
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) |
| |||||||||||||||
| 3,125,000 | 6.000 | 06/30/2054 | 3,463,257 | |||||||||||||
| 80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2022 (Baa1/NR) |
| |||||||||||||||
| $ | 500,000 | 5.000 | % | 12/01/2027 | $ | 523,154 | ||||||||||
| New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa3/BB+) |
| |||||||||||||||
| 750,000 | 6.000 | 04/01/2035 | 850,526 | |||||||||||||
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| |||||||||||||||
| 2,250,000 | 5.000 | 08/01/2031 | 2,250,172 | |||||||||||||
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) |
| |||||||||||||||
| 6,570,000 | 5.250 | 08/01/2031 | 6,983,643 | |||||||||||||
| 5,675,000 | 5.375 | 08/01/2036 | 5,991,482 | |||||||||||||
| New York Transportation Development Corp. Special Facility RB Series 2021 (NR/NR) |
| |||||||||||||||
| 4,060,000 | 3.000 | 08/01/2031 | 3,818,315 | |||||||||||||
| New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| |||||||||||||||
| 3,475,000 | 5.000 | 08/01/2026 | 3,475,944 | |||||||||||||
| New York Transportation Development Corporation (Terminal 4 John F. Kennedy International Airport Project) Special Facility RB, Series 2020C (Baa1/BBB) |
| |||||||||||||||
| 1,250,000 | 5.000 | 12/01/2029 | 1,362,011 | |||||||||||||
| Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/ AA) |
| |||||||||||||||
| 420,000 | 4.000 | 12/01/2033 | 425,088 | |||||||||||||
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) |
| |||||||||||||||
| 1,065,000 | 4.000 | 12/01/2034 | 1,076,780 | |||||||||||||
| 670,000 | 4.000 | 12/01/2035 | 676,435 | |||||||||||||
| 1,135,000 | 4.000 | 12/01/2036 | 1,141,283 | |||||||||||||
| 1,260,000 | 3.000 | 12/01/2039 | 1,052,639 | |||||||||||||
| 840,000 | 3.000 | 12/01/2040 | 690,295 | |||||||||||||
| 1,680,000 | 4.000 | 12/01/2049 | 1,546,851 | |||||||||||||
| Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) |
| |||||||||||||||
| 345,000 | 4.000 | 07/01/2039 | 316,002 | |||||||||||||
| 4,225,000 | 3.000 | 07/01/2044 | 3,008,368 | |||||||||||||
| Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) |
| |||||||||||||||
| 4,720,000 | 4.000 | 07/01/2035 | 4,236,379 | |||||||||||||
| Port Authority of New York & New Jersey Consolidated RB Series 221 (Aa3/AA-) |
| |||||||||||||||
| 2,000,000 | 4.000 | 07/15/2045 | 1,913,187 | |||||||||||||
| 1,500,000 | 4.000 | 07/15/2050 | 1,404,606 | |||||||||||||
| Port Authority of New York and New Jersey Consolidated Bonds 242nd Series (Aa3/AA-) |
| |||||||||||||||
| 1,500,000 | 5.000 | 12/01/2026 | 1,557,106 | |||||||||||||
| Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) |
| |||||||||||||||
| 8,975,000 | 3.000 | 10/01/2027 | 8,694,870 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) – (continued) |
| |||||||||||||||
| $ | 1,555,000 | 3.000 | % | 10/01/2028 | $ | 1,500,721 | ||||||||||
| Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) |
| |||||||||||||||
| 1,520,000 | 5.250 | 08/01/2047 | 1,634,430 | |||||||||||||
| Power Authority of The State of New York Green Transmission Project RB, Series 2023A (AGM) (A1/AA) |
| |||||||||||||||
| 1,500,000 | 5.000 | 11/15/2053 | 1,637,575 | |||||||||||||
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) |
| |||||||||||||||
| 6,200,000 | 4.250 | 05/01/2052 | 6,009,879 | |||||||||||||
| 5,225,000 | 5.000 | 05/01/2052 | 5,515,346 | |||||||||||||
| State of New York Dormitory Authority Personal Income Tax RB Series 2018A (Aa1/NR) |
| |||||||||||||||
| 10,200,000 | 4.000 | 03/15/2048 | 9,875,987 | |||||||||||||
| State of New York Dormitory Authority Personal Income Tax RB Series 2019D (Aa1/NR) |
| |||||||||||||||
| 10,000,000 | 4.000 | 02/15/2047 | 9,731,092 | |||||||||||||
| State of New York Dormitory Authority Personal Income Tax RB Series 2021A (NR/AA+) |
| |||||||||||||||
| 10,215,000 | 4.000 | 03/15/2038 | 10,529,489 | |||||||||||||
| 8,175,000 | 4.000 | 03/15/2040 | 8,288,106 | |||||||||||||
| State of New York Dormitory Authority Personal Income Tax RB Series 2021E (NR/AA+) |
| |||||||||||||||
| 6,800,000 | 4.000 | 03/15/2046 | 6,633,764 | |||||||||||||
| 8,700,000 | 4.000 | 03/15/2047 | 8,472,673 | |||||||||||||
| State of New York Dormitory Authority RB for St. Joseph’s College Series 2020A (NR/NR) |
| |||||||||||||||
| 1,070,000 | 5.000 | 07/01/2027 | 1,079,585 | |||||||||||||
| Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) |
| |||||||||||||||
| 3,750,000 | 4.000 | 06/01/2050 | 3,788,986 | |||||||||||||
| Triborough Bridge & Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-) |
| |||||||||||||||
| 5,650,000 | 5.500 | 11/15/2057 | 6,285,445 | |||||||||||||
| Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) |
| |||||||||||||||
| 8,150,000 | 4.250 | 05/15/2058 | 8,009,358 | |||||||||||||
| Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) |
| |||||||||||||||
| 4,000,000 | 5.000 | 05/15/2049 | 4,370,122 | |||||||||||||
| 3,000,000 | 5.000 | 05/15/2054 | 3,245,633 | |||||||||||||
| Triborough Bridge and Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4C (Aa1/AA+/A-1) |
| |||||||||||||||
| 11,015,000 | 4.500 | (a)(b) | 01/01/2031 | 11,015,000 | ||||||||||||
| Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) |
| |||||||||||||||
| 2,555,000 | 5.000 | 07/01/2035 | 2,860,794 | |||||||||||||
| 1,345,000 | 5.000 | 07/01/2038 | 1,473,847 | |||||||||||||
| Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Ba1/BBB-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 11/01/2024 | 999,635 | |||||||||||||
| Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 200,000 | 4.000 | 10/15/2029 | 197,845 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) |
| |||||||||||||||
| $ | 300,000 | 4.000 | % | 10/15/2030 | $ | 295,923 | ||||||||||
|
|
|
|||||||||||||||
| 815,410,539 | ||||||||||||||||
|
|
||||||||||||||||
| North Carolina - 1.0% |
| |||||||||||||||
| Charlotte Douglas International Airport RB Series 2023A (NON-AMT) Series 2023B (AMT) (Aa3/NR) |
| |||||||||||||||
| 6,525,000 | 5.000 | 07/01/2048 | 7,155,462 | |||||||||||||
| Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care RB for Atrium Health Series 2021B (Aa3/AA) |
| |||||||||||||||
| 20,000,000 | 5.000 | (a)(b) | 01/15/2050 | 20,179,864 | ||||||||||||
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (Baa2/BBB) |
| |||||||||||||||
| 375,000 | 2.000 | (a)(b) | 11/01/2033 | 371,054 | ||||||||||||
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (Baa2/BBB) |
| |||||||||||||||
| 400,000 | 2.000 | (a)(b) | 11/01/2033 | 395,791 | ||||||||||||
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (Baa2/BBB) |
| |||||||||||||||
| 1,750,000 | 2.100 | (a)(b) | 03/01/2027 | 1,732,436 | ||||||||||||
| County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA) |
| |||||||||||||||
| 5,250,000 | 5.000 | 03/01/2029 | 5,706,637 | |||||||||||||
| County of Wake GO Public Improvement Bonds Series 2022A (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 02/01/2025 | 5,067,654 | |||||||||||||
| Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2028 | 1,066,485 | |||||||||||||
| 1,900,000 | 5.500 | 07/01/2052 | 2,060,954 | |||||||||||||
| Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) |
| |||||||||||||||
| 1,150,000 | 5.250 | 07/01/2053 | 1,229,274 | |||||||||||||
| North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) |
| |||||||||||||||
| 2,735,000 | 5.000 | 12/31/2037 | 2,758,230 | |||||||||||||
| North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn At Maryfield Series 2015 (NR/NR) |
| |||||||||||||||
| 3,875,000 | 5.000 | 10/01/2035 | 3,815,134 | |||||||||||||
| North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 680,000 | 4.000 | 09/01/2041 | 587,240 | |||||||||||||
| 325,000 | 4.000 | 09/01/2046 | 268,834 | |||||||||||||
| North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 235,000 | 4.000 | 03/01/2025 | 233,973 | |||||||||||||
| 220,000 | 5.000 | 03/01/2026 | 221,827 | |||||||||||||
| 270,000 | 5.000 | 03/01/2027 | 272,976 | |||||||||||||
| 255,000 | 5.000 | 03/01/2028 | 258,241 | |||||||||||||
| 250,000 | 4.000 | 03/01/2029 | 242,499 | |||||||||||||
| 260,000 | 4.000 | 03/01/2030 | 250,169 | |||||||||||||
| 270,000 | 4.000 | 03/01/2031 | 257,562 | |||||||||||||
| 725,000 | 4.000 | 03/01/2036 | 658,050 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| North Carolina – (continued) |
| |||||||||||||||
| North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| $ | 1,355,000 | 5.000 | % | 10/01/2040 | 1,273,747 | |||||||||||
| North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) |
| |||||||||||||||
| 5,995,000 | 3.000 | 07/01/2045 | 4,701,779 | |||||||||||||
| North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 910,000 | 4.000 | 09/01/2041 | 782,110 | |||||||||||||
| North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) |
| |||||||||||||||
| 590,000 | 3.000 | 07/01/2026 | 566,997 | |||||||||||||
| 1,785,000 | 3.000 | 07/01/2027 | 1,684,237 | |||||||||||||
| 1,040,000 | 4.000 | 07/01/2030 | 984,184 | |||||||||||||
| 1,080,000 | 5.000 | 07/01/2031 | 1,079,267 | |||||||||||||
| 1,110,000 | 5.000 | 07/01/2032 | 1,105,468 | |||||||||||||
| 1,375,000 | 5.000 | 07/01/2033 | 1,364,854 | |||||||||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) |
| |||||||||||||||
| 750,000 | 5.000 | 10/01/2044 | 780,416 | |||||||||||||
| North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA) |
| |||||||||||||||
| 3,000,000 | 3.000 | 01/01/2042 | 2,496,349 | |||||||||||||
| 3,500,000 | 5.000 | 01/01/2049 | 3,664,206 | |||||||||||||
| North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike RB Series 2019 (NR/BBB) |
| |||||||||||||||
| 9,500,000 | 5.000 | 01/01/2049 | 9,773,958 | |||||||||||||
| State of North Carolina Limited Obligation Refunding Bonds Series 2017B (Aa1/AA+) |
| |||||||||||||||
| 7,765,000 | 5.000 | 05/01/2026 | 8,077,516 | |||||||||||||
|
|
|
|||||||||||||||
| 93,125,434 | ||||||||||||||||
|
|
||||||||||||||||
| North Dakota - 0.2% |
| |||||||||||||||
| City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa3/NR) |
| |||||||||||||||
| 4,125,000 | 4.000 | 12/01/2035 | 3,994,171 | |||||||||||||
| City of Grand Forks Health Care System RB for Altru Health System Series 2021 (AGM) (A1/AA) |
| |||||||||||||||
| 1,875,000 | 3.000 | 12/01/2051 | 1,350,168 | |||||||||||||
| City of Horace GO Refunding Bonds Series 2021 (Baa3/NR) |
| |||||||||||||||
| 1,100,000 | 3.000 | 05/01/2041 | 821,040 | |||||||||||||
| 2,750,000 | 3.000 | 05/01/2046 | 1,888,345 | |||||||||||||
| City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa3/NR) |
| |||||||||||||||
| 625,000 | 3.250 | 08/01/2024 | 623,999 | |||||||||||||
| City of Horace, North Dakota Temporary Refunding Improvement Bonds, Series 2023B (Baa3/NR) |
| |||||||||||||||
| 5,300,000 | 5.125 | 07/01/2025 | 5,313,689 | |||||||||||||
|
|
|
|||||||||||||||
| 13,991,412 | ||||||||||||||||
|
|
||||||||||||||||
| Ohio - 2.2% |
| |||||||||||||||
| American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) |
| |||||||||||||||
| 1,255,000 | 5.000 | 02/15/2025 | 1,270,910 | |||||||||||||
| Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 |
| |||||||||||||||
| (A2/A+) |
| |||||||||||||||
| 7,110,000 | 5.000 | (a)(b) | 10/01/2049 | 7,461,164 | ||||||||||||
| 82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Ohio – (continued) |
| |||||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) |
| |||||||||||||||
| $ | 440,000 | 5.000 | % | 06/01/2034 | $ | 479,854 | ||||||||||
| 310,000 | 4.000 | 06/01/2037 | 314,945 | |||||||||||||
| 2,655,000 | 4.000 | 06/01/2038 | 2,680,420 | |||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) |
| |||||||||||||||
| 5,070,000 | 3.000 | 06/01/2048 | 3,869,337 | |||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) |
| |||||||||||||||
| 24,225,000 | 5.000 | 06/01/2055 | 22,908,807 | |||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) |
| |||||||||||||||
| 37,685,000 | 0.000 | (f) | 06/01/2057 | 3,922,466 | ||||||||||||
| Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) |
| |||||||||||||||
| 6,710,000 | 4.000 | 06/01/2048 | 6,227,833 | |||||||||||||
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB-) |
| |||||||||||||||
| 7,195,000 | 5.375 | 09/15/2027 | 7,196,453 | |||||||||||||
| Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) |
| |||||||||||||||
| 2,525,000 | 7.000 | (d) | 07/01/2053 | 2,562,337 | ||||||||||||
| County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) |
| |||||||||||||||
| 2,400,000 | 5.000 | 05/15/2032 | 2,366,835 | |||||||||||||
| County of Cuyahoga Hospital RB Series 2017 (Baa2/BBB) |
| |||||||||||||||
| 6,500,000 | 5.000 | 02/15/2037 | 6,630,306 | |||||||||||||
| County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 400,000 | 4.000 | 09/01/2040 | 348,416 | |||||||||||||
| 625,000 | 4.000 | 09/01/2045 | 509,834 | |||||||||||||
| 850,000 | 5.000 | 09/01/2049 | 775,383 | |||||||||||||
| County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
| |||||||||||||||
| 3,210,000 | 5.000 | 07/01/2035 | 3,259,651 | |||||||||||||
| 3,915,000 | 5.000 | 07/01/2036 | 3,934,858 | |||||||||||||
| County Of Franklin Healthcare Facilities Refunding RB Series 2022 (NR/NR) |
| |||||||||||||||
| 4,225,000 | 4.000 | 07/01/2040 | 3,614,853 | |||||||||||||
| County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 2,480,000 | 5.250 | 11/15/2040 | 2,420,776 | |||||||||||||
| County of Franklin RB Series OH 2019A (Aa3/AA-) |
| |||||||||||||||
| 5,500,000 | 4.000 | 12/01/2044 | 5,329,611 | |||||||||||||
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) |
| |||||||||||||||
| 10,225,000 | 5.250 | 11/15/2048 | 10,108,886 | |||||||||||||
| Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) |
| |||||||||||||||
| 7,325,000 | 5.250 | 02/15/2047 | 7,400,196 | |||||||||||||
| 2,825,000 | 5.000 | 02/15/2052 | 2,831,599 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Ohio – (continued) |
| |||||||||||||||
| Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) – (continued) |
| |||||||||||||||
| $ | 760,000 | 5.000 | % | 02/15/2057 | $ | 759,070 | ||||||||||
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) |
| |||||||||||||||
| 10,000,000 | 8.223 | 02/15/2040 | 11,245,888 | |||||||||||||
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) |
| |||||||||||||||
| 1,000,000 | 5.000 | 02/15/2025 | 1,004,740 | |||||||||||||
| 2,865,000 | 5.500 | 02/15/2057 | 2,905,168 | |||||||||||||
| Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) |
| |||||||||||||||
| 3,550,000 | 2.000 | 12/01/2031 | 2,969,907 | |||||||||||||
| Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 3.750 | 12/01/2038 | 1,660,287 | |||||||||||||
| Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) |
| |||||||||||||||
| 250,000 | 5.000 | 12/01/2025 | 250,496 | |||||||||||||
| 325,000 | 5.000 | 12/01/2026 | 327,078 | |||||||||||||
| 325,000 | 5.000 | 12/01/2027 | 329,130 | |||||||||||||
| 425,000 | 5.000 | 12/01/2028 | 433,197 | |||||||||||||
| 400,000 | 5.000 | 12/01/2029 | 409,999 | |||||||||||||
| 680,000 | 5.000 | 12/01/2030 | 697,432 | |||||||||||||
| 800,000 | 5.000 | 12/01/2031 | 819,502 | |||||||||||||
| 660,000 | 5.000 | 12/01/2032 | 675,576 | |||||||||||||
| 1,170,000 | 5.000 | 12/01/2033 | 1,200,084 | |||||||||||||
| 1,725,000 | 5.000 | 12/01/2035 | 1,760,761 | |||||||||||||
| 650,000 | 5.000 | 12/01/2037 | 654,502 | |||||||||||||
| 1,630,000 | 5.000 | 12/01/2038 | 1,633,375 | |||||||||||||
| 2,000,000 | 5.000 | 12/01/2051 | 1,950,719 | |||||||||||||
| Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA) |
| |||||||||||||||
| 3,215,000 | 5.000 | 12/01/2027 | 3,248,878 | |||||||||||||
| Lancaster Port Authority Gas Supply Revenue Refunding Bonds Series 2019 (Aa1/NR) |
| |||||||||||||||
| 1,860,000 | 5.000 | (a)(b) | 08/01/2049 | 1,876,388 | ||||||||||||
| Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 12/01/2035 | 249,088 | |||||||||||||
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) |
| |||||||||||||||
| 3,500,000 | 4.250 | (a)(b) | 11/01/2039 | 3,534,221 | ||||||||||||
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) |
| |||||||||||||||
| 14,000,000 | 4.250 | (a)(b) | 11/01/2040 | 13,931,000 | ||||||||||||
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) |
| |||||||||||||||
| 700,000 | 4.500 | (d) | 01/15/2048 | 678,084 | ||||||||||||
| Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (Non-AMT) (WR/BBB-) |
| |||||||||||||||
| 1,100,000 | 3.375 | 08/01/2029 | 1,039,880 | |||||||||||||
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) |
| |||||||||||||||
| 925,000 | 2.875 | 02/01/2026 | 888,998 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Ohio – (continued) |
| |||||||||||||||
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) |
| |||||||||||||||
| $ | 2,305,000 | 2.875 | % | 02/01/2026 | $ | 2,215,287 | ||||||||||
| Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Baa3/NR) |
| |||||||||||||||
| 3,130,000 | 3.250 | 09/01/2029 | 2,987,143 | |||||||||||||
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (Baa2/BBB) |
| |||||||||||||||
| 2,500,000 | 2.400 | (a)(b) | 12/01/2038 | 2,205,835 | ||||||||||||
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (Baa2/BBB) |
| |||||||||||||||
| 3,500,000 | 2.600 | (a)(b) | 06/01/2041 | 3,102,874 | ||||||||||||
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (NR/BBB) |
| |||||||||||||||
| 8,000,000 | 2.100 | (a)(b) | 12/01/2027 | 7,852,097 | ||||||||||||
| Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR) |
| |||||||||||||||
| 1,445,000 | 5.000 | 01/15/2035 | 1,552,866 | |||||||||||||
| Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,260,000 | 5.000 | 12/01/2042 | 1,221,261 | |||||||||||||
| 1,250,000 | 5.000 | 12/01/2045 | 1,184,979 | |||||||||||||
| Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) |
| |||||||||||||||
| 695,000 | 4.000 | 05/01/2037 | 702,954 | |||||||||||||
| Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) |
| |||||||||||||||
| 900,000 | 5.000 | 01/15/2040 | 950,786 | |||||||||||||
| Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) |
| |||||||||||||||
| 925,000 | 5.000 | (d) | 12/01/2033 | 923,554 | ||||||||||||
| 1,795,000 | 5.000 | (d) | 12/01/2038 | 1,697,739 | ||||||||||||
| 2,725,000 | 5.000 | (d) | 12/01/2048 | 2,423,963 | ||||||||||||
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 4.375 | (a)(b) | 06/15/2056 | 1,462,606 | ||||||||||||
| Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) |
| |||||||||||||||
| 390,000 | 3.750 | (d) | 12/01/2031 | 365,171 | ||||||||||||
| Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) |
| |||||||||||||||
| 3,725,000 | 5.000 | 12/01/2046 | 3,552,346 | |||||||||||||
| State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (A3/NR) |
| |||||||||||||||
| 1,140,000 | 5.000 | 01/15/2037 | 1,218,333 | |||||||||||||
| State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) |
| |||||||||||||||
| 1,500,000 | 5.750 | 09/01/2037 | 1,512,680 | |||||||||||||
| 1,500,000 | 6.000 | 09/01/2042 | 1,513,068 | |||||||||||||
| State of Ohio Hospital RB, Series 2020 Premier Health Partners Obligated Group (Baa1/NR) |
| |||||||||||||||
| 1,270,000 | 4.000 | 11/15/2041 | 1,178,950 | |||||||||||||
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) |
| |||||||||||||||
| 3,500,000 | 4.000 | 01/01/2038 | 3,398,765 | |||||||||||||
| 960,000 | 4.000 | 01/01/2041 | 901,749 | |||||||||||||
|
|
|
|||||||||||||||
| 209,684,184 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Oklahoma - 0.3% |
| |||||||||||||||
| City of Tulsa GO Bonds Series 2021 (Aa1/AA) |
| |||||||||||||||
| $ | 3,800,000 | 2.000 | % | 11/01/2029 | $ | 3,473,645 | ||||||||||
| Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Ba1/BBB-) |
| |||||||||||||||
| 925,000 | 4.000 | 09/01/2045 | 771,994 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba3/BB-) |
| |||||||||||||||
| 2,125,000 | 5.000 | 08/15/2029 | 2,202,959 | |||||||||||||
| 5,400,000 | 5.500 | 08/15/2057 | 5,558,375 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) |
| |||||||||||||||
| 3,670,000 | 4.000 | 08/15/2048 | 3,358,583 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB-) |
| |||||||||||||||
| 2,725,000 | 5.500 | 08/15/2052 | 2,810,094 | |||||||||||||
| Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A HUD SECT 8 FHA 221(D)(4) (Aaa/NR) |
| |||||||||||||||
| 775,000 | 4.000 | (a)(b) | 06/01/2028 | 773,918 | ||||||||||||
| Oklahoma Turnpike Authority Oklahoma Turnpike System Second Senior RB Series 2023 (Aa3/AA-) |
| |||||||||||||||
| 4,000,000 | 5.500 | 01/01/2053 | 4,424,187 | |||||||||||||
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) |
| |||||||||||||||
| 1,785,000 | 5.000 | (a)(b) | 06/01/2035 | 1,798,126 | ||||||||||||
|
|
|
|||||||||||||||
| 25,171,881 | ||||||||||||||||
|
|
||||||||||||||||
| Oregon - 0.4% |
| |||||||||||||||
| City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2023 Series A (Aa2/AA) |
| |||||||||||||||
| 5,500,000 | 5.000 | 12/01/2035 | 6,472,294 | |||||||||||||
| Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 240,000 | 5.125 | 11/15/2040 | 235,123 | |||||||||||||
| 120,000 | 5.250 | 11/15/2050 | 112,485 | |||||||||||||
| Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB) |
| |||||||||||||||
| 1,385,000 | 3.500 | 03/01/2029 | 1,325,960 | |||||||||||||
| 1,540,000 | 3.750 | 03/01/2032 | 1,454,106 | |||||||||||||
| Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) |
| |||||||||||||||
| 1,875,000 | 5.000 | 08/15/2045 | 1,966,459 | |||||||||||||
| Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (Aa2/NR) |
| |||||||||||||||
| 8,895,000 | 5.000 | (c) | 07/01/2027 | 9,436,338 | ||||||||||||
| Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+) |
| |||||||||||||||
| 525,000 | 5.000 | 10/01/2029 | 555,851 | |||||||||||||
| 225,000 | 5.000 | 10/01/2035 | 239,944 | |||||||||||||
| Port of Portland International Airport RB Series 28 (NR/AA-) |
| |||||||||||||||
| 2,145,000 | 4.000 | 07/01/2047 | 2,041,768 | |||||||||||||
| Port of Portland RB for International Airport Series 2019 25-B (NR/AA-) |
| |||||||||||||||
| 2,665,000 | 5.000 | 07/01/2032 | 2,869,531 | |||||||||||||
| 2,365,000 | 5.000 | 07/01/2033 | 2,545,837 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2034 | 1,075,582 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2035 | 1,073,025 | |||||||||||||
| 84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Oregon – (continued) |
| |||||||||||||||
| State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+) |
| |||||||||||||||
| $ | 1,175,000 | 1.250 | % | 08/01/2027 | $ | 1,080,137 | ||||||||||
| 860,000 | 1.375 | 08/01/2028 | 778,723 | |||||||||||||
| 875,000 | 1.500 | 08/01/2029 | 784,998 | |||||||||||||
| Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR) |
| |||||||||||||||
| 190,000 | 5.000 | (d) | 11/01/2034 | 209,012 | ||||||||||||
| 500,000 | 5.000 | (d) | 11/01/2036 | 545,118 | ||||||||||||
| Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR) |
| |||||||||||||||
| 4,155,000 | 5.000 | 06/15/2029 | 4,409,147 | |||||||||||||
| Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) |
| |||||||||||||||
| 1,625,000 | 5.000 | 11/15/2051 | 1,298,218 | |||||||||||||
|
|
|
|||||||||||||||
| 40,509,656 | ||||||||||||||||
|
|
||||||||||||||||
| Pennsylvania - 3.4% |
| |||||||||||||||
| Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) |
| |||||||||||||||
| 1,000,000 | 5.250 | 09/01/2035 | 993,299 | |||||||||||||
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) |
| |||||||||||||||
| 5,145,000 | 5.000 | 04/01/2030 | 5,430,118 | |||||||||||||
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) |
| |||||||||||||||
| 18,400,000 | 4.000 | 04/01/2044 | 17,509,975 | |||||||||||||
| Allegheny County Hospital Development Authority UPMC RB Series 2019A (A2/A) |
| |||||||||||||||
| 6,230,000 | 4.000 | 07/15/2038 | 6,274,258 | |||||||||||||
| Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) |
| |||||||||||||||
| 1,850,000 | 4.875 | 11/01/2024 | 1,853,443 | |||||||||||||
| 2,750,000 | 5.125 | 05/01/2030 | 2,882,154 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) |
| |||||||||||||||
| 1,560,000 | 2.100 | 05/01/2024 | 1,554,275 | |||||||||||||
| 150,000 | 5.000 | 05/01/2024 | 150,033 | |||||||||||||
| 75,000 | 5.000 | 05/01/2026 | 76,708 | |||||||||||||
| 525,000 | 5.000 | 05/01/2027 | 543,494 | |||||||||||||
| 700,000 | 5.000 | 05/01/2029 | 740,669 | |||||||||||||
| 750,000 | 5.000 | 05/01/2030 | 801,288 | |||||||||||||
| 750,000 | 5.000 | 05/01/2031 | 807,242 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) |
| |||||||||||||||
| 1,775,000 | 5.000 | (d) | 05/01/2027 | 1,812,056 | ||||||||||||
| 1,600,000 | 5.000 | (d) | 05/01/2032 | 1,633,135 | ||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 05/01/2028 | 1,028,769 | ||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/ NR) |
| |||||||||||||||
| 500,000 | 5.000 | 05/01/2025 | 503,267 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue
Refunding Bonds Series 2022 |
| |||||||||||||||
| $ | 900,000 | 5.000 | % | 05/01/2033 | $ | 974,898 | ||||||||||
| 1,000,000 | 5.000 | 05/01/2034 | 1,080,868 | |||||||||||||
| 900,000 | 5.000 | 05/01/2035 | 968,596 | |||||||||||||
| 1,000,000 | 5.000 | 05/01/2036 | 1,068,547 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 forward Delivery (Baa3/NR) |
| |||||||||||||||
| 750,000 | 5.000 | 05/01/2032 | 813,218 | |||||||||||||
| Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB-) |
| |||||||||||||||
| 325,000 | 5.000 | 07/01/2025 | 321,205 | |||||||||||||
| 420,000 | 5.000 | 07/01/2026 | 397,136 | |||||||||||||
| 425,000 | 5.000 | 07/01/2027 | 392,792 | |||||||||||||
| 450,000 | 5.000 | 07/01/2028 | 406,966 | |||||||||||||
| 475,000 | 5.000 | 07/01/2029 | 420,391 | |||||||||||||
| 650,000 | 5.000 | 07/01/2030 | 565,285 | |||||||||||||
| Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 10/01/2030 | 102,937 | |||||||||||||
| 350,000 | 5.000 | 10/01/2031 | 360,051 | |||||||||||||
| 410,000 | 5.000 | 10/01/2033 | 421,505 | |||||||||||||
| Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) |
| |||||||||||||||
| 900,000 | 6.000 | (d) | 10/15/2052 | 908,343 | ||||||||||||
| Chester County IDA RB Series 2021 (Aa2/NR) |
| |||||||||||||||
| 10,000,000 | 4.000 | 12/01/2046 | 9,702,110 | |||||||||||||
| City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) |
| |||||||||||||||
| 500,000 | 4.000 | 05/01/2036 | 465,009 | |||||||||||||
| 595,000 | 4.000 | 05/01/2041 | 510,696 | |||||||||||||
| 380,000 | 5.000 | 05/01/2047 | 357,672 | |||||||||||||
| City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) |
| |||||||||||||||
| 2,075,000 | 4.000 | 03/01/2042 | 1,679,347 | |||||||||||||
| Coatesville School District GO Refunding Bonds Series 2017 |
| |||||||||||||||
| 1,000,000 | 5.000 | 08/01/2025 | 1,018,551 | |||||||||||||
| Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) |
| |||||||||||||||
| 21,580,000 | 4.000 | 06/01/2039 | 21,700,738 | |||||||||||||
| Commonwealth of Pennsylvania COPS Series 2018 A (A2/A) |
| |||||||||||||||
| 1,250,000 | 4.000 | 07/01/2046 | 1,198,616 | |||||||||||||
| Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (Aa3/A+) |
| |||||||||||||||
| 6,500,000 | 5.000 | 03/15/2033 | 6,576,714 | |||||||||||||
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB-) |
| |||||||||||||||
| 2,000,000 | 5.875 | (d) | 10/15/2040 | 1,740,919 | ||||||||||||
| 6,375,000 | 6.250 | (d) | 10/15/2053 | 5,325,497 | ||||||||||||
| Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB-) |
| |||||||||||||||
| 950,000 | 5.000 | (d) | 10/15/2034 | 831,921 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Delaware County Authority RB for Villanova University Series 2015 (Aa3/AA-) |
| |||||||||||||||
| $ | 1,120,000 | 5.000 | % | 08/01/2040 | $ | 1,130,306 | ||||||||||
| Doylestown Hospital Authority Taxable RB for Doylestown Health Series 2019 B (B3/CCC) |
| |||||||||||||||
| 500,000 | 3.950 | 07/01/2024 | 496,219 | |||||||||||||
| Doylestown Hospital Authority Taxable RB for Doylestown Health Series 2019 B (NR/NR) |
| |||||||||||||||
| 455,000 | 3.950 | 07/01/2024 | 452,804 | |||||||||||||
| Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) |
| |||||||||||||||
| 750,000 | 5.000 | 12/01/2038 | 682,929 | |||||||||||||
| Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A2/AA-) |
| |||||||||||||||
| (3M USD LIBOR + 0.77%) | ||||||||||||||||
| 15,800,000 | 4.501 | (e) | 05/01/2037 | 14,221,266 | ||||||||||||
| General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR) |
| |||||||||||||||
| 725,000 | 4.000 | 06/01/2044 | 694,625 | |||||||||||||
| Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.000 | 03/01/2040 | 793,342 | |||||||||||||
| Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| |||||||||||||||
| 150,000 | 5.000 | 03/01/2025 | 150,288 | |||||||||||||
| 185,000 | 5.000 | 03/01/2026 | 186,112 | |||||||||||||
| 150,000 | 5.000 | 03/01/2027 | 151,727 | |||||||||||||
| 135,000 | 5.000 | 03/01/2028 | 137,357 | |||||||||||||
| 160,000 | 5.000 | 03/01/2029 | 163,660 | |||||||||||||
| Latrobe Industrial Development Authority University RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| |||||||||||||||
| 175,000 | 5.000 | 03/01/2031 | 180,028 | |||||||||||||
| 300,000 | 5.000 | 03/01/2033 | 308,765 | |||||||||||||
| Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) |
| |||||||||||||||
| 3,240,000 | 5.250 | 07/01/2044 | 3,147,423 | |||||||||||||
| Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A3/A) |
| |||||||||||||||
| 1,000,000 | 4.000 | 09/01/2037 | 1,007,093 | |||||||||||||
| 550,000 | 4.000 | 09/01/2038 | 552,098 | |||||||||||||
| 1,000,000 | 4.000 | 09/01/2039 | 1,000,853 | |||||||||||||
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) |
| |||||||||||||||
| 2,250,000 | 4.100 | (a)(b) | 04/01/2053 | 2,308,477 | ||||||||||||
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) |
| |||||||||||||||
| 1,645,000 | 4.100 | 06/01/2029 | 1,699,052 | |||||||||||||
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) |
| |||||||||||||||
| 2,665,000 | 4.450 | (a)(b) | 10/01/2034 | 2,723,792 | ||||||||||||
| Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) |
| |||||||||||||||
| 1,035,000 | 5.000 | 11/15/2045 | 1,075,699 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR) |
| |||||||||||||||
| $ | 600,000 | 4.000 | % | 11/15/2043 | $ | 567,143 | ||||||||||
| Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+) |
| |||||||||||||||
| 400,000 | 4.000 | 10/01/2036 | 381,917 | |||||||||||||
| 400,000 | 4.000 | 10/01/2041 | 358,992 | |||||||||||||
| Northampton County General Purpose Authority Hospital RB Series 2016A (A3/A-) |
| |||||||||||||||
| 24,840,000 | 5.000 | 08/15/2046 | 25,125,682 | |||||||||||||
| Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 11/01/2039 | 929,281 | |||||||||||||
| Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (NR/BBB) |
| |||||||||||||||
| 100,000 | 5.000 | 05/01/2024 | 99,953 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 4.000 | 07/01/2030 | 1,617,369 | |||||||||||||
| 1,900,000 | 4.000 | 07/01/2033 | 1,921,444 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Series 2023B-2 (NR/NR) |
| |||||||||||||||
| 4,140,000 | 5.000 | 07/01/2038 | 4,383,389 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB) |
| |||||||||||||||
| 750,000 | 5.000 | 06/30/2042 | 751,613 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/ A+) |
| |||||||||||||||
| 8,250,000 | 3.000 | 04/01/2039 | 7,171,978 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 1,800,000 | 4.000 | 07/01/2041 | 1,707,244 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A) |
| |||||||||||||||
| 1,200,000 | 4.000 | 10/15/2040 | 1,203,393 | |||||||||||||
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) |
| |||||||||||||||
| 10,000,000 | 4.600 | (a)(b) | 10/01/2046 | 10,166,303 | ||||||||||||
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) |
| |||||||||||||||
| 6,050,000 | 1.100 | (a)(b) | 06/01/2031 | 5,606,516 | ||||||||||||
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 12/31/2057 | 5,271,249 | |||||||||||||
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) |
| |||||||||||||||
| 6,650,000 | 5.750 | 06/30/2048 | 7,407,875 | |||||||||||||
| 1,350,000 | 5.250 | 06/30/2053 | 1,434,462 | |||||||||||||
| 10,000,000 | 6.000 | 06/30/2061 | 11,227,148 | |||||||||||||
| 86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Rapid Bridge Replacement Project Series 2015 (NR/BBB) |
| |||||||||||||||
| $ | 1,800,000 | 5.000 | % | 12/31/2024 | $ | 1,806,066 | ||||||||||
| Pennsylvania Economic Development Financing Authority UPMC RB Series 2021A (A2/A) |
| |||||||||||||||
| 1,220,000 | 4.000 | 10/15/2037 | 1,254,740 | |||||||||||||
| Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) |
| |||||||||||||||
| 2,200,000 | 4.000 | 04/15/2036 | 2,262,542 | |||||||||||||
| Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A) |
| |||||||||||||||
| 350,000 | 4.000 | 03/01/2037 | 356,522 | |||||||||||||
| 675,000 | 5.000 | 03/01/2038 | 713,655 | |||||||||||||
| 500,000 | 5.000 | 03/01/2039 | 525,608 | |||||||||||||
| Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana
University of Pennsylvania Series 2007 A (AGC) (WR/AA) |
| |||||||||||||||
| 760,000 | 4.346 | (e) | 07/01/2027 | 753,465 | ||||||||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated RB Series 2018 B (A2/NR) |
| |||||||||||||||
| 9,995,000 | 5.250 | 12/01/2048 | 10,470,099 | |||||||||||||
| Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) |
| |||||||||||||||
| 23,255,000 | 5.250 | 12/01/2044 | 24,580,502 | |||||||||||||
| Pennsylvania Turnpike Commission RB Series 2019 A (A2/NR) |
| |||||||||||||||
| 4,250,000 | 5.000 | 12/01/2036 | 4,667,612 | |||||||||||||
| 4,275,000 | 5.000 | 12/01/2038 | 4,659,420 | |||||||||||||
| Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds Series of 2023 (A1/AA-) (SIFMA Municipal Swap Index Yield + 0.85%) |
| |||||||||||||||
| 2,075,000 | 3.640 | (b)(e) | 07/15/2041 | 2,075,903 | ||||||||||||
| Philadelphia Airport Revenue and Refunding Bonds Series 2021 (A2/NR) |
| |||||||||||||||
| 5,750,000 | 5.000 | 07/01/2026 | 5,922,261 | |||||||||||||
| Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) |
| |||||||||||||||
| 650,000 | 5.125 | 06/15/2042 | 633,066 | |||||||||||||
| Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) |
| |||||||||||||||
| 345,000 | 4.000 | 06/15/2029 | 330,871 | |||||||||||||
| 1,000,000 | 5.000 | 06/15/2039 | 962,810 | |||||||||||||
| Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) |
| |||||||||||||||
| 445,000 | 5.000 | 08/01/2030 | 453,758 | |||||||||||||
| 290,000 | 5.000 | 08/01/2040 | 288,531 | |||||||||||||
| Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+) |
| |||||||||||||||
| 900,000 | 5.000 | (d) | 06/15/2040 | 909,408 | ||||||||||||
| Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB+) |
| |||||||||||||||
| 1,600,000 | 5.000 | (d) | 06/15/2033 | 1,648,683 | ||||||||||||
| Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| |||||||||||||||
| 2,310,000 | 5.000 | 07/01/2028 | 2,369,785 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Philadelphia IDA University RB for St. Joseph’s University Project Series 2022 (NR/A-) |
| |||||||||||||||
| $ | 2,500,000 | 5.250 | % | 11/01/2052 | $ | 2,640,289 | ||||||||||
| Philadelphia School District GO Bonds Series 2015 A (ST AID WITHHLDG) (A1/NR) |
| |||||||||||||||
| 2,415,000 | 5.000 | 09/01/2027 | 2,460,473 | |||||||||||||
| Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A1/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 09/01/2034 | 1,101,353 | |||||||||||||
| 1,720,000 | 5.000 | 09/01/2035 | 1,900,822 | |||||||||||||
| 1,285,000 | 5.000 | 09/01/2036 | 1,411,178 | |||||||||||||
| 2,000,000 | 5.000 | 09/01/2037 | 2,179,705 | |||||||||||||
| Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA) |
| |||||||||||||||
| 2,500,000 | 4.000 | 09/01/2034 | 2,579,310 | |||||||||||||
| Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) |
| |||||||||||||||
| 335,000 | 5.000 | 11/15/2028 | 335,254 | |||||||||||||
| Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) |
| |||||||||||||||
| 1,100,000 | 5.000 | 01/01/2035 | 1,128,851 | |||||||||||||
| The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) |
| |||||||||||||||
| 750,000 | 4.000 | 10/01/2029 | 713,298 | |||||||||||||
| 425,000 | 5.000 | 10/01/2039 | 402,604 | |||||||||||||
| The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/CCC+) |
| |||||||||||||||
| 4,100,000 | 5.000 | 11/01/2044 | 2,122,641 | |||||||||||||
| The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (NR/CCC+) |
| |||||||||||||||
| 1,915,000 | 5.000 | (a)(b) | 02/01/2040 | 1,210,959 | ||||||||||||
| The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (NR/CCC+) |
| |||||||||||||||
| 2,800,000 | 5.000 | (a)(b) | 02/01/2040 | 1,508,501 | ||||||||||||
| The Hospitals and Higher Education Facilities Authority of Philadelphia Hospital RB (Temple University Health System Obligated Group) Series 2017 (Baa3/BBB) |
| |||||||||||||||
| 3,190,000 | 5.000 | 07/01/2027 | 3,278,516 | |||||||||||||
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) |
| |||||||||||||||
| 200,000 | 6.000 | (d) | 07/01/2029 | 193,956 | ||||||||||||
| Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) |
| |||||||||||||||
| 490,000 | 5.000 | 07/01/2030 | 513,185 | |||||||||||||
|
|
|
|||||||||||||||
| 318,827,779 | ||||||||||||||||
|
|
||||||||||||||||
| Puerto Rico – 5.9% |
| |||||||||||||||
| HTA Trust Certificates Class L-2028 Units (NR/NR) |
| |||||||||||||||
| 1,287,868 | 5.250 | 07/01/2038 | 1,288,159 | |||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) |
| |||||||||||||||
| 20,425,000 | 5.000 | (d) | 07/01/2035 | 21,542,973 | ||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 5,580,000 | 5.000 | (d) | 07/01/2037 | 5,881,015 | ||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (Senior Lien) (NR/NR) |
| |||||||||||||||
| 10,610,000 | 5.000 | (d) | 07/01/2033 | 11,433,176 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Puerto Rico – (continued) |
| |||||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| |||||||||||||||
| $ | 20,865,000 | 5.000 | %(d) | 07/01/2047 | $ | 21,221,570 | ||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (WR/NR) |
| |||||||||||||||
| 555,000 | 6.125 | 07/01/2024 | 558,080 | |||||||||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) |
| |||||||||||||||
| 900,000 | 5.000 | (d) | 07/01/2037 | 943,497 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) |
| |||||||||||||||
| 9,700,000 | 4.000 | (d) | 07/01/2042 | 9,216,196 | ||||||||||||
| Puerto Rico Commonwealth GO Bonds (NR/NR) |
| |||||||||||||||
| 16,485,625 | 0.000 | (a)(g)(i) | 11/01/2043 | 9,528,691 | ||||||||||||
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) |
| |||||||||||||||
| 1,539,420 | 0.000 | (a)(g)(i) | 11/01/2051 | 727,376 | ||||||||||||
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) |
| |||||||||||||||
| 1,825,630 | 0.000 | (a)(g)(i) | 11/01/2051 | 1,072,558 | ||||||||||||
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| |||||||||||||||
| 1,480,236 | 0.000 | (f) | 07/01/2024 | 1,465,526 | ||||||||||||
| 4,135,896 | 5.375 | 07/01/2025 | 4,218,211 | |||||||||||||
| 1,750,000 | 5.625 | 07/01/2027 | 1,860,894 | |||||||||||||
| 10,915,508 | 5.625 | 07/01/2029 | 11,941,312 | |||||||||||||
| 13,899,948 | 5.750 | 07/01/2031 | 15,658,332 | |||||||||||||
| 19,245,062 | 0.000 | (f) | 07/01/2033 | 12,625,935 | ||||||||||||
| 4,598,951 | 4.000 | 07/01/2033 | 4,581,131 | |||||||||||||
| 3,601,382 | 4.000 | 07/01/2035 | 3,530,824 | |||||||||||||
| 7,727,039 | 4.000 | 07/01/2037 | 7,456,477 | |||||||||||||
| 12,189,086 | 4.000 | 07/01/2041 | 11,462,699 | |||||||||||||
| 15,453,596 | 4.000 | 07/01/2046 | 14,169,877 | |||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 2012A (WR/NR) |
| |||||||||||||||
| 5,465,000 | 5.000 | * | 07/01/2042 | 1,434,563 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 2013A (WR/NR) |
| |||||||||||||||
| 1,350,000 | 7.000 | * | 07/01/2033 | 354,375 | ||||||||||||
| 11,365,000 | 6.750 | * | 07/01/2036 | 2,983,313 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) |
| |||||||||||||||
| 196,972 | 10.000 | * | 07/01/2022 | 51,705 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series AAA (WR/NR) |
| |||||||||||||||
| 1,050,000 | 5.250 | * | 07/01/2031 | 275,625 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series CCC (WR/NR) |
| |||||||||||||||
| 4,075,000 | 5.250 | * | 07/01/2026 | 1,069,687 | ||||||||||||
| 1,555,000 | 5.000 | * | 07/01/2028 | 408,188 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) |
| |||||||||||||||
| 590,915 | 10.000 | * | 01/01/2021 | 155,115 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) |
| |||||||||||||||
| 590,915 | 10.000 | * | 07/01/2021 | 155,115 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) |
| |||||||||||||||
| 196,972 | 10.000 | * | 01/01/2022 | 51,705 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series TT (WR/NR) |
| |||||||||||||||
| 220,000 | 5.000 | * | 07/01/2025 | 57,750 | ||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Puerto Rico – (continued) |
| |||||||||||||||
| Puerto Rico Electric Power Authority Power RB Series TT (WR/NR) – (continued) |
| |||||||||||||||
| $ | 5,550,000 | 5.000 | %* | 07/01/2032 | $ | 1,456,875 | ||||||||||
| Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) |
| |||||||||||||||
| 350,000 | 5.250 | 07/01/2029 | 345,714 | |||||||||||||
| 215,000 | 5.250 | 07/01/2030 | 212,060 | |||||||||||||
| 1,150,000 | 5.250 | 07/01/2032 | 1,142,044 | |||||||||||||
| Puerto Rico Electric Power Authority Power RB Series WW (WR/NR) |
| |||||||||||||||
| 4,585,000 | 5.500 | * | 07/01/2038 | 1,203,562 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series XX (WR/NR |
| |||||||||||||||
| 17,660,000 | 5.250 | * | 07/01/2040 | 4,635,750 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series ZZ (WR/NR) |
| |||||||||||||||
| 1,000,000 | 5.250 | * | 07/01/2019 | 262,500 | ||||||||||||
| 1,365,000 | 5.250 | * | 07/01/2026 | 358,312 | ||||||||||||
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) |
| |||||||||||||||
| (3M USD LIBOR + 0.52%) | ||||||||||||||||
| 21,915,000 | 4.266 | (e) | 07/01/2029 | 20,697,959 | ||||||||||||
| Puerto Rico Electric Power Authority RB Series TT (WR/NR) |
| |||||||||||||||
| 3,250,000 | 5.000 | * | 07/01/2037 | 853,125 | ||||||||||||
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) |
| |||||||||||||||
| 8,420,000 | 4.550 | 07/01/2040 | 8,493,906 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 705,000 | 0.000 | (f) | 07/01/2024 | 698,336 | ||||||||||||
| 16,610,000 | 0.000 | (f) | 07/01/2027 | 14,694,150 | ||||||||||||
| 11,021,000 | 0.000 | (f) | 07/01/2029 | 9,026,991 | ||||||||||||
| 19,009,000 | 0.000 | (f) | 07/01/2031 | 14,350,586 | ||||||||||||
| 28,145,000 | 0.000 | (f) | 07/01/2033 | 19,478,631 | ||||||||||||
| 46,454,000 | 0.000 | (f) | 07/01/2046 | 14,805,930 | ||||||||||||
| 16,872,000 | 0.000 | (f) | 07/01/2051 | 3,933,078 | ||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 147,640,000 | 4.329 | 07/01/2040 | 147,682,520 | |||||||||||||
| 143,000 | 4.536 | 07/01/2053 | 137,524 | |||||||||||||
| 20,205,000 | 4.784 | 07/01/2058 | 20,053,653 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 30,664,000 | 4.500 | 07/01/2034 | 30,828,463 | |||||||||||||
| 13,699,000 | 4.750 | 07/01/2053 | 13,633,659 | |||||||||||||
| 39,744,000 | 5.000 | 07/01/2058 | 39,861,519 | |||||||||||||
|
|
|
|||||||||||||||
| 548,228,497 | ||||||||||||||||
|
|
||||||||||||||||
| Rhode Island - 0.4% |
| |||||||||||||||
| Rhode Island Health and Educational Building Corp. RB for Cumberland Public School Financing Program Series 2023 A (NR/AA+) |
| |||||||||||||||
| 3,655,000 | 5.000 | 05/15/2048 | 3,986,415 | |||||||||||||
| Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM MUN GOVT GTD) (Aa3/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 05/15/2024 | 500,475 | |||||||||||||
| 88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Rhode Island – (continued) |
| |||||||||||||||
| Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) |
| |||||||||||||||
| $ | 3,500,000 | 5.250 | % | 05/15/2049 | $ | 3,768,882 | ||||||||||
| 4,500,000 | 5.250 | 05/15/2054 | 4,810,491 | |||||||||||||
| Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) |
| |||||||||||||||
| 5,025,000 | 4.125 | 05/15/2053 | 4,937,747 | |||||||||||||
| Rhode Island Health and Educational Building Corporation Public Schools RB Financing Program RB Series 2024 A (NR/AA) |
| |||||||||||||||
| 7,500,000 | 5.000 | 05/15/2049 | 8,089,721 | |||||||||||||
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) |
| |||||||||||||||
| 4,970,000 | 5.000 | 10/01/2042 | 5,280,810 | |||||||||||||
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) |
| |||||||||||||||
| 4,060,000 | 4.450 | 10/01/2044 | 3,985,950 | |||||||||||||
|
|
|
|||||||||||||||
| 35,360,491 | ||||||||||||||||
|
|
||||||||||||||||
| South Carolina - 0.5% |
| |||||||||||||||
| City of Charleston Waterworks & Sewer System Capital Improvement RB Series 2022 (Aaa/AAA) |
| |||||||||||||||
| 7,145,000 | 5.000 | 01/01/2052 | 7,837,134 | |||||||||||||
| Clemson University Athletic Facilities RB Series 2015 (Aa3/NR) |
| |||||||||||||||
| 1,570,000 | 4.000 | 05/01/2026 | 1,582,413 | |||||||||||||
| Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA) |
| |||||||||||||||
| 2,495,000 | 5.000 | 02/01/2031 | 2,729,981 | |||||||||||||
| Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA) |
| |||||||||||||||
| 2,000,000 | 5.000 | 03/01/2031 | 2,115,867 | |||||||||||||
| 1,615,000 | 4.000 | 03/01/2032 | 1,655,695 | |||||||||||||
| Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 610,000 | 3.000 | (d) | 11/01/2026 | 571,897 | ||||||||||||
| 900,000 | 3.625 | (d) | 11/01/2031 | 784,510 | ||||||||||||
| 1,170,000 | 3.750 | (d) | 11/01/2036 | 951,727 | ||||||||||||
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 1,920,000 | 5.125 | (d) | 06/15/2042 | 1,831,319 | ||||||||||||
| South Carolina Ports Authority RB Series 2018 (A1/A+) |
| |||||||||||||||
| 3,750,000 | 5.000 | 07/01/2037 | 3,918,420 | |||||||||||||
| South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) |
| |||||||||||||||
| 10,000,000 | 5.750 | 12/01/2047 | 11,046,470 | |||||||||||||
| South Carolina Public Service Authority Santee Cooper Revenue Obligations, Series 2014 Tax-Exempt Series A (A3/A-) |
| |||||||||||||||
| 8,745,000 | 5.500 | 12/01/2054 | 8,751,413 | |||||||||||||
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 04/15/2032 | 547,025 | |||||||||||||
| 500,000 | 5.000 | 04/15/2033 | 546,609 | |||||||||||||
| 500,000 | 5.000 | 04/15/2034 | 546,015 | |||||||||||||
| 525,000 | 5.000 | 04/15/2035 | 571,731 | |||||||||||||
| 600,000 | 4.000 | 04/15/2036 | 614,100 | |||||||||||||
| 550,000 | 4.000 | 04/15/2037 | 556,135 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| South Carolina – (continued) |
| |||||||||||||||
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) – (continued) |
| |||||||||||||||
| $ | 525,000 | 4.000 | % | 04/15/2038 | $ | 527,585 | ||||||||||
| 700,000 | 4.000 | 04/15/2039 | 700,835 | |||||||||||||
| 750,000 | 4.000 | 04/15/2040 | 742,161 | |||||||||||||
|
|
|
|||||||||||||||
| 49,129,042 | ||||||||||||||||
|
|
||||||||||||||||
| South Dakota - 0.0% |
| |||||||||||||||
| County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 650,000 | 4.000 | 08/01/2041 | 587,981 | |||||||||||||
| 1,200,000 | 4.000 | 08/01/2051 | 1,002,136 | |||||||||||||
| Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+) |
| |||||||||||||||
| 1,075,000 | 5.000 | 01/01/2025 | 1,086,919 | |||||||||||||
| 730,000 | 5.000 | 01/01/2026 | 752,764 | |||||||||||||
|
|
|
|||||||||||||||
| 3,429,800 | ||||||||||||||||
|
|
||||||||||||||||
| Tennessee - 0.5% |
| |||||||||||||||
| City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR) |
| |||||||||||||||
| 1,225,000 | 4.000 | 06/01/2037 | 1,254,633 | |||||||||||||
| Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) |
| |||||||||||||||
| 1,800,000 | 4.000 | 07/01/2040 | 1,763,221 | |||||||||||||
| Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) |
| |||||||||||||||
| 1,000,000 | 5.250 | 07/01/2049 | 1,084,108 | |||||||||||||
| 1,250,000 | 5.500 | 07/01/2054 | 1,371,644 | |||||||||||||
| Health, Educational and Housing Facility Board of The County of Shelby Series 2008B (AGM) (A1/AA/A-1) |
| |||||||||||||||
| 24,325,000 | 4.650 | (a)(b) | 06/01/2042 | 24,325,000 | ||||||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (WR/A) |
| |||||||||||||||
| 700,000 | 5.000 | 07/01/2046 | 704,458 | |||||||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) |
| |||||||||||||||
| 20,000 | 3.000 | 10/01/2024 | 19,784 | |||||||||||||
| Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (AMT) (A1/NR) |
| |||||||||||||||
| 1,700,000 | 5.000 | 07/01/2026 | 1,751,300 | |||||||||||||
| Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) |
| |||||||||||||||
| 545,000 | 4.500 | (d) | 06/01/2028 | 546,231 | ||||||||||||
| Tennergy Corporation Gas Supply RB, Series 2019A (Aa1/NR) |
| |||||||||||||||
| 9,465,000 | 5.000 | (a)(b) | 02/01/2050 | 9,514,207 | ||||||||||||
| The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) |
| |||||||||||||||
| 1,550,000 | 3.850 | (a)(b) | 02/01/2048 | 1,550,010 | ||||||||||||
|
|
|
|||||||||||||||
| 43,884,596 | ||||||||||||||||
|
|
||||||||||||||||
| Texas - 8.8% |
| |||||||||||||||
| Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) |
| |||||||||||||||
| 1,425,000 | 5.625 | 08/15/2052 | 1,314,324 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) |
| |||||||||||||||
| $ | 195,000 | 5.000 | % | 08/15/2024 | $ | 195,098 | ||||||||||
| 205,000 | 5.000 | 08/15/2025 | 205,768 | |||||||||||||
| 190,000 | 5.000 | 08/15/2026 | 191,932 | |||||||||||||
| 200,000 | 5.000 | 08/15/2027 | 203,396 | |||||||||||||
| 80,000 | 5.000 | 08/15/2028 | 81,726 | |||||||||||||
| 80,000 | 4.000 | 08/15/2029 | 78,219 | |||||||||||||
| 80,000 | 4.000 | 08/15/2030 | 77,760 | |||||||||||||
| 90,000 | 4.000 | 08/15/2031 | 86,871 | |||||||||||||
| Arlington Independent School District UT School Building and Refunding Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 1,970,000 | 5.000 | 02/15/2025 | 1,996,159 | |||||||||||||
| 1,125,000 | 5.000 | 02/15/2027 | 1,187,993 | |||||||||||||
| Austin Community College District Limited Tax Bonds Series 2023 (Aa1/AA+) |
| |||||||||||||||
| 3,750,000 | 5.250 | 08/01/2053 | 4,149,925 | |||||||||||||
| Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) |
| |||||||||||||||
| 1,355,000 | 5.000 | 01/01/2029 | 1,377,186 | |||||||||||||
| Austin Independent School District UT School Building Bonds Series 2023 (NON-PSF) (Aaa/NR) |
| |||||||||||||||
| 5,670,000 | 5.000 | 08/01/2043 | 6,315,896 | |||||||||||||
| Bastrop County, Special Assessment RB, Series 2023 Double Eagle Ranch Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.250 | (d) | 09/01/2043 | 1,014,800 | ||||||||||||
| Carrollton-Farmers Branch Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 1,600,000 | 5.000 | 02/15/2026 | 1,655,165 | |||||||||||||
| 1,925,000 | 5.000 | 02/15/2027 | 2,034,966 | |||||||||||||
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A) |
| |||||||||||||||
| 620,000 | 5.000 | 01/01/2028 | 655,553 | |||||||||||||
| 650,000 | 5.000 | 01/01/2029 | 698,199 | |||||||||||||
| 1,115,000 | 5.000 | 01/01/2034 | 1,214,015 | |||||||||||||
| 610,000 | 5.000 | 01/01/2036 | 658,684 | |||||||||||||
| 645,000 | 5.000 | 01/01/2037 | 693,866 | |||||||||||||
| 675,000 | 5.000 | 01/01/2038 | 722,679 | |||||||||||||
| 1,420,000 | 5.000 | 01/01/2039 | 1,513,028 | |||||||||||||
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A) |
| |||||||||||||||
| 2,330,000 | 3.000 | 01/01/2046 | 1,831,157 | |||||||||||||
| Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A3/A) |
| |||||||||||||||
| 1,100,000 | 4.000 | 01/01/2040 | 1,103,709 | |||||||||||||
| Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport Joint RR Bonds Series 2023C (A1/A+) |
| |||||||||||||||
| 4,300,000 | 5.000 | 11/01/2030 | 4,728,750 | |||||||||||||
| Cities of Dallas and Fort Worth, Texas Dallas Fort Worth International Airport, Joint RR and Improvement Bonds, Series 2023B (A1/A+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 11/01/2042 | 1,122,556 | |||||||||||||
| City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) |
| |||||||||||||||
| 140,000 | 5.750 | (d) | 09/01/2029 | 142,896 | ||||||||||||
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) |
| |||||||||||||||
| 287,000 | 3.250 | (d) | 09/15/2026 | 269,033 | ||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 1,402,000 | 5.750 | %(d) | 09/01/2042 | $ | 1,426,084 | ||||||||||
| City of Anna Special Assessment RB for Woods At Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 781,000 | 5.625 | (d) | 09/15/2043 | 793,084 | ||||||||||||
| City of Aubrey Special Assessment RB for Aubrey Public Improvement District No. 1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 09/01/2030 | 1,010,068 | ||||||||||||
| City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 852,000 | 5.250 | (d) | 09/01/2032 | 872,458 | ||||||||||||
| City of Aubrey Special Assessment Revenue Refunding Bonds, Series 2024 (Jackson Ridge Public Improvement District Phase #1 And Phase #2 Assessments) (BAM) (NR/AA) |
| |||||||||||||||
| 1,350,000 | 5.000 | 09/01/2037 | 1,493,378 | |||||||||||||
| 1,250,000 | 5.000 | 09/01/2045 | 1,326,134 | |||||||||||||
| City of Austin Airport System RB Series 2019B (AMT) (A1/A+) |
| |||||||||||||||
| 4,000,000 | 5.000 | 11/15/2031 | 4,327,709 | |||||||||||||
| City of Austin Airport System RB Series 2022 (A1/A+) |
| |||||||||||||||
| 7,435,000 | 5.000 | 11/15/2052 | 7,779,188 | |||||||||||||
| City of Austin RB for Airport System Series 2019 B (A1/A+) |
| |||||||||||||||
| 1,980,000 | 5.000 | 11/15/2032 | 2,141,620 | |||||||||||||
| City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) |
| |||||||||||||||
| 325,000 | 4.500 | (d) | 11/01/2024 | 323,808 | ||||||||||||
| 2,815,000 | 4.000 | (d) | 11/01/2028 | 2,739,102 | ||||||||||||
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 777,000 | 5.375 | (d) | 11/01/2042 | 786,182 | ||||||||||||
| City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) |
| |||||||||||||||
| 1,300,000 | 5.000 | 11/15/2038 | 1,474,703 | |||||||||||||
| 2,250,000 | 5.000 | 11/15/2039 | 2,545,453 | |||||||||||||
| 2,000,000 | 5.000 | 11/15/2040 | 2,245,608 | |||||||||||||
| City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) |
| |||||||||||||||
| 1,405,000 | 5.500 | (d) | 09/15/2053 | 1,405,853 | ||||||||||||
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 250,000 | 2.500 | (d) | 09/01/2025 | 241,200 | ||||||||||||
| 140,000 | 3.125 | (d) | 09/01/2030 | 128,169 | ||||||||||||
| 180,000 | 3.250 | (d) | 09/01/2030 | 162,769 | ||||||||||||
| 355,000 | 4.000 | (d) | 09/01/2040 | 316,025 | ||||||||||||
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 144,000 | 2.500 | (d) | 09/01/2026 | 135,812 | ||||||||||||
| 158,000 | 3.000 | (d) | 09/01/2031 | 140,315 | ||||||||||||
| 329,000 | 3.375 | (d) | 09/01/2041 | 268,080 | ||||||||||||
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 430,000 | 4.625 | (d) | 09/01/2032 | 426,030 | ||||||||||||
| 704,000 | 4.875 | (d) | 09/01/2042 | 675,336 | ||||||||||||
| City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) |
| |||||||||||||||
| 767,000 | 5.750 | (d) | 09/01/2043 | 773,499 | ||||||||||||
| 90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 240,000 | 2.750 | %(d) | 09/01/2027 | $ | 218,113 | ||||||||||
| 432,000 | 3.125 | (d) | 09/01/2032 | 370,082 | ||||||||||||
| City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 812,000 | 5.375 | 09/01/2043 | 818,955 | |||||||||||||
| 1,006,000 | 5.625 | 09/01/2052 | 1,015,732 | |||||||||||||
| 1,000,000 | 6.125 | (d) | 09/01/2052 | 1,009,451 | ||||||||||||
| City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 459,000 | 5.750 | (d) | 09/01/2030 | 461,995 | ||||||||||||
| City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 492,000 | 4.750 | (d) | 09/01/2030 | 495,693 | ||||||||||||
| 235,000 | 5.500 | (d) | 09/01/2030 | 236,737 | ||||||||||||
| 1,169,000 | 5.500 | (d) | 09/01/2042 | 1,187,699 | ||||||||||||
| City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 255,000 | 4.875 | (d) | 09/01/2032 | 259,206 | ||||||||||||
| 495,000 | 5.500 | (d) | 09/01/2042 | 499,903 | ||||||||||||
| City of Celina Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 192,000 | 2.875 | (d) | 09/01/2027 | 175,714 | ||||||||||||
| 227,000 | 3.250 | (d) | 09/01/2027 | 210,471 | ||||||||||||
| 250,000 | 3.250 | (d) | 09/01/2032 | 216,985 | ||||||||||||
| 235,000 | 3.625 | (d) | 09/01/2032 | 211,942 | ||||||||||||
| 1,175,000 | 3.500 | (d) | 09/01/2042 | 913,684 | ||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR) |
| |||||||||||||||
| 150,000 | 4.200 | 09/01/2027 | 148,671 | |||||||||||||
| 570,000 | 4.800 | 09/01/2037 | 565,648 | |||||||||||||
| 647,000 | 5.250 | 09/01/2046 | 648,231 | |||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) |
| |||||||||||||||
| 300,000 | 5.375 | (d) | 09/01/2038 | 304,705 | ||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 365,000 | 5.000 | 09/01/2028 | 369,745 | |||||||||||||
| City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 686,000 | 4.500 | (d) | 09/01/2030 | 687,233 | ||||||||||||
| 1,524,000 | 5.375 | (d) | 09/01/2043 | 1,539,308 | ||||||||||||
| City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Major Improvement Area Project (NR/NR) |
| |||||||||||||||
| 216,000 | 5.000 | (d) | 09/01/2030 | 216,452 | ||||||||||||
| City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 145,000 | 3.250 | (d) | 09/01/2026 | 138,210 | ||||||||||||
| 185,000 | 3.750 | (d) | 09/01/2031 | 170,374 | ||||||||||||
| City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 314,000 | 3.375 | (d) | 09/15/2026 | 301,452 | ||||||||||||
| 410,000 | 4.000 | (d) | 09/15/2031 | 391,790 | ||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 484,000 | 5.375 | %(d) | 09/15/2027 | $ | 489,286 | ||||||||||
| City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (A1/NR) |
| |||||||||||||||
| 3,975,000 | 4.000 | 11/01/2039 | 4,043,482 | |||||||||||||
| City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) |
| |||||||||||||||
| 6,240,000 | 4.000 | 11/01/2045 | 6,063,014 | |||||||||||||
| City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2023C (A1/A+) |
| |||||||||||||||
| 6,400,000 | 5.000 | 11/01/2026 | 6,632,356 | |||||||||||||
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) |
| |||||||||||||||
| 2,955,000 | 5.000 | (a)(b) | 09/01/2026 | 3,002,248 | ||||||||||||
| City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) |
| |||||||||||||||
| 1,725,000 | 5.000 | (a)(b) | 07/01/2042 | 1,782,200 | ||||||||||||
| City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/A+) |
| |||||||||||||||
| 4,000,000 | 4.000 | 11/01/2041 | 4,029,468 | |||||||||||||
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) |
| |||||||||||||||
| 268,000 | 4.875 | (d) | 09/01/2032 | 271,067 | ||||||||||||
| 765,000 | 5.125 | (d) | 09/01/2042 | 745,705 | ||||||||||||
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) |
| |||||||||||||||
| 793,000 | 4.500 | (d)(h) | 09/01/2031 | 785,472 | ||||||||||||
| 1,220,000 | 5.375 | (d)(h) | 09/01/2044 | 1,196,276 | ||||||||||||
| City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) |
| |||||||||||||||
| 417,000 | 5.750 | (d) | 09/15/2030 | 422,658 | ||||||||||||
| City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.375 | (d) | 09/01/2043 | 993,660 | ||||||||||||
| City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) |
| |||||||||||||||
| 528,000 | 2.875 | (d) | 09/01/2026 | 496,442 | ||||||||||||
| 398,000 | 3.375 | (d) | 09/01/2031 | 359,735 | ||||||||||||
| 1,206,000 | 3.750 | (d) | 09/01/2041 | 981,643 | ||||||||||||
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 198,000 | 2.625 | (d) | 08/15/2025 | 190,726 | ||||||||||||
| 171,000 | 3.375 | (d) | 08/15/2030 | 154,540 | ||||||||||||
| City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| |||||||||||||||
| 570,000 | 4.500 | (d) | 08/15/2031 | 562,877 | ||||||||||||
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 397,000 | 2.750 | (d) | 08/15/2026 | 374,667 | ||||||||||||
| 612,000 | 3.375 | (d) | 08/15/2031 | 558,524 | ||||||||||||
| 846,000 | 3.750 | (d) | 08/15/2041 | 712,652 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 483,000 | 4.875 | %(d) | 08/15/2027 | $ | 481,211 | ||||||||||
| 778,000 | 5.250 | (d) | 08/15/2032 | 793,888 | ||||||||||||
| 1,300,000 | 5.875 | (d) | 08/15/2042 | 1,313,253 | ||||||||||||
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.125 | (d) | 08/15/2024 | 49,580 | ||||||||||||
| 340,000 | 3.500 | (d) | 08/15/2029 | 321,206 | ||||||||||||
| 1,905,000 | 4.000 | (d) | 08/15/2039 | 1,725,712 | ||||||||||||
| 1,825,000 | 4.250 | (d) | 08/15/2049 | 1,601,698 | ||||||||||||
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 295,000 | 4.000 | (d) | 08/15/2032 | 283,833 | ||||||||||||
| 1,129,000 | 4.250 | (d) | 08/15/2042 | 1,025,573 | ||||||||||||
| City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) |
| |||||||||||||||
| 165,000 | 4.000 | 08/15/2028 | 168,323 | |||||||||||||
| 170,000 | 4.000 | 08/15/2029 | 174,175 | |||||||||||||
| 925,000 | 3.000 | 08/15/2034 | 847,217 | |||||||||||||
| City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) |
| |||||||||||||||
| 417,000 | 4.250 | (d) | 08/15/2030 | 417,369 | ||||||||||||
| 761,000 | 5.125 | (d) | 08/15/2043 | 760,886 | ||||||||||||
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 282,000 | 3.625 | (d) | 09/15/2027 | 272,019 | ||||||||||||
| 409,000 | 3.875 | (d) | 09/15/2032 | 386,411 | ||||||||||||
| City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) |
| |||||||||||||||
| 280,000 | 4.125 | 09/01/2027 | 277,996 | |||||||||||||
| 1,350,000 | 4.625 | 09/01/2037 | 1,323,143 | |||||||||||||
| City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13- 16 Project Series 2017 (NR/NR) |
| |||||||||||||||
| 490,000 | 4.500 | 09/01/2027 | 491,350 | |||||||||||||
| 1,800,000 | 4.500 | 09/01/2037 | 1,742,164 | |||||||||||||
| City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) |
| |||||||||||||||
| 425,000 | 4.000 | 09/01/2024 | 423,926 | |||||||||||||
| 440,000 | 4.000 | 09/01/2025 | 438,405 | |||||||||||||
| 460,000 | 4.000 | 09/01/2026 | 459,188 | |||||||||||||
| 480,000 | 4.000 | 09/01/2027 | 480,640 | |||||||||||||
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 256,000 | 3.250 | (d) | 09/01/2031 | 225,606 | ||||||||||||
| 1,271,000 | 3.625 | (d) | 09/01/2041 | 1,018,912 | ||||||||||||
| City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 30,000 | 3.250 | (d) | 09/01/2024 | 29,715 | ||||||||||||
| 290,000 | 3.625 | (d) | 09/01/2029 | 274,602 | ||||||||||||
| 785,000 | 4.125 | (d) | 09/01/2039 | 717,259 | ||||||||||||
| City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 465,000 | 3.000 | 10/01/2025 | 451,128 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 645,000 | 3.000 | % | 10/01/2030 | $ | 578,313 | ||||||||||
| 440,000 | 3.250 | 10/01/2033 | 387,328 | |||||||||||||
| City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB-) |
| |||||||||||||||
| 1,170,000 | 5.000 | 07/15/2028 | 1,196,155 | |||||||||||||
| City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB-) |
| |||||||||||||||
| 2,125,000 | 5.000 | 07/15/2028 | 2,172,505 | |||||||||||||
| City of Houston Airport System Subordinate Lien Revenue and Refunding Bonds Series 2023A (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 4,000,000 | 5.250 | 07/01/2053 | 4,263,180 | |||||||||||||
| City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2018D (A1/NR) |
| |||||||||||||||
| 1,655,000 | 5.000 | 07/01/2032 | 1,798,392 | |||||||||||||
| City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) |
| |||||||||||||||
| 1,000,000 | 4.000 | 07/01/2047 | 942,074 | |||||||||||||
| City of Houston, Texas Airport System Subordinate Lien RR Bonds Series 2018D (A1/NR) |
| |||||||||||||||
| 2,185,000 | 5.000 | 07/01/2031 | 2,374,956 | |||||||||||||
| City of Houston, Texas Airport System, Subordinate Lien Revenue and Refunding Bonds, Series 2018B (NON-AMT) (A1/NR) |
| |||||||||||||||
| 1,660,000 | 5.000 | 07/01/2030 | 1,804,398 | |||||||||||||
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 120,000 | 2.625 | (d) | 09/01/2026 | 113,087 | ||||||||||||
| 206,000 | 3.250 | (d) | 09/01/2031 | 185,803 | ||||||||||||
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) |
| |||||||||||||||
| 360,000 | 3.125 | (d) | 09/01/2031 | 325,303 | ||||||||||||
| 939,000 | 3.500 | (d) | 09/01/2041 | 758,458 | ||||||||||||
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) |
| |||||||||||||||
| 178,000 | 2.750 | (d) | 09/01/2026 | 167,862 | ||||||||||||
| 392,000 | 3.500 | (d) | 09/01/2031 | 358,079 | ||||||||||||
| 900,000 | 3.875 | (d) | 09/01/2041 | 770,933 | ||||||||||||
| City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 270,000 | 4.500 | (d) | 09/01/2030 | 273,308 | ||||||||||||
| 859,000 | 5.250 | (d) | 09/01/2043 | 873,309 | ||||||||||||
| City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) |
| |||||||||||||||
| 130,000 | 5.000 | 08/15/2024 | 129,947 | |||||||||||||
| 130,000 | 5.000 | 08/15/2025 | 130,563 | |||||||||||||
| 150,000 | 5.000 | 08/15/2026 | 151,780 | |||||||||||||
| 100,000 | 5.000 | 08/15/2027 | 102,131 | |||||||||||||
| 125,000 | 5.000 | 08/15/2028 | 128,957 | |||||||||||||
| 150,000 | 5.000 | 08/15/2029 | 156,119 | |||||||||||||
| 200,000 | 5.000 | 08/15/2030 | 208,473 | |||||||||||||
| 280,000 | 5.000 | 08/15/2032 | 291,056 | |||||||||||||
| 300,000 | 5.000 | 08/15/2034 | 312,609 | |||||||||||||
| 175,000 | 5.000 | 08/15/2035 | 181,958 | |||||||||||||
| 250,000 | 5.000 | 08/15/2036 | 258,315 | |||||||||||||
| 92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) – (continued) |
| |||||||||||||||
| $ | 250,000 | 5.000 | % | 08/15/2037 | $ | 256,182 | ||||||||||
| 300,000 | 5.000 | 08/15/2038 | 306,167 | |||||||||||||
| 300,000 | 5.000 | 08/15/2039 | 304,749 | |||||||||||||
| City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) |
| |||||||||||||||
| 366,000 | 2.500 | (d) | 09/01/2026 | 344,952 | ||||||||||||
| 729,000 | 3.000 | (d) | 09/01/2031 | 651,197 | ||||||||||||
| 1,484,000 | 3.375 | (d) | 09/01/2041 | 1,179,519 | ||||||||||||
| City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) |
| |||||||||||||||
| 240,000 | 2.625 | (d) | 09/15/2026 | 223,942 | ||||||||||||
| 230,000 | 3.125 | (d) | 09/15/2031 | 201,586 | ||||||||||||
| City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 722,000 | 5.625 | (d) | 09/15/2042 | 737,105 | ||||||||||||
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 817,000 | 4.375 | (d) | 09/01/2028 | 818,480 | ||||||||||||
| 750,000 | 4.500 | (d) | 09/01/2033 | 761,204 | ||||||||||||
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 431,000 | 3.375 | (d) | 09/01/2031 | 396,028 | ||||||||||||
| 628,000 | 3.750 | (d) | 09/01/2041 | 530,452 | ||||||||||||
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 210,000 | 3.875 | (d) | 09/01/2024 | 208,852 | ||||||||||||
| 1,180,000 | 4.750 | (d) | 09/01/2044 | 1,120,076 | ||||||||||||
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 123,000 | 2.625 | (d) | 09/01/2025 | 118,604 | ||||||||||||
| 610,000 | 3.125 | (d) | 09/01/2030 | 557,007 | ||||||||||||
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.125 | (d) | 09/01/2041 | 906,928 | ||||||||||||
| City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) |
| |||||||||||||||
| 255,000 | 4.250 | (d) | 09/01/2029 | 251,536 | ||||||||||||
| 1,000,000 | 4.875 | (d) | 09/01/2044 | 952,751 | ||||||||||||
| City of Kyle Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 406,000 | 4.375 | 09/01/2027 | 401,845 | |||||||||||||
| 535,000 | 4.750 | 09/01/2032 | 536,212 | |||||||||||||
| City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 1,229,000 | 5.750 | (d) | 09/01/2043 | 1,236,221 | ||||||||||||
| City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 678,000 | 5.500 | (d) | 09/01/2043 | 683,524 | ||||||||||||
| City of Kyle, Texas, Special Assessment RB for Southwest Kyle Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 6.750 | (d) | 09/01/2048 | 1,583,574 | ||||||||||||
| City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) |
| |||||||||||||||
| 474,000 | 4.750 | (d) | 09/01/2030 | 474,259 | ||||||||||||
| 1,210,000 | 5.625 | (d) | 09/01/2043 | 1,213,451 | ||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) |
| |||||||||||||||
| $ | 315,000 | 2.750 | % | 09/01/2025 | $ | 306,983 | ||||||||||
| 430,000 | 3.125 | 09/01/2030 | 394,785 | |||||||||||||
| City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) |
| |||||||||||||||
| 2,055,000 | 3.000 | 09/15/2036 | 1,844,749 | |||||||||||||
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 245,000 | 3.750 | (d) | 09/15/2029 | 231,146 | ||||||||||||
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) |
| |||||||||||||||
| 105,000 | 4.375 | (d) | 09/15/2029 | 104,193 | ||||||||||||
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 5.875 | (d) | 09/15/2042 | 1,547,379 | ||||||||||||
| 2,126,000 | 6.125 | (d) | 09/15/2052 | 2,178,365 | ||||||||||||
| City of Lavon Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 500,000 | 3.500 | (d) | 09/15/2027 | 477,059 | ||||||||||||
| 305,000 | 3.750 | (d) | 09/15/2027 | 286,550 | ||||||||||||
| 1,000,000 | 3.875 | (d) | 09/15/2032 | 938,628 | ||||||||||||
| 455,000 | 4.125 | (d) | 09/15/2032 | 426,338 | ||||||||||||
| City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 240,000 | 2.500 | (d) | 09/01/2025 | 231,382 | ||||||||||||
| 330,000 | 3.125 | (d) | 09/01/2030 | 299,005 | ||||||||||||
| 845,000 | 4.000 | (d) | 09/01/2040 | 745,284 | ||||||||||||
| City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 656,000 | 2.625 | (d) | 09/01/2027 | 614,460 | ||||||||||||
| 750,000 | 3.125 | (d) | 09/01/2032 | 674,547 | ||||||||||||
| 1,772,000 | 3.375 | (d) | 09/01/2042 | 1,382,537 | ||||||||||||
| City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 270,000 | 2.500 | (d) | 09/15/2026 | 248,606 | ||||||||||||
| 135,000 | 3.125 | (d) | 09/15/2026 | 124,819 | ||||||||||||
| 250,000 | 3.125 | (d) | 09/15/2031 | 216,674 | ||||||||||||
| 310,000 | 3.750 | (d) | 09/15/2031 | 273,446 | ||||||||||||
| City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 85,000 | 3.750 | (d) | 09/15/2025 | 83,614 | ||||||||||||
| City of Manor, Travis County Special Assessment RB, Series 2023 Manor Heights Public Improvement District Improvement Area 3 Project (NR/NR) |
| |||||||||||||||
| 528,000 | 5.250 | (d) | 09/15/2043 | 528,635 | ||||||||||||
| City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 243,000 | 3.375 | (d) | 09/01/2026 | 230,627 | ||||||||||||
| 350,000 | 3.875 | (d) | 09/01/2031 | 320,088 | ||||||||||||
| City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.500 | (d) | 09/15/2024 | 49,615 | ||||||||||||
| 280,000 | 3.750 | (d) | 09/15/2029 | 268,807 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 165,000 | 2.625 | %(d) | 09/15/2026 | $ | 153,907 | ||||||||||
| 480,000 | 3.125 | (d) | 09/15/2031 | 421,793 | ||||||||||||
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 400,000 | 5.375 | (d) | 09/15/2032 | 406,733 | ||||||||||||
| City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) |
| |||||||||||||||
| 400,000 | 5.250 | (d) | 09/15/2029 | 404,564 | ||||||||||||
| City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 140,000 | 4.250 | (d) | 09/15/2024 | 139,621 | ||||||||||||
| 130,000 | 5.125 | (d) | 09/15/2024 | 129,914 | ||||||||||||
| 795,000 | 4.500 | (d) | 09/15/2029 | 794,023 | ||||||||||||
| 775,000 | 5.375 | (d) | 09/15/2029 | 782,696 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 4.750 | (d) | 09/01/2030 | 901,650 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,275,000 | 5.500 | (d) | 09/01/2043 | 1,279,784 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects Series 2023 (NR/NR) |
| |||||||||||||||
| 411,000 | 4.625 | (d) | 09/01/2030 | 413,269 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) |
| |||||||||||||||
| 400,000 | 5.375 | (d) | 09/01/2043 | 402,835 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Projects Series 2023 (NR/NR) |
| |||||||||||||||
| 392,000 | 4.625 | (d) | 09/01/2030 | 392,719 | ||||||||||||
| City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) |
| |||||||||||||||
| 559,000 | 5.125 | (d) | 09/01/2052 | 555,144 | ||||||||||||
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 410,000 | 3.500 | (d) | 09/15/2031 | 373,733 | ||||||||||||
| 1,000,000 | 3.875 | (d) | 09/15/2041 | 839,905 | ||||||||||||
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) |
| |||||||||||||||
| 565,000 | 4.375 | (d) | 09/15/2027 | 556,553 | ||||||||||||
| 626,000 | 4.750 | (d) | 09/15/2032 | 622,565 | ||||||||||||
| 1,417,000 | 5.250 | (d) | 09/15/2042 | 1,386,807 | ||||||||||||
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 292,000 | 5.125 | (d) | 09/15/2027 | 288,592 | ||||||||||||
| 310,000 | 5.500 | (d) | 09/15/2032 | 310,334 | ||||||||||||
| 600,000 | 6.000 | (d) | 09/15/2042 | 606,548 | ||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 676,000 | 6.125 | %(d) | 09/01/2043 | $ | 692,814 | ||||||||||
| City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.500 | (d) | 09/01/2025 | 99,364 | ||||||||||||
| 50,000 | 4.875 | (d) | 09/01/2025 | 49,719 | ||||||||||||
| 254,000 | 4.875 | (d) | 09/01/2030 | 252,345 | ||||||||||||
| 265,000 | 5.250 | (d) | 09/01/2030 | 266,220 | ||||||||||||
| 381,000 | 5.250 | (d) | 09/01/2040 | 382,687 | ||||||||||||
| 310,000 | 5.625 | (d) | 09/01/2040 | 311,603 | ||||||||||||
| 815,000 | 4.125 | (d) | 09/01/2049 | 701,718 | ||||||||||||
| City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 160,000 | 2.500 | (d) | 09/01/2025 | 154,351 | ||||||||||||
| 455,000 | 3.250 | (d) | 09/01/2030 | 415,260 | ||||||||||||
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 25,000 | 3.125 | (d) | 09/01/2024 | 24,769 | ||||||||||||
| 140,000 | 3.500 | (d) | 09/01/2029 | 132,389 | ||||||||||||
| 360,000 | 4.000 | (d) | 09/01/2039 | 327,751 | ||||||||||||
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 209,000 | 2.375 | (d) | 09/01/2026 | 195,958 | ||||||||||||
| City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | (d) | 09/01/2028 | 247,324 | ||||||||||||
| 1,560,000 | 4.500 | (d) | 09/01/2048 | 1,410,524 | ||||||||||||
| City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2023 (Aa2/NR) |
| |||||||||||||||
| 3,275,000 | 4.000 | 08/01/2049 | 3,136,512 | |||||||||||||
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 404,000 | 4.875 | (d) | 09/15/2027 | 401,022 | ||||||||||||
| 350,000 | 5.250 | (d) | 09/15/2032 | 356,996 | ||||||||||||
| 245,000 | 5.750 | (d) | 09/15/2032 | 248,630 | ||||||||||||
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 366,000 | 4.875 | (d) | 09/15/2027 | 363,302 | ||||||||||||
| 300,000 | 5.250 | (d) | 09/15/2032 | 305,996 | ||||||||||||
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.500 | (d) | 09/15/2048 | 1,006,534 | ||||||||||||
| City of Pilot Point, Denton, Grayson, and Cooke Counties Special Assessment RB, Series 2023 Mobberly Public Improvement District Improvement Area 1B Project (NR/NR) |
| |||||||||||||||
| 367,000 | 4.750 | (d) | 09/15/2030 | 370,572 | ||||||||||||
| City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 2,875,000 | 4.375 | (d) | 09/15/2051 | 2,346,594 | ||||||||||||
| City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,969,000 | 4.000 | (d) | 09/15/2051 | 1,546,413 | ||||||||||||
| 94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 700,000 | 4.250 | %(d) | 09/01/2042 | $ | 627,801 | ||||||||||
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 33,000 | 3.500 | (d) | 09/01/2024 | 32,747 | ||||||||||||
| 321,000 | 3.750 | (d) | 09/01/2029 | 306,392 | ||||||||||||
| 846,000 | 4.250 | (d) | 09/01/2039 | 785,184 | ||||||||||||
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 180,000 | 3.375 | (d) | 09/01/2030 | 165,844 | ||||||||||||
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 75,000 | 4.000 | 09/01/2024 | 74,748 | |||||||||||||
| 415,000 | 4.250 | 09/01/2029 | 410,931 | |||||||||||||
| 655,000 | 4.875 | 09/01/2039 | 644,140 | |||||||||||||
| 1,000,000 | 5.000 | 09/01/2049 | 969,540 | |||||||||||||
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 289,000 | 3.375 | (d) | 09/01/2041 | 226,847 | ||||||||||||
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.500 | (d) | 09/01/2030 | 497,665 | ||||||||||||
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 379,000 | 4.250 | (d) | 09/01/2027 | 374,819 | ||||||||||||
| 382,000 | 4.750 | (d) | 09/01/2032 | 386,069 | ||||||||||||
| City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,075,000 | 7.000 | (d) | 09/01/2043 | 1,097,328 | ||||||||||||
| City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,286,000 | 6.250 | (d) | 09/01/2043 | 1,334,669 | ||||||||||||
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) |
| |||||||||||||||
| 365,000 | 4.000 | (d) | 09/01/2029 | 352,474 | ||||||||||||
| 555,000 | 5.000 | (d) | 09/01/2029 | 558,330 | ||||||||||||
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.125 | (d) | 09/01/2043 | 991,119 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 412,000 | 4.250 | (d) | 09/01/2027 | 408,352 | ||||||||||||
| 460,000 | 4.750 | (d) | 09/01/2032 | 465,079 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 305,000 | 3.250 | (d) | 09/01/2030 | 278,146 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 185,000 | 2.375 | (d) | 09/01/2026 | 171,885 | ||||||||||||
| 469,000 | 3.250 | (d) | 09/01/2041 | 357,555 | ||||||||||||
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 235,000 | 2.625 | (d) | 09/15/2026 | 219,202 | ||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 355,000 | 3.125 | %(d) | 09/15/2031 | $ | 310,606 | ||||||||||
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) |
| |||||||||||||||
| 275,000 | 2.625 | (d) | 09/15/2025 | 267,254 | ||||||||||||
| 405,000 | 3.375 | (d) | 09/15/2030 | 373,822 | ||||||||||||
| City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 225,000 | 3.625 | (d) | 09/15/2030 | 207,770 | ||||||||||||
| 140,000 | 4.375 | (d) | 09/15/2030 | 135,559 | ||||||||||||
| 500,000 | 4.125 | (d) | 09/15/2040 | 447,677 | ||||||||||||
| 400,000 | 4.875 | (d) | 09/15/2040 | 381,049 | ||||||||||||
| City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) |
| |||||||||||||||
| 75,000 | 3.750 | (d) | 09/15/2024 | 74,538 | ||||||||||||
| 370,000 | 4.125 | (d) | 09/15/2029 | 363,258 | ||||||||||||
| 1,050,000 | 4.625 | (d) | 09/15/2039 | 1,007,506 | ||||||||||||
| City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,192,000 | 6.375 | (d) | 09/15/2053 | 1,231,758 | ||||||||||||
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 295,000 | 2.500 | (d) | 09/15/2025 | 283,051 | ||||||||||||
| 305,000 | 3.250 | (d) | 09/15/2030 | 275,019 | ||||||||||||
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 665,000 | 6.000 | (d) | 09/15/2050 | 690,161 | ||||||||||||
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (Aa3/A+) |
| |||||||||||||||
| 26,495,000 | 1.750 | (a)(b) | 02/01/2033 | 26,008,295 | ||||||||||||
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (Aa3/A+) |
| |||||||||||||||
| 30,610,000 | 1.750 | (a)(b) | 12/01/2045 | 30,047,703 | ||||||||||||
| City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 265,000 | 4.375 | 09/01/2025 | 264,475 | |||||||||||||
| 500,000 | 4.875 | 09/01/2030 | 499,456 | |||||||||||||
| 635,000 | 5.375 | 09/01/2040 | 642,097 | |||||||||||||
| City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) |
| |||||||||||||||
| 300,000 | 3.750 | (d) | 09/01/2027 | 287,702 | ||||||||||||
| 425,000 | 4.000 | (d) | 09/01/2032 | 404,823 | ||||||||||||
| 1,221,000 | 4.250 | (d) | 09/01/2042 | 1,077,748 | ||||||||||||
| City of San Marcos, Texas (A Municipal Corporation of The State of Texas Located In Hays, Caldwell and Guadalupe Counties) Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) |
| |||||||||||||||
| 382,000 | 4.875 | (d) | 09/01/2030 | 382,094 | ||||||||||||
| City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 146,000 | 4.375 | (d) | 09/01/2027 | 143,020 | ||||||||||||
| City of Sinton Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 382,000 | 4.375 | (d) | 09/01/2027 | 371,292 | ||||||||||||
| 659,000 | 4.750 | (d) | 09/01/2032 | 640,766 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 2 Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 250,000 | 4.875 | %(d) | 09/15/2033 | $ | 254,445 | ||||||||||
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 3 Series 2023 (NR/NR) |
| |||||||||||||||
| 283,000 | 5.000 | (d) | 09/15/2033 | 287,970 | ||||||||||||
| City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 1,010,000 | 3.375 | (d) | 09/15/2041 | 807,715 | ||||||||||||
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,125,000 | 5.500 | (d) | 08/15/2052 | 1,130,151 | ||||||||||||
| Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 700,000 | 4.000 | 04/01/2031 | 728,345 | |||||||||||||
| 575,000 | 4.000 | 04/01/2035 | 592,171 | |||||||||||||
| 1,345,000 | 4.000 | 04/01/2037 | 1,369,747 | |||||||||||||
| Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 4,370,000 | 4.000 | 08/15/2036 | 4,431,765 | |||||||||||||
| 3,875,000 | 4.000 | 08/15/2037 | 3,911,728 | |||||||||||||
| Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 470,000 | 3.000 | (d) | 09/01/2031 | 414,429 | ||||||||||||
| 930,000 | 3.250 | (d) | 09/01/2041 | 723,614 | ||||||||||||
| Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 495,000 | 5.000 | 02/01/2026 | 511,973 | |||||||||||||
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BB-) |
| |||||||||||||||
| 475,000 | 2.500 | 10/01/2031 | 400,310 | |||||||||||||
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 10/01/2028 | 107,665 | |||||||||||||
| 115,000 | 5.000 | 10/01/2029 | 125,934 | |||||||||||||
| 120,000 | 5.000 | 10/01/2030 | 133,612 | |||||||||||||
| 100,000 | 5.000 | 10/01/2031 | 112,446 | |||||||||||||
| 100,000 | 5.000 | 10/01/2032 | 113,045 | |||||||||||||
| 170,000 | 5.000 | 10/01/2033 | 192,212 | |||||||||||||
| 185,000 | 5.000 | 10/01/2034 | 210,359 | |||||||||||||
| 200,000 | 5.000 | 10/01/2036 | 224,944 | |||||||||||||
| 500,000 | 4.000 | 10/01/2041 | 499,589 | |||||||||||||
| County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 215,000 | 2.500 | (d) | 09/15/2025 | 206,162 | ||||||||||||
| 350,000 | 3.250 | (d) | 09/15/2030 | 313,173 | ||||||||||||
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 195,000 | 3.500 | (d) | 09/01/2026 | 182,768 | ||||||||||||
| 395,000 | 4.125 | (d) | 09/01/2031 | 369,539 | ||||||||||||
| Crandall Independent School District (Kaufman County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 1,315,000 | 5.000 | 08/15/2048 | 1,430,222 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Crane Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| $ | 1,770,000 | 4.125 | % | 02/15/2048 | $ | 1,755,542 | ||||||||||
| Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 500,000 | 5.000 | (c) | 08/01/2025 | 510,584 | ||||||||||||
| Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) |
| |||||||||||||||
| 320,000 | 5.000 | 09/15/2025 | 321,887 | |||||||||||||
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) |
| |||||||||||||||
| 235,000 | 4.000 | (d) | 08/15/2029 | 223,988 | ||||||||||||
| 775,000 | 4.500 | (d) | 08/15/2035 | 731,207 | ||||||||||||
| 575,000 | 5.000 | (d) | 08/15/2044 | 528,590 | ||||||||||||
| Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,175,000 | 3.125 | 08/15/2036 | 956,808 | |||||||||||||
| 950,000 | 3.250 | 08/15/2041 | 708,028 | |||||||||||||
| Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) |
| |||||||||||||||
| 285,000 | 5.000 | (d) | 09/01/2027 | 283,121 | ||||||||||||
| 225,000 | 5.000 | (d) | 09/01/2032 | 225,208 | ||||||||||||
| 330,000 | 5.125 | (d) | 09/01/2037 | 325,180 | ||||||||||||
| Frisco Independent School District, Collin and Denton Counties, UT School Building and Refunding Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 1,560,000 | 5.000 | 02/15/2035 | 1,826,487 | |||||||||||||
| 1,430,000 | 5.000 | 02/15/2036 | 1,661,348 | |||||||||||||
| 600,000 | 5.000 | 02/15/2037 | 690,370 | |||||||||||||
| Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+) |
| |||||||||||||||
| 14,225,000 | 5.000 | 10/01/2037 | 15,137,709 | |||||||||||||
| Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) |
| |||||||||||||||
| 5,095,000 | 5.800 | 10/01/2046 | 5,565,047 | |||||||||||||
| 6,075,000 | 5.850 | 10/01/2047 | 6,636,083 | |||||||||||||
| Grand Parkway Transportation Corporation Grand Parkway System Subordinate Tier Toll RB, Series 2018A (Tela Supported) (NR/ AA+) |
| |||||||||||||||
| 4,000,000 | 5.000 | 10/01/2038 | 4,241,471 | |||||||||||||
| Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 470,000 | 5.000 | 09/01/2027 | 490,532 | |||||||||||||
| 500,000 | 5.000 | 09/01/2028 | 527,799 | |||||||||||||
| 745,000 | 5.000 | 09/01/2029 | 796,971 | |||||||||||||
| 465,000 | 4.000 | 09/01/2031 | 477,515 | |||||||||||||
| 415,000 | 4.000 | 09/01/2033 | 425,515 | |||||||||||||
| 650,000 | 4.000 | 09/01/2034 | 666,679 | |||||||||||||
| 580,000 | 4.000 | 09/01/2036 | 592,061 | |||||||||||||
| Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 5,855,000 | 4.000 | (c) | 08/15/2025 | 5,904,847 | ||||||||||||
| Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (Aa3/A+) |
| |||||||||||||||
| 2,335,000 | 5.000 | (a)(b) | 06/01/2032 | 2,350,058 | ||||||||||||
| 96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group Series 2019 B (Aa2/AA) |
| |||||||||||||||
| $ | 3,000,000 | 5.000 | %(a)(b) | 10/01/2041 | $ | 3,012,892 | ||||||||||
| Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa3/BBB) |
| |||||||||||||||
| 10,425,000 | 4.050 | (a)(b) | 11/01/2050 | 10,546,655 | ||||||||||||
| Harris County UT Road Refunding Bonds Series 2023A (Aaa/NR) |
| |||||||||||||||
| 3,335,000 | 4.250 | 09/15/2048 | 3,325,965 | |||||||||||||
| Harris County, Texas Permanent Improvement Refunding Bonds, Series 2023A (Aaa/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 09/15/2048 | 2,178,628 | |||||||||||||
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 615,000 | 4.750 | (d) | 09/15/2027 | 613,442 | ||||||||||||
| 700,000 | 4.875 | (d) | 09/15/2032 | 708,417 | ||||||||||||
| Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) |
| |||||||||||||||
| 580,000 | 4.000 | (d) | 09/01/2029 | 564,958 | ||||||||||||
| Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) |
| |||||||||||||||
| 95,000 | 3.000 | 09/01/2024 | 93,965 | |||||||||||||
| 100,000 | 3.500 | 09/01/2025 | 97,977 | |||||||||||||
| 100,000 | 3.500 | 09/01/2026 | 97,225 | |||||||||||||
| 105,000 | 3.500 | 09/01/2027 | 101,499 | |||||||||||||
| Highland Park Independent School District (Potter County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 2,000,000 | 5.250 | 02/15/2041 | 2,267,960 | |||||||||||||
| Highland Park Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 600,000 | 5.250 | 02/15/2039 | 687,111 | |||||||||||||
| 2,340,000 | 5.250 | 02/15/2042 | 2,642,656 | |||||||||||||
| 2,390,000 | 5.250 | 02/15/2043 | 2,687,236 | |||||||||||||
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (NR/NR) |
| |||||||||||||||
| 830,000 | 5.000 | 07/01/2027 | 843,103 | |||||||||||||
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) |
| |||||||||||||||
| 5,880,000 | 5.000 | 07/15/2027 | 5,973,870 | |||||||||||||
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) |
| |||||||||||||||
| 3,600,000 | 5.000 | 07/15/2027 | 3,657,471 | |||||||||||||
| Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) |
| |||||||||||||||
| 440,000 | 3.375 | 10/01/2037 | 373,165 | |||||||||||||
| Houston Housing Finance Corp. Multifamily Housing Revenue Notes for Summerdale Apartments Series 2023 (Aaa/NR) |
| |||||||||||||||
| 2,440,000 | 5.000 | (a)(b) | 08/01/2041 | 2,495,287 | ||||||||||||
| Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 3,425,000 | 4.000 | 02/15/2042 | 3,404,243 | |||||||||||||
| Hutto Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 2,750,000 | 5.000 | 08/01/2048 | 2,999,633 | |||||||||||||
| 2,500,000 | 5.000 | 08/01/2053 | 2,703,833 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Joshua Farms Municipal Management District No. 1, Johnson County, Special Assessment RB, Series 2023 Improvement Areas 1-2 Project (NR/NR) |
| |||||||||||||||
| $ | 1,617,000 | 5.250 | %(d) | 09/01/2043 | $ | 1,605,680 | ||||||||||
| Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 4,760,000 | 4.000 | 02/01/2053 | 4,531,120 | |||||||||||||
| Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) |
| |||||||||||||||
| 1,315,000 | 5.000 | (d) | 09/01/2038 | 1,326,664 | ||||||||||||
| Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 145,000 | 2.000 | 09/01/2024 | 142,574 | |||||||||||||
| 150,000 | 2.000 | 09/01/2025 | 142,869 | |||||||||||||
| 150,000 | 2.000 | 09/01/2026 | 138,735 | |||||||||||||
| 150,000 | 2.000 | 09/01/2027 | 135,435 | |||||||||||||
| 155,000 | 2.000 | 09/01/2028 | 136,588 | |||||||||||||
| 160,000 | 2.000 | 09/01/2029 | 138,507 | |||||||||||||
| Kennedale Independent School District (Tarrant County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 1,795,000 | 5.000 | 02/15/2038 | 2,051,637 | |||||||||||||
| Kermit Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 02/15/2048 | 1,086,523 | |||||||||||||
| 1,960,000 | 5.000 | 02/15/2053 | 2,106,079 | |||||||||||||
| Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR) |
| |||||||||||||||
| 16,925,000 | 0.000 | (c)(f) | 08/15/2024 | 5,526,590 | ||||||||||||
| Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 1,145,000 | 5.000 | 08/15/2026 | 1,196,843 | |||||||||||||
| Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) |
| |||||||||||||||
| 3,620,000 | 5.000 | 11/01/2027 | 3,790,328 | |||||||||||||
| Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) |
| |||||||||||||||
| 2,035,000 | 5.000 | 05/15/2030 | 2,245,601 | |||||||||||||
| 1,520,000 | 5.000 | 05/15/2031 | 1,676,437 | |||||||||||||
| Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 1,250,000 | 4.000 | 02/15/2040 | 1,253,806 | |||||||||||||
| Mansfield Independent School District Unlimited Tax School Building Bonds, Series 2015 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 1,360,000 | 5.000 | (c) | 02/15/2025 | 1,378,093 | ||||||||||||
| Mansfield Independent School District UT School Building Bonds Series 2015 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 3,855,000 | 5.000 | (c) | 02/15/2025 | 3,906,286 | ||||||||||||
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) |
| |||||||||||||||
| 2,660,000 | 4.250 | 05/01/2030 | 2,614,898 | |||||||||||||
| Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/BBB+) |
| |||||||||||||||
| 6,350,000 | 2.600 | 11/01/2029 | 5,751,608 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Maypearl Independent School District (Ellis County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | % | 02/15/2037 | $ | 1,148,103 | ||||||||||
| Maypearl Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 1,350,000 | 5.000 | 02/15/2048 | 1,465,748 | |||||||||||||
| Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/ AA) |
| |||||||||||||||
| 2,500,000 | 3.000 | 09/01/2043 | 2,022,741 | |||||||||||||
| 1,500,000 | 3.000 | 09/01/2048 | 1,133,314 | |||||||||||||
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) |
| |||||||||||||||
| 5,575,000 | 4.625 | (d) | 10/01/2031 | 5,569,747 | ||||||||||||
| Mission Economic Development Corporation Solid Waste Disposal RB Waste Management, Inc. Project Series 2023A (NR/A-/A-2) |
| |||||||||||||||
| 4,850,000 | 4.250 | (a)(b) | 06/01/2048 | 4,846,877 | ||||||||||||
| Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 625,000 | 5.250 | 02/15/2030 | 624,656 | |||||||||||||
| 405,000 | 5.375 | 02/15/2035 | 411,608 | |||||||||||||
| Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB+) |
| |||||||||||||||
| 710,000 | 5.000 | 09/15/2033 | 722,747 | |||||||||||||
| 750,000 | 5.000 | 09/15/2034 | 763,101 | |||||||||||||
| 790,000 | 5.000 | 09/15/2035 | 803,127 | |||||||||||||
| Montgomery County Toll Road Authority Senior Lien Toll Road RB Series 2018 (NR/BBB+) |
| |||||||||||||||
| 1,650,000 | 5.000 | 09/15/2030 | 1,680,236 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) |
| |||||||||||||||
| 1,585,000 | 4.000 | (d) | 08/15/2036 | 1,451,005 | ||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Education Revenue Refunding Bonds for Jubilee Academic Center Series 2021 (Ba2/BB+) |
| |||||||||||||||
| 1,950,000 | 4.000 | (d) | 08/15/2041 | 1,650,585 | ||||||||||||
| New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A1/AA) |
| |||||||||||||||
| 250,000 | 5.000 | 04/01/2046 | 247,946 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 345,000 | 2.000 | 01/01/2026 | 330,095 | |||||||||||||
| 1,200,000 | 4.000 | 01/01/2031 | 1,145,152 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/ NR) |
| |||||||||||||||
| 4,525,000 | 5.500 | 01/01/2057 | 3,710,909 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/ BBB-) |
| |||||||||||||||
| 335,000 | 4.000 | (d) | 08/15/2029 | 321,608 | ||||||||||||
| 610,000 | 5.000 | (d) | 08/15/2039 | 591,998 | ||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (WR/NR) |
| |||||||||||||||
| 765,000 | 5.000 | 04/01/2027 | 806,368 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (NR/ NR) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | %(c) | 04/01/2024 | $ | 1,000,000 | ||||||||||
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (WR/ NR) |
| |||||||||||||||
| 275,000 | 4.000 | 04/01/2024 | 275,000 | |||||||||||||
| 365,000 | 4.000 | 04/01/2025 | 366,800 | |||||||||||||
| 335,000 | 5.000 | (c) | 04/01/2026 | 346,348 | ||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR) |
| |||||||||||||||
| 250,000 | 5.000 | (c) | 04/01/2025 | 253,417 | ||||||||||||
| North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 7.000 | (c) | 09/01/2031 | 1,245,691 | ||||||||||||
| North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) |
| |||||||||||||||
| 1,950,000 | 4.000 | 01/01/2040 | 1,974,327 | |||||||||||||
| North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (Aa3/AA-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 01/01/2038 | 5,278,285 | |||||||||||||
| North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A1/A+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 01/01/2032 | 2,099,665 | |||||||||||||
| North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (Aa3/NR) |
| |||||||||||||||
| 6,000,000 | 6.500 | (c) | 01/01/2025 | 6,124,190 | ||||||||||||
| Northside Independent School District (A Political Subdivision of The State of Texas Located Primarily In Bexar County) Unlimited Tax School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 650,000 | 5.000 | 08/15/2037 | 737,041 | |||||||||||||
| Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 1,930,000 | 4.000 | 08/15/2045 | 1,907,884 | |||||||||||||
| Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 5,000,000 | 3.000 | (a)(b) | 08/01/2053 | 4,924,355 | ||||||||||||
| Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 3,280,000 | 1.500 | (a)(b) | 02/15/2044 | 3,242,380 | ||||||||||||
| Perryton Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 2,775,000 | 4.125 | 08/15/2048 | 2,749,549 | |||||||||||||
| Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 2,100,000 | 4.000 | (a)(b) | 02/15/2050 | 2,112,463 | ||||||||||||
| Port Arthur Independent School District Unlimited Tax School Building Bonds Series 2015A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 10,375,000 | 5.000 | (c) | 02/15/2025 | 10,513,026 | ||||||||||||
| 98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/ NR) |
| |||||||||||||||
| $ | 750,000 | 1.875 | %(d) | 01/01/2026 | $ | 713,148 | ||||||||||
| 550,000 | 2.000 | (d) | 01/01/2027 | 509,582 | ||||||||||||
| 575,000 | 2.125 | (d) | 01/01/2028 | 520,224 | ||||||||||||
| 800,000 | 2.250 | (d) | 01/01/2029 | 708,329 | ||||||||||||
| 850,000 | 2.500 | (d) | 01/01/2030 | 743,392 | ||||||||||||
| 800,000 | 2.625 | (d) | 01/01/2031 | 688,538 | ||||||||||||
| Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 3,470,000 | 3.625 | (d) | 01/01/2035 | 3,013,723 | ||||||||||||
| Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR) |
| |||||||||||||||
| 3,690,000 | 6.000 | (d) | 01/01/2025 | 3,629,112 | ||||||||||||
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) |
| |||||||||||||||
| 13,100,000 | 4.100 | (d) | 01/01/2028 | 11,224,931 | ||||||||||||
| Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 2,600,000 | 4.000 | (a)(b) | 02/15/2050 | 2,621,306 | ||||||||||||
| Rockwall Independent School District UT Refunding Bonds Series 2015 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 5,140,000 | 5.000 | (c) | 02/15/2025 | 5,203,966 | ||||||||||||
| Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 140,000 | 4.875 | (d) | 09/15/2027 | 139,712 | ||||||||||||
| 284,000 | 5.250 | (d) | 09/15/2032 | 289,672 | ||||||||||||
| 590,000 | 5.875 | (d) | 09/15/2042 | 599,039 | ||||||||||||
| Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 75,000 | 3.250 | (d) | 09/15/2024 | 74,276 | ||||||||||||
| 355,000 | 3.625 | (d) | 09/15/2029 | 337,633 | ||||||||||||
| 1,250,000 | 4.125 | (d) | 09/15/2039 | 1,149,159 | ||||||||||||
| Sherman Independent School District Unlimited Tax School Building Bonds Series 2023-B (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 13,000,000 | 5.000 | 02/15/2048 | 14,155,388 | |||||||||||||
| 5,500,000 | 5.000 | 02/15/2053 | 5,926,957 | |||||||||||||
| South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,200,000 | 4.500 | 04/01/2030 | 1,194,617 | |||||||||||||
| 1,600,000 | 5.000 | 04/01/2038 | 1,603,155 | |||||||||||||
| Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 325,000 | 5.000 | 09/01/2027 | 340,154 | |||||||||||||
| 380,000 | 5.000 | 09/01/2029 | 408,445 | |||||||||||||
| 450,000 | 4.000 | 09/01/2032 | 470,623 | |||||||||||||
| 395,000 | 4.000 | 09/01/2034 | 408,575 | |||||||||||||
| 615,000 | 4.000 | 09/01/2036 | 630,268 | |||||||||||||
| 1,040,000 | 2.625 | 09/01/2038 | 840,617 | |||||||||||||
| 1,230,000 | 2.750 | 09/01/2039 | 990,322 | |||||||||||||
| 1,200,000 | 2.750 | 09/01/2040 | 945,475 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) |
| |||||||||||||||
| $ | 4,725,000 | 4.000 | % | 08/15/2052 | $ | 4,493,954 | ||||||||||
| State of Texas College Student Loan GO Unlimited Bonds Series 2019 (Aaa/AAA) |
| |||||||||||||||
| 5,905,000 | 5.000 | 08/01/2026 | 6,095,686 | |||||||||||||
| 5,010,000 | 5.000 | 08/01/2028 | 5,340,151 | |||||||||||||
| 6,835,000 | 5.000 | 08/01/2029 | 7,319,198 | |||||||||||||
| Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) |
| |||||||||||||||
| 4,740,000 | 3.350 | (a)(b) | 03/01/2046 | 4,711,154 | ||||||||||||
| Tarrant County Cultural Education Facilities Finance Corp. RB for Christus Health Series 2018B (A1/A+) |
| |||||||||||||||
| 8,770,000 | 5.000 | 07/01/2035 | 9,463,717 | |||||||||||||
| Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A1/A+) |
| |||||||||||||||
| 4,885,000 | 5.000 | 07/01/2036 | 5,244,338 | |||||||||||||
| Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) |
| |||||||||||||||
| 2,200,000 | 4.250 | 08/15/2053 | 2,151,377 | |||||||||||||
| Tarrant County Housing Finance Corp. Multifamily Housing RB for Tobias Place Apartments Series 2023B (FNMA) (Aaa/NR) |
| |||||||||||||||
| 1,875,000 | 5.000 | (a)(b) | 03/01/2027 | 1,913,113 | ||||||||||||
| Texas Department of Housing and Community Affairs Multifamily Housing RB for North Grand Villas Series 2023 (FHA 221(D4)) (Aaa/NR) |
| |||||||||||||||
| 915,000 | 5.000 | (a)(b) | 08/01/2026 | 925,077 | ||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) (3M USD LIBOR + 0.70%) |
| |||||||||||||||
| 2,760,000 | 4.446 | (e) | 12/15/2026 | 2,748,745 | ||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A1/A-) |
| |||||||||||||||
| 4,410,000 | 6.250 | 12/15/2026 | 4,576,762 | |||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A-) (SIFMA Municipal Swap Index Yield + 0.55%) |
| |||||||||||||||
| 1,865,000 | 4.190 | (e) | 09/15/2027 | 1,825,565 | ||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 12/15/2024 | 2,009,740 | |||||||||||||
| 2,500,000 | 5.000 | 12/15/2025 | 2,536,821 | |||||||||||||
| Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A1/A-) (3M USD LIBOR + 0.86%) |
| |||||||||||||||
| 73,065,000 | 4.380 | (e) | 09/15/2027 | 72,751,588 | ||||||||||||
| Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) |
| |||||||||||||||
| 3,260,000 | 5.000 | 12/15/2028 | 3,399,235 | |||||||||||||
| Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) |
| |||||||||||||||
| 8,740,000 | 5.000 | 12/15/2031 | 9,332,993 | |||||||||||||
| Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (NR/AAA) |
| |||||||||||||||
| 2,300,000 | 5.000 | 10/15/2058 | 2,485,136 | |||||||||||||
| Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) |
| |||||||||||||||
| 4,165,000 | 5.500 | 12/31/2058 | 4,549,794 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa1/NR) |
| |||||||||||||||
| $ | 7,040,000 | 5.000 | % | 12/31/2032 | $ | 7,683,810 | ||||||||||
| 7,030,000 | 5.000 | 12/31/2036 | 7,543,691 | |||||||||||||
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) |
| |||||||||||||||
| 12,405,000 | 5.000 | 06/30/2058 | 12,546,573 | |||||||||||||
| Texas Public Finance Authority Texas Southern University Revenue Financing System Bonds, Series 2023 (BAM) (NR/AA) |
| |||||||||||||||
| 1,335,000 | 5.250 | 05/01/2040 | 1,449,823 | |||||||||||||
| Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) |
| |||||||||||||||
| 1,495,000 | 5.000 | 08/15/2042 | 1,497,206 | |||||||||||||
| Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) |
| |||||||||||||||
| 1,525,000 | 5.000 | 08/15/2028 | 1,531,147 | |||||||||||||
| The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (A1/AA) |
| |||||||||||||||
| 3,230,000 | 3.000 | 09/01/2047 | 2,438,615 | |||||||||||||
| Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/ NR) |
| |||||||||||||||
| 400,000 | 4.375 | (d) | 09/15/2027 | 393,273 | ||||||||||||
| 445,000 | 4.750 | (d) | 09/15/2032 | 441,949 | ||||||||||||
| 1,200,000 | 5.250 | (d) | 09/15/2042 | 1,173,064 | ||||||||||||
| Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 139,000 | 3.250 | (d) | 09/01/2027 | 131,056 | ||||||||||||
| 205,000 | 3.500 | (d) | 09/01/2032 | 183,160 | ||||||||||||
| Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 424,000 | 6.000 | (d) | 09/01/2027 | 428,878 | ||||||||||||
| 712,000 | 6.125 | (d) | 09/01/2032 | 748,519 | ||||||||||||
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 831,000 | 4.000 | (d) | 09/01/2047 | 699,386 | ||||||||||||
| Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 360,000 | 5.250 | (d) | 09/01/2028 | 367,695 | ||||||||||||
| Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) |
| |||||||||||||||
| 170,000 | 4.500 | (d) | 09/01/2027 | 170,368 | ||||||||||||
| Travis County Development Authority Contract Assessment RB for Bella Fortuna Public Improvement District Series 2024 (NR/ NR) |
| |||||||||||||||
| 843,000 | 5.375 | (d)(h) | 09/01/2044 | 837,808 | ||||||||||||
| 750,000 | 5.625 | (d)(h) | 09/01/2051 | 742,451 | ||||||||||||
| Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 868,000 | 5.375 | (d) | 09/01/2042 | 871,075 | ||||||||||||
| University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA) |
| |||||||||||||||
| 8,500,000 | 3.250 | 02/15/2041 | 7,501,696 | |||||||||||||
| Principal Amount
|
Interest Rate
|
Maturity Date
|
Value
|
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) |
| |||||||||||||||
| $ | 755,000 | 5.000 | % | 09/01/2031 | $ | 802,289 | ||||||||||
| 950,000 | 3.000 | 09/01/2034 | 843,475 | |||||||||||||
| Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 131,000 | 2.375 | 12/01/2025 | 124,634 | |||||||||||||
| 308,000 | 2.875 | 12/01/2030 | 270,386 | |||||||||||||
| Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 520,000 | 4.250 | 12/01/2029 | 514,413 | |||||||||||||
| 1,159,000 | 4.625 | 12/01/2035 | 1,158,945 | |||||||||||||
| 1,604,000 | 5.000 | 12/01/2045 | 1,568,743 | |||||||||||||
| Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) |
| |||||||||||||||
| 740,000 | 5.375 | 08/15/2042 | 757,197 | |||||||||||||
| 1,000,000 | 5.625 | 08/15/2052 | 1,020,579 | |||||||||||||
| Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) |
| |||||||||||||||
| 325,000 | 3.000 | 08/15/2034 | 295,296 | |||||||||||||
| 345,000 | 3.000 | 08/15/2036 | 301,993 | |||||||||||||
| 745,000 | 3.000 | 08/15/2039 | 598,366 | |||||||||||||
| Yoakum Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 1,000,000 | 4.250 | 02/15/2048 | 1,005,165 | |||||||||||||
|
|
|
|||||||||||||||
| 819,436,797 | ||||||||||||||||
|
|
||||||||||||||||
| Utah - 0.8% |
| |||||||||||||||
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,675,000 | 3.250 | (d) | 03/01/2031 | 1,519,711 | ||||||||||||
| 1,875,000 | 3.500 | (d) | 03/01/2036 | 1,625,934 | ||||||||||||
| 1,900,000 | 3.750 | (d) | 03/01/2041 | 1,541,691 | ||||||||||||
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 3,875,000 | 5.250 | (d) | 02/01/2040 | 3,405,162 | ||||||||||||
| Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) |
| |||||||||||||||
| 1,060,000 | 5.000 | 07/01/2047 | 1,077,051 | |||||||||||||
| Salt Lake City Airport RB for Salt Lake City International Airport Series 2023A (AMT) (A2/A+) |
| |||||||||||||||
| 1,500,000 | 5.250 | 07/01/2053 | 1,598,693 | |||||||||||||
| 6,300,000 | 5.500 | 07/01/2053 | 6,893,397 | |||||||||||||
| Salt Lake City International Airport RB Series 2018A (A2/A+) |
| |||||||||||||||
| 10,525,000 | 5.000 | 07/01/2036 | 11,061,195 | |||||||||||||
| 5,000,000 | 5.000 | 07/01/2038 | 5,206,508 | |||||||||||||
| 7,500,000 | 5.250 | 07/01/2048 | 7,746,071 | |||||||||||||
| Salt Lake City International Airport RB Series 2018A (AMT) (A2/ A+) |
| |||||||||||||||
| 4,000,000 | 5.000 | 07/01/2029 | 4,232,727 | |||||||||||||
| Salt Lake City International Airport RB Series 2021A (A2/A+) |
| |||||||||||||||
| 5,950,000 | 5.000 | 07/01/2046 | 6,235,921 | |||||||||||||
| 1,500,000 | 4.000 | 07/01/2051 | 1,374,466 | |||||||||||||
| Salt Lake City International Airport RB Series 2023A (A2/A+) |
| |||||||||||||||
| 200,000 | 5.250 | 07/01/2048 | 215,260 | |||||||||||||
| 100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Utah – (continued) |
| |||||||||||||||
| Salt Lake City RB for International Airport Series 2018 A (A2/A+) |
| |||||||||||||||
| $ | 5,500,000 | 5.000 | % | 07/01/2030 | $ | 5,826,752 | ||||||||||
| Salt Lake City, Utah Airport RB, Series 2017A (AMT) Salt Lake City International Airport (A2/A+) |
| |||||||||||||||
| 5,200,000 | 5.000 | 07/01/2042 | 5,320,903 | |||||||||||||
| Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) |
| |||||||||||||||
| 2,325,000 | 4.000 | (d) | 10/15/2041 | 1,844,138 | ||||||||||||
| Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) |
| |||||||||||||||
| 1,610,000 | 5.625 | (d) | 06/15/2042 | 1,618,210 | ||||||||||||
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) |
| |||||||||||||||
| 500,000 | 4.000 | (d) | 07/15/2037 | 428,223 | ||||||||||||
| 3,485,000 | 4.250 | (d) | 07/15/2050 | 2,768,534 | ||||||||||||
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR/BB) |
| |||||||||||||||
| 95,000 | 5.750 | (d) | 07/15/2026 | 92,976 | ||||||||||||
| Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) |
| |||||||||||||||
| 890,000 | 4.000 | (d) | 06/15/2041 | 699,759 | ||||||||||||
| Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (UT CSCE) (NR/AA) |
| |||||||||||||||
| 700,000 | 5.000 | 04/15/2039 | 737,763 | |||||||||||||
| 625,000 | 5.000 | 04/15/2044 | 648,487 | |||||||||||||
| 1,150,000 | 5.000 | 04/15/2049 | 1,182,683 | |||||||||||||
| Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA+) |
| |||||||||||||||
| 3,065,000 | 4.000 | (c) | 06/15/2025 | 3,091,807 | ||||||||||||
|
|
|
|||||||||||||||
| 77,994,022 | ||||||||||||||||
|
|
||||||||||||||||
| Vermont - 0.1% |
| |||||||||||||||
| University of Vermont State Agricultural College GO Bonds Series 2017 (Aa3/A+) |
| |||||||||||||||
| 365,000 | 5.000 | 10/01/2043 | 378,057 | |||||||||||||
| Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) |
| |||||||||||||||
| 745,000 | 5.000 | 05/01/2025 | 752,227 | |||||||||||||
| 585,000 | 5.000 | 05/01/2026 | 595,144 | |||||||||||||
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) |
| |||||||||||||||
| 2,175,000 | 5.000 | (a)(b)(d) | 06/01/2052 | 2,193,113 | ||||||||||||
| Vermont Educational and Health Buildings Financing Agency RB Saint Michael’s College Project, Series 2023 (NR/BBB-) |
| |||||||||||||||
| 2,700,000 | 5.500 | (d) | 10/01/2043 | 2,724,623 | ||||||||||||
|
|
|
|||||||||||||||
| 6,643,164 | ||||||||||||||||
|
|
||||||||||||||||
| Virgin Islands - 0.1% |
| |||||||||||||||
| Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/ NR) |
| |||||||||||||||
| 4,700,000 | 5.000 | (d) | 10/01/2039 | 4,401,086 | ||||||||||||
| Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A1/AA) |
| |||||||||||||||
| 5,000,000 | 5.000 | (d) | 10/01/2034 | 5,031,389 | ||||||||||||
|
|
|
|||||||||||||||
| 9,432,475 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Virginia - 1.3% |
| |||||||||||||||
| City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) |
| |||||||||||||||
| $ | 2,700,000 | 7.000 | % | 09/01/2053 | $ | 3,020,305 | ||||||||||
| Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR) |
| |||||||||||||||
| 1,250,000 | 4.000 | (c) | 10/01/2024 | 1,275,458 | ||||||||||||
| Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/ BBB-) |
| |||||||||||||||
| 3,000,000 | 5.000 | 01/01/2040 | 2,991,586 | |||||||||||||
| Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2/BBB+) |
| |||||||||||||||
| 4,375,000 | 1.650 | (a)(b) | 12/01/2041 | 4,350,751 | ||||||||||||
| Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 4,215,000 | 5.000 | (a)(b) | 05/01/2043 | 4,296,592 | ||||||||||||
| Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) |
| |||||||||||||||
| 350,000 | 5.000 | 04/01/2027 | 360,324 | |||||||||||||
| 400,000 | 5.000 | 04/01/2028 | 416,476 | |||||||||||||
| 460,000 | 5.000 | 04/01/2029 | 483,863 | |||||||||||||
| 350,000 | 5.000 | 04/01/2030 | 371,525 | |||||||||||||
| 740,000 | 5.000 | 04/01/2031 | 783,929 | |||||||||||||
| 300,000 | 5.000 | 04/01/2032 | 317,020 | |||||||||||||
| 650,000 | 5.000 | 04/01/2033 | 685,657 | |||||||||||||
| 395,000 | 5.000 | 04/01/2034 | 417,101 | |||||||||||||
| 110,000 | 5.000 | 04/01/2035 | 116,028 | |||||||||||||
| 430,000 | 5.000 | 04/01/2036 | 451,631 | |||||||||||||
| 1,030,000 | 5.000 | 04/01/2037 | 1,071,884 | |||||||||||||
| 410,000 | 4.000 | 04/01/2039 | 383,044 | |||||||||||||
| 265,000 | 4.000 | 04/01/2040 | 244,999 | |||||||||||||
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) |
| |||||||||||||||
| 8,670,000 | 6.706 | 06/01/2046 | 7,473,115 | |||||||||||||
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) |
| |||||||||||||||
| 122,865,000 | 0.000 | (f) | 06/01/2047 | 33,649,934 | ||||||||||||
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) |
| |||||||||||||||
| 13,500,000 | 0.000 | (f) | 06/01/2047 | 3,615,007 | ||||||||||||
| University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (Aaa/AAA) |
| |||||||||||||||
| 20,705,000 | 5.000 | 04/01/2045 | 20,880,730 | |||||||||||||
| Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) |
| |||||||||||||||
| 3,975,000 | 5.375 | 09/01/2029 | 4,134,731 | |||||||||||||
| Virginia College Building Authority Educational Facilities RB for Regent University Project Series 2021 (NR/BBB) |
| |||||||||||||||
| 250,000 | 5.000 | 06/01/2024 | 249,920 | |||||||||||||
| Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB) |
| |||||||||||||||
| 300,000 | 5.000 | 06/01/2028 | 312,151 | |||||||||||||
| 375,000 | 5.000 | 06/01/2029 | 394,505 | |||||||||||||
| 300,000 | 5.000 | 06/01/2031 | 321,168 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Virginia – (continued) |
| |||||||||||||||
| Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB) – (continued) |
| |||||||||||||||
| $ | 875,000 | 4.000 | % | 06/01/2036 | $ | 863,347 | ||||||||||
| Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) |
| |||||||||||||||
| 5,000,000 | 3.100 | 12/01/2045 | 3,923,767 | |||||||||||||
| Virginia Port Authority Commonwealth Port Fund RB Series 2015 (Aa1/AA+) |
| |||||||||||||||
| 5,000,000 | 5.000 | (c) | 07/01/2025 | 5,082,651 | ||||||||||||
| Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/NR) |
| |||||||||||||||
| 750,000 | 5.000 | (c) | 07/01/2025 | 763,777 | ||||||||||||
| Virginia Port Authority Port Facilities Revenue Refunding Bonds Series 2015A (WR/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | (c) | 07/01/2025 | 2,036,738 | ||||||||||||
| Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) |
| |||||||||||||||
| 1,050,000 | 5.000 | 12/31/2056 | 1,055,849 | |||||||||||||
| Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) |
| |||||||||||||||
| 1,875,000 | 5.000 | 12/31/2052 | 1,920,299 | |||||||||||||
| Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR/BBB) |
| |||||||||||||||
| 6,500,000 | 4.000 | 01/01/2048 | 5,981,272 | |||||||||||||
| Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) |
| |||||||||||||||
| 300,000 | 5.000 | (a)(b)(d) | 01/01/2048 | 286,718 | ||||||||||||
| Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) |
| |||||||||||||||
| 5,385,000 | 5.000 | 12/31/2049 | 5,432,702 | |||||||||||||
| 4,950,000 | 5.000 | 12/31/2052 | 4,983,485 | |||||||||||||
|
|
|
|||||||||||||||
| 125,400,039 | ||||||||||||||||
|
|
||||||||||||||||
| Washington - 2.3% |
| |||||||||||||||
| City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (Aa1/AA+) |
| |||||||||||||||
| 1,200,000 | 4.000 | 09/01/2036 | 1,266,382 | |||||||||||||
| 2,665,000 | 4.000 | 09/01/2037 | 2,785,602 | |||||||||||||
| City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA) |
| |||||||||||||||
| 3,340,000 | 4.000 | 01/01/2033 | 3,446,057 | |||||||||||||
| 6,715,000 | 4.000 | 01/01/2034 | 6,917,189 | |||||||||||||
| 11,655,000 | 4.000 | 01/01/2043 | 11,667,017 | |||||||||||||
| City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+) |
| |||||||||||||||
| 13,715,000 | 4.000 | 05/01/2044 | 13,427,565 | |||||||||||||
| City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+) |
| |||||||||||||||
| 6,555,000 | 4.000 | 07/01/2035 | 6,704,556 | |||||||||||||
| City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2049 | 1,088,015 | |||||||||||||
| Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa1/AA-) |
| |||||||||||||||
| 8,830,000 | 4.000 | 07/01/2042 | 8,850,154 | |||||||||||||
| Highline School District No. 401, King County, Washington UT GO Bonds, 2023 (SCH BD GTY) (Aaa/NR) |
| |||||||||||||||
| 2,750,000 | 5.000 | 12/01/2039 | 3,122,237 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Washington – (continued) |
| |||||||||||||||
| Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BB+) |
| |||||||||||||||
| $ | 8,685,000 | 5.000 | % | 04/01/2030 | $ | 8,686,059 | ||||||||||
| Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) |
| |||||||||||||||
| 4,740,000 | 5.000 | 05/01/2042 | 4,814,536 | |||||||||||||
| Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) |
| |||||||||||||||
| 7,000,000 | 5.000 | 04/01/2039 | 7,313,271 | |||||||||||||
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) |
| |||||||||||||||
| 4,000,000 | 5.000 | 08/01/2037 | 4,307,546 | |||||||||||||
| 700,000 | 4.000 | 08/01/2041 | 680,009 | |||||||||||||
| Port of Seattle Intermediate Lien Revenue Bonds Series 2018A (A1/AA-) |
| |||||||||||||||
| 2,500,000 | 5.000 | 05/01/2043 | 2,537,874 | |||||||||||||
| Port of Seattle Intermediate Lien Revenue Refunding Bond Series 2022A (A1/AA-) |
| |||||||||||||||
| 865,000 | 5.000 | 08/01/2028 | 936,511 | |||||||||||||
| Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (A1/AA-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 08/01/2039 | 5,342,881 | |||||||||||||
| Port of Tacoma Revenue and Refunding Bonds 2016B (Aa3/AA) |
| |||||||||||||||
| 12,455,000 | 5.000 | 12/01/2043 | 12,603,919 | |||||||||||||
| State of Washington Various Purpose GO Bonds Series 2024C (Aaa/AA+) |
| |||||||||||||||
| 15,000,000 | 5.000 | 02/01/2047 | 16,606,962 | |||||||||||||
| 32,000,000 | 5.000 | 02/01/2049 | 35,248,493 | |||||||||||||
| State of Washington Various Purpose GO Bonds Series R-2023A (Aaa/AA+) |
| |||||||||||||||
| 7,915,000 | 5.000 | 08/01/2026 | 8,264,444 | |||||||||||||
| State of Washington Various Purpose GO Refunding Bonds Series R-2018C (Aaa/AA+) |
| |||||||||||||||
| 2,710,000 | 5.000 | 08/01/2024 | 2,724,728 | |||||||||||||
| Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 08/01/2037 | 5,350,373 | |||||||||||||
| 1,000,000 | 5.000 | 08/01/2039 | 1,059,797 | |||||||||||||
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
| |||||||||||||||
| 3,370,000 | 4.000 | 08/01/2044 | 3,237,919 | |||||||||||||
| Washington Health Care Facilities Authority RB for Fred Hutchinson Cancer Research Center Series 2015 (A2/NR) |
| |||||||||||||||
| 1,500,000 | 5.000 | (c) | 07/01/2025 | 1,526,633 | ||||||||||||
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) |
| |||||||||||||||
| 2,000,000 | 5.000 | 08/01/2037 | 2,140,149 | |||||||||||||
| 1,000,000 | 5.000 | 08/01/2038 | 1,064,657 | |||||||||||||
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| |||||||||||||||
| 570,000 | 5.000 | 08/01/2036 | 614,295 | |||||||||||||
| Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (A2/A) |
| |||||||||||||||
| 900,000 | 4.000 | (a)(b) | 10/01/2042 | 899,415 | ||||||||||||
| Washington Higher Education Facilities Authority RB for Seattle University Project Series 2020 (NR/A) |
| |||||||||||||||
| 1,200,000 | 4.000 | 05/01/2050 | 1,084,853 | |||||||||||||
| 102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Washington – (continued) |
| |||||||||||||||
| Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB) |
| |||||||||||||||
| $ | 320,000 | 5.000 | % | 07/01/2029 | $ | 338,748 | ||||||||||
| 18,275,000 | 5.000 | 07/01/2048 | 18,820,711 | |||||||||||||
| Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa3/BBB-) |
| |||||||||||||||
| 2,925,000 | 4.000 | 07/01/2043 | 2,797,412 | |||||||||||||
| Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) |
| |||||||||||||||
| 745,000 | 5.000 | (d) | 01/01/2034 | 699,445 | ||||||||||||
| 1,400,000 | 5.000 | (d) | 01/01/2039 | 1,240,257 | ||||||||||||
| Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Revenue Bonds for Emerald Heights Project Series 2023A (NR/NR) |
| |||||||||||||||
| 1,325,000 | 5.000 | 07/01/2038 | 1,406,699 | |||||||||||||
| Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) |
| |||||||||||||||
| 900,000 | 5.625 | (d) | 07/01/2038 | 994,118 | ||||||||||||
| Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+) |
| |||||||||||||||
| 6,855,000 | 0.000 | (f) | 06/01/2028 | 6,022,331 | ||||||||||||
|
|
|
|||||||||||||||
| 218,639,819 | ||||||||||||||||
|
|
||||||||||||||||
| West Virginia - 0.6% |
| |||||||||||||||
| County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) |
| |||||||||||||||
| 770,000 | 3.000 | 03/01/2035 | 689,087 | |||||||||||||
| 1,285,000 | 3.000 | 03/01/2037 | 1,078,169 | |||||||||||||
| Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) |
| |||||||||||||||
| 500,000 | 5.000 | (d) | 06/01/2033 | 521,416 | ||||||||||||
| Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) |
| |||||||||||||||
| 1,725,000 | 7.000 | (d) | 06/01/2043 | 1,847,736 | ||||||||||||
| State of West Virginia GO Bonds Series 2018 B (Aa2/AA-) |
| |||||||||||||||
| 7,140,000 | 5.000 | 06/01/2035 | 7,703,549 | |||||||||||||
| State of West Virginia GO State Road Bonds Series 2019 A (Aa2/ AA-) |
| |||||||||||||||
| 605,000 | 5.000 | 06/01/2035 | 668,258 | |||||||||||||
| State of West Virginia, West Virginia GO State Road Bonds, Series 2019 A (Aa2/AA-) |
| |||||||||||||||
| 1,600,000 | 5.000 | 12/01/2036 | 1,753,622 | |||||||||||||
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (B2/BB) |
| |||||||||||||||
| 1,575,000 | 5.000 | (a)(b) | 07/01/2045 | 1,581,650 | ||||||||||||
| West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) |
| |||||||||||||||
| 7,445,000 | 3.375 | (a)(b)(h) | 03/01/2040 | 7,411,194 | ||||||||||||
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) |
| |||||||||||||||
| 9,150,000 | 3.000 | (a)(b) | 06/01/2037 | 8,937,582 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| West Virginia – (continued) | ||||||||||||||||
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) |
| |||||||||||||||
| $ | 3,565,000 | 4.700 | %(a)(b) | 04/01/2036 | $ | 3,638,228 | ||||||||||
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| |||||||||||||||
| 2,855,000 | 5.125 | 09/01/2042 | 3,139,116 | |||||||||||||
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| |||||||||||||||
| 2,970,000 | 5.500 | 09/01/2048 | 3,310,857 | |||||||||||||
| West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa2/ BBB+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2033 | 1,015,019 | |||||||||||||
| 950,000 | 5.000 | 01/01/2034 | 963,929 | |||||||||||||
| 825,000 | 5.000 | 01/01/2035 | 835,930 | |||||||||||||
| 2,330,000 | 5.000 | 01/01/2036 | 2,353,746 | |||||||||||||
| West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) |
| |||||||||||||||
| 2,375,000 | 5.000 | 09/01/2029 | 2,516,680 | |||||||||||||
| 4,775,000 | 5.000 | 09/01/2030 | 5,059,675 | |||||||||||||
| 1,520,000 | 5.000 | 09/01/2032 | 1,605,346 | |||||||||||||
|
|
|
|||||||||||||||
| 56,630,789 | ||||||||||||||||
|
|
||||||||||||||||
| Wisconsin - 1.2% |
| |||||||||||||||
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) |
| |||||||||||||||
| 800,000 | 5.875 | (d) | 06/01/2052 | 802,588 | ||||||||||||
| Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) |
| |||||||||||||||
| 300,000 | 6.375 | (d) | 07/01/2043 | 310,234 | ||||||||||||
| Public Finance Authority Charter School RB Series 2021A (Ba2/ NR) |
| |||||||||||||||
| 165,000 | 4.250 | (d) | 06/15/2031 | 155,293 | ||||||||||||
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) |
| |||||||||||||||
| 1,060,000 | 5.375 | (d) | 06/15/2042 | 1,053,220 | ||||||||||||
| Public Finance Authority Education RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,290,000 | 5.000 | (d) | 01/01/2042 | 1,155,372 | ||||||||||||
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Baa3/BBB-) |
| |||||||||||||||
| 1,000,000 | 4.300 | 11/01/2030 | 985,882 | |||||||||||||
| Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 265,000 | 5.000 | 07/01/2035 | 277,726 | |||||||||||||
| 310,000 | 5.000 | 07/01/2036 | 321,992 | |||||||||||||
| 265,000 | 5.000 | 07/01/2037 | 272,738 | |||||||||||||
| 310,000 | 5.000 | 07/01/2038 | 316,506 | |||||||||||||
| 310,000 | 5.000 | 07/01/2039 | 314,189 | |||||||||||||
| 285,000 | 5.000 | 07/01/2040 | 287,981 | |||||||||||||
| 310,000 | 5.000 | 07/01/2041 | 312,310 | |||||||||||||
| Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 220,000 | 4.000 | 07/01/2026 | 221,743 | |||||||||||||
| 220,000 | 4.000 | 07/01/2027 | 223,293 | |||||||||||||
| 220,000 | 4.000 | 07/01/2028 | 225,189 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Wisconsin – (continued) |
| |||||||||||||||
| Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) – (continued) |
| |||||||||||||||
| $ | 220,000 | 4.000 | % | 07/01/2029 | $ | 224,453 | ||||||||||
| 265,000 | 4.000 | 07/01/2030 | 270,893 | |||||||||||||
| 355,000 | 4.000 | 07/01/2031 | 362,174 | |||||||||||||
| 420,000 | 4.000 | 07/01/2032 | 427,538 | |||||||||||||
| 175,000 | 4.000 | 07/01/2033 | 178,102 | |||||||||||||
| 130,000 | 4.000 | 07/01/2034 | 132,213 | |||||||||||||
| 155,000 | 4.000 | 07/01/2035 | 157,324 | |||||||||||||
| 220,000 | 4.000 | 07/01/2036 | 222,462 | |||||||||||||
| 220,000 | 4.000 | 07/01/2037 | 221,767 | |||||||||||||
| 265,000 | 4.000 | 07/01/2038 | 266,087 | |||||||||||||
| 265,000 | 4.000 | 07/01/2039 | 265,067 | |||||||||||||
| 265,000 | 4.000 | 07/01/2040 | 263,256 | |||||||||||||
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) |
| |||||||||||||||
| 1,685,000 | 5.000 | (d) | 12/01/2035 | 1,621,040 | ||||||||||||
| 1,950,000 | 5.000 | (d) | 12/01/2045 | 1,712,994 | ||||||||||||
| Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 875,000 | 4.000 | 07/01/2041 | 754,724 | |||||||||||||
| 1,000,000 | 4.000 | 07/01/2051 | 773,277 | |||||||||||||
| Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) |
| |||||||||||||||
| 470,000 | 4.000 | (d) | 06/15/2030 | 460,616 | ||||||||||||
| 815,000 | 5.000 | (d) | 06/15/2040 | 813,146 | ||||||||||||
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,450,000 | 4.000 | (d) | 03/01/2030 | 1,375,787 | ||||||||||||
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) |
| |||||||||||||||
| 6,950,000 | 5.625 | (d) | 06/01/2050 | 5,879,747 | ||||||||||||
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) |
| |||||||||||||||
| 7,575,000 | 6.500 | (d) | 06/01/2045 | 6,478,511 | ||||||||||||
| Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) |
| |||||||||||||||
| 500,000 | 5.200 | 12/01/2037 | 509,348 | |||||||||||||
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) |
| |||||||||||||||
| 2,470,000 | 6.000 | (d) | 07/01/2031 | 2,180,108 | ||||||||||||
| Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) |
| |||||||||||||||
| 750,000 | 5.000 | 01/01/2029 | 794,781 | |||||||||||||
| 1,400,000 | 5.000 | 01/01/2032 | 1,492,648 | |||||||||||||
| 950,000 | 5.000 | 01/01/2033 | 1,012,867 | |||||||||||||
| 900,000 | 5.000 | 01/01/2036 | 952,329 | |||||||||||||
| 500,000 | 5.000 | 01/01/2037 | 526,180 | |||||||||||||
| 2,000,000 | 5.000 | 01/01/2039 | 2,084,919 | |||||||||||||
| 875,000 | 5.000 | 01/01/2040 | 908,189 | |||||||||||||
| Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) |
| |||||||||||||||
| 370,000 | 5.000 | (d) | 06/01/2029 | 373,151 | ||||||||||||
| 710,000 | 5.000 | (d) | 06/01/2039 | 679,381 | ||||||||||||
| Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 01/01/2030 | 971,910 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Wisconsin – (continued) |
| |||||||||||||||
| Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 440,000 | 4.000 | %(d) | 09/01/2029 | $ | 412,577 | ||||||||||
| 770,000 | 5.000 | (d) | 09/01/2039 | 704,081 | ||||||||||||
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) |
| |||||||||||||||
| 5,900,000 | 4.500 | (d) | 07/01/2048 | 4,756,999 | ||||||||||||
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) |
| |||||||||||||||
| 2,770,000 | 6.125 | (d) | 10/01/2049 | 2,413,089 | ||||||||||||
| Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (NR/A-/A-2) |
| |||||||||||||||
| 2,000,000 | 2.875 | 05/01/2027 | 1,928,610 | |||||||||||||
| Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/BB) |
| |||||||||||||||
| 220,000 | 3.000 | (d) | 04/01/2025 | 216,733 | ||||||||||||
| 500,000 | 5.000 | (d) | 04/01/2030 | 520,418 | ||||||||||||
| Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/NR) |
| |||||||||||||||
| 5,000 | 3.000 | (d) | 04/01/2025 | 4,973 | ||||||||||||
| Public Finance Authority Refunding RB Series 2021C (A2/A) |
| |||||||||||||||
| 600,000 | 4.000 | (a)(b) | 10/01/2041 | 599,610 | ||||||||||||
| Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) |
| |||||||||||||||
| 1,205,000 | 5.000 | 11/15/2041 | 1,265,835 | |||||||||||||
| Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) |
| |||||||||||||||
| 985,000 | 5.000 | 11/15/2044 | 1,021,040 | |||||||||||||
| 570,000 | 5.000 | 11/15/2049 | 584,838 | |||||||||||||
| Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (NR/BBB+) |
| |||||||||||||||
| 4,740,000 | 5.250 | 07/01/2028 | 4,742,815 | |||||||||||||
| Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) |
| |||||||||||||||
| 8,955,000 | 4.000 | 01/01/2052 | 6,979,901 | |||||||||||||
| Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) |
| |||||||||||||||
| 630,000 | 4.000 | (d) | 07/01/2041 | 562,425 | ||||||||||||
| 2,725,000 | 4.000 | (d) | 07/01/2051 | 2,268,581 | ||||||||||||
| Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) |
| |||||||||||||||
| 5,000,000 | 5.000 | (d)(h) | 06/01/2041 | 4,859,954 | ||||||||||||
| Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB) |
| |||||||||||||||
| 350,000 | 4.000 | 03/15/2030 | 348,808 | |||||||||||||
| Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) |
| |||||||||||||||
| 1,165,000 | 5.250 | (h) | 08/15/2039 | 1,188,260 | ||||||||||||
| Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-1 (NR/NR) |
| |||||||||||||||
| 1,385,000 | 4.400 | (h) | 08/15/2029 | 1,384,934 | ||||||||||||
| Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024B-2 (NR/NR) |
| |||||||||||||||
| 4,200,000 | 4.200 | (h) | 08/15/2028 | 4,199,819 | ||||||||||||
| Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) |
| |||||||||||||||
| 1,185,000 | 3.000 | 02/01/2042 | 909,321 | |||||||||||||
| 104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Wisconsin – (continued) | ||||||||||||||||
| Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) – (continued) |
| |||||||||||||||
| $ | 390,000 | 4.000 | % | 02/01/2045 | $ | 349,607 | ||||||||||
| Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) |
| |||||||||||||||
| 465,000 | 3.000 | 12/01/2031 | 397,009 | |||||||||||||
| 775,000 | 4.000 | 12/01/2041 | 601,156 | |||||||||||||
| Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/NR) |
| |||||||||||||||
| 475,000 | 4.000 | 09/15/2036 | 437,998 | |||||||||||||
| 460,000 | 4.000 | 09/15/2041 | 398,603 | |||||||||||||
| 425,000 | 4.000 | 09/15/2045 | 347,128 | |||||||||||||
| Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/NR) |
| |||||||||||||||
| 700,000 | 4.000 | 09/15/2036 | 645,470 | |||||||||||||
| 680,000 | 4.000 | 09/15/2041 | 589,239 | |||||||||||||
| 575,000 | 4.000 | 09/15/2045 | 469,644 | |||||||||||||
| Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) |
| |||||||||||||||
| 7,680,000 | 5.000 | (d) | 08/01/2027 | 7,853,486 | ||||||||||||
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) |
| |||||||||||||||
| |
(SIFMA Municipal Swap Index Yield + 0.18%) |
|||||||||||||||
| 2,775,000 | 3.820 | (b)(e) | 08/15/2054 | 2,735,595 | ||||||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (Aa2/AA+) |
| |||||||||||||||
| |
(SIFMA Municipal Swap Index Yield + 0.15%) |
|||||||||||||||
| 5,500,000 | 3.790 | (b)(e) | 03/01/2042 | 5,484,644 | ||||||||||||
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) |
| |||||||||||||||
| 5,700,000 | 5.000 | 02/01/2042 | 5,892,051 | |||||||||||||
|
|
|
|||||||||||||||
| 110,658,496 | ||||||||||||||||
|
|
||||||||||||||||
| Wyoming - 0.2% |
| |||||||||||||||
| County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) |
| |||||||||||||||
| 18,675,000 | 3.625 | 07/15/2039 | 16,949,310 | |||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL BONDS (Cost $9,247,485,652) |
9,143,854,675 | |||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Corporate Bonds - 0.4% | ||||||||||||||||
| Healthcare-Services - 0.1% | ||||||||||||||||
| Prime Healthcare Foundation, Inc. Series |
| |||||||||||||||
| 4,975,000 | 7.000 | % | 12/01/27 | 4,676,198 | ||||||||||||
| Toledo Hospital RB Series 2022 B |
||||||||||||||||
| 1,895,000 | 5.325 | 11/15/28 | 1,772,829 | |||||||||||||
| Tower Health Series |
||||||||||||||||
| 6,130,000 | 4.451 | 02/01/50 | 2,942,400 | |||||||||||||
|
|
|
|||||||||||||||
| 9,391,427 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate - 0.3% |
|
|||||||||||||||
| Benloch Ranch Improvement Association No. 1 Series 2020 |
| |||||||||||||||
| 2,853,750 | 9.750 | (d)(j) | 12/01/39 | 2,786,173 | ||||||||||||
|
Shares |
Dividend Rate |
Value | ||||||||||||||
| Corporate Bonds – (continued) |
| |||||||||||||||
| Benloch Ranch Improvement Association No. 1 Series 2021 |
| |||||||||||||||
| $ | 1,655,909 | 9.750 | %(d)(j) | 12/01/39 | $ | 1,616,698 | ||||||||||
| Benloch Ranch Improvement Association No. 2 |
| |||||||||||||||
| 14,700,000 | 10.000 | (d)(j) | 12/01/51 | 13,057,128 | ||||||||||||
| Brixton Park Improvement Association No. 1 Series |
| |||||||||||||||
| 16,042,697 | 6.875 | (d)(j) | 12/01/51 | 13,501,053 | ||||||||||||
|
|
|
|||||||||||||||
| 30,961,052 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE BONDS (Cost $45,613,215) |
40,352,479 | |||||||||||||||
|
|
||||||||||||||||
| Bank Loans(k) - 0.1% |
| |||||||||||||||
| Engineering & Construction - 0.1% |
| |||||||||||||||
| Rialto Bioenergy Facility, LLC (SOFR + 0.1%) |
| |||||||||||||||
| 13,724,999 | 5.330 | (j) | 04/30/24 | 13,724,999 | ||||||||||||
|
|
|
|||||||||||||||
| 13,724,999 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL BANK LOANS (Cost $13,711,599) |
13,724,999 | |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS - 98.4% (Cost $9,306,810,466) |
$ | 9,197,932,153 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
146,365,919 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS - 100.0% |
$ | 9,344,298,072 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| * | Security is currently in default and/or non-income producing. |
| (a) | Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Variable or floating 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 March 31, 2024. |
| (f) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (g) | Zero coupon bond until next reset date. |
| (h) | When-issued security. |
| (i) | Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan. |
| (j) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| (k) | 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 March 31, 2024. 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. |
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.
|
| ||
| Investment Abbreviations: | ||
| ABS | - Asset-Backed Security | |
| AGC | - Insured by Assured Guaranty Corp. | |
| AGM | - Insured by Assured Guaranty Municipal Corp. | |
| AGM-CR | - Insured by Assured Guaranty Municipal Corp. Insured | |
| Custodial receipts | ||
| AMBAC | - Insured by American Municipal Bond Assurance Corp. | |
| AMT | - Alternative Minimum Tax (subject to) | |
| BAM | - Build America Mutual Assurance Co. | |
| CFD | - Community Facilities District | |
| COPS | - Certificates of Participation | |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. | |
| FNMA | - Insured by Federal National Mortgage Association | |
| GNMA | - Insured by Government National Mortgage | |
| Association | ||
| GO | - General Obligation | |
| HUD SECT 8 | - Hud Section 8 | |
| IDA | - Industrial Development Agency | |
| LIBOR | - London Interbank Offered Rates | |
| LP | - Limited Partnership | |
| LT | - Limited Tax | |
| MTA | - Metropolitan Transportation Authority | |
| MUN GOVT | - | |
| GTD | Municipal Government Guaranteed NATL | |
| NATL | - National Public Finance Guarantee Corp. | |
| NR | - Not Rated | |
| PCRB | - Pollution Control Revenue Bond | |
| PSF-GTD | - Guaranteed by Permanent School Fund | |
| Q-SBLF | - Qualified School Bond Loan Fund | |
| RB | - Revenue Bond | |
| RMKT | - Remarketed | |
| RR | - Revenue Refunding | |
| SCH BD | - | |
| GTY | School Bond Guaranty | |
| SCH BD RES | - | |
| FD | School Board Reserve Fund | |
| SCSDE | - South Carolina State Department of Education | |
| SD CRED | - | |
| PROG | School District Credit Program | |
| SIFMA | - Securities Industry and Financial Markets Association | |
| SOFR | - Secured Overnight Financing Rate | |
| SONYMA | - State of New York Mortgage Agency | |
| ST AID | - | |
| WITHHLDG | State Aid Withholding | |
| ST APPROP | - State Appropriation | |
| TCRS | - Transferable Custody Receipts | |
| UPMC | - University of Pittsburgh Medical Center | |
| USD | - United States Dollar | |
| UT | - Unlimited Tax | |
| WR | - Withdrawn Rating | |
|
| ||
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
|
||||||||||||
| Short position contracts: |
||||||||||||
| U.S. Treasury Ultra Bond |
(2,178) | 06/18/24 | $ | (280,349,437 | ) | $ | (4,311,360) | |||||
|
|
||||||||||||
| 106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds - 97.8% | ||||||||||||||||
| Alabama - 2.1% |
| |||||||||||||||
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/ NR) |
| |||||||||||||||
| $ | 1,275,000 | 4.000 | %(a)(b) | 12/01/2049 | $ | 1,279,739 | ||||||||||
| Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) |
| |||||||||||||||
| 10,000,000 | 5.250 | (a)(b) | 02/01/2053 | 10,570,756 | ||||||||||||
| Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/ NR) |
| |||||||||||||||
| 5,720,000 | 6.000 | (c)(d) | 07/01/2045 | 5,892,934 | ||||||||||||
| Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/ NR) |
| |||||||||||||||
| 2,445,000 | 8.000 | (c)(d) | 07/01/2028 | 2,503,255 | ||||||||||||
| Energy Southeast, A Cooperative District Energy Supply RB Series 2023B-1 (Fixed Rate) (A1/NR) |
| |||||||||||||||
| 2,525,000 | 5.750 | (a)(b) | 04/01/2054 | 2,793,288 | ||||||||||||
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) |
| |||||||||||||||
| 25,350,000 | 5.750 | 10/01/2049 | 26,217,104 | |||||||||||||
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/ BBB+) |
| |||||||||||||||
| 22,340,000 | 5.250 | 10/01/2049 | 23,971,738 | |||||||||||||
| 23,620,000 | 5.500 | 10/01/2053 | 25,702,897 | |||||||||||||
| Midcity Improvement District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,085,000 | 4.500 | 11/01/2042 | 906,077 | |||||||||||||
| 1,000,000 | 4.750 | 11/01/2049 | 823,745 | |||||||||||||
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| |||||||||||||||
| 80,000,000 | 5.000 | (a)(b) | 06/01/2049 | 85,788,256 | ||||||||||||
| Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) |
| |||||||||||||||
| 10,000,000 | 5.000 | (a)(b) | 01/01/2054 | 10,577,590 | ||||||||||||
| Sumter County IDA Exempt Facilities RB for Enviva Project Series 2022 (C/D) |
| |||||||||||||||
| 12,400,000 | 6.000 | (a)(b) | 07/15/2052 | 7,425,139 | ||||||||||||
| The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) |
| |||||||||||||||
| 18,620,000 | 5.250 | (a)(b) | 12/01/2053 | 20,095,844 | ||||||||||||
|
|
|
|||||||||||||||
| 224,548,362 | ||||||||||||||||
|
|
||||||||||||||||
| Alaska - 0.0% |
| |||||||||||||||
| Northern tobacco Securitization Corp. tobacco Settlement Asset Back Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 19,470,000 | 0.000 | (e) | 06/01/2066 | 2,592,037 | ||||||||||||
|
|
||||||||||||||||
| American Samoa - 0.1% |
| |||||||||||||||
| American Samoa Economic Development Authority General RB Series 2021A (Ba3/NR) |
| |||||||||||||||
| 6,375,000 | 5.000 | (d) | 09/01/2038 | 6,383,995 | ||||||||||||
| American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) |
| |||||||||||||||
| 1,800,000 | 3.720 | (d) | 09/01/2027 | 1,652,393 | ||||||||||||
|
|
|
|||||||||||||||
| 8,036,388 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Arizona - 1.5% |
| |||||||||||||||
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) |
| |||||||||||||||
| (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) |
| |||||||||||||||
| $ | 35,000,000 | 5.540 | %(a)(f) | 01/01/2037 | $ | 33,070,716 | ||||||||||
| Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) |
| |||||||||||||||
| 900,000 | 5.375 | (d) | 07/01/2053 | 892,705 | ||||||||||||
| 1,000,000 | 5.500 | (d) | 07/01/2058 | 1,001,683 | ||||||||||||
| Arizona IDA Education RB for Benjamin Franklin Charter School Projects Series 2023A (Ba1/NR) |
| |||||||||||||||
| 1,000,000 | 5.250 | (d) | 07/01/2053 | 969,408 | ||||||||||||
| 1,000,000 | 5.500 | (d) | 07/01/2058 | 998,374 | ||||||||||||
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 17,000,000 | 6.500 | (d) | 11/01/2053 | 17,356,963 | ||||||||||||
| Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) |
| |||||||||||||||
| 665,000 | 4.000 | 07/01/2047 | 596,938 | |||||||||||||
| Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Social Bond Series 2020A (NR/A) |
| |||||||||||||||
| 1,500,000 | 4.000 | 11/01/2050 | 1,390,185 | |||||||||||||
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CC) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2043 | 668,555 | |||||||||||||
| 5,250,000 | 4.500 | 01/01/2049 | 3,027,709 | |||||||||||||
| 3,300,000 | 5.000 | 01/01/2054 | 2,021,170 | |||||||||||||
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/D) |
| |||||||||||||||
| 275,000 | 5.000 | 01/01/2037 | 163,272 | |||||||||||||
| 200,000 | 5.000 | 01/01/2038 | 114,701 | |||||||||||||
| 650,000 | 5.000 | 01/01/2043 | 339,601 | |||||||||||||
| 3,450,000 | 5.000 | 01/01/2049 | 1,764,377 | |||||||||||||
| 1,100,000 | 5.125 | 01/01/2054 | 548,608 | |||||||||||||
| Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Caa3/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | * | 05/01/2038 | 550,000 | ||||||||||||
| 2,780,000 | 5.000 | * | 05/01/2043 | 1,529,000 | ||||||||||||
| 3,450,000 | 5.000 | * | 05/01/2048 | 1,897,500 | ||||||||||||
| 2,000,000 | 5.000 | * | 05/01/2051 | 1,100,000 | ||||||||||||
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) |
| |||||||||||||||
| 925,000 | 4.000 | (d) | 12/15/2041 | 789,834 | ||||||||||||
| 2,115,000 | 4.000 | (d) | 12/15/2051 | 1,636,496 | ||||||||||||
| Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) |
| |||||||||||||||
| 470,000 | 4.000 | (d) | 07/15/2051 | 364,891 | ||||||||||||
| 445,000 | 4.000 | (d) | 07/15/2056 | 334,927 | ||||||||||||
| Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+) |
| |||||||||||||||
| 10,845,000 | 5.000 | (d) | 07/15/2053 | 10,194,356 | ||||||||||||
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) |
| |||||||||||||||
| 1,625,000 | 3.000 | 07/01/2049 | 1,259,776 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 107 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Arizona – (continued) |
| |||||||||||||||
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) |
| |||||||||||||||
| $ | 2,710,000 | 3.250 | % | 07/01/2049 | $ | 2,182,574 | ||||||||||
| County of Maricopa IDA Education RB Series 2021A (NR/BB+) |
| |||||||||||||||
| 1,250,000 | 4.000 | (d) | 07/01/2056 | 983,975 | ||||||||||||
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BB+) |
| |||||||||||||||
| 3,400,000 | 3.500 | (d) | 07/01/2044 | 2,680,179 | ||||||||||||
| County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+) |
| |||||||||||||||
| 8,225,000 | 4.000 | (d) | 10/15/2047 | 7,399,502 | ||||||||||||
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) |
| |||||||||||||||
| 4,500,000 | 6.875 | (d) | 11/15/2052 | 4,811,534 | ||||||||||||
| 2,750,000 | 7.000 | (d) | 11/15/2057 | 2,949,932 | ||||||||||||
| Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (NR/A) |
| |||||||||||||||
| 4,325,000 | 4.000 | 11/01/2051 | 3,986,490 | |||||||||||||
| Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 625,000 | 3.500 | 07/01/2029 | 577,378 | |||||||||||||
| 595,000 | 4.100 | 07/01/2034 | 556,533 | |||||||||||||
| 1,848,000 | 4.750 | 07/01/2043 | 1,656,265 | |||||||||||||
| Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 17,705,000 | 5.000 | 05/15/2056 | 15,581,237 | |||||||||||||
| La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR) |
| |||||||||||||||
| 3,100,000 | 6.000 | (d)* | 08/01/2028 | 1,395,000 | ||||||||||||
| 16,130,000 | 6.250 | (d)* | 08/01/2040 | 7,258,500 | ||||||||||||
| La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB+) |
| |||||||||||||||
| 580,000 | 4.000 | 02/15/2051 | 464,273 | |||||||||||||
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) |
| |||||||||||||||
| 700,000 | 5.000 | (d) | 07/01/2050 | 655,309 | ||||||||||||
| 1,340,000 | 5.000 | (d) | 07/01/2054 | 1,239,818 | ||||||||||||
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) |
| |||||||||||||||
| 1,885,000 | 5.250 | (d) | 10/01/2040 | 1,904,620 | ||||||||||||
| 1,885,000 | 5.500 | (d) | 10/01/2051 | 1,891,117 | ||||||||||||
| Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A2/A-) |
| |||||||||||||||
| 2,000,000 | 2.400 | 06/01/2035 | 1,651,956 | |||||||||||||
| Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) |
| |||||||||||||||
| 250,000 | 5.500 | (d) | 05/01/2040 | 247,099 | ||||||||||||
| 950,000 | 5.750 | (d) | 05/01/2050 | 942,339 | ||||||||||||
| Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) |
| |||||||||||||||
| 9,260,000 | 5.250 | 01/01/2053 | 10,275,946 | |||||||||||||
| Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| 1,520,000 | 5.000 | 12/01/2050 | 1,408,226 | |||||||||||||
| 1,900,000 | 5.000 | 12/01/2054 | 1,731,131 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Arizona – (continued) |
| |||||||||||||||
| The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (Baa3/NR) |
| |||||||||||||||
| $ | 850,000 | 5.000 | % | 07/01/2037 | $ | 867,448 | ||||||||||
| 1,000,000 | 5.000 | 07/01/2042 | 1,005,847 | |||||||||||||
| The Industrial Development Authority of The County of Maricopa Education RB (Legacy Traditional Schools Projects) Series 2021A (NR/BB+) |
| |||||||||||||||
| 1,150,000 | 4.000 | (d) | 07/01/2051 | 928,589 | ||||||||||||
| The Industrial Development Authority of The County of Maricopa Educational Facilities Valley Christian Schools Project RB Series 2023A (NR/NR) |
| |||||||||||||||
| 1,700,000 | 6.250 | (d) | 07/01/2053 | 1,731,412 | ||||||||||||
| 1,800,000 | 6.375 | (d) | 07/01/2058 | 1,839,222 | ||||||||||||
|
|
|
|||||||||||||||
| 165,385,196 | ||||||||||||||||
|
|
||||||||||||||||
| Arkansas - 0.3% |
|
|||||||||||||||
| Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) |
| |||||||||||||||
| 16,175,000 | 5.450 | 09/01/2052 | 16,507,120 | |||||||||||||
| Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) |
| |||||||||||||||
| 5,370,000 | 3.200 | 12/01/2049 | 3,980,578 | |||||||||||||
| Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) |
| |||||||||||||||
| 1,300,000 | 4.250 | 07/01/2041 | 1,155,247 | |||||||||||||
| 775,000 | 3.500 | 07/01/2046 | 533,404 | |||||||||||||
| 500,000 | 4.000 | 07/01/2052 | 360,967 | |||||||||||||
| Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) |
| |||||||||||||||
| 5,090,000 | 3.500 | 07/01/2038 | 3,984,797 | |||||||||||||
|
|
|
|||||||||||||||
| 26,522,113 | ||||||||||||||||
|
|
||||||||||||||||
| California - 9.2% |
|
|||||||||||||||
| ABC Unified School District GO Bonds Series 2001 C (NATL) (Aa2/AA-) |
| |||||||||||||||
| 1,600,000 | 0.000 | (e) | 08/01/2026 | 1,486,645 | ||||||||||||
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2019A (AMT) (A1/A+) |
| |||||||||||||||
| 4,025,000 | 4.000 | 05/01/2049 | 3,831,846 | |||||||||||||
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2019E (AMT) (A1/A+) |
| |||||||||||||||
| 1,680,000 | 4.000 | 05/01/2050 | 1,590,428 | |||||||||||||
| Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A1/AA) |
| |||||||||||||||
| 3,225,000 | 0.000 | (g) | 10/01/2051 | 1,780,494 | ||||||||||||
| Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) |
| |||||||||||||||
| 1,850,000 | 0.000 | (g) | 10/01/2047 | 1,029,846 | ||||||||||||
| 1,850,000 | 0.000 | (g) | 10/01/2048 | 1,025,245 | ||||||||||||
| 2,300,000 | 0.000 | (g) | 10/01/2049 | 1,269,149 | ||||||||||||
| 1,375,000 | 0.000 | (g) | 10/01/2050 | 754,054 | ||||||||||||
| Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) |
| |||||||||||||||
| 4,995,000 | 0.000 | (e) | 08/01/2037 | 3,123,117 | ||||||||||||
| 108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A1/AA) |
| |||||||||||||||
| $ | 2,050,000 | 0.000 | %(e) | 08/01/2036 | $ | 1,258,042 | ||||||||||
| Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) |
| |||||||||||||||
| 5,000,000 | 3.000 | 04/01/2054 | 3,741,609 | |||||||||||||
| Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A1/AA) |
| |||||||||||||||
| 1,055,000 | 0.000 | (e) | 08/01/2025 | 1,007,476 | ||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
| |||||||||||||||
| 3,000,000 | 5.000 | (a)(b) | 02/01/2054 | 3,210,546 | ||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) |
| |||||||||||||||
| 24,500,000 | 5.000 | (a)(b) | 05/01/2054 | 26,378,829 | ||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | (a)(b) | 07/01/2053 | 2,113,614 | ||||||||||||
| California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB+) |
| |||||||||||||||
| 2,755,000 | 5.250 | 05/01/2048 | 2,808,510 | |||||||||||||
| 2,850,000 | 5.250 | 05/01/2053 | 2,896,898 | |||||||||||||
| California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR) |
| |||||||||||||||
| 9,275,000 | 5.750 | (d) | 07/01/2060 | 9,438,489 | ||||||||||||
| California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR) |
| |||||||||||||||
| 2,875,000 | 4.000 | (d) | 02/01/2056 | 2,592,464 | ||||||||||||
| California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR) |
| |||||||||||||||
| 2,300,000 | 4.000 | (d) | 08/01/2050 | 1,809,487 | ||||||||||||
| California Community Housing Agency Essential Housing RB Series 2021A-1 (NR/NR) |
| |||||||||||||||
| 1,825,000 | 3.000 | (d) | 02/01/2057 | 1,228,171 | ||||||||||||
| California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) |
| |||||||||||||||
| 6,450,000 | 4.000 | (d) | 02/01/2056 | 5,427,496 | ||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) |
| |||||||||||||||
| 1,350,000 | 5.000 | 06/01/2050 | 1,367,460 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/ NR) |
| |||||||||||||||
| 7,375,000 | 0.000 | (e) | 06/01/2055 | 1,694,185 | ||||||||||||
| California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) |
| |||||||||||||||
| 875,000 | 4.000 | 06/01/2049 | 849,258 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) |
| |||||||||||||||
| 330,000 | 5.000 | 06/01/2049 | 341,289 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) |
| |||||||||||||||
| 127,560,000 | 0.000 | (e) | 06/01/2055 | 24,879,379 | ||||||||||||
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) |
| |||||||||||||||
| 145,220,000 | 0.000 | (e) | 06/01/2055 | 19,140,315 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+) |
| |||||||||||||||
| $ | 595,000 | 4.000 | %(d) | 06/01/2061 | $ | 464,351 | ||||||||||
| California Health Facilities Financing Authority RB for Commonspirit Health Series 2020A (A3/A-) |
| |||||||||||||||
| 5,705,000 | 4.000 | 04/01/2049 | 5,389,957 | |||||||||||||
| California Health Facilities Financing Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| |||||||||||||||
| 4,600,000 | 5.000 | 12/01/2054 | 4,950,065 | |||||||||||||
| California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children’s Hospital At Stanford 2022 Series A Forward Delivery (A1/A+) |
| |||||||||||||||
| 2,525,000 | 4.000 | 05/15/2051 | 2,439,343 | |||||||||||||
| California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series RB Series 2020A-1 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.000 | (d) | 01/01/2055 | 768,708 | ||||||||||||
| California Infrastructure & Economic Development Bank for Brightline West Passenger Rail Project Series RB Series 2020A (Aaa/NR) |
| |||||||||||||||
| 11,810,000 | 3.950 | (a)(b)(d) | 01/01/2050 | 11,779,949 | ||||||||||||
| California Infrastructure & Economic Development Bank for Brightline West Passenger Rail Project Series RB Series 2020A-3 (NR/NR) |
| |||||||||||||||
| 14,435,000 | 8.000 | (a)(b)(d) | 01/01/2050 | 14,732,293 | ||||||||||||
| California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (NR/BB+) |
| |||||||||||||||
| 750,000 | 5.000 | 07/01/2052 | 732,200 | |||||||||||||
| 3,725,000 | 5.000 | 07/01/2062 | 3,565,847 | |||||||||||||
| California Municipal Finance Authority Community Facilities District Special Tax Bonds for City of Chula Vista Series 2022 (NR/NR) |
| |||||||||||||||
| 2,750,000 | 5.000 | 09/01/2052 | 2,818,295 | |||||||||||||
| 5,250,000 | 5.000 | 09/01/2057 | 5,337,301 | |||||||||||||
| California Municipal Finance Authority RB (California Lutheran University) Series 2018 (Baa1/NR) |
| |||||||||||||||
| 225,000 | 5.000 | 10/01/2035 | 236,489 | |||||||||||||
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) |
| |||||||||||||||
| 3,800,000 | 5.000 | 02/01/2042 | 3,879,755 | |||||||||||||
| 10,000,000 | 5.000 | 02/01/2047 | 10,138,168 | |||||||||||||
| California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,135,000 | 5.000 | (d) | 07/01/2052 | 1,046,386 | ||||||||||||
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 1,510,000 | 4.000 | 07/01/2051 | 1,223,374 | |||||||||||||
| 1,035,000 | 4.000 | 07/01/2055 | 817,723 | |||||||||||||
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) |
| |||||||||||||||
| 250,000 | 5.000 | 10/01/2034 | 263,419 | |||||||||||||
| 300,000 | 5.000 | 10/01/2037 | 312,370 | |||||||||||||
| 300,000 | 5.000 | 10/01/2038 | 310,950 | |||||||||||||
| California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) |
| |||||||||||||||
| 1,090,000 | 5.000 | (d) | 10/01/2049 | 1,044,557 | ||||||||||||
| 1,740,000 | 5.000 | (d) | 10/01/2054 | 1,646,418 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 109 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (A2/NR) |
| |||||||||||||||
| $ | 14,040,000 | 4.000 | % | 12/31/2047 | $ | 12,384,962 | ||||||||||
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| |||||||||||||||
| 7,395,000 | 5.000 | 12/31/2043 | 7,324,755 | |||||||||||||
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB-) |
| |||||||||||||||
| 11,425,000 | 4.000 | 07/15/2029 | 11,327,849 | |||||||||||||
| California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (NR/NR) |
| |||||||||||||||
| 26,895,001 | 7.500 | (d)* | 12/01/2040 | 2,017,125 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) |
| |||||||||||||||
| 1,325,000 | 5.000 | (d) | 07/01/2037 | 1,326,534 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| |||||||||||||||
| 2,355,000 | 5.000 | (d) | 07/01/2035 | 2,583,109 | ||||||||||||
| 1,730,000 | 5.000 | (d) | 07/01/2037 | 1,873,654 | ||||||||||||
| 1,750,000 | 5.000 | (d) | 07/01/2038 | 1,884,057 | ||||||||||||
| 1,200,000 | 5.000 | (d) | 11/21/2045 | 1,248,583 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| |||||||||||||||
| 12,660,000 | 5.000 | (d) | 11/21/2045 | 12,667,130 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) |
| |||||||||||||||
| 8,500,000 | 5.000 | (d) | 11/21/2045 | 8,693,850 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RR Bonds, Series 2019 (San Diego County Water Authority Desalination Project Pipeline) (Baa3/NR) |
| |||||||||||||||
| 550,000 | 5.000 | (d) | 07/01/2039 | 572,085 | ||||||||||||
| California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,540,000 | 5.000 | (d) | 06/15/2050 | 1,447,881 | ||||||||||||
| 1,030,000 | 5.000 | (d) | 06/15/2055 | 956,396 | ||||||||||||
| California Public Finance Authority Senior Living Revenue Refunding Bonds for Enso Village Project Series 2021B1 (NR/NR) |
| |||||||||||||||
| 900,000 | 3.125 | (d) | 05/15/2029 | 876,862 | ||||||||||||
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) |
| |||||||||||||||
| 4,605,000 | 6.375 | (d) | 04/01/2062 | 4,672,412 | ||||||||||||
| California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/BBB-) |
| |||||||||||||||
| 2,055,000 | 5.000 | (d) | 10/01/2052 | 1,991,431 | ||||||||||||
| 3,250,000 | 5.000 | (d) | 10/01/2061 | 3,088,232 | ||||||||||||
| California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) |
| |||||||||||||||
| 1,450,000 | 4.000 | (d) | 10/01/2046 | 1,234,117 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
| |||||||||||||||
| California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) |
| |||||||||||||||
| $ | 2,235,000 | 5.500 | %(d) | 07/01/2054 | $ | 2,258,731 | ||||||||||
| 2,200,000 | 5.625 | (d) | 07/01/2063 | 2,221,280 | ||||||||||||
| California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 1,055,000 | 5.250 | (d) | 07/01/2052 | 1,067,927 | ||||||||||||
| 745,000 | 5.375 | (d) | 07/01/2056 | 757,006 | ||||||||||||
| 1,525,000 | 5.500 | (d) | 07/01/2062 | 1,554,049 | ||||||||||||
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) |
| |||||||||||||||
| 1,800,000 | 6.500 | (d) | 06/01/2062 | 1,865,084 | ||||||||||||
| California School Finance Authority Charter School RB for Orange County Educational Arts Academy Project Series 2023A (NR/NR) |
| |||||||||||||||
| 560,000 | 5.625 | (d) | 06/01/2043 | 568,098 | ||||||||||||
| 700,000 | 5.875 | (d) | 06/01/2053 | 710,039 | ||||||||||||
| California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB+) |
| |||||||||||||||
| 2,905,000 | 5.000 | (d) | 07/01/2052 | 2,697,698 | ||||||||||||
| 4,190,000 | 5.000 | (d) | 07/01/2061 | 3,804,133 | ||||||||||||
| California School Finance Authority Charter School RB for Valley International Preparatory High School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 2,230,000 | 5.250 | (d) | 03/01/2062 | 1,642,736 | ||||||||||||
| California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 (NR/BB+) |
| |||||||||||||||
| 500,000 | 5.250 | (d) | 08/01/2038 | 513,321 | ||||||||||||
| 550,000 | 5.500 | (d) | 08/01/2043 | 569,021 | ||||||||||||
| 400,000 | 5.500 | (d) | 08/01/2047 | 409,643 | ||||||||||||
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) |
| |||||||||||||||
| 3,500,000 | 5.000 | (d) | 10/01/2050 | 3,417,910 | ||||||||||||
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) |
| |||||||||||||||
| 2,770,000 | 5.000 | (d) | 07/01/2058 | 2,703,241 | ||||||||||||
| California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) |
| |||||||||||||||
| 600,000 | 5.000 | (d) | 06/01/2051 | 553,935 | ||||||||||||
| 2,440,000 | 5.000 | (d) | 06/01/2061 | 2,194,503 | ||||||||||||
| California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) |
| |||||||||||||||
| 1,340,000 | 5.000 | (d) | 07/01/2045 | 1,295,634 | ||||||||||||
| 1,240,000 | 5.000 | (d) | 07/01/2055 | 1,161,877 | ||||||||||||
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) |
| |||||||||||||||
| 600,000 | 4.000 | (d) | 06/01/2041 | 489,214 | ||||||||||||
| 700,000 | 4.000 | (d) | 06/01/2051 | 506,081 | ||||||||||||
| 1,220,000 | 4.000 | (d) | 06/01/2061 | 831,776 | ||||||||||||
| California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BBB-) |
| |||||||||||||||
| 2,420,000 | 5.000 | (d) | 07/01/2059 | 2,305,508 | ||||||||||||
| California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BBB-) |
| |||||||||||||||
| 975,000 | 4.000 | (d) | 07/01/2045 | 826,537 | ||||||||||||
| 110 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| California School Finance Authority School Facility Refunding RB for Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) |
| |||||||||||||||
| $ | 700,000 | 5.250 | %(d) | 07/01/2048 | $ | 704,008 | ||||||||||
| California Statewide Communities Development Authority (Marin General Hospital) RB Series 2018A (Green Bonds) (NR/BBB) |
| |||||||||||||||
| 500,000 | 5.000 | 08/01/2038 | 512,927 | |||||||||||||
| California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 09/01/2053 | 977,913 | |||||||||||||
| California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) |
| |||||||||||||||
| 740,000 | 5.000 | 09/01/2037 | 751,778 | |||||||||||||
| California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 2,880,000 | 7.250 | (d) | 09/01/2050 | 2,812,500 | ||||||||||||
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) |
| |||||||||||||||
| 3,245,000 | 4.000 | 09/01/2051 | 2,921,404 | |||||||||||||
| California Statewide Communities Development Authority Community Facilities District Special Tax Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 4,500,000 | 5.000 | 09/01/2052 | 4,515,280 | |||||||||||||
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) |
| |||||||||||||||
| 575,000 | 5.000 | 09/02/2043 | 591,338 | |||||||||||||
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,345,000 | 5.000 | 09/02/2039 | 1,413,073 | |||||||||||||
| 895,000 | 5.000 | 09/02/2044 | 928,690 | |||||||||||||
| California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 375,000 | 5.000 | (d) | 06/01/2034 | 388,424 | ||||||||||||
| 475,000 | 5.000 | (d) | 06/01/2039 | 481,654 | ||||||||||||
| 1,340,000 | 5.000 | (d) | 06/01/2051 | 1,308,768 | ||||||||||||
| California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR) |
| |||||||||||||||
| 1,875,000 | 5.875 | 11/01/2043 | 1,876,620 | |||||||||||||
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB) |
| |||||||||||||||
| 10,095,000 | 5.500 | (d) | 12/01/2058 | 10,370,672 | ||||||||||||
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/BB) |
| |||||||||||||||
| 18,325,000 | 5.250 | 12/01/2044 | 18,420,525 | |||||||||||||
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) |
| |||||||||||||||
| 1,600,000 | 5.000 | (d) | 12/01/2041 | 1,616,624 | ||||||||||||
| 2,080,000 | 5.000 | (d) | 12/01/2046 | 2,096,722 | ||||||||||||
| 10,030,000 | 5.250 | (d) | 12/01/2056 | 10,138,029 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
| |||||||||||||||
| California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB) |
| |||||||||||||||
| $ | 3,000,000 | 4.000 | % | 08/01/2045 | $ | 2,684,965 | ||||||||||
| California Statewide Communities Development Authority RB for Marin General Hospital Series 2018A (NR/BBB) |
| |||||||||||||||
| 175,000 | 5.000 | 08/01/2037 | 180,638 | |||||||||||||
| California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) |
| |||||||||||||||
| 2,350,000 | 5.250 | (d) | 07/01/2039 | 2,396,176 | ||||||||||||
| 3,125,000 | 5.250 | (d) | 07/01/2049 | 3,144,657 | ||||||||||||
| 1,900,000 | 5.250 | (d) | 07/01/2052 | 1,909,348 | ||||||||||||
| California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) |
| |||||||||||||||
| 365,000 | 5.000 | 08/01/2028 | 380,970 | |||||||||||||
| California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR) |
| |||||||||||||||
| 935,000 | 5.000 | (d) | 11/01/2032 | 958,969 | ||||||||||||
| 1,875,000 | 5.000 | (d) | 11/01/2041 | 1,879,793 | ||||||||||||
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) |
| |||||||||||||||
| 13,765,000 | 5.500 | 12/01/2054 | 13,839,017 | |||||||||||||
| California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) |
| |||||||||||||||
| 1,230,000 | 4.000 | 09/02/2050 | 1,043,405 | |||||||||||||
| California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) |
| |||||||||||||||
| 3,245,000 | 5.000 | 09/02/2038 | 3,387,533 | |||||||||||||
| California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,990,000 | 4.000 | 09/02/2051 | 1,628,581 | |||||||||||||
| California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,525,000 | 5.250 | 09/01/2052 | 1,555,102 | |||||||||||||
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) |
| |||||||||||||||
| 1,040,000 | 5.000 | 09/02/2048 | 1,062,128 | |||||||||||||
| California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) |
| |||||||||||||||
| 2,960,000 | 5.000 | 09/02/2048 | 3,028,935 | |||||||||||||
| California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR) |
| |||||||||||||||
| 3,075,000 | 5.000 | 05/15/2047 | 3,097,760 | |||||||||||||
| California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) |
| |||||||||||||||
| 36,600,000 | 0.000 | (e) | 06/01/2046 | 6,204,450 | ||||||||||||
| Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR) |
| |||||||||||||||
| 7,000,000 | 0.000 | (e) | 09/01/2033 | 4,893,689 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 111 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) |
| |||||||||||||||
| $ | 190,000 | 3.000 | % | 09/01/2037 | $ | 162,879 | ||||||||||
| 195,000 | 3.000 | 09/01/2038 | 162,231 | |||||||||||||
| 205,000 | 3.000 | 09/01/2039 | 166,789 | |||||||||||||
| 210,000 | 3.000 | 09/01/2040 | 167,277 | |||||||||||||
| 715,000 | 3.125 | 09/01/2044 | 553,485 | |||||||||||||
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 925,000 | 4.000 | 09/01/2051 | 795,406 | |||||||||||||
| City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,500,000 | 4.000 | (d) | 09/01/2051 | 1,252,353 | ||||||||||||
| City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Shoreline (Tax Zone 1) Special Tax Bonds, Series 2023C (NR/NR) |
| |||||||||||||||
| 1,345,000 | 5.750 | (d) | 09/01/2053 | 1,380,686 | ||||||||||||
| City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Special Tax Bonds, Series 2023B (NR/NR) |
| |||||||||||||||
| 1,650,000 | 5.750 | (d) | 09/01/2053 | 1,693,779 | ||||||||||||
| City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) |
| |||||||||||||||
| 1,050,000 | 5.000 | 09/01/2053 | 1,009,891 | |||||||||||||
| City of Beaumont Community Facilities District No. 2016-3 Special Tax Bonds for Sundance Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.000 | 09/01/2053 | 911,002 | |||||||||||||
| City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,700,000 | 5.375 | 09/01/2052 | 2,783,774 | |||||||||||||
| City of Dublin, Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No.5, California Special Tax Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.375 | 09/01/2051 | 1,179,437 | |||||||||||||
| City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR) |
| |||||||||||||||
| 850,000 | 5.000 | (d) | 09/01/2050 | 858,627 | ||||||||||||
| City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR) |
| |||||||||||||||
| 3,000,000 | 5.000 | 09/01/2045 | 3,023,850 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) |
| |||||||||||||||
| 4,500,000 | 4.000 | 05/15/2049 | 4,303,791 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) |
| |||||||||||||||
| 450,000 | 4.125 | 05/15/2043 | 448,737 | |||||||||||||
| City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) |
| |||||||||||||||
| 1,900,000 | 5.250 | 04/01/2034 | 1,248,113 | |||||||||||||
| 3,565,000 | 5.250 | 04/01/2039 | 2,330,646 | |||||||||||||
| 900,000 | 5.250 | 04/01/2049 | 586,217 | |||||||||||||
| 10,985,000 | 5.250 | 04/01/2054 | 7,157,728 | |||||||||||||
| City of Palm Desert Community Facilities District No. 2021-1 Special Tax Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 600,000 | 5.000 | 09/01/2049 | 596,993 | |||||||||||||
| 525,000 | 5.000 | 09/01/2053 | 516,532 | |||||||||||||
| City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 425,000 | 3.000 | 09/01/2031 | 395,769 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| City of Palm Desert Community Facilities District No. 2021- 1 Special Tax Refunding Bonds Series 2021 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 450,000 | 4.000 | % | 09/01/2041 | $ | 416,460 | ||||||||||
| 550,000 | 4.000 | 09/01/2051 | 473,683 | |||||||||||||
| City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,700,000 | 4.000 | 09/02/2037 | 1,646,528 | |||||||||||||
| City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area off-Street Parking Assessment District Series 2012 (NR/A-) |
| |||||||||||||||
| 540,000 | 5.000 | 09/02/2030 | 544,886 | |||||||||||||
| City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.000 | 09/01/2029 | 503,526 | |||||||||||||
| City of Roseville Special Tax Bonds for Creekview Community Facilities District No. 1 Series 2023 (NR/NR) |
| |||||||||||||||
| 1,650,000 | 5.250 | 09/01/2053 | 1,660,375 | |||||||||||||
| City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 350,000 | 4.000 | 09/01/2035 | 349,719 | |||||||||||||
| 375,000 | 4.000 | 09/01/2040 | 354,841 | |||||||||||||
| 425,000 | 4.000 | 09/01/2045 | 383,446 | |||||||||||||
| 950,000 | 4.000 | 09/01/2050 | 823,622 | |||||||||||||
| City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 475,000 | 4.000 | 09/01/2045 | 416,903 | |||||||||||||
| City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) |
| |||||||||||||||
| 280,000 | 5.000 | (d) | 09/01/2032 | 289,975 | ||||||||||||
| 700,000 | 5.000 | (d) | 09/01/2037 | 724,021 | ||||||||||||
| 1,745,000 | 5.000 | (d) | 09/01/2047 | 1,775,015 | ||||||||||||
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 05/01/2049 | 2,058,170 | |||||||||||||
| City of San Francisco Improvement Area Community Facilities District Special Tax Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 925,000 | 4.000 | 09/01/2046 | 823,772 | |||||||||||||
| City of San Jose, California Airport Revenue Refunding Bonds Series 2017A (A2/A) |
| |||||||||||||||
| 4,110,000 | 5.000 | 03/01/2047 | 4,166,485 | |||||||||||||
| CMFA Special Finance Agency Essential Housing RB Seres 2021A-1 (NR/NR) |
| |||||||||||||||
| 4,465,000 | 3.000 | (d) | 12/01/2056 | 3,140,358 | ||||||||||||
| CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR) |
| |||||||||||||||
| 5,500,000 | 3.000 | (d) | 08/01/2056 | 3,752,058 | ||||||||||||
| Community Facilities District No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Special Tax Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 5.000 | 09/01/2053 | 1,603,953 | |||||||||||||
| Community Facilities District No. 2023-1 of The County of Orange (Rienda Phase 2B) 2023 Series A Special Tax Bonds (NR/NR) |
| |||||||||||||||
| 1,260,000 | 5.500 | 08/15/2053 | 1,305,042 | |||||||||||||
| County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 2,600,000 | 5.000 | 09/01/2044 | 2,657,189 | |||||||||||||
| 200,000 | 4.000 | 09/01/2045 | 185,018 | |||||||||||||
| 112 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| County of Los Angeles Community Facilities District Special Tax Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 2,775,000 | 5.000 | % | 09/01/2052 | $ | 2,818,784 | ||||||||||
| County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR) |
| |||||||||||||||
| 695,000 | 3.000 | 09/01/2050 | 488,068 | |||||||||||||
| CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR) |
| |||||||||||||||
| 11,225,000 | 3.000 | (d) | 12/01/2056 | 7,938,002 | ||||||||||||
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) |
| |||||||||||||||
| 6,725,000 | 3.600 | (d) | 05/01/2047 | 5,655,977 | ||||||||||||
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR) |
| |||||||||||||||
| 900,000 | 3.250 | (d) | 04/01/2057 | 643,361 | ||||||||||||
| Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-) |
| |||||||||||||||
| 1,305,000 | 0.000 | (e) | 08/01/2027 | 1,161,087 | ||||||||||||
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/ AA-) |
| |||||||||||||||
| 11,895,000 | 4.000 | 05/15/2051 | 11,257,313 | |||||||||||||
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2022 Series A (Private Activity/AMT) (Aa3/ AA-) |
| |||||||||||||||
| 7,955,000 | 4.000 | 05/15/2049 | 7,608,147 | |||||||||||||
| Department of Water and Power of The City of Los Angeles Power System Variable Rate Demand RB, 2023 Series F Subseries F-2 (Aa2/AA-/A-1) |
| |||||||||||||||
| 18,300,000 | 4.350 | (a)(b) | 07/01/2047 | 18,300,000 | ||||||||||||
| Dublin Unified School District GO Bonds Election of 2020 Series B (Aa1/AA+) |
| |||||||||||||||
| 15,000,000 | 4.250 | 08/01/2053 | 15,249,822 | |||||||||||||
| East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) |
| |||||||||||||||
| 445,000 | 3.125 | 09/01/2044 | 342,217 | |||||||||||||
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) |
| |||||||||||||||
| 1,000,000 | 4.000 | 01/15/2046 | 961,582 | |||||||||||||
| Eastern Municipal Water District Refunding Water and Wastewater RB Series 2018A (NR/AAA/A-1) |
| |||||||||||||||
| 21,875,000 | 4.200 | (a)(b) | 07/01/2046 | 21,875,000 | ||||||||||||
| El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR) |
| |||||||||||||||
| 5,400,000 | 0.000 | (e) | 08/01/2032 | 4,111,239 | ||||||||||||
| Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA) |
| |||||||||||||||
| 4,180,000 | 0.000 | (e) | 04/01/2029 | 3,551,932 | ||||||||||||
| Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of |
| |||||||||||||||
| 2006 Series 2007 A (NATL) (Aa2/AA-) |
| |||||||||||||||
| 3,460,000 | 0.000 | (e) | 10/01/2032 | 2,656,075 | ||||||||||||
| Foothill/Eastern Transportation Corridor Agency toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A1/AA) |
| |||||||||||||||
| 10,000,000 | 0.000 | (e) | 01/15/2035 | 6,975,919 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) |
| |||||||||||||||
| $ | 22,010,000 | 3.950 | % | 01/15/2053 | $ | 20,144,782 | ||||||||||
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) |
| |||||||||||||||
| 19,590,000 | 3.850 | 06/01/2050 | 18,333,435 | |||||||||||||
| Golden State tobacco Securitization Corp. tobacco Settlement Asset Backed Bonds Series 2022A-1 (NR/BBB+) |
| |||||||||||||||
| 5,375,000 | 5.000 | 06/01/2051 | 5,632,374 | |||||||||||||
| Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) |
| |||||||||||||||
| 121,050,000 | 0.000 | (e) | 06/01/2066 | 13,670,818 | ||||||||||||
| Golden Valley Unified School District Financing Authority RB for Golden Valley Unified School District Community Facilities District No. 2017-1 Series 2021 A (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 09/01/2046 | 219,206 | |||||||||||||
| 750,000 | 4.000 | 09/01/2056 | 619,082 | |||||||||||||
| Improvement Area B of The City of Fillmore Community Facilities District No. 5, Heritage Valley Parks Special Tax Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 3,500,000 | 5.000 | 09/01/2053 | 3,516,490 | |||||||||||||
| Improvement Area No. 1 of California Municipal Finance Authority Community Facilities District No. 2023-5 Special Tax Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.500 | 09/01/2048 | 1,031,606 | |||||||||||||
| 1,000,000 | 5.625 | 09/01/2053 | 1,035,318 | |||||||||||||
| Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/ CCC) |
| |||||||||||||||
| 100,945,000 | 0.000 | (e) | 06/01/2036 | 45,689,857 | ||||||||||||
| Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/ CCC) |
| |||||||||||||||
| 51,235,000 | 0.000 | (e) | 06/01/2047 | 11,008,465 | ||||||||||||
| Inland Empire tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (NR/ CCC) |
| |||||||||||||||
| 290,580,000 | 0.000 | (e) | 06/01/2057 | 25,201,248 | ||||||||||||
| Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) |
| |||||||||||||||
| 4,600,000 | 5.000 | 03/01/2057 | 4,675,166 | |||||||||||||
| Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (NR/A-) |
| |||||||||||||||
| 75,000 | 6.625 | 08/01/2024 | 75,122 | |||||||||||||
| Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) |
| |||||||||||||||
| 3,700,000 | 3.000 | 08/01/2046 | 3,050,134 | |||||||||||||
| Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-) |
| |||||||||||||||
| 49,925,000 | 0.000 | (e) | 08/01/2050 | 15,078,808 | ||||||||||||
| Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) |
| |||||||||||||||
| 2,125,000 | 3.000 | 12/01/2050 | 1,615,818 | |||||||||||||
| Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) |
| |||||||||||||||
| 3,760,000 | 0.000 | (e) | 08/01/2035 | 2,580,003 | ||||||||||||
|
M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) |
| |||||||||||||||
| 12,950,000 | 6.500 | 11/01/2039 | 16,479,252 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 113 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
|
M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) |
| |||||||||||||||
| $ | 3,000,000 | 6.500 | % | 11/01/2039 | $ | 3,817,587 | ||||||||||
|
M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) |
| |||||||||||||||
| 8,200,000 | 6.125 | 11/01/2029 | 8,764,755 | |||||||||||||
| 20,315,000 | 6.500 | 11/01/2039 | 25,851,429 | |||||||||||||
| Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) |
| |||||||||||||||
| 5,000,000 | 5.500 | 08/01/2030 | 5,161,066 | |||||||||||||
| New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa2/AA) |
| |||||||||||||||
| 860,000 | 0.000 | (e) | 08/01/2025 | 822,227 | ||||||||||||
| 1,105,000 | 0.000 | (e) | 08/01/2026 | 1,025,302 | ||||||||||||
| 5,550,000 | 0.000 | (e) | 08/01/2030 | 4,575,846 | ||||||||||||
| 7,855,000 | 0.000 | (e) | 08/01/2032 | 6,064,267 | ||||||||||||
| 7,000,000 | 0.000 | (e) | 08/01/2034 | 5,020,082 | ||||||||||||
| Orange County California Community Facilities District No. 2015- 1 Village of Esencia Special Tax Bonds Series 2015 A (NR/ NR) |
| |||||||||||||||
| 1,000,000 | 5.250 | 08/15/2045 | 1,011,110 | |||||||||||||
| Orange County California Community Facilities District No. 2017- 1 Village of Esencia Special Tax Bonds Series 2018 A (NR/ NR) |
| |||||||||||||||
| 200,000 | 5.000 | 08/15/2028 | 212,732 | |||||||||||||
| Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) |
| |||||||||||||||
| 10,750,000 | 7.000 | 08/01/2038 | 12,406,474 | |||||||||||||
| Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-) |
| |||||||||||||||
| 1,300,000 | 0.000 | (e) | 08/01/2040 | 685,745 | ||||||||||||
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) |
| |||||||||||||||
| 900,000 | 3.000 | 09/01/2032 | 842,310 | |||||||||||||
| 820,000 | 3.000 | 09/01/2033 | 761,850 | |||||||||||||
| 750,000 | 3.000 | 09/01/2034 | 690,832 | |||||||||||||
| Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR) |
| |||||||||||||||
| 400,000 | 5.000 | 09/01/2049 | 410,759 | |||||||||||||
| Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) |
| |||||||||||||||
| 4,000,000 | 4.000 | 08/01/2052 | 3,967,191 | |||||||||||||
| Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA) |
| |||||||||||||||
| 6,200,000 | 0.000 | (e) | 08/01/2036 | 3,766,811 | ||||||||||||
| River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) |
| |||||||||||||||
| 2,775,000 | 5.250 | 09/01/2047 | 2,850,800 | |||||||||||||
| 3,875,000 | 5.000 | 09/01/2052 | 3,846,034 | |||||||||||||
| Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) |
| |||||||||||||||
| 2,220,000 | 0.000 | (e) | 10/01/2033 | 1,599,187 | ||||||||||||
| 2,220,000 | 0.000 | (e) | 10/01/2035 | 1,475,585 | ||||||||||||
| 1,840,000 | 0.000 | (e) | 10/01/2037 | 1,092,407 | ||||||||||||
| 5,100,000 | 0.000 | (e) | 10/01/2038 | 2,842,976 | ||||||||||||
| 8,425,000 | 0.000 | (e) | 10/01/2039 | 4,440,305 | ||||||||||||
| 13,395,000 | 0.000 | (e) | 10/01/2040 | 6,664,172 | ||||||||||||
| 7,275,000 | 0.000 | (e) | 10/01/2041 | 3,421,371 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) – (continued) |
| |||||||||||||||
| $ | 6,360,000 | 0.000 | %(e) | 10/01/2042 | $ | 2,840,930 | ||||||||||
| San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/ A+) |
| |||||||||||||||
| 1,420,000 | 0.000 | (e) | 08/01/2025 | 1,352,317 | ||||||||||||
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A2/NR) |
| |||||||||||||||
| 1,755,000 | 5.000 | 07/01/2046 | 1,851,667 | |||||||||||||
| 2,165,000 | 5.000 | 07/01/2056 | 2,257,374 | |||||||||||||
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) |
| |||||||||||||||
| 1,080,000 | 5.000 | 07/01/2051 | 1,130,829 | |||||||||||||
| San Diego Unified School District 2010 GO Bonds (Aa2/AA-) |
| |||||||||||||||
| 900,000 | 0.000 | (e) | 07/01/2043 | 418,248 | ||||||||||||
| San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) |
| |||||||||||||||
| 10,000,000 | 0.000 | (e) | 07/01/2030 | 8,281,685 | ||||||||||||
| 3,305,000 | 0.000 | (e) | 07/01/2031 | 2,659,366 | ||||||||||||
| San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba2/NR) |
| |||||||||||||||
| 1,370,000 | 4.000 | 08/01/2032 | 1,254,656 | |||||||||||||
| 1,560,000 | 4.000 | 08/01/2033 | 1,405,030 | |||||||||||||
| 1,680,000 | 4.000 | 08/01/2034 | 1,497,147 | |||||||||||||
| 1,810,000 | 4.000 | 08/01/2035 | 1,591,347 | |||||||||||||
| 1,945,000 | 4.000 | 08/01/2036 | 1,679,334 | |||||||||||||
| San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+) |
| |||||||||||||||
| 1,595,000 | 0.000 | (e) | 08/01/2025 | 1,523,151 | ||||||||||||
| Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA) |
| |||||||||||||||
| 2,000,000 | 5.000 | 07/01/2042 | 2,002,018 | |||||||||||||
| Silicon Valley tobacco Securitization Authority tobacco Settlement ABS Series 2007D (NR/NR) |
| |||||||||||||||
| 27,250,000 | 0.000 | (e) | 06/01/2056 | 2,657,848 | ||||||||||||
| Silicon Valley tobacco Securitization Authority tobacco Settlement Asset Backed RB Series 2007 C (NR/NR) |
| |||||||||||||||
| 91,400,000 | 0.000 | (e) | 06/01/2056 | 9,782,030 | ||||||||||||
| Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR) |
| |||||||||||||||
| 4,000,000 | 5.250 | 09/01/2042 | 4,003,035 | |||||||||||||
| Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/ NR) |
| |||||||||||||||
| 4,750,000 | 4.000 | 09/01/2050 | 4,182,115 | |||||||||||||
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) |
| |||||||||||||||
| 9,510,000 | 0.000 | (e) | 06/01/2054 | 1,852,266 | ||||||||||||
| Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 2,155,000 | 5.000 | 10/01/2049 | 2,189,022 | |||||||||||||
| 114 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A |
| |||||||||||||||
| (NR/NR | ) | |||||||||||||||
| $ | 750,000 | 5.000 | % | 09/01/2040 | $ | 758,791 | ||||||||||
| West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 780,000 | 4.625 | 09/01/2049 | 769,652 | |||||||||||||
| 2,435,000 | 5.000 | 09/01/2054 | 2,488,608 | |||||||||||||
| William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA) |
| |||||||||||||||
| 8,360,000 | 0.000 | (e) | 08/01/2034 | 6,032,098 | ||||||||||||
| Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-) |
| |||||||||||||||
| 19,135,000 | 0.000 | (g) | 08/01/2042 | 15,787,642 | ||||||||||||
|
|
|
|||||||||||||||
| 994,503,294 | ||||||||||||||||
|
|
||||||||||||||||
| Colorado - 5.4% |
| |||||||||||||||
| Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,575,000 | 4.700 | 12/01/2047 | 1,338,543 | |||||||||||||
| Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 595,000 | 5.000 | 12/01/2037 | 550,602 | |||||||||||||
| 613,000 | 5.125 | 12/01/2047 | 543,316 | |||||||||||||
| Arista Metropolitan District In The City and County of Broomfield, Colorado Subordinate Limited Tax GO and Special RR and Improvement Bonds Series 2023B (NR/NR) |
| |||||||||||||||
| 2,260,000 | 8.250 | 12/15/2039 | 2,338,694 | |||||||||||||
| Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) |
| |||||||||||||||
| 4,000,000 | 7.750 | 12/15/2050 | 3,824,832 | |||||||||||||
| Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 4,000,000 | 4.875 | (d) | 12/01/2051 | 3,142,927 | ||||||||||||
| Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 4,690,000 | 5.750 | 12/01/2051 | 4,251,183 | |||||||||||||
| Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 3,250,000 | 5.500 | 12/01/2050 | 2,998,297 | |||||||||||||
| Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR) |
| |||||||||||||||
| 6,000,000 | 8.500 | 12/15/2050 | 5,758,567 | |||||||||||||
| Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,930,000 | 0.000 | (d)(g) | 12/01/2049 | 1,733,462 | ||||||||||||
| Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,185,000 | 5.250 | (d) | 12/01/2049 | 1,143,709 | ||||||||||||
| Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) |
| |||||||||||||||
| 21,250,000 | 4.000 | 12/01/2049 | 20,636,933 | |||||||||||||
| Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR) |
| |||||||||||||||
| 670,000 | 7.000 | 12/15/2047 | 637,686 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Brighton Crossing Metropolitan District No. 6 Limited Tax GO Bonds Series 2020A(3) (NR/NR) |
| |||||||||||||||
| $ | 3,835,000 | 5.000 | % | 12/01/2050 | $ | 3,397,069 | ||||||||||
| Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) |
| |||||||||||||||
| 2,250,000 | 5.375 | 12/01/2048 | 2,231,635 | |||||||||||||
| Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR) |
| |||||||||||||||
| 11,500,000 | 3.750 | 12/01/2040 | 9,122,812 | |||||||||||||
| Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,750,000 | 6.000 | 12/01/2037 | 1,752,641 | |||||||||||||
| 4,000,000 | 6.125 | 12/01/2047 | 4,009,119 | |||||||||||||
| Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 2,000,000 | 6.125 | 12/01/2047 | 2,002,369 | |||||||||||||
| Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 2,500,000 | 5.000 | 12/01/2051 | 2,158,799 | |||||||||||||
| Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) |
| |||||||||||||||
| 4,220,000 | 5.000 | 12/01/2050 | 3,504,318 | |||||||||||||
| Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 835,000 | 5.000 | 12/01/2051 | 692,387 | |||||||||||||
| Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 9,400,000 | 6.000 | 12/01/2051 | 7,880,225 | |||||||||||||
| Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) |
| |||||||||||||||
| 2,575,000 | 5.350 | 12/01/2050 | 2,375,829 | |||||||||||||
| City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) |
| |||||||||||||||
| 1,915,000 | 5.000 | 11/15/2047 | 2,033,268 | |||||||||||||
| City of Denver Airport System Subordinate RB Series 2018A (A1/ A+) |
| |||||||||||||||
| 7,000,000 | 4.000 | 12/01/2043 | 6,753,425 | |||||||||||||
| Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 580,000 | 5.000 | 12/01/2041 | 527,090 | |||||||||||||
| Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 1,825,000 | 6.000 | 12/01/2051 | 1,844,898 | |||||||||||||
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) |
| |||||||||||||||
| 2,075,000 | 4.000 | 10/01/2061 | 1,581,153 | |||||||||||||
| Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) |
| |||||||||||||||
| 475,000 | 4.000 | 05/01/2051 | 380,472 | |||||||||||||
| 1,000,000 | 4.000 | 05/01/2061 | 761,510 | |||||||||||||
| Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) |
| |||||||||||||||
| 900,000 | 5.000 | (d) | 02/01/2051 | 800,328 | ||||||||||||
| 2,335,000 | 5.000 | (d) | 02/01/2061 | 2,014,261 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 115 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) |
| |||||||||||||||
| $ | 6,000,000 | 5.000 | %(d) | 10/01/2059 | $ | 5,330,231 | ||||||||||
| Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) |
| |||||||||||||||
| 1,580,000 | 5.000 | 09/01/2057 | 1,565,412 | |||||||||||||
| 1,955,000 | 5.000 | 09/01/2062 | 1,919,771 | |||||||||||||
| Colorado Educational and Cultural Facilities Authority Charter School RB for Mountain Phoenix Community School Project Series 2023 (NR/NR) |
| |||||||||||||||
| 4,355,000 | 6.250 | (d) | 07/01/2053 | 4,399,251 | ||||||||||||
| Colorado Educational and Cultural Facilities Authority Charter School RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) |
| |||||||||||||||
| 6,140,000 | 5.000 | (d) | 10/01/2049 | 5,619,715 | ||||||||||||
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) |
| |||||||||||||||
| 3,245,000 | 6.000 | 07/01/2036 | 3,246,729 | |||||||||||||
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) |
| |||||||||||||||
| 2,055,000 | 6.000 | 07/01/2031 | 2,015,660 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) |
| |||||||||||||||
| 2,500,000 | 5.250 | 11/01/2052 | 2,682,679 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| |||||||||||||||
| 4,600,000 | 5.250 | 12/01/2054 | 4,997,065 | |||||||||||||
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) |
| |||||||||||||||
| 2,650,000 | 4.000 | 09/01/2050 | 2,543,974 | |||||||||||||
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) |
| |||||||||||||||
| 33,381,200 | 5.000 | (b) | 07/01/2057 | 25,820,495 | ||||||||||||
| Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 950,000 | 4.000 | 01/01/2042 | 824,845 | |||||||||||||
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| |||||||||||||||
| 2,135,000 | 3.250 | 08/01/2049 | 1,597,875 | |||||||||||||
| Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.000 | 12/31/2051 | 902,091 | |||||||||||||
| 9,680,000 | 5.000 | 12/31/2056 | 9,698,967 | |||||||||||||
| Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR) |
| |||||||||||||||
| 3,000,000 | 5.750 | * | 12/01/2047 | 2,472,623 | ||||||||||||
| Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) |
| |||||||||||||||
| 850,000 | 5.250 | 12/01/2051 | 776,008 | |||||||||||||
| Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,760,000 | 5.000 | 12/01/2049 | 1,671,010 | |||||||||||||
| Copper Ridge Metropolitan District RB Series 2019 (NR/NR) |
| |||||||||||||||
| 6,615,000 | 5.000 | 12/01/2039 | 6,336,337 | |||||||||||||
| 1,750,000 | 5.000 | 12/01/2043 | 1,627,637 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/ NR) |
| |||||||||||||||
| $ | 3,600,000 | 4.875 | % | 12/01/2051 | $ | 2,921,642 | ||||||||||
| Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR/NR) |
| |||||||||||||||
| 725,000 | 6.000 | 12/15/2041 | 714,242 | |||||||||||||
| Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.125 | 12/01/2037 | 1,001,155 | |||||||||||||
| 2,100,000 | 5.250 | 12/01/2047 | 2,073,879 | |||||||||||||
| Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 3,261,000 | 5.000 | 12/01/2049 | 3,070,160 | |||||||||||||
| Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) |
| |||||||||||||||
| 2,045,000 | 5.500 | (d) | 12/01/2039 | 1,828,826 | ||||||||||||
| 5,790,000 | 5.750 | (d) | 12/01/2049 | 5,053,189 | ||||||||||||
| Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) |
| |||||||||||||||
| 2,350,000 | 8.000 | (d) | 12/15/2049 | 2,144,728 | ||||||||||||
| Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 5,490,000 | 5.500 | (d) | 12/01/2039 | 4,934,410 | ||||||||||||
| 10,900,000 | 5.750 | (d) | 12/01/2049 | 9,584,479 | ||||||||||||
| Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR) |
| |||||||||||||||
| 2,370,000 | 8.000 | (d) | 12/15/2049 | 2,185,204 | ||||||||||||
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/ BB-) |
| |||||||||||||||
| 34,160,000 | 5.000 | 10/01/2032 | 34,159,378 | |||||||||||||
| Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) |
| |||||||||||||||
| 665,000 | 5.000 | 12/01/2030 | 683,621 | |||||||||||||
| 2,500,000 | 5.000 | 12/01/2032 | 2,566,785 | |||||||||||||
| Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) |
| |||||||||||||||
| 325,000 | 5.000 | 12/01/2031 | 333,810 | |||||||||||||
| Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) |
| |||||||||||||||
| 1,825,000 | 4.000 | 12/01/2038 | 1,704,194 | |||||||||||||
| 1,690,000 | 5.000 | 12/01/2048 | 1,651,721 | |||||||||||||
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) |
| |||||||||||||||
| 7,200,000 | 5.000 | (d) | 12/01/2034 | 7,472,478 | ||||||||||||
| 7,300,000 | 4.000 | (d) | 12/01/2035 | 6,984,609 | ||||||||||||
| 7,300,000 | 4.000 | (d) | 12/01/2036 | 6,869,806 | ||||||||||||
| Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) |
| |||||||||||||||
| 415,000 | 5.000 | 12/01/2030 | 435,583 | |||||||||||||
| 950,000 | 4.000 | 12/01/2040 | 864,947 | |||||||||||||
| Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 3,365,000 | 5.000 | 06/01/2049 | 3,110,974 | |||||||||||||
| E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A1/A+) |
| |||||||||||||||
| 3,000,000 | 0.000 | (e) | 09/01/2039 | 1,413,509 | ||||||||||||
| 116 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) |
| |||||||||||||||
| $ | 15,000,000 | 0.000 | %(e) | 09/01/2028 | $ | 12,968,258 | ||||||||||
| 4,120,000 | 0.000 | (e) | 09/01/2034 | 2,861,736 | ||||||||||||
| E-470 Public Highway Authority RB Series 2010 A (A1/A+) |
| |||||||||||||||
| 20,000,000 | 0.000 | (e) | 09/01/2040 | 10,198,978 | ||||||||||||
| Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 5.000 | 12/01/2051 | 1,424,617 | |||||||||||||
| El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 12/01/2051 | 1,767,478 | |||||||||||||
| Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,950,000 | 5.550 | (d) | 12/01/2047 | 3,028,562 | ||||||||||||
| First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) |
| |||||||||||||||
| 1,580,000 | 5.000 | 08/01/2049 | 1,521,675 | |||||||||||||
| First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR) |
| |||||||||||||||
| 515,000 | 6.750 | 08/01/2049 | 517,255 | |||||||||||||
| Four Corners Business Improvement District LT Supported RB Series 2022 (NR/NR) |
| |||||||||||||||
| 2,500,000 | 6.000 | 12/01/2052 | 2,369,808 | |||||||||||||
| Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 2,370,000 | 4.250 | 12/01/2051 | 1,807,316 | |||||||||||||
| Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,430,000 | 5.125 | 12/01/2051 | 1,311,851 | |||||||||||||
| Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,140,000 | 4.625 | (d) | 12/01/2045 | 931,131 | ||||||||||||
| High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR) |
| |||||||||||||||
| 3,680,000 | 4.000 | 12/01/2047 | 3,579,685 | |||||||||||||
| Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 570,000 | 5.000 | 12/01/2051 | 485,127 | |||||||||||||
| Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 12/01/2049 | 1,882,956 | |||||||||||||
| Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,225,000 | 4.250 | 12/01/2051 | 947,734 | |||||||||||||
| Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (B1/NR) |
| |||||||||||||||
| 580,000 | 4.125 | 12/01/2040 | 501,952 | |||||||||||||
| 900,000 | 4.375 | 12/01/2047 | 760,240 | |||||||||||||
| Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/01/2051 | 868,313 | |||||||||||||
| Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 12,627,000 | 4.250 | 12/01/2046 | 10,588,334 | |||||||||||||
| Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,980,000 | 5.000 | 12/01/2050 | 1,736,999 | |||||||||||||
| Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 7,800,000 | 0.000 | (g) | 12/01/2050 | 7,116,294 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Kremmling Memorial Hospital District Certificates of |
| |||||||||||||||
| Participation Series 2024 (NR/NR) |
| |||||||||||||||
| $ | 11,000,000 | 6.625 | %(d) | 12/01/2056 | $ | 10,709,139 | ||||||||||
| Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 4,190,000 | 5.000 | 12/01/2049 | 4,034,634 | |||||||||||||
| Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR) |
| |||||||||||||||
| 683,000 | 7.750 | 12/15/2049 | 660,194 | |||||||||||||
| Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,180,000 | 5.750 | 12/01/2050 | 1,181,280 | |||||||||||||
| Loretto Heights Community Authority RB Series 2021 (NR/NR) |
| |||||||||||||||
| 4,500,000 | 4.875 | 12/01/2051 | 3,617,549 | |||||||||||||
| Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 525,000 | 4.875 | 12/01/2040 | 480,594 | |||||||||||||
| 750,000 | 5.125 | 12/01/2050 | 691,154 | |||||||||||||
| Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,925,000 | 6.750 | 12/01/2052 | 2,945,188 | |||||||||||||
| Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 2,665,000 | 5.000 | 12/01/2049 | 2,488,081 | |||||||||||||
| Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) |
| |||||||||||||||
| 1,473,000 | 7.375 | 12/15/2049 | 1,381,165 | |||||||||||||
| Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) |
| |||||||||||||||
| 2,900,000 | 4.000 | 12/01/2051 | 2,291,140 | |||||||||||||
| Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 980,000 | 5.000 | 12/01/2049 | 914,942 | |||||||||||||
| Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 3,225,000 | 5.000 | 12/01/2051 | 2,761,901 | |||||||||||||
| Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 2,550,000 | 7.000 | 12/01/2052 | 2,629,146 | |||||||||||||
| Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 12,788,000 | 5.000 | 12/01/2051 | 11,088,613 | |||||||||||||
| Murphy Creek Metropolitan District GO LT Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 2,140,000 | 6.000 | 12/01/2052 | 2,146,863 | |||||||||||||
| Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,140,000 | 5.000 | 12/01/2051 | 1,003,224 | |||||||||||||
| Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) |
| |||||||||||||||
| 5,760,000 | 5.125 | 12/01/2040 | 5,776,096 | |||||||||||||
| North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) |
| |||||||||||||||
| 1,260,000 | 5.500 | 12/01/2048 | 1,255,701 | |||||||||||||
| North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 3,180,000 | 5.625 | 12/01/2037 | 3,186,106 | |||||||||||||
| 7,855,000 | 5.750 | 12/01/2047 | 7,871,223 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 117 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| North Range Metropolitan District Subordinate LT GO Special RB Series 2017B (NR/NR) |
| |||||||||||||||
| $ | 2,322,000 | 7.750 | % | 12/15/2047 | $ | 2,327,304 | ||||||||||
| Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) |
| |||||||||||||||
| 350,000 | 4.000 | 12/01/2032 | 351,010 | |||||||||||||
| 340,000 | 4.000 | 12/01/2033 | 339,990 | |||||||||||||
| 190,000 | 4.000 | 12/01/2034 | 189,169 | |||||||||||||
| 550,000 | 4.000 | 12/01/2036 | 537,178 | |||||||||||||
| 215,000 | 4.000 | 12/01/2038 | 202,960 | |||||||||||||
| Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 4,711,000 | 7.250 | 12/15/2049 | 4,451,174 | |||||||||||||
| Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,500,000 | 5.125 | 12/01/2049 | 1,436,026 | |||||||||||||
| Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR) |
| |||||||||||||||
| 2,140,000 | 5.000 | 12/01/2040 | 2,059,004 | |||||||||||||
| 3,335,000 | 5.250 | 12/01/2050 | 3,095,698 | |||||||||||||
| Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR) |
| |||||||||||||||
| 1,924,000 | 7.750 | 12/15/2050 | 1,796,640 | |||||||||||||
| Parkdale Community Authority Limited Tax Supported Convertible Capital Appreciation RB Series 2024A (NR/NR) |
| |||||||||||||||
| 5,170,000 | 0.000 | (d)(g) | 12/01/2053 | 3,872,622 | ||||||||||||
| Parkdale Community Authority Subordinate Limited Tax Supported RB Series 2024B (NR/NR) |
| |||||||||||||||
| 1,392,000 | 9.000 | (d) | 12/15/2053 | 1,382,118 | ||||||||||||
| Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,011,000 | 4.300 | 12/01/2050 | 836,086 | |||||||||||||
| Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,200,000 | 5.000 | 12/01/2050 | 1,105,434 | |||||||||||||
| Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 12/01/2040 | 995,985 | ||||||||||||
| Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 796,000 | 5.000 | 12/01/2049 | 761,091 | |||||||||||||
| Powhaton Community Authority LT Supported RB Series 2021 (NR/NR) |
| |||||||||||||||
| 5,460,000 | 5.000 | 12/01/2051 | 4,767,380 | |||||||||||||
| Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR) |
| |||||||||||||||
| 6,500,000 | 5.000 | (d) | 12/15/2041 | 6,514,776 | ||||||||||||
| Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 725,000 | 4.875 | 12/15/2044 | 645,658 | |||||||||||||
| Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR) |
| |||||||||||||||
| 5,400,000 | 4.750 | (d) | 12/01/2045 | 3,651,907 | ||||||||||||
| Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR) |
| |||||||||||||||
| 150,000 | 0.000 | (d)(e) | 12/01/2025 | 133,731 | ||||||||||||
| Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 9,930,000 | 5.000 | 12/01/2049 | 9,296,711 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 1,750,000 | 4.000 | % | 12/01/2051 | $ | 1,298,585 | ||||||||||
| Reunion Metropolitan District RB Series 2021 A (NR/NR) |
| |||||||||||||||
| 2,160,861 | 3.625 | 12/01/2044 | 1,658,307 | |||||||||||||
| Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.250 | 12/01/2060 | 831,088 | |||||||||||||
| Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.000 | 12/01/2049 | 1,101,118 | |||||||||||||
| Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 12/01/2051 | 443,740 | |||||||||||||
| RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 5,125,000 | 5.250 | 12/01/2051 | 4,460,718 | |||||||||||||
| Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,055,000 | 5.000 | (d) | 12/01/2050 | 963,678 | ||||||||||||
| Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 3,450,000 | 5.000 | 12/01/2039 | 3,390,485 | |||||||||||||
| 5,695,000 | 5.000 | 12/01/2049 | 5,361,717 | |||||||||||||
| Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) |
| |||||||||||||||
| 9,375,000 | 5.250 | 12/01/2051 | 8,338,706 | |||||||||||||
| Settler’s Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 12/01/2040 | 948,409 | ||||||||||||
| 1,625,000 | 5.125 | (d) | 12/01/2050 | 1,503,776 | ||||||||||||
| Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,453,000 | 5.000 | 12/01/2049 | 1,441,575 | |||||||||||||
| Sky Ranch Community Authority Board LT Support District Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 4,345,000 | 5.750 | 12/01/2052 | 4,221,120 | |||||||||||||
| South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) |
| |||||||||||||||
| 750,000 | 4.000 | 12/01/2044 | 718,773 | |||||||||||||
| 2,210,000 | 3.000 | 12/01/2049 | 1,633,766 | |||||||||||||
| South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR) |
| |||||||||||||||
| 2,208,000 | 8.000 | 12/15/2048 | 1,935,831 | |||||||||||||
| South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) |
| |||||||||||||||
| 500,000 | 5.500 | 12/01/2048 | 426,958 | |||||||||||||
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) |
| |||||||||||||||
| 1,750,000 | 5.000 | 12/01/2047 | 1,701,928 | |||||||||||||
| St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 2,550,000 | 5.125 | 12/01/2047 | 2,516,210 | |||||||||||||
| Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) |
| |||||||||||||||
| 650,000 | 5.000 | 12/01/2039 | 678,850 | |||||||||||||
| Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR) |
| |||||||||||||||
| 705,000 | 7.125 | 12/15/2050 | 705,169 | |||||||||||||
| 118 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) |
| |||||||||||||||
| $ | 2,500,000 | 4.250 | % | 12/01/2050 | $ | 2,191,866 | ||||||||||
| Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR) |
| |||||||||||||||
| 8,000,000 | 6.000 | 12/01/2050 | 8,412,174 | |||||||||||||
| The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,100,000 | 5.000 | 12/01/2040 | 1,096,811 | |||||||||||||
| 1,750,000 | 5.000 | 12/01/2049 | 1,709,186 | |||||||||||||
| Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,730,000 | 5.750 | 12/01/2050 | 1,730,455 | |||||||||||||
| Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR) |
| |||||||||||||||
| 545,000 | 5.250 | 12/01/2037 | 546,740 | |||||||||||||
| 2,400,000 | 5.375 | 12/01/2047 | 2,356,426 | |||||||||||||
| Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.375 | 12/01/2044 | 482,076 | |||||||||||||
| Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 580,000 | 5.000 | 12/01/2040 | 552,514 | |||||||||||||
| 1,020,000 | 5.000 | 12/01/2050 | 916,177 | |||||||||||||
| West Meadow Metropolitan District town of Fraser, Grand County, Colorado Limited Tax GO Senior Bonds Series 2023A (NR/NR) |
| |||||||||||||||
| 2,250,000 | 6.500 | (d) | 12/01/2050 | 2,347,477 | ||||||||||||
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,500,000 | 5.000 | 12/01/2050 | 1,303,287 | |||||||||||||
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 0.000 | (g) | 12/01/2050 | 722,995 | ||||||||||||
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR) |
| |||||||||||||||
| 4,238,000 | 8.000 | 12/15/2050 | 3,853,844 | |||||||||||||
| Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 960,000 | 5.000 | (d) | 12/01/2050 | 888,104 | ||||||||||||
| Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR) |
| |||||||||||||||
| 181,000 | 7.750 | 12/15/2050 | 174,588 | |||||||||||||
| Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) |
| |||||||||||||||
| 3,331,000 | 5.375 | 12/01/2048 | 3,290,440 | |||||||||||||
| Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR) |
| |||||||||||||||
| 12,250,000 | 4.125 | 12/01/2051 | 8,954,003 | |||||||||||||
| Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR) |
| |||||||||||||||
| 9,400,000 | 0.000 | (g) | 12/01/2051 | 5,647,126 | ||||||||||||
| Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,500,000 | 6.500 | 12/01/2047 | 1,531,254 | |||||||||||||
| Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 2,184,000 | 5.125 | (d) | 12/01/2050 | 1,870,605 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) |
| |||||||||||||||
| Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR) |
| |||||||||||||||
| $ | 1,764,000 | 6.250 | % | 12/15/2040 | $ | 1,702,973 | ||||||||||
|
|
|
|||||||||||||||
| 582,135,575 | ||||||||||||||||
|
|
||||||||||||||||
| Connecticut - 0.6% |
| |||||||||||||||
| City of New Haven CT GO Bonds Series 2018 (NR/A-) |
| |||||||||||||||
| 310,000 | 5.500 | 08/01/2038 | 331,827 | |||||||||||||
| City of New Haven GO Bonds Series 2018 A (NR/A-) |
| |||||||||||||||
| 900,000 | 5.500 | 08/01/2034 | 974,952 | |||||||||||||
| 500,000 | 5.500 | 08/01/2035 | 540,910 | |||||||||||||
| 420,000 | 5.500 | 08/01/2036 | 453,056 | |||||||||||||
| 500,000 | 5.500 | 08/01/2037 | 537,448 | |||||||||||||
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) |
| |||||||||||||||
| 3,925,000 | 11.000 | (d) | 12/01/2027 | 4,385,692 | ||||||||||||
| Connecticut Airport Authority Customer Facility Charge RB for Ground Transportation Center Project Series 2019A (NR/A) |
| |||||||||||||||
| 1,750,000 | 4.000 | 07/01/2049 | 1,592,858 | |||||||||||||
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.000 | (d) | 01/01/2045 | 978,111 | ||||||||||||
| 3,065,000 | 5.000 | (d) | 01/01/2055 | 2,425,909 | ||||||||||||
| Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BB+) |
| |||||||||||||||
| 1,045,000 | 4.000 | 07/01/2039 | 890,746 | |||||||||||||
| 3,500,000 | 4.000 | 07/01/2044 | 2,788,328 | |||||||||||||
| 5,325,000 | 4.000 | 07/01/2049 | 4,019,701 | |||||||||||||
| Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 2,500,000 | 4.750 | (d) | 10/01/2048 | 2,375,186 | ||||||||||||
| Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) |
| |||||||||||||||
| 28,300,000 | 7.000 | (d) | 02/01/2045 | 28,308,518 | ||||||||||||
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) |
| |||||||||||||||
| 2,455,000 | 5.375 | 07/01/2052 | 2,297,740 | |||||||||||||
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) |
| |||||||||||||||
| 2,025,000 | 4.000 | (d) | 04/01/2051 | 1,551,549 | ||||||||||||
| town of Hamden RB for Whitney Center Project Series 2022A (NR/NR) |
| |||||||||||||||
| 6,925,000 | 7.000 | 01/01/2053 | 7,394,969 | |||||||||||||
|
|
|
|||||||||||||||
| 61,847,500 | ||||||||||||||||
|
|
||||||||||||||||
| Delaware - 0.1% |
| |||||||||||||||
| Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB) |
| |||||||||||||||
| 1,075,000 | 4.000 | 06/01/2052 | 807,980 | |||||||||||||
| 1,125,000 | 4.000 | 06/01/2057 | 821,723 | |||||||||||||
| Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 11/15/2048 | 2,046,215 | |||||||||||||
| Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-) |
| |||||||||||||||
| 3,130,000 | 4.000 | 07/01/2043 | 3,028,208 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 119 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Delaware – (continued) |
| |||||||||||||||
| Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) |
| |||||||||||||||
| $ | 855,000 | 5.000 | % | 08/01/2049 | $ 829,272 | |||||||||||
| 835,000 | 5.000 | 08/01/2054 | 796,468 | |||||||||||||
| Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) |
| |||||||||||||||
| 1,900,000 | 5.000 | 09/01/2050 | 1,928,709 | |||||||||||||
| town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) |
| |||||||||||||||
| 4,900,000 | 4.000 | 07/01/2035 | 4,797,612 | |||||||||||||
|
|
|
|||||||||||||||
| 15,056,187 | ||||||||||||||||
|
|
||||||||||||||||
| District of Columbia - 0.7% |
| |||||||||||||||
| District Columbia Tobacco Settlement Filing Corp / Tobacco Asset Backed Bds 2006 A (NR/NR) |
| |||||||||||||||
| 59,750,000 | 0.000 | (e) | 06/15/2046 | 14,470,249 | ||||||||||||
| District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aa1/AAA) |
| |||||||||||||||
| 3,000,000 | 5.250 | 05/01/2048 | 3,345,257 | |||||||||||||
| District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) |
| |||||||||||||||
| 5,000,000 | 4.000 | 10/01/2051 | 4,661,715 | |||||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (Aa3/AA-) |
| |||||||||||||||
| 2,500,000 | 5.000 | 10/01/2049 | 2,584,265 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (Baa1/A-) |
| |||||||||||||||
| 37,100,000 | 6.500 | 10/01/2044 | 41,020,082 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) |
| |||||||||||||||
| 3,000,000 | 3.000 | 10/01/2050 | 2,287,700 | |||||||||||||
| 3,170,000 | 4.000 | 10/01/2053 | 2,978,123 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) |
| |||||||||||||||
| 1,115,000 | 4.000 | 10/01/2053 | 1,033,678 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles toll Road Revenue Refunding Bonds for Dulles Metrorail & Capital Improvements Projects Series 2022 (AGM) (A1/AA) |
| |||||||||||||||
| 6,190,000 | 4.000 | 10/01/2052 | 5,893,339 | |||||||||||||
|
|
|
|||||||||||||||
| 78,274,408 | ||||||||||||||||
|
|
||||||||||||||||
| Florida - 14.4% |
| |||||||||||||||
| Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,385,000 | 5.500 | 06/15/2052 | 1,410,467 | |||||||||||||
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) |
| |||||||||||||||
| 3,560,000 | 4.750 | 05/01/2036 | 3,573,404 | |||||||||||||
| Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) |
| |||||||||||||||
| 620,000 | 5.000 | 05/01/2039 | 626,342 | |||||||||||||
| 1,025,000 | 5.100 | 05/01/2049 | 1,022,078 | |||||||||||||
| Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,580,000 | 3.625 | 05/01/2040 | 1,340,270 | |||||||||||||
| Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 5,755,000 | 4.000 | 05/01/2051 | 4,727,270 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||
| Florida – (continued) |
| |||||||||||||
| Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) |
| |||||||||||||
| $ | 1,715,000 | 3.500% | 05/01/2031 | $ | 1,678,942 | |||||||||
| Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||
| 1,125,000 | 5.400 | 05/01/2043 | 1,161,619 | |||||||||||
| 2,050,000 | 5.625 | 05/01/2053 | 2,123,583 | |||||||||||
| Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) |
| |||||||||||||
| 3,970,000 | 3.500 | 05/01/2032 | 3,987,856 | |||||||||||
| 6,695,000 | 3.700 | 05/01/2036 | 6,718,449 | |||||||||||
| Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) |
| |||||||||||||
| 725,000 | 4.625 | 05/01/2028 | 731,626 | |||||||||||
| 1,785,000 | 5.000 | 05/01/2036 | 1,816,304 | |||||||||||
| Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR) |
| |||||||||||||
| 3,160,000 | 6.900 | 05/01/2036 | 3,161,032 | |||||||||||
| Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR) |
| |||||||||||||
| 820,000 | 6.900 | 05/01/2036 | 820,119 | |||||||||||
| Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) |
| |||||||||||||
| 500,000 | 4.000 | 11/01/2040 | 448,320 | |||||||||||
| 3,155,000 | 4.000 | 11/01/2050 | 2,603,976 | |||||||||||
| Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) |
| |||||||||||||
| 1,845,000 | 5.100(d) | 05/01/2039 | 1,868,789 | |||||||||||
| 3,080,000 | 5.200(d) | 05/01/2049 | 3,083,944 | |||||||||||
| Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR) |
| |||||||||||||
| 270,000 | 2.750(d) | 05/01/2031 | 239,752 | |||||||||||
| 515,000 | 3.125(d) | 05/01/2041 | 393,525 | |||||||||||
| Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2024 Assessment Area Four Project (NR/NR) |
| |||||||||||||
| 1,715,000 | 5.700 | 05/01/2054 | 1,749,162 | |||||||||||
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) |
| |||||||||||||
| 500,000 | 3.200(d) | 05/01/2041 | 407,578 | |||||||||||
| Astonia Community Development District Special Assessment for Assessment Area Three Series 2023 Project Series 2023 (NR/NR) |
| |||||||||||||
| 1,045,000 | 5.375 | 06/15/2053 | 1,058,917 | |||||||||||
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) |
| |||||||||||||
| 775,000 | 3.200(d) | 05/01/2041 | 631,547 | |||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) |
| |||||||||||||
| 660,000 | 4.375 | 11/01/2049 | 586,042 | |||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) |
| |||||||||||||
| 740,000 | 5.750 | 05/01/2048 | 766,279 | |||||||||||
| 120 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 250,000 | 3.375 | % | 05/01/2041 | $ | 204,701 | ||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) |
| |||||||||||||||
| 1,785,000 | 6.000 | 05/01/2048 | 1,883,638 | |||||||||||||
| Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 650,000 | 3.125 | 05/01/2041 | 530,008 | |||||||||||||
| Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) |
| |||||||||||||||
| 775,000 | 5.625 | 05/01/2052 | 800,639 | |||||||||||||
| Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) |
| |||||||||||||||
| 580,000 | 3.750 | (d) | 05/01/2040 | 559,569 | ||||||||||||
| Avenir Community Development District Special Assessment Bonds for Assessment Area Two - 2021B Project Series 2021B (NR/NR) |
| |||||||||||||||
| 8,300,000 | 5.000 | (d) | 05/01/2041 | 8,318,600 | ||||||||||||
| Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,450,000 | 5.375 | 05/01/2043 | 1,465,813 | |||||||||||||
| 6,000,000 | 5.625 | 05/01/2054 | 6,107,745 | |||||||||||||
| Avenir Community Development District Special Assessment Bonds Series 2019B- Parcel A-4 Project (NR/NR) |
| |||||||||||||||
| 1,745,000 | 5.250 | 05/01/2029 | 1,746,552 | |||||||||||||
| Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/ NR) |
| |||||||||||||||
| 900,000 | 4.500 | (d) | 06/01/2039 | 863,475 | ||||||||||||
| 1,630,000 | 4.625 | (d) | 06/01/2049 | 1,496,618 | ||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) |
| |||||||||||||||
| 525,000 | 4.750 | 11/01/2026 | 530,663 | |||||||||||||
| 700,000 | 5.000 | 11/01/2031 | 708,606 | |||||||||||||
| 5,975,000 | 5.250 | 11/01/2046 | 6,002,033 | |||||||||||||
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 3,500,000 | 5.000 | 05/01/2042 | 3,466,986 | |||||||||||||
| Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) |
| |||||||||||||||
| 955,000 | 5.000 | 11/01/2036 | 974,082 | |||||||||||||
| 1,055,000 | 5.000 | 11/01/2048 | 1,038,903 | |||||||||||||
| Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 705,000 | 3.500 | (d) | 05/01/2041 | 613,164 | ||||||||||||
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A) |
| |||||||||||||||
| 1,835,000 | 4.250 | 05/01/2029 | 1,854,418 | |||||||||||||
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) |
| |||||||||||||||
| 905,000 | 5.000 | 05/01/2035 | 910,269 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) |
| |||||||||||||||
| $ | 865,000 | 3.750 | % | 05/01/2031 | $ | 841,809 | ||||||||||
| 1,005,000 | 4.000 | 05/01/2037 | 975,605 | |||||||||||||
| Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) |
| |||||||||||||||
| 2,810,000 | 4.250 | 05/01/2037 | 2,818,425 | |||||||||||||
| Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR) |
| |||||||||||||||
| 1,265,000 | 6.375 | (d) | 11/01/2049 | 1,312,585 | ||||||||||||
| Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) |
| |||||||||||||||
| 325,000 | 6.000 | 11/01/2027 | 339,477 | |||||||||||||
| 490,000 | 3.750 | 11/01/2031 | 476,554 | |||||||||||||
| 2,975,000 | 6.500 | 11/01/2043 | 3,223,018 | |||||||||||||
| 1,490,000 | 4.125 | 11/01/2046 | 1,306,927 | |||||||||||||
| Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,045,000 | 4.000 | 05/01/2040 | 1,036,401 | |||||||||||||
| Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR) |
| |||||||||||||||
| 770,000 | 6.125 | 11/01/2033 | 828,212 | |||||||||||||
| 1,000,000 | 6.500 | 11/01/2043 | 1,099,102 | |||||||||||||
| Belmont II Community Development District Special Assessment RB Series 2020 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 4.000 | 12/15/2050 | 1,290,043 | |||||||||||||
| Belmont II Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 1,285,000 | 3.625 | 12/15/2040 | 1,198,350 | |||||||||||||
| Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 1,250,000 | 3.625 | 05/01/2041 | 1,054,090 | |||||||||||||
| Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,525,000 | 5.750 | 05/01/2053 | 1,576,102 | |||||||||||||
| Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR) |
| |||||||||||||||
| 1,680,000 | 4.700 | 05/01/2036 | 1,681,341 | |||||||||||||
| 3,200,000 | 4.875 | 05/01/2047 | 3,058,290 | |||||||||||||
| Biscayne Drive Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 890,000 | 6.000 | 06/15/2052 | 922,542 | |||||||||||||
| Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 325,000 | 3.750 | 06/15/2040 | 281,629 | |||||||||||||
| 950,000 | 4.000 | 06/15/2050 | 789,774 | |||||||||||||
| Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 900,000 | 4.250 | 06/15/2039 | 838,268 | |||||||||||||
| Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 1,165,000 | 3.500 | 05/01/2041 | 967,688 | |||||||||||||
| 1,360,000 | 4.000 | 05/01/2051 | 1,125,006 | |||||||||||||
| Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 565,000 | 3.625 | 05/01/2040 | 480,342 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 121 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Bradbury Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 1,800,000 | 5.250 | % | 05/01/2043 | $ | 1,821,960 | ||||||||||
| 2,250,000 | 5.500 | 05/01/2053 | 2,279,729 | |||||||||||||
| Bridgewalk Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two Project) (NR/NR) |
| |||||||||||||||
| 675,000 | 6.500 | 12/15/2053 | 713,714 | |||||||||||||
| Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/ NR) |
| |||||||||||||||
| 6,020,000 | 5.750 | 05/01/2035 | 6,245,746 | |||||||||||||
| Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,610,000 | 4.000 | 05/01/2052 | 1,270,403 | |||||||||||||
| Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 3.150 | 05/01/2041 | 789,895 | |||||||||||||
| Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.500 | 05/01/2042 | 1,025,575 | |||||||||||||
| 1,500,000 | 5.625 | 05/01/2052 | 1,530,250 | |||||||||||||
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.625 | 05/01/2042 | 923,989 | |||||||||||||
| 1,305,000 | 5.750 | 05/01/2052 | 1,328,928 | |||||||||||||
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) |
| |||||||||||||||
| 550,000 | 5.600 | 05/01/2044 | 550,422 | |||||||||||||
| 1,550,000 | 5.875 | 05/01/2054 | 1,551,175 | |||||||||||||
| Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,040,000 | 5.500 | 05/01/2052 | 1,081,325 | |||||||||||||
| Cabot Citrus Farms Community Development District Special RB Anticipation Notes for Hernando County Project Series 2024 (NR/NR) |
| |||||||||||||||
| 12,500,000 | 5.250 | 03/01/2029 | 12,594,711 | |||||||||||||
| Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 12/15/2039 | 904,553 | |||||||||||||
| 1,350,000 | 4.000 | 12/15/2049 | 1,118,790 | |||||||||||||
| Capital Trust Agency Educational Facilities RB Series 2021A (NR/NR) |
| |||||||||||||||
| 2,210,000 | 5.000 | (d) | 12/01/2056 | 1,723,800 | ||||||||||||
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| |||||||||||||||
| 63,655,000 | 5.250 | (d) | 12/01/2058 | 61,932,324 | ||||||||||||
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) |
| |||||||||||||||
| 595,000 | 4.000 | (d) | 07/01/2056 | 438,833 | ||||||||||||
| Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) |
| |||||||||||||||
| 3,030,000 | 5.000 | (d) | 06/01/2056 | 2,634,875 | ||||||||||||
| Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba2/NR) |
| |||||||||||||||
| 1,155,000 | 5.000 | (d) | 12/15/2049 | 1,045,073 | ||||||||||||
| 1,075,000 | 5.000 | (d) | 12/15/2054 | 955,061 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| |||||||||||||||
| $ | 2,025,000 | 5.250 | %(d) | 12/01/2043 | $ | 2,019,926 | ||||||||||
| Capital Trust Authority Educational Facilities Revenue Refunding Bonds for Southeastern University, Inc. Project Series 2023A (NR/BB) |
| |||||||||||||||
| 4,470,000 | 6.375 | (d) | 05/01/2053 | 4,545,110 | ||||||||||||
| Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/ BB) |
| |||||||||||||||
| 4,775,000 | 6.250 | (d) | 05/01/2048 | 4,840,675 | ||||||||||||
| Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 495,000 | 5.125 | 05/01/2038 | 502,506 | |||||||||||||
| 1,000,000 | 5.250 | 05/01/2049 | 1,005,758 | |||||||||||||
| Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) |
| |||||||||||||||
| 900,000 | 5.625 | (d)(h) | 05/01/2054 | 898,011 | ||||||||||||
| Center Lake Ranch West Community Development District (City of St. Cloud, Florida) Capital Improvement RB, Series 2023 (Assessment Area One) (NR/NR) |
| |||||||||||||||
| 2,275,000 | 6.000 | 05/01/2054 | 2,354,877 | |||||||||||||
| Centre Lake Community Development District Special Assessment Series 2016 (NR/NR) |
| |||||||||||||||
| 260,000 | 4.125 | 12/15/2027 | 260,675 | |||||||||||||
| 500,000 | 4.500 | 12/15/2032 | 503,822 | |||||||||||||
| 975,000 | 4.700 | 12/15/2037 | 977,485 | |||||||||||||
| Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A) |
| |||||||||||||||
| 1,705,000 | 4.500 | 11/01/2031 | 1,706,301 | |||||||||||||
| Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 630,000 | 3.750 | 05/01/2040 | 543,922 | |||||||||||||
| CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 820,000 | 3.350 | 05/01/2041 | 663,332 | |||||||||||||
| 1,165,000 | 4.000 | 05/01/2051 | 958,413 | |||||||||||||
| Chapel Creek Community Development District (Pasco County, Florida) / Special Assessment Bonds, Series 2024 (Series 2024 Project) (NR/NR) |
| |||||||||||||||
| 300,000 | 4.625 | 05/01/2031 | 301,726 | |||||||||||||
| 750,000 | 5.500 | 05/01/2044 | 758,703 | |||||||||||||
| 1,055,000 | 5.750 | 05/01/2054 | 1,062,967 | |||||||||||||
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 620,000 | 3.375 | (d) | 05/01/2041 | 507,511 | ||||||||||||
| 895,000 | 4.000 | (d) | 05/01/2052 | 730,457 | ||||||||||||
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 1,605,000 | 3.700 | (d) | 05/01/2040 | 1,384,275 | ||||||||||||
| 2,815,000 | 4.000 | (d) | 05/01/2051 | 2,337,756 | ||||||||||||
| Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) |
| |||||||||||||||
| 1,510,000 | 4.375 | 05/01/2050 | 1,327,670 | |||||||||||||
| Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 1,055,000 | 4.000 | 05/01/2052 | 861,657 | |||||||||||||
| 122 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) |
| |||||||||||||||
| $ | 700,000 | 5.500 | %(d) | 10/01/2036 | $ | 708,245 | ||||||||||
| Charlotte County Industrial Development Authority Utility System RB for town & Country Utilities Project Series 2019 (NR/NR) |
| |||||||||||||||
| 5,900,000 | 5.000 | (d) | 10/01/2049 | 5,900,951 | ||||||||||||
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) |
| |||||||||||||||
| 975,000 | 5.250 | 06/01/2052 | 992,404 | |||||||||||||
| 1,750,000 | 5.375 | 06/01/2057 | 1,786,432 | |||||||||||||
| 1,375,000 | 5.625 | 06/01/2062 | 1,417,997 | |||||||||||||
| City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) |
| |||||||||||||||
| 480,000 | 5.000 | 01/01/2037 | 477,281 | |||||||||||||
| 1,725,000 | 5.000 | 01/01/2047 | 1,586,413 | |||||||||||||
| 1,615,000 | 5.000 | 01/01/2052 | 1,447,900 | |||||||||||||
| CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) |
| |||||||||||||||
| 25,620,000 | 0.000 | (g) | 05/01/2046 | 24,098,695 | ||||||||||||
| Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.750 | (d) | 06/15/2039 | 497,212 | ||||||||||||
| Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.750 | 05/01/2052 | 930,124 | |||||||||||||
| Collier County Educational Facilities Authority Revenue Refunding Bonds for Ave Maria University Project Series 2023 (NR/ BBB-) |
| |||||||||||||||
| 4,165,000 | 5.000 | 06/01/2043 | 4,046,646 | |||||||||||||
| Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) |
| |||||||||||||||
| 2,990,000 | 3.500 | 05/01/2032 | 2,924,092 | |||||||||||||
| 1,500,000 | 3.625 | 05/01/2035 | 1,480,255 | |||||||||||||
| 1,750,000 | 3.750 | 05/01/2046 | 1,540,918 | |||||||||||||
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR) |
| |||||||||||||||
| 3,305,000 | 5.850 | * | 05/01/2035 | 33 | ||||||||||||
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR) |
| |||||||||||||||
| 3,980,000 | 5.000 | * | 05/01/2011 | 40 | ||||||||||||
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/ NR) |
| |||||||||||||||
| 975,000 | 5.850 | 05/01/2035 | 878,925 | |||||||||||||
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR) |
| |||||||||||||||
| 2,939,931 | 0.000 | (e)* | 05/01/2017 | 1,558,163 | ||||||||||||
| Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 2,045,000 | 5.375 | 06/15/2053 | 2,094,788 | |||||||||||||
| Cope’s Landing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,675,000 | 5.875 | 05/01/2053 | 1,745,391 | |||||||||||||
| Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 270,000 | 4.000 | (d) | 11/01/2029 | 267,198 | ||||||||||||
| 500,000 | 4.750 | (d) | 11/01/2038 | 493,053 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 425,000 | 4.000 | % | 12/15/2039 | $ | 385,162 | ||||||||||
| Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 495,000 | 5.625 | 05/01/2052 | 502,191 | |||||||||||||
| Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) |
| |||||||||||||||
| 2,315,000 | 5.450 | 05/01/2044 | 2,341,926 | |||||||||||||
| 1,720,000 | 5.750 | 05/01/2054 | 1,736,938 | |||||||||||||
| Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 535,000 | 4.000 | 05/01/2040 | 489,648 | |||||||||||||
| Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| |||||||||||||||
| 1,165,000 | 5.500 | 11/01/2044 | 1,192,264 | |||||||||||||
| 1,000,000 | 5.750 | 11/01/2053 | 1,018,991 | |||||||||||||
| Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 5.300 | 05/01/2053 | 1,600,937 | |||||||||||||
| Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/ NR) |
| |||||||||||||||
| 2,185,000 | 5.125 | (d) | 11/01/2050 | 2,166,319 | ||||||||||||
| Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB+) |
| |||||||||||||||
| 782,000 | 4.000 | 05/01/2031 | 777,613 | |||||||||||||
| 1,407,000 | 4.250 | 05/01/2038 | 1,354,956 | |||||||||||||
| Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/ AA) |
| |||||||||||||||
| 930,000 | 3.750 | 05/01/2029 | 930,728 | |||||||||||||
| County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR) |
| |||||||||||||||
| 4,000,000 | 5.750 | 08/15/2050 | 3,737,923 | |||||||||||||
| 2,100,000 | 5.750 | 08/15/2055 | 1,939,995 | |||||||||||||
| County of Miami-Dade Aviation RB Series 2019 A (NR/A) |
| |||||||||||||||
| 5,220,000 | 5.000 | 10/01/2044 | 5,406,324 | |||||||||||||
| Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/ BBB) |
| |||||||||||||||
| 500,000 | 4.000 | 05/01/2038 | 475,639 | |||||||||||||
| 1,175,000 | 4.125 | 05/01/2048 | 1,077,712 | |||||||||||||
| Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 1,565,000 | 4.700 | (d) | 11/01/2039 | 1,521,139 | ||||||||||||
| 2,495,000 | 4.750 | (d) | 11/01/2049 | 2,337,130 | ||||||||||||
| Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,675,000 | 4.500 | 05/01/2052 | 1,551,671 | |||||||||||||
| Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.375 | 05/01/2053 | 1,387,219 | |||||||||||||
| Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,440,000 | 5.125 | 05/01/2052 | 2,404,518 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 123 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Crosswinds East Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) |
| |||||||||||||||
| $ | 955,000 | 4.625 | % | 05/01/2031 | $ | 960,860 | ||||||||||
| 1,430,000 | 5.500 | 05/01/2044 | 1,447,703 | |||||||||||||
| 1,500,000 | 5.750 | 05/01/2054 | 1,512,472 | |||||||||||||
| Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 05/01/2051 | 882,193 | |||||||||||||
| Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/ NR) |
| |||||||||||||||
| 670,000 | 5.250 | 05/01/2043 | 678,171 | |||||||||||||
| 1,150,000 | 5.500 | 05/01/2053 | 1,166,350 | |||||||||||||
| Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,170,000 | 3.800 | (d) | 05/01/2050 | 1,026,208 | ||||||||||||
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 1,175,000 | 3.875 | (d) | 05/01/2040 | 1,042,620 | ||||||||||||
| 1,210,000 | 4.000 | (d) | 05/01/2051 | 994,856 | ||||||||||||
| Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 480,000 | 5.000 | 05/01/2042 | 470,716 | |||||||||||||
| 975,000 | 5.125 | 05/01/2052 | 952,926 | |||||||||||||
| Cypress Ridge Community development District Special Assessment Bonds for Assessment Area 1 Series 2023 (NR/ NR) |
| |||||||||||||||
| 945,000 | 4.875 | 05/01/2030 | 955,901 | |||||||||||||
| 1,570,000 | 5.625 | 05/01/2043 | 1,608,589 | |||||||||||||
| 1,890,000 | 5.875 | 05/01/2053 | 1,940,020 | |||||||||||||
| Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 3,170,000 | 5.125 | (d) | 11/01/2048 | 3,173,349 | ||||||||||||
| Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| |||||||||||||||
| 1,465,000 | 5.400 | 05/01/2039 | 1,514,385 | |||||||||||||
| 2,580,000 | 5.500 | 05/01/2044 | 2,649,152 | |||||||||||||
| Deerbrook Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.500 | 05/01/2053 | 1,169,669 | |||||||||||||
| Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) |
| |||||||||||||||
| 2,655,000 | 5.400 | 05/01/2049 | 2,684,468 | |||||||||||||
| Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 5.000 | 05/01/2043 | 1,506,460 | |||||||||||||
| 1,650,000 | 5.250 | 05/01/2053 | 1,668,933 | |||||||||||||
| DG Farms Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 700,000 | 4.000 | 05/01/2051 | 582,141 | |||||||||||||
| Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.750 | (d) | 12/15/2038 | 995,360 | ||||||||||||
| Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/ AA) |
| |||||||||||||||
| 3,090,000 | 3.750 | 05/01/2034 | 3,103,742 | |||||||||||||
| 4,260,000 | 4.000 | 05/01/2037 | 4,303,935 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 1,035,000 | 3.375 | %(d) | 05/01/2041 | $ | 915,372 | ||||||||||
| DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| 750,000 | 5.250 | 05/01/2052 | 759,342 | |||||||||||||
| Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,165,000 | 5.375 | 05/01/2052 | 2,190,350 | |||||||||||||
| Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,195,000 | 4.125 | (d) | 05/01/2040 | 1,084,392 | ||||||||||||
| 3,785,000 | 4.125 | (d) | 05/01/2051 | 3,181,912 | ||||||||||||
| East 547 Community Development District Special Assessment Bond for Assessment Area Two Series 2023 (NR/NR) |
| |||||||||||||||
| 925,000 | 6.500 | 05/01/2054 | 981,889 | |||||||||||||
| East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/ NR) |
| |||||||||||||||
| 980,000 | 3.250 | 05/01/2041 | 817,432 | |||||||||||||
| East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 11/01/2048 | 1,001,348 | ||||||||||||
| East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/ NR) |
| |||||||||||||||
| 500,000 | 4.750 | 11/01/2039 | 492,945 | |||||||||||||
| 920,000 | 5.000 | 11/01/2049 | 913,396 | |||||||||||||
| Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 805,000 | 4.000 | 05/01/2042 | 723,857 | |||||||||||||
| 2,390,000 | 4.125 | 05/01/2052 | 1,994,302 | |||||||||||||
| Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 190,000 | 4.000 | 05/01/2040 | 181,089 | |||||||||||||
| 500,000 | 4.125 | 05/01/2051 | 431,347 | |||||||||||||
| Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) |
| |||||||||||||||
| 1,425,000 | 3.600 | 05/01/2041 | 1,190,354 | |||||||||||||
| 2,675,000 | 4.000 | 05/01/2051 | 2,184,538 | |||||||||||||
| Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,975,000 | 4.000 | 05/01/2042 | 1,697,233 | |||||||||||||
| 4,720,000 | 4.000 | 05/01/2052 | 3,685,005 | |||||||||||||
| Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,850,000 | 5.800 | 05/01/2053 | 1,918,954 | |||||||||||||
| Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) |
| |||||||||||||||
| 385,000 | 3.500 | 05/01/2041 | 312,253 | |||||||||||||
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) |
| |||||||||||||||
| 15,210,000 | 4.000 | 08/15/2045 | 13,592,442 | |||||||||||||
| Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 1,745,000 | 3.000 | 08/15/2050 | 1,313,607 | |||||||||||||
| 124 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) |
| |||||||||||||||
| $ | 985,000 | 4.000 | % | 11/01/2040 | $ | 889,285 | ||||||||||
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 105,000 | 4.000 | 11/01/2040 | 94,797 | |||||||||||||
| 1,070,000 | 4.125 | 11/01/2050 | 913,500 | |||||||||||||
| Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR) |
| |||||||||||||||
| 435,000 | 6.375 | 11/01/2026 | 440,438 | |||||||||||||
| 3,225,000 | 7.000 | 11/01/2045 | 3,403,049 | |||||||||||||
| Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR) |
| |||||||||||||||
| 805,000 | 5.250 | 11/01/2035 | 811,303 | |||||||||||||
| 1,305,000 | 5.375 | 11/01/2046 | 1,309,374 | |||||||||||||
| Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 1,345,000 | 5.000 | (d) | 11/01/2039 | 1,362,400 | ||||||||||||
| 1,800,000 | 5.125 | (d) | 11/01/2049 | 1,800,734 | ||||||||||||
| Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) |
| |||||||||||||||
| 750,000 | 5.250 | 06/15/2044 | 755,834 | |||||||||||||
| 1,000,000 | 5.550 | 06/15/2054 | 1,007,658 | |||||||||||||
| Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) |
| |||||||||||||||
| 6,645,000 | 4.000 | 05/01/2052 | 5,427,215 | |||||||||||||
| Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,445,000 | 3.375 | 05/01/2041 | 1,181,717 | |||||||||||||
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 2,430,000 | 5.000 | 05/01/2035 | 2,488,886 | |||||||||||||
| Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| |||||||||||||||
| 185,000 | 4.000 | 05/01/2040 | 165,689 | |||||||||||||
| 500,000 | 4.200 | 05/01/2050 | 427,247 | |||||||||||||
| Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-) |
| |||||||||||||||
| 1,445,000 | 4.375 | 05/01/2034 | 1,445,411 | |||||||||||||
| Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 1,250,000 | 3.000 | 11/01/2041 | 991,730 | |||||||||||||
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) |
| |||||||||||||||
| 5,000,000 | 5.500 | (d) | 07/01/2052 | 4,480,681 | ||||||||||||
| 3,825,000 | 5.625 | (d) | 07/01/2056 | 3,446,040 | ||||||||||||
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 3,770,000 | 5.125 | (d) | 10/01/2052 | 3,609,499 | ||||||||||||
| 1,725,000 | 5.250 | (d) | 10/01/2056 | 1,670,173 | ||||||||||||
| Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR) |
| |||||||||||||||
| 2,735,000 | 5.875 | (d) | 08/15/2052 | 2,666,625 | ||||||||||||
| 2,430,000 | 6.000 | (d) | 08/15/2057 | 2,381,745 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) |
| |||||||||||||||
| $ | 6,000,000 | 5.250 | % | 08/01/2049 | $ | 6,356,944 | ||||||||||
| 4,000,000 | 4.500 | 08/01/2055 | 3,903,069 | |||||||||||||
| 2,000,000 | 5.250 | 08/01/2055 | 2,098,315 | |||||||||||||
| Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2023C (NR/NR) |
| |||||||||||||||
| 35,750,000 | 8.250 | (a)(b)(d)(h) | 07/01/2057 | 35,738,610 | ||||||||||||
| Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2023C (NR/NR) |
| |||||||||||||||
| 36,250,000 | 8.000 | (a)(b)(d) | 07/01/2057 | 38,425,000 | ||||||||||||
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,650,000 | 5.000 | (d) | 06/01/2040 | 1,420,787 | ||||||||||||
| 2,595,000 | 5.000 | (d) | 06/01/2055 | 1,982,518 | ||||||||||||
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 2,005,000 | 5.250 | (d) | 06/01/2050 | 1,700,426 | ||||||||||||
| 3,560,000 | 5.250 | (d) | 06/01/2055 | 2,951,977 | ||||||||||||
| Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) |
| |||||||||||||||
| 600,000 | 4.000 | 07/01/2045 | 516,971 | |||||||||||||
| 800,000 | 4.000 | 07/01/2055 | 637,136 | |||||||||||||
| Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) |
| |||||||||||||||
| 830,000 | 5.000 | 06/01/2040 | 774,916 | |||||||||||||
| 1,850,000 | 5.000 | 06/01/2050 | 1,622,606 | |||||||||||||
| Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (NR/NR) |
| |||||||||||||||
| 48,145,000 | 7.375 | (d) | 01/01/2049 | 50,172,367 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 1,875,000 | 5.000 | (d) | 06/01/2051 | 1,570,310 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) |
| |||||||||||||||
| 830,000 | 4.000 | (d) | 06/30/2046 | 629,220 | ||||||||||||
| 2,580,000 | 4.000 | (d) | 06/30/2056 | 1,816,794 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/ NR) |
| |||||||||||||||
| 2,090,000 | 4.000 | (d) | 06/01/2055 | 1,328,761 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) |
| |||||||||||||||
| 2,085,000 | 5.000 | (d) | 09/15/2050 | 1,837,726 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Florida Passenger Rail Project Series 2019A-2 (NR/NR) |
| |||||||||||||||
| 3,085,000 | 6.250 | (a)(b)(d) | 01/01/2049 | 3,085,654 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR) |
| |||||||||||||||
| 39,795,000 | 6.500 | (a)(b)(d) | 01/01/2049 | 39,807,177 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR) |
| |||||||||||||||
| 14,940,000 | 6.375 | (a)(b)(d) | 01/01/2049 | 14,941,900 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 125 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| $ | 1,750,000 | 4.750 | %(d) | 06/01/2038 | $ | 1,693,781 | ||||||||||
| 3,000,000 | 5.000 | (d) | 06/01/2048 | 2,792,981 | ||||||||||||
| Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BB) |
| |||||||||||||||
| 4,150,000 | 5.000 | 03/01/2044 | 3,034,518 | |||||||||||||
| 7,900,000 | 5.000 | 03/01/2049 | 5,517,889 | |||||||||||||
| Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/ BBB) |
| |||||||||||||||
| 6,060,000 | 5.000 | 03/01/2047 | 6,093,959 | |||||||||||||
| Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 885,000 | 4.125 | 11/01/2039 | 812,969 | |||||||||||||
| Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+) |
| |||||||||||||||
| 1,850,000 | 3.250 | 11/01/2049 | 1,450,334 | |||||||||||||
| Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 11/01/2049 | 207,507 | |||||||||||||
| Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) |
| |||||||||||||||
| 1,100,000 | 4.250 | 05/01/2040 | 1,015,266 | |||||||||||||
| 1,375,000 | 4.500 | 05/01/2052 | 1,223,342 | |||||||||||||
| Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 1,105,000 | 4.000 | 11/01/2051 | 906,181 | |||||||||||||
| Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/ NR) |
| |||||||||||||||
| 860,000 | 5.450 | 05/01/2044 | 864,646 | |||||||||||||
| 1,010,000 | 5.800 | 05/01/2054 | 1,015,370 | |||||||||||||
| Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/ NR) |
| |||||||||||||||
| 3,165,000 | 5.000 | 11/15/2026 | 3,166,229 | |||||||||||||
| 5,000,000 | 5.000 | 11/15/2036 | 5,001,191 | |||||||||||||
| Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (A1/A+) |
| |||||||||||||||
| 6,380,000 | 5.000 | 10/01/2047 | 6,498,667 | |||||||||||||
| Grove Resort Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 585,000 | 4.000 | 05/01/2052 | 479,984 | |||||||||||||
| Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) |
| |||||||||||||||
| 1,515,000 | 4.500 | 05/01/2036 | 1,488,336 | |||||||||||||
| 2,275,000 | 4.625 | 05/01/2046 | 2,109,961 | |||||||||||||
| Hacienda North Community Development District (Collier County, Florida) Special Assessment RB, Series 2023 (NR/NR) |
| |||||||||||||||
| 2,750,000 | 6.500 | 05/01/2053 | 2,950,439 | |||||||||||||
| Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.500 | 05/01/2044 | 1,003,786 | |||||||||||||
| 1,150,000 | 5.800 | 05/01/2054 | 1,152,546 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Hammock Oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 1,000,000 | 5.750 | % | 05/01/2053 | $ | 1,025,893 | ||||||||||
| Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 610,000 | 4.700 | 05/01/2042 | 575,872 | |||||||||||||
| 975,000 | 5.000 | 05/01/2052 | 927,012 | |||||||||||||
| Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) |
| |||||||||||||||
| 540,000 | 4.000 | 05/01/2040 | 502,149 | |||||||||||||
| 860,000 | 4.000 | 05/01/2051 | 738,356 | |||||||||||||
| Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/ NR) |
| |||||||||||||||
| 525,000 | 3.375 | 05/01/2041 | 433,702 | |||||||||||||
| Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 915,000 | 3.750 | 05/01/2034 | 848,376 | |||||||||||||
| Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) |
| |||||||||||||||
| 2,010,000 | 3.875 | 05/01/2039 | 1,803,080 | |||||||||||||
| 1,400,000 | 4.100 | 05/01/2048 | 1,190,945 | |||||||||||||
| Harmony On Lake Eloise Community Development District Capital Improvement Assessment Area One RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,110,000 | 5.375 | 05/01/2053 | 1,130,300 | |||||||||||||
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| |||||||||||||||
| 1,335,000 | 4.250 | 05/01/2035 | 1,343,651 | |||||||||||||
| 1,810,000 | 4.250 | 05/01/2039 | 1,762,298 | |||||||||||||
| Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) |
| |||||||||||||||
| 640,000 | 3.875 | 11/01/2039 | 574,591 | |||||||||||||
| 1,150,000 | 4.000 | 11/01/2051 | 949,840 | |||||||||||||
| Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.000 | 11/01/2039 | 182,767 | |||||||||||||
| 495,000 | 4.250 | 11/01/2051 | 427,041 | |||||||||||||
| Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,530,000 | 5.375 | 05/01/2043 | 1,566,699 | |||||||||||||
| 1,265,000 | 5.500 | 05/01/2053 | 1,290,584 | |||||||||||||
| Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) |
| |||||||||||||||
| 700,000 | 5.000 | 05/01/2034 | 722,296 | |||||||||||||
| 2,170,000 | 5.125 | 05/01/2045 | 2,193,044 | |||||||||||||
| Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (NR/A) |
| |||||||||||||||
| 500,000 | 5.050 | 05/01/2031 | 500,645 | |||||||||||||
| 500,000 | 5.150 | 05/01/2034 | 500,663 | |||||||||||||
| Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR) |
| |||||||||||||||
| 1,380,000 | 5.700 | 05/01/2036 | 1,381,221 | |||||||||||||
| Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) |
| |||||||||||||||
| 2,190,000 | 4.200 | 05/01/2031 | 2,184,411 | |||||||||||||
| 1,990,000 | 4.350 | 05/01/2036 | 1,990,802 | |||||||||||||
| 126 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) |
| |||||||||||||||
| $ | 1,650,000 | 5.000 | % | 03/01/2039 | $ | 1,277,150 | ||||||||||
| Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| |||||||||||||||
| 475,000 | 3.625 | 05/01/2040 | 404,812 | |||||||||||||
| 665,000 | 4.000 | 05/01/2050 | 549,421 | |||||||||||||
| Highland Trails Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/ NR) |
| |||||||||||||||
| 250,000 | 4.700 | 05/01/2031 | 251,133 | |||||||||||||
| 810,000 | 5.500 | 05/01/2044 | 814,317 | |||||||||||||
| 890,000 | 5.850 | 05/01/2054 | 898,043 | |||||||||||||
| Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.875 | (d) | 12/15/2038 | 1,002,943 | ||||||||||||
| 1,000,000 | 5.000 | (d) | 12/15/2048 | 986,772 | ||||||||||||
| Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| |||||||||||||||
| 2,150,000 | 4.250 | 05/01/2036 | 2,124,240 | |||||||||||||
| Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) |
| |||||||||||||||
| 590,000 | 4.375 | 11/01/2050 | 518,558 | |||||||||||||
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) |
| |||||||||||||||
| 1,065,000 | 4.000 | (d) | 05/01/2040 | 953,573 | ||||||||||||
| 3,275,000 | 4.000 | (d) | 05/01/2050 | 2,713,001 | ||||||||||||
| Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 180,000 | 5.000 | 11/01/2041 | 192,014 | |||||||||||||
| Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 410,000 | 5.125 | (d) | 11/01/2049 | 407,268 | ||||||||||||
| Island Lake Estates Community Development District (Charlotte County, Florida) Special Assessment Bonds, Series 2023 (2023 Project) (NR/NR) |
| |||||||||||||||
| 1,550,000 | 6.000 | 12/15/2053 | 1,615,802 | |||||||||||||
| Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR) |
| |||||||||||||||
| 975,000 | 5.000 | 11/01/2047 | 959,376 | |||||||||||||
| JEA Water And Sewer System Revenue Bonds, 2024 Series A (Aa2/AA+) |
| |||||||||||||||
| 5,000,000 | 5.500 | 10/01/2054 | 5,654,993 | |||||||||||||
| JEA Electric System RB 2008 D (A2/A/A-1) |
| |||||||||||||||
| 14,945,000 | 4.600 | (a)(b) | 10/01/2038 | 14,945,000 | ||||||||||||
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 955,000 | 3.125 | 05/01/2041 | 747,176 | |||||||||||||
| Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) |
| |||||||||||||||
| 1,120,000 | 6.250 | 11/01/2053 | 1,155,750 | |||||||||||||
| Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 290,000 | 3.500 | 05/01/2040 | 262,631 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 470,000 | 3.750 | % | 05/01/2050 | $ | 396,794 | ||||||||||
| Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 600,000 | 5.650 | 05/01/2043 | 626,379 | |||||||||||||
| 1,000,000 | 5.875 | 05/01/2054 | 1,036,353 | |||||||||||||
| Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 05/01/2048 | 990,286 | |||||||||||||
| Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,340,000 | 4.000 | 06/15/2040 | 1,310,204 | |||||||||||||
| 1,060,000 | 4.000 | 06/15/2050 | 956,198 | |||||||||||||
| Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) |
| |||||||||||||||
| 1,880,000 | 5.625 | 05/01/2053 | 1,893,474 | |||||||||||||
| Lake Emma Community Development District Lake County, Fl Special Assessment Bonds, Series 2023 Assessment Area Two (NR/NR) |
| |||||||||||||||
| 900,000 | 5.500 | (d) | 05/01/2053 | 911,783 | ||||||||||||
| Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) |
| |||||||||||||||
| 635,000 | 5.250 | (d) | 05/01/2043 | 644,128 | ||||||||||||
| Lake Harris Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 795,000 | 5.375 | 05/01/2043 | 815,345 | |||||||||||||
| 585,000 | 5.625 | 05/01/2053 | 600,868 | |||||||||||||
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR) |
| |||||||||||||||
| 265,000 | 4.100 | 05/01/2051 | 225,110 | |||||||||||||
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) |
| |||||||||||||||
| 325,000 | 4.300 | 05/01/2051 | 285,328 | |||||||||||||
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR) |
| |||||||||||||||
| 900,000 | 4.125 | 05/01/2031 | 888,285 | |||||||||||||
| Lakeside Preserve Community Development District (City of Lakeland, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) |
| |||||||||||||||
| 300,000 | 5.250 | 05/01/2030 | 306,287 | |||||||||||||
| 785,000 | 6.000 | 05/01/2043 | 819,964 | |||||||||||||
| 1,235,000 | 6.375 | 05/01/2054 | 1,298,745 | |||||||||||||
| Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 810,000 | 5.750 | 05/01/2053 | 837,143 | |||||||||||||
| Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 325,000 | 3.625 | 05/01/2041 | 273,399 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 525,000 | 3.200 | 05/01/2030 | 490,155 | |||||||||||||
| 525,000 | 3.750 | 05/01/2040 | 457,708 | |||||||||||||
| 670,000 | 3.900 | 05/01/2050 | 558,554 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) |
| |||||||||||||||
| 1,085,000 | 3.625 | (d) | 05/01/2040 | 933,713 | ||||||||||||
| 2,500,000 | 3.875 | (d) | 05/01/2051 | 2,048,990 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 127 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 250,000 | 3.850 | % | 05/01/2039 | $ | 223,490 | ||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR) |
| |||||||||||||||
| 6,295,000 | 5.600 | 05/01/2044 | 6,482,391 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) |
| |||||||||||||||
| 530,000 | 4.400 | 05/01/2039 | 509,110 | |||||||||||||
| 1,615,000 | 4.500 | 05/01/2049 | 1,481,350 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 05/01/2037 | 1,013,049 | ||||||||||||
| 2,365,000 | 5.125 | (d) | 05/01/2047 | 2,380,617 | ||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) |
| |||||||||||||||
| 575,000 | 3.750 | (d) | 05/01/2039 | 513,042 | ||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 450,000 | 4.400 | 05/01/2039 | 432,263 | |||||||||||||
| 515,000 | 4.500 | 05/01/2049 | 472,381 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) |
| |||||||||||||||
| 910,000 | 4.625 | 05/01/2027 | 919,630 | |||||||||||||
| 2,500,000 | 5.250 | 05/01/2037 | 2,548,237 | |||||||||||||
| 6,265,000 | 5.375 | 05/01/2047 | 6,373,777 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) |
| |||||||||||||||
| 1,175,000 | 5.000 | 05/01/2038 | 1,192,679 | |||||||||||||
| 2,545,000 | 5.100 | 05/01/2048 | 2,557,816 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) |
| |||||||||||||||
| 3,760,000 | 5.450 | 05/01/2048 | 3,828,818 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project 2023 (NR/NR) |
| |||||||||||||||
| 3,675,000 | 6.300 | 05/01/2054 | 3,856,090 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) |
| |||||||||||||||
| 515,000 | 4.250 | 05/01/2026 | 515,146 | |||||||||||||
| 4,625,000 | 5.000 | 05/01/2036 | 4,679,158 | |||||||||||||
| 1,600,000 | 5.125 | 05/01/2046 | 1,602,270 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 1,835,000 | 2.500 | 05/01/2033 | 1,618,841 | |||||||||||||
| 1,685,000 | 2.625 | 05/01/2037 | 1,405,696 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) |
| |||||||||||||||
| 2,100,000 | 3.750 | (d) | 05/01/2040 | 1,842,602 | ||||||||||||
| Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR) |
| |||||||||||||||
| 650,000 | 3.125 | 05/01/2041 | 514,936 | |||||||||||||
| Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 1,160,000 | 4.700 | 05/01/2039 | 1,152,528 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) | ||||||||||||||||
| Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) |
| |||||||||||||||
| $ | 1,930,000 | 3.000 | % | 05/01/2035 | $ | 1,746,873 | ||||||||||
| 1,990,000 | 3.000 | 05/01/2038 | 1,665,586 | |||||||||||||
| Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 645,000 | 3.375 | 05/01/2030 | 608,803 | |||||||||||||
| 895,000 | 4.000 | 05/01/2038 | 820,927 | |||||||||||||
| Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 360,000 | 5.000 | 05/01/2042 | 361,648 | |||||||||||||
| 1,145,000 | 5.125 | 05/01/2052 | 1,130,676 | |||||||||||||
| Lee County IDA Healthcare Facilities RB for Cypress Cover at Healthpark Project Series 2022A Tax Exempt Fixed Rate Bonds (NR/NR) |
| |||||||||||||||
| 2,630,000 | 5.250 | 10/01/2052 | 2,288,301 | |||||||||||||
| 8,800,000 | 5.250 | 10/01/2057 | 7,484,728 | |||||||||||||
| Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 1,610,000 | 4.400 | 05/01/2040 | 1,512,783 | |||||||||||||
| 2,840,000 | 4.600 | 05/01/2051 | 2,578,268 | |||||||||||||
| Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 985,000 | 5.125 | 05/01/2048 | 984,280 | |||||||||||||
| 1,775,000 | 5.125 | 05/01/2049 | 1,768,712 | |||||||||||||
| Longleaf Community Development District (NR/NR) |
| |||||||||||||||
| 984,000 | 5.375 | 05/01/2030 | 984,387 | |||||||||||||
| Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) |
| |||||||||||||||
| 1,270,000 | 5.400 | (d) | 05/01/2044 | 1,292,665 | ||||||||||||
| 1,330,000 | 5.750 | (d) | 05/01/2054 | 1,356,432 | ||||||||||||
| Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR) |
| |||||||||||||||
| 2,630,000 | 5.400 | 05/01/2030 | 2,631,023 | |||||||||||||
| Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) |
| |||||||||||||||
| 800,000 | 5.550 | 06/15/2054 | 804,954 | |||||||||||||
| LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 3,800,000 | 4.000 | 05/01/2050 | 3,152,825 | |||||||||||||
| LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) |
| |||||||||||||||
| 2,650,000 | 3.250 | 05/01/2031 | 2,446,646 | |||||||||||||
| LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) |
| |||||||||||||||
| 835,000 | 3.450 | 05/01/2041 | 688,124 | |||||||||||||
| Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 855,000 | 4.625 | 05/01/2039 | 832,198 | |||||||||||||
| 1,340,000 | 4.750 | 05/01/2050 | 1,250,318 | |||||||||||||
| Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 1,755,000 | 4.000 | 06/15/2039 | 1,590,536 | |||||||||||||
| 2,920,000 | 4.375 | 06/15/2049 | 2,579,180 | |||||||||||||
| 128 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 1,440,000 | 6.625 | %(d) | 05/01/2053 | $ | 1,556,043 | ||||||||||
| McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 2,800,000 | 5.125 | (d) | 11/01/2038 | 2,864,986 | ||||||||||||
| 4,750,000 | 5.250 | (d) | 11/01/2049 | 4,781,282 | ||||||||||||
| Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR) |
| |||||||||||||||
| 475,000 | 7.250 | 05/01/2035 | 475,768 | |||||||||||||
| Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 530,000 | 3.750 | 05/01/2052 | 414,605 | |||||||||||||
| 900,000 | 4.000 | 05/01/2052 | 736,028 | |||||||||||||
| Mediterranean Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.750 | 05/01/2037 | 1,000,136 | |||||||||||||
| 1,700,000 | 5.000 | 05/01/2048 | 1,681,297 | |||||||||||||
| Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.625 | 05/01/2053 | 927,691 | |||||||||||||
| Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) |
| |||||||||||||||
| 600,000 | 4.750 | 11/01/2027 | 611,082 | |||||||||||||
| 4,000,000 | 5.125 | 11/01/2039 | 4,069,779 | |||||||||||||
| 4,135,000 | 5.250 | 11/01/2049 | 4,203,532 | |||||||||||||
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) |
| |||||||||||||||
| 1,585,000 | 5.250 | (d) | 07/01/2052 | 1,528,373 | ||||||||||||
| 2,000,000 | 5.500 | (d) | 07/01/2061 | 1,969,430 | ||||||||||||
| Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) |
| |||||||||||||||
| 3,035,000 | 5.250 | 10/01/2052 | 3,197,197 | |||||||||||||
| Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) |
| |||||||||||||||
| 1,575,000 | 4.000 | 10/01/2051 | 1,533,343 | |||||||||||||
| Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR) |
| |||||||||||||||
| 3,440,000 | 5.000 | 05/01/2029 | 3,440,975 | |||||||||||||
| Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) |
| |||||||||||||||
| 3,515,000 | 5.000 | 05/01/2037 | 3,515,195 | |||||||||||||
| Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) |
| |||||||||||||||
| 2,580,000 | 3.250 | 05/01/2032 | 2,364,577 | |||||||||||||
| Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,860,000 | 3.500 | 05/01/2041 | 1,535,228 | |||||||||||||
| 2,430,000 | 4.000 | 05/01/2051 | 1,984,187 | |||||||||||||
| Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.600 | 05/01/2042 | 1,031,392 | |||||||||||||
| 1,585,000 | 5.750 | 05/01/2053 | 1,628,360 | |||||||||||||
| Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR) |
| |||||||||||||||
| 1,310,000 | 5.000 | 05/01/2028 | 1,319,328 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,200,000 | 5.000 | % | 05/01/2035 | $ | 1,205,595 | ||||||||||
| Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) |
| |||||||||||||||
| 740,000 | 5.250 | 11/01/2035 | 743,131 | |||||||||||||
| 1,225,000 | 5.625 | 11/01/2045 | 1,229,416 | |||||||||||||
| Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,185,000 | 5.125 | (d) | 11/01/2048 | 1,188,591 | ||||||||||||
| New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 565,000 | 3.875 | 05/01/2041 | 488,958 | |||||||||||||
| 2,250,000 | 4.125 | 05/01/2052 | 1,877,427 | |||||||||||||
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) |
| |||||||||||||||
| 815,000 | 3.500 | (d) | 05/01/2038 | 740,838 | ||||||||||||
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) |
| |||||||||||||||
| 30,000 | 3.500 | (d) | 05/01/2031 | 28,270 | ||||||||||||
| 85,000 | 4.000 | (d) | 05/01/2038 | 78,473 | ||||||||||||
| New River Community Development District Special Assessment Series 2006 B (NR/NR) |
| |||||||||||||||
| 3,260,000 | 5.000 | * | 05/01/2013 | 33 | ||||||||||||
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/ NR) |
| |||||||||||||||
| 545,000 | 5.450 | 05/01/2044 | 547,959 | |||||||||||||
| 1,140,000 | 5.750 | 05/01/2054 | 1,144,536 | |||||||||||||
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Three, Series 2023 (NR/NR) |
| |||||||||||||||
| 605,000 | 5.000 | 05/01/2030 | 612,362 | |||||||||||||
| 1,000,000 | 5.750 | 05/01/2043 | 1,026,341 | |||||||||||||
| 1,500,000 | 6.000 | 05/01/2054 | 1,539,094 | |||||||||||||
| North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/ NR) |
| |||||||||||||||
| 1,850,000 | 6.625 | 05/01/2054 | 1,988,549 | |||||||||||||
| North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 1,200,000 | 3.375 | 11/01/2041 | 979,211 | |||||||||||||
| 3,770,000 | 4.000 | 11/01/2051 | 3,096,944 | |||||||||||||
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,275,000 | 5.625 | (d) | 05/01/2052 | 1,289,778 | ||||||||||||
| North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 465,000 | 3.625 | 05/01/2040 | 396,290 | |||||||||||||
| Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,240,000 | 5.700 | 05/01/2043 | 1,291,142 | |||||||||||||
| 1,250,000 | 5.875 | 05/01/2053 | 1,298,582 | |||||||||||||
| Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 340,000 | 4.000 | 06/15/2040 | 308,517 | |||||||||||||
| Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 665,000 | 5.250 | 06/15/2043 | 685,504 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 129 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,275,000 | 5.375 | % | 06/15/2053 | $ | 1,306,042 | ||||||||||
| Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 2,200,000 | 4.850 | 05/01/2039 | 2,192,518 | |||||||||||||
| 3,625,000 | 5.000 | 05/01/2049 | 3,580,123 | |||||||||||||
| Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR) |
| |||||||||||||||
| 1,005,000 | 5.000 | 04/01/2026 | 1,005,535 | |||||||||||||
| Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 840,000 | 4.000 | 05/01/2040 | 755,089 | |||||||||||||
| 905,000 | 4.000 | 05/01/2050 | 748,830 | |||||||||||||
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,680,000 | 5.375 | (d) | 11/01/2038 | 1,725,048 | ||||||||||||
| 3,300,000 | 5.500 | (d) | 11/01/2049 | 3,352,125 | ||||||||||||
| Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,050,000 | 5.000 | 06/15/2043 | 1,060,728 | |||||||||||||
| 1,375,000 | 5.250 | 06/15/2053 | 1,393,924 | |||||||||||||
| Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) |
| |||||||||||||||
| 1,800,000 | 5.250 | 10/01/2048 | 1,907,294 | |||||||||||||
| 2,850,000 | 5.250 | 10/01/2053 | 2,995,667 | |||||||||||||
| Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (NR/BBB-) |
| |||||||||||||||
| 1,700,000 | 5.000 | 11/01/2047 | 1,736,799 | |||||||||||||
| Palm Beach County Health Facilities Authority RB (Lifespace Communities, Inc.), Series 2023C (NR/NR) |
| |||||||||||||||
| 1,225,000 | 7.625 | 05/15/2058 | 1,350,514 | |||||||||||||
| Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR) |
| |||||||||||||||
| 7,075,000 | 11.500 | (d) | 07/01/2027 | 8,322,302 | ||||||||||||
| Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) |
| |||||||||||||||
| 4,600,000 | 4.000 | 05/15/2053 | 3,315,857 | |||||||||||||
| 2,175,000 | 5.000 | 05/15/2053 | 1,887,872 | |||||||||||||
| Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,650,000 | 4.000 | 06/01/2036 | 1,516,463 | |||||||||||||
| 1,700,000 | 4.250 | 06/01/2056 | 1,334,216 | |||||||||||||
| Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.400 | 05/01/2043 | 511,178 | |||||||||||||
| 1,000,000 | 5.600 | 05/01/2053 | 1,021,442 | |||||||||||||
| Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) |
| |||||||||||||||
| 1,175,000 | 4.300 | 05/01/2050 | 1,018,502 | |||||||||||||
| Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) |
| |||||||||||||||
| 625,000 | 4.000 | 11/01/2038 | 601,572 | |||||||||||||
| 3,290,000 | 4.200 | 11/01/2048 | 3,059,359 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) |
| |||||||||||||||
| $ | 3,155,000 | 3.750 | % | 05/01/2031 | $ | 3,123,653 | ||||||||||
| 2,140,000 | 4.000 | 05/01/2036 | 2,144,247 | |||||||||||||
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) |
| |||||||||||||||
| 490,000 | 4.000 | 05/01/2027 | 488,292 | |||||||||||||
| 2,380,000 | 5.000 | 05/01/2039 | 2,400,149 | |||||||||||||
| Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,855,000 | 5.250 | 05/01/2039 | 1,895,583 | |||||||||||||
| 5,090,000 | 5.375 | 05/01/2050 | 5,139,834 | |||||||||||||
| Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 800,000 | 4.000 | 05/01/2051 | 660,322 | |||||||||||||
| Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) |
| |||||||||||||||
| 2,285,000 | 4.700 | 05/01/2049 | 2,201,814 | |||||||||||||
| Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) |
| |||||||||||||||
| 1,065,000 | 4.500 | 05/01/2034 | 1,066,565 | |||||||||||||
| Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) |
| |||||||||||||||
| 590,000 | 5.375 | 05/01/2043 | 597,798 | |||||||||||||
| 1,475,000 | 5.625 | 05/01/2053 | 1,499,161 | |||||||||||||
| Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.125 | 05/01/2043 | 1,379,397 | |||||||||||||
| 1,525,000 | 5.400 | 05/01/2053 | 1,531,443 | |||||||||||||
| Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 795,000 | 3.500 | 05/01/2041 | 662,293 | |||||||||||||
| Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) |
| |||||||||||||||
| 3,170,000 | 4.375 | 05/01/2036 | 3,182,309 | |||||||||||||
| Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.125 | 06/15/2043 | 1,406,802 | |||||||||||||
| 1,900,000 | 5.375 | 06/15/2053 | 1,949,073 | |||||||||||||
| Peace Creek Village Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 405,000 | 4.625 | 05/01/2031 | 406,755 | |||||||||||||
| 1,325,000 | 5.500 | 05/01/2044 | 1,339,350 | |||||||||||||
| 905,000 | 5.750 | 05/01/2054 | 909,761 | |||||||||||||
| Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 3.250 | (d) | 12/15/2041 | 866,027 | ||||||||||||
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) |
| |||||||||||||||
| 650,000 | 3.300 | 05/01/2030 | 628,932 | |||||||||||||
| 690,000 | 3.750 | 05/01/2037 | 654,938 | |||||||||||||
| Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) |
| |||||||||||||||
| 1,100,000 | 5.000 | 07/01/2039 | 1,110,525 | |||||||||||||
| Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) |
| |||||||||||||||
| 555,000 | 3.625 | 05/01/2040 | 474,942 | |||||||||||||
| 130 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) |
| |||||||||||||||
| $ | 1,915,000 | 3.500 | % | 05/01/2037 | $ | 1,676,461 | ||||||||||
| Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB) |
| |||||||||||||||
| 2,790,000 | 4.750 | 05/01/2033 | 2,790,822 | |||||||||||||
| Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.750 | 05/01/2054 | 1,009,844 | |||||||||||||
| Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) |
| |||||||||||||||
| 1,045,000 | 5.375 | 11/01/2049 | 1,066,069 | |||||||||||||
| Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 11/01/2039 | 235,490 | |||||||||||||
| 1,205,000 | 4.000 | 11/01/2050 | 1,044,757 | |||||||||||||
| Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) |
| |||||||||||||||
| 750,000 | 3.500 | 05/01/2041 | 685,581 | |||||||||||||
| Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) |
| |||||||||||||||
| 1,060,000 | 6.125 | 12/15/2053 | 1,110,003 | |||||||||||||
| Ranches at Lake McLeod Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) |
| |||||||||||||||
| 730,000 | 5.500 | 06/15/2053 | 746,865 | |||||||||||||
| Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 700,000 | 5.200 | 05/01/2044 | 701,096 | |||||||||||||
| 575,000 | 5.500 | 05/01/2054 | 575,883 | |||||||||||||
| Reserve At Van Oaks Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 965,000 | 5.375 | 05/01/2053 | 984,756 | |||||||||||||
| Reunion East Community Development District (NR/NR) |
| |||||||||||||||
| 2,170,000 | 7.200 | * | 05/01/2022 | 22 | ||||||||||||
| Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 470,000 | 4.500 | 05/01/2039 | 455,950 | |||||||||||||
| 1,520,000 | 4.625 | 05/01/2050 | 1,418,485 | |||||||||||||
| Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 825,000 | 4.500 | 05/01/2040 | 812,838 | |||||||||||||
| 825,000 | 4.750 | 05/01/2050 | 784,715 | |||||||||||||
| Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/ NR) |
| |||||||||||||||
| 590,000 | 5.500 | 05/01/2043 | 598,389 | |||||||||||||
| 700,000 | 5.750 | 05/01/2053 | 709,844 | |||||||||||||
| Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 2,150,000 | 5.500 | 05/01/2052 | 2,059,000 | |||||||||||||
| Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 300,000 | 5.250 | 05/01/2043 | 306,286 | |||||||||||||
| 550,000 | 5.500 | 05/01/2053 | 561,397 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 1,000,000 | 3.375 | % | 05/01/2041 | $ | 815,549 | ||||||||||
| 2,390,000 | 4.000 | 05/01/2051 | 1,963,534 | |||||||||||||
| River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) |
| |||||||||||||||
| 1,555,000 | 6.500 | 05/01/2054 | 1,644,495 | |||||||||||||
| River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,030,000 | 3.625 | 05/01/2040 | 875,759 | |||||||||||||
| River Landing Community Development District Special Assessment Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,100,000 | 4.350 | 05/01/2051 | 960,586 | |||||||||||||
| River Landing Community Development District Special Assessment Series 2020 B (NR/NR) |
| |||||||||||||||
| 515,000 | 4.250 | 11/01/2035 | 487,410 | |||||||||||||
| Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 1,035,000 | 3.500 | 05/01/2041 | 858,044 | |||||||||||||
| 905,000 | 4.000 | 05/01/2051 | 743,127 | |||||||||||||
| Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 815,000 | 3.500 | (d) | 05/01/2041 | 671,874 | ||||||||||||
| 905,000 | 4.000 | (d) | 05/01/2051 | 744,714 | ||||||||||||
| Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,350,000 | 6.500 | (d) | 05/01/2053 | 1,416,872 | ||||||||||||
| Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 2,435,000 | 3.450 | 05/01/2042 | 1,997,387 | |||||||||||||
| Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,075,000 | 5.250 | 05/01/2053 | 1,087,335 | |||||||||||||
| Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) |
| |||||||||||||||
| 1,745,000 | 6.625 | 05/01/2054 | 1,868,744 | |||||||||||||
| Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| |||||||||||||||
| 710,000 | 6.000 | (d) | 11/01/2053 | 730,796 | ||||||||||||
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 320,000 | 4.000 | 06/15/2040 | 303,838 | |||||||||||||
| 780,000 | 4.000 | 06/15/2050 | 664,269 | |||||||||||||
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,315,000 | 4.000 | 12/15/2051 | 1,096,152 | |||||||||||||
| Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,020,000 | 5.500 | 05/01/2053 | 1,037,446 | |||||||||||||
| San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 1,410,000 | 4.125 | (d) | 06/15/2039 | 1,288,070 | ||||||||||||
| Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 650,000 | 6.000 | 11/01/2052 | 685,134 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 131 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
|
|||||||||||||||
| Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 375,000 | 3.125 | %(d) | 05/01/2030 | $ | 364,943 | ||||||||||
| 980,000 | 3.625 | (d) | 05/01/2040 | 928,880 | ||||||||||||
| 950,000 | 3.750 | (d) | 05/01/2050 | 824,904 | ||||||||||||
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) |
| |||||||||||||||
| 4,350,000 | 4.000 | 07/01/2048 | 4,147,411 | |||||||||||||
| Savanna Lakes Community Development District Special Assessment Area One Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,065,000 | 5.375 | (d) | 06/15/2053 | 1,085,429 | ||||||||||||
| Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) |
| |||||||||||||||
| 1,365,000 | 6.375 | 11/01/2053 | 1,430,766 | |||||||||||||
| Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 2,300,000 | 5.750 | 05/01/2053 | 2,335,616 | |||||||||||||
| Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 620,000 | 3.750 | 05/01/2040 | 569,665 | |||||||||||||
| 1,250,000 | 4.000 | 05/01/2051 | 1,058,757 | |||||||||||||
| Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,975,000 | 5.875 | 05/01/2043 | 2,030,120 | |||||||||||||
| 2,210,000 | 6.125 | 05/01/2054 | 2,278,896 | |||||||||||||
| Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) |
| |||||||||||||||
| 900,000 | 6.750 | 11/01/2053 | 958,739 | |||||||||||||
| Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,300,000 | 4.500 | 05/01/2042 | 1,217,613 | |||||||||||||
| 2,585,000 | 4.625 | 05/01/2053 | 2,341,811 | |||||||||||||
| Seaton Creek Reserve Community Development District Special Assessment Bonds for Assessment Area One Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 980,000 | 5.500 | (d) | 06/15/2053 | 1,002,641 | ||||||||||||
| Sedona Point Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,185,000 | 5.000 | 06/15/2053 | 1,183,104 | |||||||||||||
| Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR) |
| |||||||||||||||
| 315,000 | 4.000 | (d) | 06/15/2036 | 288,086 | ||||||||||||
| 425,000 | 4.000 | (d) | 06/15/2041 | 359,271 | ||||||||||||
| 1,760,000 | 4.000 | (d) | 06/15/2051 | 1,366,918 | ||||||||||||
| 1,105,000 | 4.000 | (d) | 06/15/2056 | 833,238 | ||||||||||||
| Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.300 | 10/01/2037 | 923,706 | |||||||||||||
| Seminole Palms Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.700 | 05/01/2053 | 920,426 | |||||||||||||
| Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 2,600,000 | 5.500 | 05/01/2044 | 2,600,008 | |||||||||||||
| 3,300,000 | 5.850 | 05/01/2054 | 3,300,010 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 2,200,000 | 5.250 | %(d) | 11/01/2039 | $ | 2,243,500 | ||||||||||
| 2,815,000 | 5.375 | (d) | 11/01/2049 | 2,842,871 | ||||||||||||
| Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 3,800,000 | 5.250 | (d) | 11/01/2049 | 3,826,562 | ||||||||||||
| Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 825,000 | 5.500 | 05/01/2043 | 849,918 | |||||||||||||
| 1,435,000 | 5.625 | 05/01/2053 | 1,470,280 | |||||||||||||
| Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 4,000,000 | 5.000 | 05/01/2049 | 3,950,481 | |||||||||||||
| Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 5.850 | 05/01/2054 | 1,617,058 | |||||||||||||
| Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 885,000 | 5.500 | 05/01/2053 | 911,082 | |||||||||||||
| Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) |
| |||||||||||||||
| 1,800,000 | 4.000 | 05/01/2052 | 1,470,212 | |||||||||||||
| Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR) |
| |||||||||||||||
| 655,000 | 4.000 | 05/01/2052 | 534,994 | |||||||||||||
| Six Mile Creek Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.700 | 05/01/2054 | 1,404,231 | |||||||||||||
| Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/ NR) |
| |||||||||||||||
| 1,325,000 | 3.500 | 05/01/2041 | 1,090,078 | |||||||||||||
| Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) |
| |||||||||||||||
| 310,000 | 4.125 | 11/01/2040 | 301,455 | |||||||||||||
| 940,000 | 4.250 | 11/01/2050 | 870,769 | |||||||||||||
| Sorrento Pines Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/ NR) |
| |||||||||||||||
| 525,000 | 5.500 | 05/01/2053 | 536,260 | |||||||||||||
| South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 2,100,000 | 5.125 | (d) | 11/01/2039 | 2,129,903 | ||||||||||||
| 3,480,000 | 5.250 | (d) | 11/01/2049 | 3,494,863 | ||||||||||||
| South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| |||||||||||||||
| 1,310,000 | 5.000 | 05/01/2038 | 1,323,993 | |||||||||||||
| 2,505,000 | 5.375 | 05/01/2049 | 2,523,785 | |||||||||||||
| South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| |||||||||||||||
| 330,000 | 4.125 | 11/01/2040 | 305,244 | |||||||||||||
| South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (NR/A) |
| |||||||||||||||
| 770,000 | 3.500 | 05/01/2032 | 749,889 | |||||||||||||
| 485,000 | 3.625 | 05/01/2035 | 468,787 | |||||||||||||
| 1,695,000 | 3.750 | 05/01/2038 | 1,602,450 | |||||||||||||
| 132 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR) |
| |||||||||||||||
| $ | 470,000 | 4.875 | % | 05/01/2035 | $ | 473,004 | ||||||||||
| 95,000 | 5.000 | 05/01/2038 | 95,535 | |||||||||||||
| South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR) |
| |||||||||||||||
| 2,010,000 | 5.250 | 05/01/2034 | 2,028,841 | |||||||||||||
| Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 365,000 | 3.600 | 05/01/2034 | 334,060 | |||||||||||||
| 600,000 | 4.000 | 05/01/2043 | 522,281 | |||||||||||||
| Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 415,000 | 4.300 | 05/01/2040 | 407,300 | |||||||||||||
| 175,000 | 4.500 | 05/01/2046 | 166,207 | |||||||||||||
| Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR) |
| |||||||||||||||
| 3,055,000 | 5.800 | 05/01/2035 | 2,877,221 | |||||||||||||
| Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) |
| |||||||||||||||
| 2,640,000 | 5.800 | * | 05/01/2035 | 1,788,652 | ||||||||||||
| Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 425,000 | 4.375 | 05/01/2029 | 428,176 | |||||||||||||
| 1,000,000 | 5.000 | 05/01/2039 | 1,010,972 | |||||||||||||
| 1,750,000 | 5.250 | 05/01/2049 | 1,760,297 | |||||||||||||
| Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) |
| |||||||||||||||
| 1,245,000 | 5.125 | (d) | 11/01/2037 | 1,261,383 | ||||||||||||
| 1,785,000 | 5.250 | (d) | 11/01/2047 | 1,791,267 | ||||||||||||
| Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR) |
| |||||||||||||||
| 970,000 | 4.800 | 05/01/2035 | 971,110 | |||||||||||||
| Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 450,000 | 5.250 | 05/01/2044 | 450,702 | |||||||||||||
| 900,000 | 5.600 | 05/01/2054 | 901,377 | |||||||||||||
| St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 700,000 | 4.000 | 12/15/2041 | 570,406 | |||||||||||||
| 475,000 | 4.000 | 12/15/2046 | 362,370 | |||||||||||||
| 2,350,000 | 4.000 | 12/15/2050 | 1,725,582 | |||||||||||||
| St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 7,475,000 | 4.000 | 08/01/2055 | 6,077,889 | |||||||||||||
| Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR) |
| |||||||||||||||
| 418,112 | 5.500 | * | 11/01/2010 | 196,513 | ||||||||||||
| Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR) |
| |||||||||||||||
| 2,130,000 | 5.000 | 05/01/2034 | 2,130,975 | |||||||||||||
| Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.875 | 12/15/2043 | 1,046,173 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,200,000 | 6.125 | % | 12/15/2053 | $ | 1,252,940 | ||||||||||
| Stoneybrook Community Development District Tax Exempt Special Assessment RB for Village of Estero Series 2022-1 (NR/AA-) |
| |||||||||||||||
| 1,250,000 | 4.300 | 05/01/2052 | 1,207,333 | |||||||||||||
| Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 875,000 | 6.375 | 11/01/2052 | 948,936 | |||||||||||||
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 1,100,000 | 4.500 | 06/15/2039 | 1,106,778 | |||||||||||||
| 1,100,000 | 4.625 | 06/15/2049 | 1,085,091 | |||||||||||||
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 555,000 | 5.500 | 06/15/2053 | 581,985 | |||||||||||||
| Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR) |
| |||||||||||||||
| 1,750,000 | 5.125 | 11/01/2034 | 1,864,271 | |||||||||||||
| 3,495,000 | 5.500 | 11/01/2044 | 3,645,803 | |||||||||||||
| Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 2,875,000 | 3.750 | (d) | 12/15/2050 | 2,460,473 | ||||||||||||
| Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) |
| |||||||||||||||
| 420,000 | 4.000 | 12/15/2039 | 380,342 | |||||||||||||
| 860,000 | 4.125 | 12/15/2049 | 729,394 | |||||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 575,000 | 5.200 | 06/15/2042 | 581,074 | |||||||||||||
| 925,000 | 5.375 | 06/15/2052 | 933,163 | |||||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.500 | 06/15/2054 | 1,012,369 | |||||||||||||
| Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 06/15/2052 | 832,505 | |||||||||||||
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) |
| |||||||||||||||
| 325,000 | 3.300 | (d) | 06/15/2041 | 289,044 | ||||||||||||
| Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.150 | 06/15/2052 | 1,005,220 | |||||||||||||
| Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.500 | (d) | 05/01/2054 | 889,507 | ||||||||||||
| Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 925,000 | 4.000 | 05/01/2052 | 756,156 | |||||||||||||
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/ NR) |
| |||||||||||||||
| 870,000 | 3.750 | 05/01/2040 | 751,646 | |||||||||||||
| 1,150,000 | 4.000 | 05/01/2050 | 950,181 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 133 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/ NR) |
| |||||||||||||||
| $ | 405,000 | 3.400 | % | 05/01/2041 | $ | 346,703 | ||||||||||
| 275,000 | 4.000 | 05/01/2051 | 232,168 | |||||||||||||
| Summerstone Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 705,000 | 3.750 | 05/01/2040 | 657,191 | |||||||||||||
| 875,000 | 4.000 | 05/01/2051 | 782,924 | |||||||||||||
| Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.200 | 05/01/2042 | 1,005,853 | |||||||||||||
| 1,800,000 | 5.350 | 05/01/2052 | 1,803,424 | |||||||||||||
| Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,550,000 | 5.500 | 05/01/2052 | 1,578,215 | |||||||||||||
| Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 1,615,000 | 4.000 | 05/01/2038 | 1,481,730 | |||||||||||||
| Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) |
| |||||||||||||||
| 595,000 | 3.750 | 05/01/2026 | 589,337 | |||||||||||||
| 1,550,000 | 4.000 | 05/01/2033 | 1,503,452 | |||||||||||||
| Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR) |
| |||||||||||||||
| 1,325,000 | 5.250 | 11/01/2034 | 1,325,721 | |||||||||||||
| 2,300,000 | 6.000 | 11/01/2044 | 2,301,697 | |||||||||||||
| Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 715,000 | 3.375 | 05/01/2041 | 585,492 | |||||||||||||
| Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) |
| |||||||||||||||
| 1,110,000 | 4.800 | 05/01/2036 | 1,113,062 | |||||||||||||
| 1,715,000 | 5.000 | 05/01/2046 | 1,701,320 | |||||||||||||
| Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 4,400,000 | 4.000 | 06/15/2042 | 3,889,470 | |||||||||||||
| 6,000,000 | 4.000 | 06/15/2052 | 4,932,074 | |||||||||||||
| Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.250 | 05/01/2053 | 905,118 | |||||||||||||
| Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) |
| |||||||||||||||
| 2,050,000 | 3.300 | 12/15/2041 | 1,645,256 | |||||||||||||
| Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 06/15/2040 | 897,428 | |||||||||||||
| Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) |
| |||||||||||||||
| 685,000 | 3.375 | 05/01/2032 | 667,721 | |||||||||||||
| 1,345,000 | 3.600 | 05/01/2037 | 1,295,332 | |||||||||||||
| Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA) |
| |||||||||||||||
| 1,760,000 | 3.750 | 05/01/2040 | 1,708,920 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/ NR) |
| |||||||||||||||
| $ | 375,000 | 5.625 | %(d) | 05/01/2040 | $ | 385,592 | ||||||||||
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/ NR) |
| |||||||||||||||
| 300,000 | 5.125 | 05/01/2039 | 303,966 | |||||||||||||
| Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 1,155,000 | 4.250 | 05/01/2037 | 1,113,357 | |||||||||||||
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) |
| |||||||||||||||
| 8,310,000 | 4.400 | (d) | 05/01/2040 | 7,937,986 | ||||||||||||
| Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR) |
| |||||||||||||||
| 185,000 | 5.750 | 11/01/2027 | 190,981 | |||||||||||||
| 1,955,000 | 6.250 | 11/01/2044 | 2,046,345 | |||||||||||||
| Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 2,645,000 | 5.375 | 11/01/2039 | 2,745,174 | |||||||||||||
| 5,390,000 | 5.500 | 11/01/2049 | 5,512,684 | |||||||||||||
| Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,560,000 | 4.625 | (d) | 06/15/2038 | 1,532,666 | ||||||||||||
| 2,440,000 | 4.750 | (d) | 06/15/2048 | 2,301,327 | ||||||||||||
| Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 550,000 | 4.000 | 12/15/2040 | 492,211 | |||||||||||||
| 1,145,000 | 4.125 | 12/15/2049 | 975,166 | |||||||||||||
| Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) |
| |||||||||||||||
| 1,085,000 | 4.625 | 05/01/2050 | 1,009,967 | |||||||||||||
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) |
| |||||||||||||||
| 525,000 | 3.625 | (d) | 05/01/2040 | 466,163 | ||||||||||||
| 1,000,000 | 4.000 | (d) | 05/01/2051 | 871,220 | ||||||||||||
| Towns At Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/ NR) |
| |||||||||||||||
| 1,220,000 | 6.375 | (d) | 11/01/2053 | 1,287,450 | ||||||||||||
| Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,700,000 | 3.000 | 05/01/2041 | 1,301,000 | |||||||||||||
| 1,300,000 | 4.000 | 05/01/2052 | 1,046,398 | |||||||||||||
| Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 975,000 | 5.375 | (d) | 11/01/2049 | 999,874 | ||||||||||||
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 875,000 | 3.750 | (d) | 05/01/2040 | 806,106 | ||||||||||||
| Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) |
| |||||||||||||||
| 700,000 | 3.500 | 11/01/2041 | 581,115 | |||||||||||||
| Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR) |
| |||||||||||||||
| 770,000 | 5.250 | 11/01/2027 | 783,648 | |||||||||||||
| 2,735,000 | 6.125 | 11/01/2046 | 2,851,133 | |||||||||||||
| 134 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR) |
| |||||||||||||||
| $ | 785,000 | 4.700 | %(d) | 11/01/2029 | $ | 799,799 | ||||||||||
| 1,525,000 | 5.125 | (d) | 11/01/2038 | 1,560,585 | ||||||||||||
| 2,165,000 | 5.375 | (d) | 11/01/2048 | 2,195,154 | ||||||||||||
| Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.625 | 05/01/2039 | 970,884 | |||||||||||||
| 1,990,000 | 4.750 | 05/01/2050 | 1,836,184 | |||||||||||||
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) |
| |||||||||||||||
| 4,625,000 | 4.750 | (d) | 11/01/2048 | 4,339,998 | ||||||||||||
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) |
| |||||||||||||||
| 1,200,000 | 5.000 | 11/01/2039 | 1,213,133 | |||||||||||||
| 1,850,000 | 5.125 | 11/01/2049 | 1,841,291 | |||||||||||||
| TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) |
| |||||||||||||||
| 930,000 | 4.000 | 11/01/2027 | 925,128 | |||||||||||||
| 3,160,000 | 4.625 | 11/01/2037 | 3,117,050 | |||||||||||||
| 2,790,000 | 4.750 | 11/01/2047 | 2,628,740 | |||||||||||||
| TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR) |
| |||||||||||||||
| 2,420,000 | 5.625 | 11/01/2045 | 2,473,726 | |||||||||||||
| Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,400,000 | 4.000 | 05/01/2052 | 1,153,303 | |||||||||||||
| Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR/NR) |
| |||||||||||||||
| 4,200,000 | 3.625 | 05/01/2032 | 3,934,221 | |||||||||||||
| Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A) |
| |||||||||||||||
| 2,245,000 | 4.375 | 05/01/2035 | 2,253,487 | |||||||||||||
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) |
| |||||||||||||||
| 575,000 | 5.375 | 05/01/2043 | 581,768 | |||||||||||||
| Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) |
| |||||||||||||||
| 675,000 | 5.875 | 05/01/2043 | 697,048 | |||||||||||||
| 650,000 | 6.125 | 05/01/2054 | 671,006 | |||||||||||||
| Twisted Oaks Pointe Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/ NR) |
| |||||||||||||||
| 750,000 | 5.625 | 05/01/2053 | 760,337 | |||||||||||||
| Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) |
| |||||||||||||||
| 1,695,000 | 3.500 | 05/01/2032 | 1,659,947 | |||||||||||||
| 2,540,000 | 3.625 | 05/01/2037 | 2,442,582 | |||||||||||||
| Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/ NR) |
| |||||||||||||||
| 615,000 | 4.750 | 05/01/2037 | 615,578 | |||||||||||||
| Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) |
| |||||||||||||||
| 2,300,000 | 3.750 | 12/15/2039 | 2,010,786 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | %(d) | 12/15/2032 | $ | 1,031,236 | ||||||||||
| 1,705,000 | 5.000 | (d) | 12/15/2037 | 1,735,588 | ||||||||||||
| 5,330,000 | 5.000 | (d) | 12/15/2047 | 5,249,094 | ||||||||||||
| Two Rivers East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 3,190,000 | 5.875 | 05/01/2053 | 3,258,434 | |||||||||||||
| Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,850,000 | 5.250 | 05/01/2052 | 1,844,523 | |||||||||||||
| Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 6.125 | 11/01/2053 | 2,063,453 | |||||||||||||
| Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 6.000 | 05/01/2043 | 1,663,451 | |||||||||||||
| 2,545,000 | 6.250 | 05/01/2053 | 2,646,293 | |||||||||||||
| Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR) |
| |||||||||||||||
| 2,415,000 | 5.500 | (d) | 11/01/2047 | 2,455,744 | ||||||||||||
| University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) |
| |||||||||||||||
| 2,800,000 | 3.375 | 05/01/2045 | 2,417,504 | |||||||||||||
| Varrea South Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.400 | 05/01/2053 | 1,406,628 | |||||||||||||
| V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) |
| |||||||||||||||
| 1,090,000 | 5.250 | 05/01/2043 | 1,116,041 | |||||||||||||
| V-Dana Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) |
| |||||||||||||||
| 2,305,000 | 5.500 | 05/01/2054 | 2,359,463 | |||||||||||||
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| |||||||||||||||
| 1,400,000 | 4.000 | (d) | 05/01/2051 | 1,161,126 | ||||||||||||
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 2,760,000 | 4.000 | 05/01/2052 | 2,275,739 | |||||||||||||
| Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR) |
| |||||||||||||||
| 260,000 | 6.000 | 11/01/2027 | 269,933 | |||||||||||||
| 2,050,000 | 6.500 | 11/01/2043 | 2,216,765 | |||||||||||||
| Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR) |
| |||||||||||||||
| 375,000 | 6.375 | 11/01/2027 | 379,391 | |||||||||||||
| 2,295,000 | 7.125 | 11/01/2044 | 2,323,651 | |||||||||||||
| Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) |
| |||||||||||||||
| 4,655,000 | 5.125 | (d) | 05/01/2049 | 4,655,140 | ||||||||||||
| Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) |
| |||||||||||||||
| 975,000 | 5.000 | 11/01/2039 | 986,256 | |||||||||||||
| 1,660,000 | 5.125 | 11/01/2049 | 1,654,222 | |||||||||||||
| Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR) |
| |||||||||||||||
| 965,000 | 5.000 | 11/01/2039 | 976,140 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 135 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,575,000 | 5.125 | % | 11/01/2049 | $ | 1,569,518 | ||||||||||
| Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) |
| |||||||||||||||
| 245,000 | 3.600 | (d) | 05/01/2041 | 206,405 | ||||||||||||
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) |
| |||||||||||||||
| 530,000 | 3.600 | (d) | 05/01/2041 | 446,509 | ||||||||||||
| 870,000 | 4.000 | (d) | 05/01/2051 | 712,215 | ||||||||||||
| Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) |
| |||||||||||||||
| 1,025,000 | 5.375 | 05/01/2044 | 1,040,180 | |||||||||||||
| 475,000 | 5.625 | 05/01/2054 | 479,156 | |||||||||||||
| Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 5.125 | 05/01/2044 | 1,623,972 | |||||||||||||
| 3,250,000 | 5.375 | 05/01/2054 | 3,278,798 | |||||||||||||
| Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.500 | 06/15/2053 | 921,530 | |||||||||||||
| Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) |
| |||||||||||||||
| 4,355,000 | 4.000 | 05/01/2031 | 4,274,972 | |||||||||||||
| 1,700,000 | 4.125 | 05/01/2034 | 1,653,982 | |||||||||||||
| 1,000,000 | 4.250 | 05/01/2037 | 952,110 | |||||||||||||
| Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) |
| |||||||||||||||
| 1,980,000 | 4.000 | (d) | 05/01/2031 | 1,950,947 | ||||||||||||
| 2,940,000 | 4.000 | (d) | 05/01/2037 | 2,851,144 | ||||||||||||
| Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) |
| |||||||||||||||
| 735,000 | 5.125 | 11/01/2035 | 754,003 | |||||||||||||
| 990,000 | 5.250 | 11/01/2046 | 996,660 | |||||||||||||
| Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 6.625 | 11/01/2052 | 1,065,867 | |||||||||||||
| Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 500,000 | 5.375 | 05/01/2043 | 513,529 | |||||||||||||
| 800,000 | 5.625 | 05/01/2053 | 825,784 | |||||||||||||
| Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) |
| |||||||||||||||
| 265,000 | 4.000 | 05/01/2040 | 237,316 | |||||||||||||
| 1,700,000 | 4.000 | 05/01/2050 | 1,405,733 | |||||||||||||
| Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) |
| |||||||||||||||
| 370,000 | 4.000 | 05/01/2040 | 331,347 | |||||||||||||
| 2,015,000 | 4.000 | 05/01/2050 | 1,664,787 | |||||||||||||
| Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) |
| |||||||||||||||
| 265,000 | 4.000 | 05/01/2040 | 237,316 | |||||||||||||
| 1,740,000 | 4.000 | 05/01/2050 | 1,437,583 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| $ | 1,625,000 | 2.600 | % | 05/01/2034 | $ | 1,390,796 | ||||||||||
| Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.300 | 05/01/2043 | 1,020,907 | |||||||||||||
| 2,750,000 | 5.500 | 05/01/2054 | 2,801,010 | |||||||||||||
| Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 3.750 | 05/01/2037 | 901,383 | |||||||||||||
| Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 9,535,000 | 3.700 | 05/01/2050 | 8,464,633 | |||||||||||||
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
| |||||||||||||||
| 4,105,000 | 3.250 | (d) | 05/01/2040 | 3,621,392 | ||||||||||||
| 9,115,000 | 3.500 | (d) | 05/01/2051 | 7,734,228 | ||||||||||||
| Village Community Development District No. 15 Special Assessment Rb Series 2023 (NR/NR) |
| |||||||||||||||
| 4,600,000 | 5.250 | (d) | 05/01/2054 | 4,765,833 | ||||||||||||
| Village Community Development District No. 15 Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 2,050,000 | 5.000 | (d) | 05/01/2043 | 2,118,895 | ||||||||||||
| Village Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 4,425,000 | 3.250 | 05/01/2052 | 3,554,063 | |||||||||||||
| Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.250 | 05/01/2053 | 1,152,179 | |||||||||||||
| Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/ NR) |
| |||||||||||||||
| 1,130,000 | 4.000 | 05/01/2052 | 922,912 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 885,000 | 4.625 | 05/01/2039 | 861,398 | |||||||||||||
| 1,355,000 | 4.875 | 05/01/2050 | 1,287,984 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 555,000 | 3.750 | 05/01/2040 | 509,501 | |||||||||||||
| 1,000,000 | 4.000 | 05/01/2051 | 833,011 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) |
| |||||||||||||||
| 570,000 | 5.500 | 05/01/2044 | 581,963 | |||||||||||||
| 1,000,000 | 5.750 | 05/01/2054 | 1,016,000 | |||||||||||||
| Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB) |
| |||||||||||||||
| 1,000,000 | 3.750 | 11/01/2031 | 962,097 | |||||||||||||
| 1,000,000 | 4.000 | 11/01/2036 | 967,486 | |||||||||||||
| 1,300,000 | 4.125 | 11/01/2046 | 1,171,095 | |||||||||||||
| Waterford Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 535,000 | 5.375 | 05/01/2043 | 545,202 | |||||||||||||
| 670,000 | 5.600 | 05/01/2053 | 683,339 | |||||||||||||
| Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) |
| |||||||||||||||
| 2,450,000 | 5.500 | 05/01/2034 | 2,451,782 | |||||||||||||
| 3,810,000 | 5.750 | 05/01/2044 | 3,811,830 | |||||||||||||
| 136 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| $ | 4,040,000 | 5.250 | % | 05/01/2049 | $ | 4,054,517 | ||||||||||
| Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/A) |
| |||||||||||||||
| 3,230,000 | 4.200 | 05/01/2036 | 3,206,197 | |||||||||||||
| Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 1,640,000 | 5.125 | (d) | 11/01/2038 | 1,664,043 | ||||||||||||
| 2,800,000 | 5.250 | (d) | 11/01/2049 | 2,810,038 | ||||||||||||
| Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) |
| |||||||||||||||
| 1,200,000 | 5.125 | 11/01/2035 | 1,204,136 | |||||||||||||
| 1,930,000 | 5.500 | 11/01/2045 | 1,934,520 | |||||||||||||
| Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,320,000 | 5.125 | 06/15/2043 | 1,348,560 | |||||||||||||
| 1,215,000 | 5.375 | 06/15/2053 | 1,244,581 | |||||||||||||
| Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 1,215,000 | 4.250 | 11/01/2049 | 1,051,991 | |||||||||||||
| West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.500 | 06/15/2053 | 1,179,874 | |||||||||||||
| West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) |
| |||||||||||||||
| 570,000 | 3.625 | (d) | 05/01/2041 | 476,320 | ||||||||||||
| 1,545,000 | 4.000 | (d) | 05/01/2051 | 1,275,227 | ||||||||||||
| West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) |
| |||||||||||||||
| 550,000 | 5.250 | 05/01/2052 | 546,842 | |||||||||||||
| West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 1,445,000 | 3.400 | 05/01/2041 | 1,175,691 | |||||||||||||
| West Villages Improvement District Capital Improvement RB for Unit of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) |
| |||||||||||||||
| 1,150,000 | 5.625 | (d) | 05/01/2054 | 1,137,649 | ||||||||||||
| West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) |
| |||||||||||||||
| 475,000 | 5.375 | 05/01/2042 | 488,968 | |||||||||||||
| 1,350,000 | 5.500 | 05/01/2053 | 1,375,273 | |||||||||||||
| West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 850,000 | 5.375 | 05/01/2043 | 873,000 | |||||||||||||
| 2,265,000 | 5.625 | 05/01/2053 | 2,329,735 | |||||||||||||
| West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 2,340,000 | 4.750 | 05/01/2039 | 2,278,464 | |||||||||||||
| 3,790,000 | 5.000 | 05/01/2050 | 3,697,709 | |||||||||||||
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 570,000 | 6.250 | 05/01/2054 | 603,165 | |||||||||||||
| Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR) |
| |||||||||||||||
| 460,000 | 5.000 | (d) | 05/01/2038 | 466,529 | ||||||||||||
| 600,000 | 5.200 | (d) | 05/01/2048 | 604,110 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 990,000 | 4.625 | % | 05/01/2039 | $ | 963,597 | ||||||||||
| 1,590,000 | 4.850 | 05/01/2049 | 1,510,454 | |||||||||||||
| Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 800,000 | 4.100 | (d) | 05/01/2037 | 751,303 | ||||||||||||
| 795,000 | 4.125 | (d) | 05/01/2038 | 739,117 | ||||||||||||
| Westside Community Development District Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 1,200,000 | 5.000 | 05/01/2039 | 1,212,088 | |||||||||||||
| 2,000,000 | 5.200 | 05/01/2050 | 2,001,296 | |||||||||||||
| Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 1,150,000 | 6.000 | 06/15/2052 | 1,192,049 | |||||||||||||
| Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,145,000 | 5.375 | 05/01/2043 | 1,160,986 | |||||||||||||
| 3,605,000 | 5.600 | 05/01/2053 | 3,657,422 | |||||||||||||
| 1,415,000 | 5.625 | 05/01/2053 | 1,443,652 | |||||||||||||
| Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/ NR) |
| |||||||||||||||
| 600,000 | 5.375 | 05/01/2043 | 610,535 | |||||||||||||
| Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) |
| |||||||||||||||
| 675,000 | 5.625 | 05/01/2053 | 688,667 | |||||||||||||
| Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 830,000 | 5.500 | 05/01/2053 | 850,216 | |||||||||||||
| Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 420,000 | 5.200 | 05/01/2044 | 420,331 | |||||||||||||
| 490,000 | 5.500 | 05/01/2054 | 489,258 | |||||||||||||
| Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| 1,100,000 | 5.750 | 05/01/2052 | 1,137,964 | |||||||||||||
| Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 1,175,000 | 4.000 | 05/01/2052 | 963,190 | |||||||||||||
| Wind Meadows South Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/ NR) |
| |||||||||||||||
| 1,105,000 | 5.625 | 05/01/2053 | 1,130,966 | |||||||||||||
| Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/ NR) |
| |||||||||||||||
| 970,000 | 5.000 | 11/01/2049 | 949,732 | |||||||||||||
| Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR) |
| |||||||||||||||
| 1,770,000 | 5.000 | 11/01/2045 | 1,766,866 | |||||||||||||
| Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,040,000 | 4.250 | 05/01/2052 | 887,349 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 137 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) |
| |||||||||||||||
| $ | 600,000 | 4.400 | % | 11/01/2035 | $ | 588,583 | ||||||||||
| 625,000 | 4.250 | 05/01/2040 | 575,186 | |||||||||||||
| 1,000,000 | 4.500 | 05/01/2051 | 892,848 | |||||||||||||
| Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR) |
| |||||||||||||||
| 380,000 | 5.375 | 05/01/2035 | 383,413 | |||||||||||||
| 3,010,000 | 5.625 | 05/01/2045 | 3,026,895 | |||||||||||||
| Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) |
| |||||||||||||||
| 780,000 | 4.875 | 05/01/2036 | 782,186 | |||||||||||||
| Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 1,585,000 | 3.700 | 05/01/2040 | 1,365,102 | |||||||||||||
| 3,450,000 | 3.875 | 05/01/2050 | 2,763,500 | |||||||||||||
| Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) |
| |||||||||||||||
| 560,000 | 3.375 | 05/01/2041 | 455,158 | |||||||||||||
| 890,000 | 4.000 | 05/01/2051 | 731,191 | |||||||||||||
|
|
|
|||||||||||||||
| 1,549,408,189 | ||||||||||||||||
|
|
||||||||||||||||
| Georgia - 1.4% |
|
|||||||||||||||
| Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A1/A+) |
| |||||||||||||||
| 1,500,000 | 5.250 | 07/01/2040 | 1,529,186 | |||||||||||||
| Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A2/A) |
| |||||||||||||||
| 1,000,000 | 4.000 | 07/01/2040 | 989,897 | |||||||||||||
| Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) |
| |||||||||||||||
| 1,200,000 | 4.000 | 08/01/2053 | 1,158,460 | |||||||||||||
| Columbia County Hospital Authority Revenue Anticipation Certificates, (Wellstar Health System, Inc. Project) Series 2023A (A2/A+) |
| |||||||||||||||
| 1,495,000 | 5.125 | 04/01/2053 | 1,585,486 | |||||||||||||
| Development Authority of Dekalb County RB for The Globe Academy, Inc., Project Series 2024A (Baa2/NR) |
| |||||||||||||||
| 300,000 | 5.000 | 06/01/2050 | 302,104 | |||||||||||||
| 480,000 | 5.000 | 06/01/2055 | 480,892 | |||||||||||||
| 2,635,000 | 5.000 | 06/01/2063 | 2,595,939 | |||||||||||||
| Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.125 | 03/01/2052 | 609,773 | |||||||||||||
| George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) |
| |||||||||||||||
| 18,210,000 | 5.000 | (d) | 01/01/2054 | 16,446,935 | ||||||||||||
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR) |
| |||||||||||||||
| 3,690,000 | 3.625 | (d) | 01/01/2031 | 3,468,585 | ||||||||||||
| 1,340,000 | 5.000 | (d) | 01/01/2036 | 1,341,730 | ||||||||||||
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) |
| |||||||||||||||
| 11,905,000 | 4.000 | 01/01/2054 | 10,633,746 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) |
| |||||||||||||||
| 2,400,000 | 4.000 | (d) | 11/01/2024 | 2,383,126 | ||||||||||||
| 2,990,000 | 4.000 | (d) | 11/01/2025 | 2,947,049 | ||||||||||||
| 3,115,000 | 4.000 | (d) | 11/01/2026 | 3,050,147 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Georgia – (continued) |
| |||||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) |
| |||||||||||||||
| $ | 7,000,000 | 5.000 | %(a)(b) | 07/01/2053 | $ | 7,411,953 | ||||||||||
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) |
| |||||||||||||||
| 7,235,000 | 5.000 | (a)(b) | 12/01/2053 | 7,728,286 | ||||||||||||
| Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) |
| |||||||||||||||
| 500,000 | 5.000 | (a)(b) | 09/01/2053 | 531,127 | ||||||||||||
| Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A1/NR) |
| |||||||||||||||
| 3,300,000 | 5.000 | 05/15/2043 | 3,372,030 | |||||||||||||
| 17,350,000 | 5.000 | 05/15/2049 | 18,436,046 | |||||||||||||
| Main Street Natural Gas, Inc. Gas Supply RB, Series 2022B (A3/NR) |
| |||||||||||||||
| 25,000,000 | 5.000 | (a)(b) | 12/01/2052 | 26,187,437 | ||||||||||||
| Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) |
| |||||||||||||||
| 13,750,000 | 5.000 | (a)(b) | 05/01/2054 | 14,730,371 | ||||||||||||
| Main Street Natural Gas, Inc., Gas Supply RB Series 2024B (Aa1/NR) |
| |||||||||||||||
| 7,500,000 | 5.000 | (a)(b) | 12/01/2054 | 8,051,098 | ||||||||||||
| Municipal Electric Authority of Georgia Plant Vogtle Project J Bonds Series 2019A (A3/A) |
| |||||||||||||||
| 5,000,000 | 5.000 | 01/01/2059 | 5,041,988 | |||||||||||||
| Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) |
| |||||||||||||||
| 2,500,000 | 5.000 | 01/01/2039 | 2,577,668 | |||||||||||||
| 7,000,000 | 5.000 | 01/01/2049 | 7,110,504 | |||||||||||||
| Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 4.000 | (d) | 01/01/2038 | 1,456,614 | ||||||||||||
|
|
|
|||||||||||||||
| 152,158,177 | ||||||||||||||||
|
|
||||||||||||||||
| Guam - 0.2% |
|
|||||||||||||||
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) |
| |||||||||||||||
| 610,000 | 5.125 | 10/01/2034 | 626,214 | |||||||||||||
| 220,000 | 5.250 | 10/01/2035 | 226,712 | |||||||||||||
| 510,000 | 5.250 | 10/01/2036 | 521,628 | |||||||||||||
| 300,000 | 5.375 | 10/01/2040 | 304,676 | |||||||||||||
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) |
| |||||||||||||||
| 975,000 | 5.375 | 10/01/2043 | 980,682 | |||||||||||||
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| |||||||||||||||
| 1,500,000 | 3.839 | 10/01/2036 | 1,246,412 | |||||||||||||
| 1,925,000 | 4.460 | 10/01/2043 | 1,552,924 | |||||||||||||
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) |
| |||||||||||||||
| 7,680,000 | 5.000 | 02/01/2040 | 7,692,834 | |||||||||||||
| Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) |
| |||||||||||||||
| 500,000 | 5.000 | 12/01/2031 | 512,918 | |||||||||||||
| Guam Government Limited Obligation Section 30 Bond Series 2016A (NR/BB) |
| |||||||||||||||
| 3,000,000 | 5.000 | 12/01/2046 | 2,970,755 | |||||||||||||
| 138 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Guam – (continued) |
| |||||||||||||||
| Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) |
| |||||||||||||||
| $ | 1,540,000 | 5.000 | % | 01/01/2050 | $ | 1,606,688 | ||||||||||
| Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 01/01/2046 | 5,098,334 | |||||||||||||
|
|
|
|||||||||||||||
| 23,340,777 | ||||||||||||||||
|
|
||||||||||||||||
| Hawaii - 0.6% |
|
|||||||||||||||
| Hawaii Pacific University Special Purpose RB Series 2013A (Dept of Budget & Fin of State of Hawaii) (NR/BB) |
| |||||||||||||||
| 3,525,000 | 6.875 | (d) | 07/01/2043 | 3,527,084 | ||||||||||||
| Hawaii State Department of Budget & Finance for Hawaii Pacific Health Obligated Group Special Purpose RB Series 2023C (A1/NR) |
| |||||||||||||||
| 21,965,000 | 4.000 | 07/01/2047 | 20,850,790 | |||||||||||||
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) |
| |||||||||||||||
| 300,000 | 4.000 | 03/01/2037 | 204,753 | |||||||||||||
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) |
| |||||||||||||||
| 14,170,000 | 3.200 | 07/01/2039 | 9,340,593 | |||||||||||||
| Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) |
| |||||||||||||||
| 945,000 | 3.500 | 10/01/2049 | 611,824 | |||||||||||||
| Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) |
| |||||||||||||||
| 2,450,000 | 5.000 | 05/15/2044 | 2,486,176 | |||||||||||||
| State of Hawaii Airports System RB Series 2022A (A1/AA-) |
| |||||||||||||||
| 2,750,000 | 5.000 | 07/01/2047 | 2,899,859 | |||||||||||||
| State of Hawaii Department of Budget and Finance Pacific University Special Purpose Revenue Refunding Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 13,000,000 | 6.000 | (d) | 07/01/2028 | 13,298,050 | ||||||||||||
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| |||||||||||||||
| 18,675,000 | 3.100 | 05/01/2026 | 14,840,421 | |||||||||||||
|
|
|
|||||||||||||||
| 68,059,550 | ||||||||||||||||
|
|
||||||||||||||||
| Illinois - 6.7% |
|
|||||||||||||||
| Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) |
| |||||||||||||||
| 915,000 | 3.750 | 07/01/2041 | 866,300 | |||||||||||||
| Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) |
| |||||||||||||||
| 1,725,000 | 5.000 | 04/01/2046 | 1,738,950 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) |
| |||||||||||||||
| 2,500,000 | 5.000 | 12/01/2042 | 2,499,826 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) |
| |||||||||||||||
| 6,665,000 | 5.000 | 12/01/2047 | 6,739,620 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2023A (NR/BB+) |
| |||||||||||||||
| 2,925,000 | 6.000 | 12/01/2049 | 3,248,456 | |||||||||||||
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) |
| |||||||||||||||
| 8,000,000 | 5.000 | 12/01/2044 | 8,037,874 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) |
| |||||||||||||||
| $ | 16,000,000 | 6.000 | % | 04/01/2046 | $ | 16,766,384 | ||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB+) |
| |||||||||||||||
| 9,310,000 | 0.000 | (e) | 12/01/2029 | 7,396,434 | ||||||||||||
| 6,345,000 | 0.000 | (e) | 12/01/2030 | 4,844,197 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) |
| |||||||||||||||
| 185,000 | 0.000 | (e) | 12/01/2029 | 146,975 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB+) |
| |||||||||||||||
| 160,000 | 0.000 | (e) | 01/01/2031 | 122,471 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB+) |
| |||||||||||||||
| 5,500,000 | 7.000 | (d) | 12/01/2046 | 5,974,911 | ||||||||||||
| Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) |
| |||||||||||||||
| 23,595,000 | 0.000 | (e) | 12/01/2031 | 17,227,667 | ||||||||||||
| Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) |
| |||||||||||||||
| 6,330,000 | 5.500 | 12/01/2027 | 6,537,511 | |||||||||||||
| 3,000,000 | 5.500 | 12/01/2028 | 3,134,360 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB+) |
| |||||||||||||||
| 20,125,000 | 5.250 | 12/01/2035 | 20,141,120 | |||||||||||||
| 10,410,000 | 5.250 | 12/01/2039 | 10,409,891 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba1/BB+) |
| |||||||||||||||
| 2,300,000 | 5.500 | 12/01/2030 | 2,455,386 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) |
| |||||||||||||||
| 13,525,000 | 6.038 | 12/01/2029 | 13,317,291 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba1/BB+) |
| |||||||||||||||
| 11,675,000 | 4.000 | 12/01/2035 | 11,539,768 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB+) |
| |||||||||||||||
| 54,375,000 | 7.000 | 12/01/2044 | 56,579,498 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB+) |
| |||||||||||||||
| 61,035,000 | 6.500 | 12/01/2046 | 63,830,665 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2017H (NR/BB+) |
| |||||||||||||||
| 16,390,000 | 5.000 | 12/01/2046 | 16,417,953 | |||||||||||||
| Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB+) |
| |||||||||||||||
| 11,415,000 | 0.000 | (e) | 01/01/2032 | 8,349,931 | ||||||||||||
| Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Baa3/BBB+) |
| |||||||||||||||
| 1,700,000 | 5.500 | 01/01/2037 | 1,713,316 | |||||||||||||
| 100,000 | 5.500 | 01/01/2040 | 100,499 | |||||||||||||
| Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) |
| |||||||||||||||
| 4,180,000 | 5.500 | 01/01/2039 | 4,203,017 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 139 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Baa3/BBB+) |
| |||||||||||||||
| $ | 3,775,000 | 5.500 | % | 01/01/2042 | $ | 3,790,979 | ||||||||||
| Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Baa3/BBB+) |
| |||||||||||||||
| 2,500,000 | 5.500 | 01/01/2042 | 2,510,582 | |||||||||||||
| Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) |
| |||||||||||||||
| 14,455,000 | 5.000 | 01/01/2038 | 14,544,926 | |||||||||||||
| Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) |
| |||||||||||||||
| 255,000 | 5.000 | 01/01/2047 | 257,979 | |||||||||||||
| Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) |
| |||||||||||||||
| 5,460,000 | 4.000 | 01/01/2052 | 5,147,701 | |||||||||||||
| Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-) |
| |||||||||||||||
| 2,585,000 | 4.000 | 01/01/2041 | 2,520,767 | |||||||||||||
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 6,850,000 | 5.750 | 04/01/2048 | 7,633,292 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) |
| |||||||||||||||
| 14,270,000 | 5.000 | 12/01/2046 | 14,192,421 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) |
| |||||||||||||||
| 15,205,000 | 5.000 | 12/01/2046 | 15,241,568 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB+) |
| |||||||||||||||
| 4,700,000 | 4.000 | 12/01/2047 | 4,198,120 | |||||||||||||
| City of Chicago Chicago O’Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) |
| |||||||||||||||
| 7,670,000 | 5.000 | 01/01/2048 | 7,857,146 | |||||||||||||
| City of Chicago GO Bonds Series 2019A (NR/BBB+) |
| |||||||||||||||
| 5,000,000 | 5.500 | 01/01/2049 | 5,208,685 | |||||||||||||
| City of Chicago GO Bonds Series 2021B (NR/BBB+) |
| |||||||||||||||
| 2,383,000 | 4.000 | 01/01/2049 | 2,198,822 | |||||||||||||
| City of Chicago IL GO Bonds Series 2019 (NR/BBB+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 01/01/2044 | 5,147,425 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) |
| |||||||||||||||
| 20,000,000 | 5.500 | 01/01/2053 | 21,395,804 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) |
| |||||||||||||||
| 1,165,000 | 5.250 | 01/01/2053 | 1,223,141 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) |
| |||||||||||||||
| 6,550,000 | 5.000 | 01/01/2052 | 6,603,056 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) |
| |||||||||||||||
| 2,400,000 | 4.500 | 01/01/2048 | 2,378,090 | |||||||||||||
| 1,000,000 | 5.500 | 01/01/2055 | 1,073,703 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2018A (BAM) (NR/AA) |
| |||||||||||||||
| 2,500,000 | 4.000 | 01/01/2043 | 2,436,673 | |||||||||||||
| City of Chicago, Chicago O’Hare International Airport General Airport Senior Lien RB Series 2015C (AMT) (NR/A+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2046 | 1,001,797 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR) |
| |||||||||||||||
| $ | 1,675,000 | 5.800 | % | 03/01/2037 | $ | 1,411,457 | ||||||||||
| County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) |
| |||||||||||||||
| 2,500,000 | 4.000 | 11/15/2047 | 2,373,854 | |||||||||||||
| Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR) |
| |||||||||||||||
| 963,000 | 5.625 | 03/01/2036 | 963,688 | |||||||||||||
| Eastern Illinois Economic Development Authority Business District RB for Remington Road & I-57 Business District Series 2023 (NR/NR) |
| |||||||||||||||
| 4,875,000 | 6.000 | 05/01/2046 | 4,892,356 | |||||||||||||
| Illinois Finance Authority RB for Clark-Lindsey Series 2022A (NR/NR) |
| |||||||||||||||
| 950,000 | 5.375 | 06/01/2042 | 870,039 | |||||||||||||
| Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) |
| |||||||||||||||
| 4,000,000 | 5.625 | (d) | 08/01/2053 | 4,172,173 | ||||||||||||
| Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) |
| |||||||||||||||
| 1,200,000 | 5.000 | 03/01/2047 | 1,140,282 | |||||||||||||
| 1,050,000 | 5.000 | 03/01/2052 | 972,736 | |||||||||||||
| Illinois Finance Authority RB for Lake Forest College Series 2022A (NR/BBB) |
| |||||||||||||||
| 2,250,000 | 5.500 | 10/01/2047 | 2,306,739 | |||||||||||||
| 1,925,000 | 5.250 | 10/01/2052 | 1,925,022 | |||||||||||||
| Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) |
| |||||||||||||||
| 1,750,000 | 6.625 | 05/15/2052 | 1,802,457 | |||||||||||||
| 3,700,000 | 6.750 | 05/15/2058 | 3,838,963 | |||||||||||||
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) |
| |||||||||||||||
| 12,425,000 | 6.125 | (d) | 04/01/2049 | 12,137,775 | ||||||||||||
| Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR) |
| |||||||||||||||
| 1,400,000 | 6.125 | (d) | 04/01/2058 | 1,335,756 | ||||||||||||
| Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) |
| |||||||||||||||
| 1,000,000 | 4.000 | 10/01/2040 | 937,188 | |||||||||||||
| 950,000 | 4.000 | 10/01/2050 | 842,788 | |||||||||||||
| Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,335,000 | 4.000 | 05/15/2027 | 1,313,815 | |||||||||||||
| 2,825,000 | 5.000 | 05/15/2037 | 2,842,662 | |||||||||||||
| 1,055,000 | 5.000 | 05/15/2047 | 1,008,977 | |||||||||||||
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) |
| |||||||||||||||
| 1,500,000 | 4.000 | 09/01/2035 | 1,327,445 | |||||||||||||
| 1,725,000 | 5.000 | 09/01/2036 | 1,663,086 | |||||||||||||
| 2,000,000 | 4.000 | 09/01/2037 | 1,695,835 | |||||||||||||
| 2,000,000 | 4.000 | 09/01/2039 | 1,641,695 | |||||||||||||
| 1,500,000 | 5.000 | 09/01/2040 | 1,384,429 | |||||||||||||
| 1,500,000 | 4.000 | 09/01/2041 | 1,195,167 | |||||||||||||
| Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) |
| |||||||||||||||
| 500,000 | 5.000 | 09/01/2036 | 512,434 | |||||||||||||
| 3,470,000 | 5.000 | 09/01/2046 | 3,492,358 | |||||||||||||
| 140 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| $ | 950,000 | 5.000 | % | 05/15/2051 | $ | 779,764 | ||||||||||
| 765,000 | 5.000 | 05/15/2056 | 612,752 | |||||||||||||
| Illinois Finance Authority RB Series 2021 (NR/BB+) |
| |||||||||||||||
| 2,125,000 | 4.000 | (d) | 10/01/2042 | 1,768,741 | ||||||||||||
| Illinois Finance Authority RB Series 2022A (NR/NR) |
| |||||||||||||||
| 13,050,000 | 5.500 | 06/01/2057 | 11,603,453 | |||||||||||||
| Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB+) |
| |||||||||||||||
| 4,325,000 | 5.000 | 12/01/2049 | 4,290,794 | |||||||||||||
| Illinois Finance Authority Revenue Refunding Bonds for The Admiral at The Lake Project Series 2017 (NR/NR) |
| |||||||||||||||
| 11,945,000 | 5.000 | 05/15/2033 | 11,226,420 | |||||||||||||
| Illinois State GO Bonds Series 2014 (A3/A-) |
| |||||||||||||||
| 2,525,000 | 5.000 | 05/01/2029 | 2,527,714 | |||||||||||||
| 5,000,000 | 5.000 | 05/01/2039 | 5,001,816 | |||||||||||||
| Illinois State GO Bonds Series 2017 A (A3/A-) |
| |||||||||||||||
| 9,500,000 | 5.000 | 12/01/2035 | 9,971,054 | |||||||||||||
| 1,805,000 | 4.500 | 12/01/2041 | 1,817,780 | |||||||||||||
| 4,730,000 | 5.000 | 12/01/2042 | 4,845,428 | |||||||||||||
| Illinois State GO Bonds Series 2017 D (A3/A-) |
| |||||||||||||||
| 2,740,000 | 5.000 | 11/01/2028 | 2,904,552 | |||||||||||||
| Illinois State GO Bonds Series 2018 A (A3/A-) |
| |||||||||||||||
| 5,280,000 | 5.000 | 05/01/2042 | 5,450,939 | |||||||||||||
| 5,280,000 | 5.000 | 05/01/2043 | 5,444,327 | |||||||||||||
| Illinois State GO Bonds Series 2019 C (A3/A-) |
| |||||||||||||||
| 1,500,000 | 4.000 | 11/01/2042 | 1,428,818 | |||||||||||||
| Illinois State GO Bonds Series 2020 (A3/A-) |
| |||||||||||||||
| 1,575,000 | 5.500 | 05/01/2039 | 1,733,082 | |||||||||||||
| 4,250,000 | 5.750 | 05/01/2045 | 4,650,187 | |||||||||||||
| Illinois State GO Bonds Series 2020 C (A3/A-) |
| |||||||||||||||
| 1,975,000 | 4.250 | 10/01/2045 | 1,917,579 | |||||||||||||
| Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR) |
| |||||||||||||||
| 1,466,000 | 6.250 | 03/01/2034 | 1,467,226 | |||||||||||||
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) |
| |||||||||||||||
| 3,665,000 | 0.000 | (e) | 12/15/2029 | 3,016,964 | ||||||||||||
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion Proj * (NATL) (Baa2/A) |
| |||||||||||||||
| 1,220,000 | 0.000 | (e) | 06/15/2028 | 1,053,970 | ||||||||||||
| Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) |
| |||||||||||||||
| 11,900,000 | 0.000 | (e) | 06/15/2038 | 6,799,601 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) |
| |||||||||||||||
| 13,500,000 | 0.000 | (e) | 12/15/2032 | 9,962,702 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR) |
| |||||||||||||||
| 530,000 | 0.000 | (e) | 06/15/2030 | 437,884 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) |
| |||||||||||||||
| 1,320,000 | 0.000 | (e) | 12/15/2031 | 1,011,444 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) |
| |||||||||||||||
| $ | 3,200,000 | 0.000 | %(e) | 06/15/2044 | $ | 1,319,174 | ||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) |
| |||||||||||||||
| 66,700,000 | 0.000 | (e) | 12/15/2056 | 12,298,980 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) |
| |||||||||||||||
| 18,400,000 | 0.000 | (e) | 12/15/2056 | 3,842,283 | ||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) |
| |||||||||||||||
| 97,495,000 | 0.000 | (e) | 12/15/2054 | 20,055,316 | ||||||||||||
| Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) |
| |||||||||||||||
| 2,200,000 | 0.000 | (e) | 12/15/2034 | 1,498,202 | ||||||||||||
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project RB, Series 2010B1 (AGM) (A1/AA) |
| |||||||||||||||
| 3,455,000 | 0.000 | (e) | 06/15/2045 | 1,341,781 | ||||||||||||
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) |
| |||||||||||||||
| 2,125,000 | 4.000 | 06/15/2052 | 1,927,837 | |||||||||||||
| Plano Special Service Area No. 5 Special Tax Bonds for Lakewood Springs Club Series 2006 (NR/NR) |
| |||||||||||||||
| 1,412,000 | 6.000 | 03/01/2036 | 1,345,504 | |||||||||||||
| Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) |
| |||||||||||||||
| 5,000,000 | 4.000 | 06/01/2046 | 4,953,823 | |||||||||||||
| Southwestern Illinois Development Authority Environmental Improvement RB Series 2012 (United States Steel Corporation Project) (B1/BB-) |
| |||||||||||||||
| 3,300,000 | 5.750 | 08/01/2042 | 3,300,735 | |||||||||||||
| State of Illinois GO Bonds Series 2014 (A3/A-) |
| |||||||||||||||
| 3,435,000 | 5.250 | 02/01/2033 | 3,438,547 | |||||||||||||
| 2,665,000 | 5.250 | 02/01/2034 | 2,667,441 | |||||||||||||
| State of Illinois GO Bonds Series 2017 A (A3/A-) |
| |||||||||||||||
| 9,500,000 | 4.250 | 12/01/2040 | 9,430,909 | |||||||||||||
| State of Illinois GO Bonds Series 2017 D (A3/A-) |
| |||||||||||||||
| 4,910,000 | 3.250 | 11/01/2026 | 4,832,300 | |||||||||||||
| State of Illinois GO Bonds Series 2017C (A3/A-) |
| |||||||||||||||
| 10,000,000 | 5.000 | 11/01/2029 | 10,601,348 | |||||||||||||
| State of Illinois GO Bonds Series 2020C (A3/A-) |
| |||||||||||||||
| 1,000,000 | 4.000 | 10/01/2041 | 969,963 | |||||||||||||
| State of Illinois GO Bonds Series 2021A (A3/A-) |
| |||||||||||||||
| 4,520,000 | 4.000 | 03/01/2041 | 4,410,800 | |||||||||||||
| 9,000,000 | 5.000 | 03/01/2046 | 9,442,464 | |||||||||||||
| State of Illinois GO Bonds Series 2022A (A3/A-) |
| |||||||||||||||
| 3,000,000 | 5.500 | 03/01/2047 | 3,275,015 | |||||||||||||
| State of Illinois GO Bonds Taxable Build America Bonds Series 2010-1 (A3/A-) |
| |||||||||||||||
| 7,733,846 | 6.630 | 02/01/2035 | 8,140,906 | |||||||||||||
| State of Illinois GO Refunding Bonds Series 2018A (A3/A-) |
| |||||||||||||||
| 2,000,000 | 5.000 | 10/01/2028 | 2,158,833 | |||||||||||||
| State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) |
| |||||||||||||||
| 2,750,000 | 4.000 | 12/01/2033 | 2,770,316 | |||||||||||||
| 7,950,000 | 4.250 | 12/01/2037 | 7,975,916 | |||||||||||||
| State of Illinois Sales Tax RB Junior Obligation Series C (NR/A) |
| |||||||||||||||
| 10,000,000 | 5.000 | 06/15/2044 | 11,045,888 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 141 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba2/NR) |
| |||||||||||||||
| $ | 3,170,000 | 5.750 | %(d) | 03/01/2053 | $ | 3,169,816 | ||||||||||
| Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) |
| |||||||||||||||
| 480,000 | 5.000 | (d) | 01/01/2045 | 458,481 | ||||||||||||
| 1,800,000 | 5.000 | (d) | 01/01/2055 | 1,669,578 | ||||||||||||
| Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 01/01/2039 | 1,904,846 | |||||||||||||
| Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) |
| |||||||||||||||
| 540,000 | 4.125 | 10/01/2041 | 474,523 | |||||||||||||
| 2,330,000 | 4.125 | 10/01/2046 | 1,953,157 | |||||||||||||
|
|
|
|||||||||||||||
| 725,303,797 | ||||||||||||||||
|
|
||||||||||||||||
| Indiana - 0.3% |
| |||||||||||||||
| Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (NR/BBB+) |
| |||||||||||||||
| 1,300,000 | 5.000 | 02/01/2029 | 1,300,838 | |||||||||||||
| 1,250,000 | 5.250 | 02/01/2034 | 1,251,018 | |||||||||||||
| 1,500,000 | 5.000 | 02/01/2039 | 1,500,967 | |||||||||||||
| Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) |
| |||||||||||||||
| 400,000 | 4.000 | 09/15/2049 | 324,198 | |||||||||||||
| Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) |
| |||||||||||||||
| 2,415,000 | 4.125 | 12/01/2026 | 2,414,586 | |||||||||||||
| Indiana Finance Authority Health System RR Bonds for Sisters of St. Francis Health Services, Inc. Obligated Group Series 2008I (Aa1/NR) |
| |||||||||||||||
| 9,830,000 | 4.450 | (a)(b) | 11/01/2037 | 9,830,000 | ||||||||||||
| Indiana Finance Authority Midwestern Disaster Relief RB Series 2012A (Baa3/NR) |
| |||||||||||||||
| 1,000,000 | 4.250 | 11/01/2030 | 998,756 | |||||||||||||
| Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) |
| |||||||||||||||
| 1,780,000 | 5.000 | 07/01/2055 | 1,632,875 | |||||||||||||
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) |
| |||||||||||||||
| 1,000,000 | 3.000 | 11/01/2030 | 928,801 | |||||||||||||
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) |
| |||||||||||||||
| 1,000,000 | 3.000 | 11/01/2030 | 928,802 | |||||||||||||
| Indiana Finance Authority Student Housing RB Series 2023A (NR/BBB-) |
| |||||||||||||||
| 2,100,000 | 5.000 | 06/01/2053 | 2,161,117 | |||||||||||||
| 5,500,000 | 5.375 | 06/01/2064 | 5,728,868 | |||||||||||||
| Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR) |
| |||||||||||||||
| 7,520,823 | 6.500 | * | 11/15/2031 | 75 | ||||||||||||
| The Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel Senior RB, Series 2023E (NR/BBB-) |
| |||||||||||||||
| 2,750,000 | 6.000 | 03/01/2053 | 2,975,254 | |||||||||||||
| Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-) |
| |||||||||||||||
| 3,300,000 | 2.500 | 09/01/2050 | 1,995,970 | |||||||||||||
|
|
|
|||||||||||||||
| 33,972,125 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Iowa - 0.3% |
| |||||||||||||||
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (Baa3/BBB-) |
| |||||||||||||||
| $ | 2,300,000 | 5.000 | %(a)(b) | 12/01/2050 | $ | 2,432,350 | ||||||||||
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (Baa3/BBB-) |
| |||||||||||||||
| 15,800,000 | 5.000 | 12/01/2050 | 16,650,492 | |||||||||||||
| Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) |
| |||||||||||||||
| 2,050,000 | 4.000 | 05/15/2055 | 1,455,126 | |||||||||||||
| 3,600,000 | 5.000 | 05/15/2055 | 3,095,076 | |||||||||||||
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) |
| |||||||||||||||
| 6,180,000 | 5.000 | 05/15/2043 | 5,768,411 | |||||||||||||
| 3,350,000 | 5.000 | 05/15/2048 | 3,008,075 | |||||||||||||
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) |
| |||||||||||||||
| 975,000 | 5.375 | 10/01/2052 | 1,010,403 | |||||||||||||
| tobacco Settlement Authority Asset Backed Bonds Class 1 Senior Current Interest Bonds Series 2021A-2 (NR/BBB+) |
| |||||||||||||||
| 3,000,000 | 4.000 | 06/01/2049 | 2,844,613 | |||||||||||||
|
|
|
|||||||||||||||
| 36,264,546 | ||||||||||||||||
|
|
||||||||||||||||
| Kansas - 0.1% |
| |||||||||||||||
| City of Manhattan Health Care Facilities RB Series 2022A (NR/NR) |
| |||||||||||||||
| 2,070,000 | 4.000 | 06/01/2052 | 1,569,850 | |||||||||||||
| City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,075,000 | 4.000 | 06/01/2046 | 866,290 | |||||||||||||
| City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 535,000 | 2.875 | 04/01/2030 | 514,346 | |||||||||||||
| 940,000 | 3.125 | 04/01/2036 | 878,415 | |||||||||||||
| City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) |
| |||||||||||||||
| 1,775,000 | 6.500 | 12/01/2052 | 1,804,147 | |||||||||||||
| City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) |
| |||||||||||||||
| 1,155,000 | 5.000 | 05/15/2028 | 1,114,944 | |||||||||||||
| 1,215,000 | 5.000 | 05/15/2029 | 1,161,522 | |||||||||||||
| 2,850,000 | 5.000 | 05/15/2034 | 2,579,610 | |||||||||||||
| 1,190,000 | 5.000 | 05/15/2050 | 866,095 | |||||||||||||
| Kansas City Unified Government Sales Tax Special Obligation Capital Appreciation RB for Vacation Village Project Area Four - Multi-Sport Athletic Complex Project, Series 2015 (NR/NR) |
| |||||||||||||||
| 2,440,000 | 0.000 | (d)(e) | 09/01/2034 | 1,023,949 | ||||||||||||
|
|
|
|||||||||||||||
| 12,379,168 | ||||||||||||||||
|
|
||||||||||||||||
| Kentucky - 0.2% |
| |||||||||||||||
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) |
| |||||||||||||||
| 3,150,000 | 4.450 | (d) | 01/01/2042 | 3,107,952 | ||||||||||||
| 3,375,000 | 4.700 | (d) | 01/01/2052 | 3,343,758 | ||||||||||||
| City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) |
| |||||||||||||||
| 1,540,000 | 4.700 | (d) | 01/01/2052 | 1,525,744 | ||||||||||||
| 142 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Kentucky – (continued) |
| |||||||||||||||
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) |
| |||||||||||||||
| $ | 2,000,000 | 2.125 | % | 10/01/2034 | $ | 1,594,567 | ||||||||||
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) |
| |||||||||||||||
| 3,000,000 | 2.000 | 02/01/2032 | 2,486,703 | |||||||||||||
| Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A3/A) |
| |||||||||||||||
| 750,000 | 4.000 | 06/01/2046 | 709,731 | |||||||||||||
| Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) |
| |||||||||||||||
| 205,000 | 4.000 | 03/01/2046 | 182,727 | |||||||||||||
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A1/AA) |
| |||||||||||||||
| 900,000 | 4.000 | 12/01/2041 | 882,896 | |||||||||||||
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) |
| |||||||||||||||
| 2,925,000 | 4.000 | 06/01/2045 | 2,773,223 | |||||||||||||
| Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| |||||||||||||||
| 3,600,000 | 5.000 | 08/01/2049 | 3,709,252 | |||||||||||||
| Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A) |
| |||||||||||||||
| 1,500,000 | 3.000 | 10/01/2043 | 1,163,645 | |||||||||||||
|
|
|
|||||||||||||||
| 21,480,198 | ||||||||||||||||
|
|
||||||||||||||||
| Louisiana - 0.8% |
| |||||||||||||||
| Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) |
| |||||||||||||||
| 1,600,000 | 5.000 | 12/01/2034 | 1,601,422 | |||||||||||||
| 4,765,000 | 5.000 | 12/01/2039 | 4,617,661 | |||||||||||||
| City of New Orleans Public Improvement Bonds Series 2021A (A2/A+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 12/01/2050 | 5,247,926 | |||||||||||||
| Juban Crossing Economic Development District Revenue and Refunding Bonds for General Infrastructure Projects Series 2015C (NR/NR) |
| |||||||||||||||
| 6,585,000 | 7.000 | (d) | 09/15/2044 | 6,593,034 | ||||||||||||
| Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,410,000 | 5.500 | 06/01/2052 | 1,428,885 | |||||||||||||
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 1,900,000 | 4.125 | (d) | 06/01/2039 | 1,726,572 | ||||||||||||
| 2,300,000 | 4.375 | (d) | 06/01/2048 | 2,017,843 | ||||||||||||
| Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 1,810,000 | 3.200 | 06/01/2041 | 1,464,593 | |||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) |
| |||||||||||||||
| 5,395,000 | 6.625 | (d) | 06/15/2062 | 5,449,934 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Louisiana – (continued) |
| |||||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB) |
| |||||||||||||||
| $ | 8,865,000 | 3.500 | % | 11/01/2032 | $ | 8,545,528 | ||||||||||
| Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR) |
| |||||||||||||||
| 930,000 | 6.125 | (d) | 06/01/2052 | 951,797 | ||||||||||||
| 1,325,000 | 6.250 | (d) | 06/01/2062 | 1,357,860 | ||||||||||||
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 900,000 | 6.250 | (d) | 06/01/2052 | 883,538 | ||||||||||||
| 1,850,000 | 6.375 | (d) | 06/01/2062 | 1,802,060 | ||||||||||||
| Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (NR/AA) |
| |||||||||||||||
| 2,000,000 | 3.000 | 06/01/2050 | 1,521,542 | |||||||||||||
| Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| |||||||||||||||
| 7,725,000 | 4.000 | 05/15/2042 | 7,527,913 | |||||||||||||
| 3,100,000 | 5.000 | 05/15/2046 | 3,160,760 | |||||||||||||
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR) |
| |||||||||||||||
| 2,470,000 | 4.000 | (d) | 06/01/2051 | 1,830,307 | ||||||||||||
| 2,070,000 | 4.000 | (d) | 06/01/2056 | 1,487,485 | ||||||||||||
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR) |
| |||||||||||||||
| 1,640,000 | 4.000 | (d) | 06/01/2051 | 1,215,264 | ||||||||||||
| 1,065,000 | 4.000 | (d) | 06/01/2056 | 765,301 | ||||||||||||
| Louisiana Public Facilities Authority Revenue Bonds Series 2024A (NR/NR) |
| |||||||||||||||
| 4,730,000 | 7.375 | (d) | 06/01/2054 | 4,717,928 | ||||||||||||
| 4,600,000 | 7.500 | (d) | 06/01/2059 | 4,587,976 | ||||||||||||
| Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| |||||||||||||||
| 10,000,000 | 5.000 | 05/15/2042 | 10,247,745 | |||||||||||||
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) |
| |||||||||||||||
| 4,455,000 | 5.000 | 01/01/2040 | 4,468,106 | |||||||||||||
| Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba3/BB-) |
| |||||||||||||||
| 1,400,000 | 6.100 | (a)(b)(d) | 06/01/2038 | 1,535,878 | ||||||||||||
| Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba3/BB-) |
| |||||||||||||||
| 2,375,000 | 6.350 | (d) | 07/01/2040 | 2,590,372 | ||||||||||||
|
|
|
|||||||||||||||
| 89,345,230 | ||||||||||||||||
|
|
||||||||||||||||
| Maine - 0.1% |
| |||||||||||||||
| Finance Authority of Maine RB Series 2021 (NR/NR) |
| |||||||||||||||
| 10,175,000 | 8.000 | (d) | 12/01/2051 | 7,093,210 | ||||||||||||
| Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+) |
| |||||||||||||||
| 4,000,000 | 5.000 | 07/01/2048 | 4,124,427 | |||||||||||||
|
|
|
|||||||||||||||
| 11,217,637 | ||||||||||||||||
|
|
||||||||||||||||
| Maryland - 0.9% |
| |||||||||||||||
| Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) |
| |||||||||||||||
| 3,000,000 | 4.000 | 01/01/2039 | 2,949,873 | |||||||||||||
| Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) |
| |||||||||||||||
| 2,950,000 | 4.500 | 09/01/2033 | 2,902,046 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 143 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Maryland – (continued) |
| |||||||||||||||
| Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,500,000 | 5.000 | % | 09/01/2038 | $ | 1,488,730 | ||||||||||
| City Council of Baltimore Convention Center Hotel Revenue Refunding Bonds Series 2017 (NR/B) |
| |||||||||||||||
| 7,775,000 | 5.000 | 09/01/2042 | 7,454,815 | |||||||||||||
| City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/B) |
| |||||||||||||||
| 1,400,000 | 5.000 | 09/01/2028 | 1,392,024 | |||||||||||||
| 2,235,000 | 5.000 | 09/01/2039 | 2,196,690 | |||||||||||||
| 14,715,000 | 5.000 | 09/01/2046 | 13,715,057 | |||||||||||||
| City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR) |
| |||||||||||||||
| 325,000 | 3.550 | (d) | 06/01/2034 | 293,740 | ||||||||||||
| 200,000 | 3.700 | (d) | 06/01/2039 | 172,399 | ||||||||||||
| 300,000 | 3.875 | (d) | 06/01/2046 | 251,481 | ||||||||||||
| City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 290,000 | 3.400 | (d) | 06/01/2034 | 261,500 | ||||||||||||
| 310,000 | 3.450 | (d) | 06/01/2035 | 275,043 | ||||||||||||
| 550,000 | 3.500 | (d) | 06/01/2039 | 471,937 | ||||||||||||
| 1,650,000 | 3.625 | (d) | 06/01/2046 | 1,374,909 | ||||||||||||
| City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) |
| |||||||||||||||
| 1,450,000 | 5.000 | 07/01/2036 | 1,481,970 | |||||||||||||
| County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) |
| |||||||||||||||
| 2,370,000 | 4.000 | 01/01/2050 | 2,083,862 | |||||||||||||
| County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 1,850,000 | 4.000 | 01/01/2045 | 1,728,131 | |||||||||||||
| 9,765,000 | 4.000 | 01/01/2050 | 8,785,640 | |||||||||||||
| County of Prince George’s Special Obligation Bonds for Westphalia town Center Project Series 2018 (NR/NR) |
| |||||||||||||||
| 4,535,000 | 5.250 | (d) | 07/01/2048 | 4,472,452 | ||||||||||||
| Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR) |
| |||||||||||||||
| 3,755,000 | 4.000 | (d) | 07/01/2050 | 3,360,664 | ||||||||||||
| Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BBB) |
| |||||||||||||||
| 2,375,000 | 5.000 | 06/01/2058 | 2,393,382 | |||||||||||||
| Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-) |
| |||||||||||||||
| 925,000 | 4.000 | 07/01/2040 | 879,710 | |||||||||||||
| 1,400,000 | 4.250 | 07/01/2050 | 1,281,112 | |||||||||||||
| 1,025,000 | 5.000 | 07/01/2050 | 1,040,108 | |||||||||||||
| 2,415,000 | 5.000 | 07/01/2056 | 2,438,386 | |||||||||||||
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (Baa2/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 06/01/2044 | 1,026,704 | |||||||||||||
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) |
| |||||||||||||||
| 2,250,000 | 5.000 | 06/01/2049 | 2,294,450 | |||||||||||||
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) |
| |||||||||||||||
| 6,105,000 | 3.997 | 04/01/2034 | 4,870,885 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Maryland – (continued) |
| |||||||||||||||
| Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/ BBB-) |
| |||||||||||||||
| $ | 1,000,000 | 5.750 | % | 07/01/2053 | $ | 1,088,397 | ||||||||||
| 2,000,000 | 6.000 | 07/01/2058 | 2,202,134 | |||||||||||||
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 07/01/2050 | 931,639 | |||||||||||||
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB+) |
| |||||||||||||||
| 840,000 | 3.000 | 10/01/2034 | 769,681 | |||||||||||||
| 500,000 | 4.000 | 10/01/2040 | 478,681 | |||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB for Monocacy Montessori Communities Issue Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 6.125 | (d) | 07/01/2053 | 918,352 | ||||||||||||
| 900,000 | 6.250 | (d) | 07/01/2063 | 919,456 | ||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) |
| |||||||||||||||
| 1,355,000 | 5.500 | (d) | 05/01/2052 | 1,300,725 | ||||||||||||
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) |
| |||||||||||||||
| 13,800,000 | 0.000 | (e) | 05/01/2053 | 3,370,715 | ||||||||||||
| 10,125,000 | 0.000 | (e) | 05/01/2054 | 2,341,574 | ||||||||||||
| 8,750,000 | 0.000 | (e) | 05/01/2055 | 1,915,785 | ||||||||||||
| Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B) |
| |||||||||||||||
| 1,400,000 | 5.000 | 09/01/2035 | 1,388,111 | |||||||||||||
| Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,450,000 | 5.000 | 06/01/2051 | 1,449,453 | |||||||||||||
|
|
|
|||||||||||||||
| 92,412,403 | ||||||||||||||||
|
|
||||||||||||||||
| Massachusetts - 0.9% |
| |||||||||||||||
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023 Series D (Aa1/AA+) |
| |||||||||||||||
| 50,000,000 | 5.000 | 10/01/2050 | 54,068,770 | |||||||||||||
| Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA+) |
| |||||||||||||||
| 2,130,000 | 3.000 | 04/01/2044 | 1,773,693 | |||||||||||||
| Massachusetts Development Finance Agency RB for Boston Medical Center Series G (Baa2/BBB) |
| |||||||||||||||
| 1,740,000 | 5.250 | 07/01/2052 | 1,867,723 | |||||||||||||
| Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 11/15/2033 | 1,047,194 | ||||||||||||
| 900,000 | 5.000 | (d) | 11/15/2038 | 940,673 | ||||||||||||
| 2,350,000 | 5.125 | (d) | 11/15/2046 | 2,432,087 | ||||||||||||
| Massachusetts Development Finance Agency RB for Merrimack College Series 2022 (NR/BBB-) |
| |||||||||||||||
| 2,075,000 | 5.000 | 07/01/2052 | 2,111,390 | |||||||||||||
| Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa2/BBB-) |
| |||||||||||||||
| 1,950,000 | 5.000 | 10/01/2036 | 1,975,907 | |||||||||||||
| 144 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Massachusetts – (continued) | ||||||||||||||||
| Massachusetts Development Finance Agency RB for Simmons University issue, Series 2023 N (Baa2/BBB-) |
| |||||||||||||||
| $ | 580,000 | 5.250 | % | 10/01/2039 | $ | 609,101 | ||||||||||
| 1,450,000 | 5.000 | 10/01/2043 | 1,470,131 | |||||||||||||
| Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB-) |
| |||||||||||||||
| 24,315,000 | 5.000 | 07/01/2044 | 23,873,695 | |||||||||||||
|
|
|
|||||||||||||||
| 92,170,364 | ||||||||||||||||
|
|
||||||||||||||||
| Michigan - 2.3% |
| |||||||||||||||
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) |
| |||||||||||||||
| 106,985,536 | 4.000 | (b) | 04/01/2044 | 84,537,542 | ||||||||||||
| City of Detroit GO Bonds Series 2020 (Baa2/BB+) |
| |||||||||||||||
| 665,000 | 5.500 | 04/01/2031 | 725,830 | |||||||||||||
| 470,000 | 5.500 | 04/01/2033 | 512,668 | |||||||||||||
| 280,000 | 5.500 | 04/01/2034 | 305,263 | |||||||||||||
| 300,000 | 5.500 | 04/01/2035 | 326,378 | |||||||||||||
| 245,000 | 5.500 | 04/01/2036 | 265,417 | |||||||||||||
| 465,000 | 5.500 | 04/01/2037 | 500,190 | |||||||||||||
| 495,000 | 5.500 | 04/01/2038 | 529,533 | |||||||||||||
| 355,000 | 5.500 | 04/01/2039 | 378,233 | |||||||||||||
| 690,000 | 5.500 | 04/01/2040 | 732,043 | |||||||||||||
| 1,360,000 | 5.500 | 04/01/2045 | 1,423,446 | |||||||||||||
| City of Detroit GO Bonds Series 2021 A (Baa2/BB+) |
| |||||||||||||||
| 900,000 | 5.000 | 04/01/2050 | 915,757 | |||||||||||||
| City of Detroit GO Bonds Series 2021 B (Baa2/BB+) |
| |||||||||||||||
| 1,145,000 | 2.960 | 04/01/2027 | 1,059,441 | |||||||||||||
| 950,000 | 3.110 | 04/01/2028 | 864,466 | |||||||||||||
| 450,000 | 3.244 | 04/01/2029 | 401,557 | |||||||||||||
| 125,000 | 3.344 | 04/01/2030 | 109,013 | |||||||||||||
| 475,000 | 3.644 | 04/01/2034 | 386,436 | |||||||||||||
| City of Detroit MI GO Bonds Series 2020 (Baa2/BB+) |
| |||||||||||||||
| 295,000 | 5.500 | 04/01/2032 | 321,852 | |||||||||||||
| City of Detroit Unlimited Tax GO Bonds Series 2021A Tax-Exempt Social Bonds (Baa2/BB+) |
| |||||||||||||||
| 675,000 | 4.000 | 04/01/2042 | 631,614 | |||||||||||||
| City of Detroit UT GO Bonds Series 2021A (Baa2/BB+) |
| |||||||||||||||
| 2,750,000 | 5.000 | 04/01/2046 | 2,808,188 | |||||||||||||
| City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2023C (Tax Exempt) (Baa2/BB+) |
| |||||||||||||||
| 1,200,000 | 6.000 | 05/01/2043 | 1,347,553 | |||||||||||||
| City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2021A (Baa2/BB+) |
| |||||||||||||||
| 725,000 | 4.000 | 04/01/2041 | 685,337 | |||||||||||||
| City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa2/BB+) |
| |||||||||||||||
| 3,675,000 | 6.000 | 05/01/2039 | 4,181,247 | |||||||||||||
| City of Kalamazoo Economic Development Corporation Limited Obligation RB for Heritage Community of Kalamazoo Revel Creek Project Series 2020A (NR/NR) |
| |||||||||||||||
| 3,880,000 | 5.000 | 05/15/2055 | 3,222,628 | |||||||||||||
| Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) |
| |||||||||||||||
| 3,330,000 | 5.000 | 07/01/2036 | 3,332,023 | |||||||||||||
| 11,250,000 | 5.000 | 07/01/2048 | 10,954,758 | |||||||||||||
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) |
| |||||||||||||||
| 3,401,333 | 4.000 | (b) | 04/01/2044 | 2,687,656 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Michigan – (continued) |
| |||||||||||||||
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD LIBOR + 0.60%) |
| |||||||||||||||
| $ | 4,675,000 | 4.346 | %(f) | 07/01/2032 | $ | 4,470,334 | ||||||||||
| Grand Rapids Charter township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 7,875,000 | 5.000 | 05/15/2037 | 7,524,108 | |||||||||||||
| 4,125,000 | 5.000 | 05/15/2044 | 3,664,133 | |||||||||||||
| Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 900,000 | 6.000 | 01/01/2054 | 896,187 | |||||||||||||
| 900,000 | 6.250 | 01/01/2059 | 904,557 | |||||||||||||
| Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 475,000 | 4.000 | 11/15/2045 | 374,840 | |||||||||||||
| Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) |
| |||||||||||||||
| 1,725,000 | 4.000 | 11/15/2043 | 1,397,056 | |||||||||||||
| Michigan Finance Authority Act 38 Facilities Senior RB for the Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) |
| |||||||||||||||
| 2,790,000 | 4.375 | (h) | 02/28/2054 | 2,743,837 | ||||||||||||
| Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) |
| |||||||||||||||
| 975,000 | 4.000 | 11/15/2050 | 885,834 | |||||||||||||
| Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) |
| |||||||||||||||
| 1,550,000 | 4.000 | 02/15/2050 | 1,432,136 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2014D (Aa3/AA-) |
| |||||||||||||||
| 1,600,000 | 5.000 | 07/01/2034 | 1,602,916 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (Aa3/AA) |
| |||||||||||||||
| 2,175,000 | 5.000 | 07/01/2032 | 2,180,476 | |||||||||||||
| 1,750,000 | 5.000 | 07/01/2033 | 1,753,189 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A1/A+) |
| |||||||||||||||
| 1,600,000 | 5.000 | 07/01/2033 | 1,614,564 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (Aa3/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2035 | 1,002,071 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) |
| |||||||||||||||
| 750,000 | 5.000 | 07/01/2035 | 757,919 | |||||||||||||
| Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (NR/BB+) |
| |||||||||||||||
| 800,000 | 4.000 | 12/01/2041 | 663,062 | |||||||||||||
| 1,230,000 | 4.000 | 12/01/2051 | 939,170 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 145 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Michigan – (continued) |
| |||||||||||||||
| Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 1,515,000 | 4.250 | % | 12/01/2039 | $ | 1,225,438 | ||||||||||
| 1,190,000 | 5.000 | 12/01/2046 | 992,019 | |||||||||||||
| Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 09/01/2040 | 985,648 | |||||||||||||
| Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) |
| |||||||||||||||
| 475,000 | 4.000 | 09/01/2045 | 441,236 | |||||||||||||
| 500,000 | 4.000 | 09/01/2050 | 447,243 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) |
| |||||||||||||||
| 7,225,000 | 3.267 | 06/01/2039 | 6,605,149 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) |
| |||||||||||||||
| 252,800,000 | 0.000 | (e) | 06/01/2065 | 28,538,466 | ||||||||||||
| Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+) |
| |||||||||||||||
| 805,000 | 4.000 | 01/01/2031 | 773,593 | |||||||||||||
| 1,115,000 | 4.000 | 01/01/2041 | 979,056 | |||||||||||||
| 1,695,000 | 4.000 | 01/01/2051 | 1,388,023 | |||||||||||||
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 2,545,000 | 4.125 | 06/30/2035 | 2,568,937 | |||||||||||||
| Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 1,875,000 | 5.000 | 05/15/2037 | 1,791,454 | |||||||||||||
| 1,400,000 | 5.000 | 05/15/2044 | 1,243,585 | |||||||||||||
| Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (Ba2/BB) |
| |||||||||||||||
| 6,700,000 | 4.000 | (a)(b) | 10/01/2061 | 6,693,687 | ||||||||||||
| Michigan tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-) |
| |||||||||||||||
| 42,935,000 | 0.000 | (e) | 06/01/2052 | 5,576,840 | ||||||||||||
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) |
| |||||||||||||||
| 360,835,000 | 0.000 | (e) | 06/01/2058 | 14,420,807 | ||||||||||||
| Star International Academy RB Refunding Series 2020 (NR/BBB) |
| |||||||||||||||
| 4,080,000 | 5.000 | 03/01/2033 | 4,175,618 | |||||||||||||
| Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB) |
| |||||||||||||||
| 5,055,000 | 4.000 | 06/01/2051 | 3,659,899 | |||||||||||||
| Universal Academy RB Refunding Series 2021 (NR/BBB-) |
| |||||||||||||||
| 1,035,000 | 4.000 | 12/01/2040 | 931,880 | |||||||||||||
|
|
|
|||||||||||||||
| 242,391,036 | ||||||||||||||||
|
|
||||||||||||||||
| Minnesota - 0.3% |
| |||||||||||||||
| City of St. Paul Housing & Redevelopment Authority Charter School Lease RB for Higher Ground Academy Project Series 2023 (NR/BB+) |
| |||||||||||||||
| 1,630,000 | 5.500 | 12/01/2057 | 1,658,399 | |||||||||||||
| City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB+) |
| |||||||||||||||
| 540,000 | 4.000 | 12/01/2040 | 455,468 | |||||||||||||
| 425,000 | 4.000 | 12/01/2050 | 324,631 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Minnesota – (continued) | ||||||||||||||||
| Duluth Economic Development Authority Health Care Facilities RB for Essentia Health Obligated Group Series 2018A (NR/A-) |
| |||||||||||||||
| $ | 18,575,000 | 5.250 | % | 02/15/2058 | $ | 18,992,674 | ||||||||||
| Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) |
| |||||||||||||||
| 1,365,000 | 4.250 | 02/15/2048 | 1,309,695 | |||||||||||||
| Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,400,000 | 4.000 | 07/01/2036 | 1,210,022 | |||||||||||||
| Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) |
| |||||||||||||||
| 755,000 | 4.000 | (c) | 03/01/2029 | 776,710 | ||||||||||||
| 1,260,000 | 4.000 | (c) | 03/01/2032 | 1,296,231 | ||||||||||||
| 685,000 | 4.200 | (c) | 03/01/2034 | 708,494 | ||||||||||||
| Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) |
| |||||||||||||||
| 1,525,000 | 5.000 | 05/01/2032 | 1,521,929 | |||||||||||||
| 2,400,000 | 5.000 | 05/01/2047 | 2,143,315 | |||||||||||||
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) |
| |||||||||||||||
| 425,000 | 4.000 | 12/01/2034 | 416,645 | |||||||||||||
| 650,000 | 4.000 | 12/01/2040 | 590,412 | |||||||||||||
|
|
|
|||||||||||||||
| 31,404,625 | ||||||||||||||||
|
|
||||||||||||||||
| Mississippi - 0.1% |
| |||||||||||||||
| Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB Series 2010L (Aa2/AA-/A-1+) |
| |||||||||||||||
| 3,185,000 | 4.350 | (a)(b) | 11/01/2035 | 3,185,000 | ||||||||||||
| Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB) |
| |||||||||||||||
| 4,000,000 | 2.375 | 06/01/2044 | 2,504,473 | |||||||||||||
| Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) |
| |||||||||||||||
| 1,225,000 | 5.000 | (d) | 10/01/2030 | 1,273,761 | ||||||||||||
| 1,530,000 | 5.000 | (d) | 10/01/2033 | 1,583,332 | ||||||||||||
| 850,000 | 4.000 | (d) | 10/01/2034 | 795,262 | ||||||||||||
| 700,000 | 4.000 | (d) | 10/01/2035 | 652,839 | ||||||||||||
| 750,000 | 4.000 | (d) | 10/01/2036 | 690,941 | ||||||||||||
| 3,000,000 | 4.000 | (d) | 10/01/2041 | 2,533,215 | ||||||||||||
|
|
|
|||||||||||||||
| 13,218,823 | ||||||||||||||||
|
|
||||||||||||||||
| Missouri - 0.4% |
| |||||||||||||||
| Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR) |
| |||||||||||||||
| 545,266 | 5.000 | (b)(d)* | 04/01/2043 | 16,358 | ||||||||||||
| Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) |
| |||||||||||||||
| 2,752,991 | 5.000 | (b)(d)* | 04/01/2043 | 82,590 | ||||||||||||
| Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) |
| |||||||||||||||
| 950,000 | 4.000 | 03/01/2041 | 932,679 | |||||||||||||
| Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (A1/A+) |
| |||||||||||||||
| 2,825,000 | 3.000 | 03/01/2046 | 2,156,662 | |||||||||||||
| 146 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Missouri – (continued) |
| |||||||||||||||
| Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (A1/A+) |
| |||||||||||||||
| $ | 1,925,000 | 5.000 | % | 03/01/2036 | $ | 2,000,506 | ||||||||||
| City of Branson Industrial Development Authority Tax Increment Refunding RB for Branson Shoppes Redevelopment Project Series 2017A (NR/NR) |
| |||||||||||||||
| 2,050,000 | 4.000 | 11/01/2027 | 1,979,993 | |||||||||||||
| City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 2,550,000 | 5.000 | 05/15/2041 | 2,568,444 | |||||||||||||
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) |
| |||||||||||||||
| 1,065,000 | 5.000 | 09/01/2029 | 1,091,794 | |||||||||||||
| I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 4,750,000 | 5.250 | (d) | 12/01/2048 | 4,754,913 | ||||||||||||
| Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 945,000 | 3.500 | 11/01/2040 | 857,126 | |||||||||||||
| 2,450,000 | 4.250 | 11/01/2050 | 2,043,158 | |||||||||||||
| Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 04/01/2036 | 965,827 | ||||||||||||
| 1,150,000 | 5.000 | (d) | 04/01/2046 | 1,038,703 | ||||||||||||
| Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) |
| |||||||||||||||
| 830,000 | 5.000 | 09/01/2038 | 865,621 | |||||||||||||
| 2,600,000 | 5.000 | 09/01/2048 | 2,659,093 | |||||||||||||
| Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| 1,330,000 | 5.000 | 09/01/2033 | 1,359,836 | |||||||||||||
| Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) |
| |||||||||||||||
| 400,000 | 3.000 | 10/01/2044 | 330,431 | |||||||||||||
| 500,000 | 3.125 | 10/01/2049 | 397,031 | |||||||||||||
| Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 3.125 | 05/01/2035 | 1,188,936 | |||||||||||||
| St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR) |
| |||||||||||||||
| 3,250,000 | 4.750 | 11/15/2047 | 2,486,288 | |||||||||||||
| Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR) |
| |||||||||||||||
| 1,250,000 | 5.750 | * | 04/01/2027 | 112,500 | ||||||||||||
| Taney County IDA Sales Tax Revenue Improvement Bonds for Big Cedar Infrastructure Project Series 2023 (NR/NR) |
| |||||||||||||||
| 4,170,000 | 6.000 | (d) | 10/01/2049 | 4,176,693 | ||||||||||||
| University City IDA Tax Increment Special District RB for Markets at Olive Project Series 2023A (NR/NR) |
| |||||||||||||||
| 2,175,000 | 4.875 | 06/15/2036 | 2,219,085 | |||||||||||||
| 5,500,000 | 5.500 | 06/15/2042 | 5,551,478 | |||||||||||||
|
|
|
|||||||||||||||
| 41,835,745 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Nevada - 0.4% |
| |||||||||||||||
| City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 690,000 | 3.500 | % | 09/01/2045 | $ | 516,656 | ||||||||||
| 470,000 | 4.000 | 09/01/2051 | 376,551 | |||||||||||||
| City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR) |
| |||||||||||||||
| 285,000 | 4.250 | 06/01/2037 | 280,236 | |||||||||||||
| 410,000 | 4.375 | 06/01/2042 | 398,408 | |||||||||||||
| 465,000 | 4.500 | 06/01/2047 | 448,354 | |||||||||||||
| City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) |
| |||||||||||||||
| 475,000 | 4.000 | 06/01/2039 | 430,090 | |||||||||||||
| 1,310,000 | 4.000 | 06/01/2044 | 1,113,066 | |||||||||||||
| 1,305,000 | 4.000 | 06/01/2049 | 1,061,247 | |||||||||||||
| City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 935,000 | 5.000 | 12/01/2049 | 888,973 | |||||||||||||
| City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 600,000 | 3.000 | 06/01/2041 | 437,947 | |||||||||||||
| 1,270,000 | 3.125 | 06/01/2051 | 834,893 | |||||||||||||
| City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 325,000 | 4.250 | 06/01/2034 | 322,195 | |||||||||||||
| 320,000 | 4.625 | 06/01/2043 | 311,230 | |||||||||||||
| 560,000 | 4.625 | 06/01/2049 | 531,602 | |||||||||||||
| City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) |
| |||||||||||||||
| 1,395,000 | 2.750 | (d) | 06/15/2028 | 1,341,415 | ||||||||||||
| Department of Business and Industry RB for Brightline West Passenger Rail Project, Series 2020A-3 (NR/NR) |
| |||||||||||||||
| 9,200,000 | 8.125 | (a)(b)(d) | 01/01/2050 | 9,393,414 | ||||||||||||
| Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR) |
| |||||||||||||||
| 685,000 | 5.125 | 03/01/2025 | 656,665 | |||||||||||||
| Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) |
| |||||||||||||||
| 2,130,000 | 4.000 | 09/01/2035 | 1,969,732 | |||||||||||||
| Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) |
| |||||||||||||||
| 3,700,000 | 4.000 | 07/01/2049 | 3,490,491 | |||||||||||||
| Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) |
| |||||||||||||||
| 700,000 | 5.000 | 07/01/2030 | 737,718 | |||||||||||||
| Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) |
| |||||||||||||||
| 2,635,000 | 5.000 | 07/01/2045 | 2,684,179 | |||||||||||||
| 2,825,000 | 5.000 | 07/01/2051 | 2,850,741 | |||||||||||||
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016B (Non-AMT) (A2/A) |
| |||||||||||||||
| 5,000,000 | 4.125 | (a)(b) | 03/01/2036 | 5,077,557 | ||||||||||||
| Washoe County Nevada Gas and Water Facilities Refunding RB Series 2016C (AMT) (A2/A) |
| |||||||||||||||
| 3,000,000 | 4.125 | (a)(b) | 03/01/2036 | 3,046,534 | ||||||||||||
|
|
|
|||||||||||||||
| 39,199,894 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 147 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| New Hampshire - 0.5% | ||||||||||||||||
| National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) |
| |||||||||||||||
| $ |
2,300,000 | 5.250 | % | 07/01/2048 | $ | 2,375,958 | ||||||||||
| New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B1/B+) |
| |||||||||||||||
| 1,800,000 | 2.950 | (d) | 04/01/2029 | 1,664,180 | ||||||||||||
| New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B3/B) |
| |||||||||||||||
| 6,800,000 | 3.625 | (a)(b)(d) | 07/01/2043 | 5,317,273 | ||||||||||||
| New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B3/B) |
| |||||||||||||||
| 10,545,000 | 3.750 | (a)(b)(d) | 07/01/2045 | 8,289,063 | ||||||||||||
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 12,450,000 | 4.000 | 01/01/2051 | 9,477,905 | |||||||||||||
| New Hampshire Health and Education Facilities Authority RB for Dartmouth Hitchcock Health Obligated Group 2020 A (AGM-CR) (NR/AA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 08/01/2059 | 5,381,726 | |||||||||||||
| New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) |
| |||||||||||||||
| 2,150,000 | 5.000 | 08/01/2033 | 2,268,008 | |||||||||||||
| 3,170,000 | 5.000 | 08/01/2035 | 3,334,451 | |||||||||||||
| 2,000,000 | 5.000 | 08/01/2036 | 2,096,111 | |||||||||||||
| 5,350,000 | 5.000 | 08/01/2037 | 5,585,371 | |||||||||||||
| 2,935,000 | 5.000 | 08/01/2038 | 3,053,666 | |||||||||||||
| 4,235,000 | 5.000 | 08/01/2039 | 4,392,816 | |||||||||||||
| 1,710,000 | 5.000 | 08/01/2040 | 1,766,186 | |||||||||||||
|
|
|
|||||||||||||||
| 55,002,714 | ||||||||||||||||
|
|
||||||||||||||||
| New Jersey - 4.3% |
| |||||||||||||||
| New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR) |
| |||||||||||||||
| 1,000,000 | 4.750 | 06/15/2032 | 1,000,276 | |||||||||||||
| 1,000,000 | 5.000 | 06/15/2037 | 1,000,167 | |||||||||||||
| 1,000,000 | 5.125 | 06/15/2043 | 1,000,102 | |||||||||||||
| New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) |
| |||||||||||||||
| 500,000 | 5.000 | 07/01/2037 | 500,978 | |||||||||||||
| 1,150,000 | 5.000 | 07/01/2047 | 1,104,106 | |||||||||||||
| New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A1/NR) |
| |||||||||||||||
| 6,000,000 | 3.000 | 08/01/2041 | 4,929,637 | |||||||||||||
| New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/BB-) |
| |||||||||||||||
| 5,000,000 | 5.625 | 11/15/2030 | 5,050,660 | |||||||||||||
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB-) |
| |||||||||||||||
| 23,275,000 | 5.250 | 09/15/2029 | 23,324,215 | |||||||||||||
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB-) |
| |||||||||||||||
| 5,000,000 | 5.625 | 11/15/2030 | 5,050,659 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| New Jersey – (continued) | ||||||||||||||||
| New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (A2/A-) |
| |||||||||||||||
| $ | 2,470,000 | 5.000 | % | 06/15/2047 | $ | 2,536,735 | ||||||||||
| New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 06/15/2042 | 5,168,176 | |||||||||||||
| New Jersey Economic Development Authority Tax Exempt Private Activity Bonds for Goethals Bridge Replacement Project Series 2013 (NR/BBB+) |
| |||||||||||||||
| 1,000,000 | 5.375 | 01/01/2043 | 1,002,630 | |||||||||||||
| New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Caa1/BB) |
| |||||||||||||||
| 3,450,000 | 4.000 | 07/01/2042 | 2,523,905 | |||||||||||||
| New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A1/AA) |
| |||||||||||||||
| 1,110,000 | 3.250 | 07/01/2049 | 904,280 | |||||||||||||
| New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) |
| |||||||||||||||
| 1,710,000 | 5.000 | 07/01/2045 | 1,762,479 | |||||||||||||
| New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+) |
| |||||||||||||||
| 3,350,000 | 3.000 | 07/01/2050 | 2,457,984 | |||||||||||||
| New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A1/ AA) |
| |||||||||||||||
| 9,700,000 | 4.125 | 07/01/2038 | 9,701,985 | |||||||||||||
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) |
| |||||||||||||||
| 93,770,000 | 0.000 | (e) | 12/15/2036 | 58,895,859 | ||||||||||||
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) |
| |||||||||||||||
| 25,400,000 | 0.000 | (e) | 12/15/2034 | 17,984,117 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) |
| |||||||||||||||
| 115,550,000 | 0.000 | (e) | 12/15/2035 | 76,790,208 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) |
| |||||||||||||||
| 47,575,000 | 0.000 | (e) | 12/15/2035 | 31,435,310 | ||||||||||||
| 35,245,000 | 0.000 | (e) | 12/15/2038 | 19,689,661 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) |
| |||||||||||||||
| 4,000,000 | 0.000 | (e) | 12/15/2026 | 3,656,336 | ||||||||||||
| 1,900,000 | 0.000 | (e) | 12/15/2034 | 1,317,243 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (A2/A-) |
| |||||||||||||||
| 15,000,000 | 5.000 | 06/15/2038 | 15,022,559 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) |
| |||||||||||||||
| 1,000,000 | 5.250 | 06/15/2041 | 1,015,552 | |||||||||||||
| 2,500,000 | 5.000 | 06/15/2045 | 2,524,132 | |||||||||||||
| 1,770,000 | 5.000 | 06/15/2046 | 1,785,483 | |||||||||||||
| 148 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) |
| |||||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) |
| |||||||||||||||
| $ | 10,000,000 | 0.000 | %(e) | 12/15/2030 | $ | 8,077,275 | ||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A1/AA) |
| |||||||||||||||
| 11,150,000 | 0.000 | (e) | 12/15/2033 | 8,217,476 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) |
| |||||||||||||||
| 52,985,000 | 0.000 | (e) | 12/15/2036 | 33,072,405 | ||||||||||||
| 5,470,000 | 0.000 | (e) | 12/15/2037 | 3,238,692 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) |
| |||||||||||||||
| 3,280,000 | 0.000 | (e) | 12/15/2033 | 2,371,621 | ||||||||||||
| 1,565,000 | 0.000 | (e) | 12/15/2036 | 976,848 | ||||||||||||
| 5,000,000 | 0.000 | (e) | 12/15/2038 | 2,793,256 | ||||||||||||
| 16,175,000 | 0.000 | (e) | 12/15/2039 | 8,588,678 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A2/ A+) |
| |||||||||||||||
| 1,130,000 | 5.000 | 06/15/2030 | 1,168,022 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) |
| |||||||||||||||
| 5,275,000 | 4.250 | 12/15/2038 | 5,374,759 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) |
| |||||||||||||||
| 3,500,000 | 5.000 | 12/15/2033 | 3,788,908 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) |
| |||||||||||||||
| 935,000 | 3.000 | 06/15/2050 | 715,454 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) |
| |||||||||||||||
| 5,000,000 | 4.000 | 06/15/2050 | 4,779,420 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) |
| |||||||||||||||
| 5,325,000 | 4.250 | 06/15/2044 | 5,381,492 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) |
| |||||||||||||||
| 7,000,000 | 5.250 | 06/15/2043 | 7,366,534 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) |
| |||||||||||||||
| 230,000 | 0.000 | (e) | 12/15/2032 | 172,517 | ||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) |
| |||||||||||||||
| 5,200,000 | 4.250 | 06/15/2040 | 5,389,486 | |||||||||||||
| New Jersey Turnpike Authority RB Series 2024 B (A1/AA-) |
| |||||||||||||||
| 10,000,000 | 4.125 | (h) | 01/01/2054 | 9,769,405 | ||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) |
| |||||||||||||||
| 1,500,000 | 4.500 | 01/01/2048 | 1,546,431 | |||||||||||||
| 3,000,000 | 5.250 | 01/01/2052 | 3,284,896 | |||||||||||||
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| |||||||||||||||
| 900,000 | 5.500 | 07/01/2058 | 921,657 | |||||||||||||
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) |
| |||||||||||||||
| 20,000,000 | 5.000 | 01/01/2048 | 20,364,464 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) |
| |||||||||||||||
| South Jersey Transportation Authority Transportation System RB 2022 Series A (Baa2/BBB+) |
| |||||||||||||||
| $ | 1,500,000 | 4.625 | % | 11/01/2047 | $ | 1,534,613 | ||||||||||
| Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB-) |
| |||||||||||||||
| 13,510,000 | 5.000 | 06/01/2046 | 13,737,422 | |||||||||||||
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) |
| |||||||||||||||
| 11,570,000 | 6.750 | (d) | 12/01/2041 | 7,532,964 | ||||||||||||
| Union County Improvement Authority Solid Waste Disposal RB Series 2019 (AMT) (NR/NR) |
| |||||||||||||||
| 2,480,000 | 6.000 | (d) | 12/01/2025 | 2,279,762 | ||||||||||||
|
|
|
|||||||||||||||
| 461,579,891 | ||||||||||||||||
|
|
||||||||||||||||
| New Mexico - 0.1% |
| |||||||||||||||
| City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 05/15/2044 | 469,772 | |||||||||||||
| 1,000,000 | 5.000 | 05/15/2049 | 905,822 | |||||||||||||
| Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) |
| |||||||||||||||
| 500,000 | 4.000 | 09/01/2033 | 514,404 | |||||||||||||
| 375,000 | 4.000 | 09/01/2034 | 383,266 | |||||||||||||
| 300,000 | 4.000 | 09/01/2035 | 303,626 | |||||||||||||
| 1,200,000 | 4.000 | 09/01/2040 | 1,128,828 | |||||||||||||
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 4,825,000 | 4.250 | (d) | 05/01/2040 | 4,502,618 | ||||||||||||
|
|
|
|||||||||||||||
| 8,208,336 | ||||||||||||||||
|
|
||||||||||||||||
| New York - 8.5% |
| |||||||||||||||
| Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (Ba1/NR) |
| |||||||||||||||
| 9,610,000 | 0.000 | (e) | 07/15/2045 | 3,634,866 | ||||||||||||
| Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) |
| |||||||||||||||
| 1,240,000 | 3.000 | 07/15/2043 | 966,435 | |||||||||||||
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| |||||||||||||||
| 19,300,000 | 5.000 | 07/15/2042 | 19,614,445 | |||||||||||||
| Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) |
| |||||||||||||||
| 5,740,000 | 0.000 | (e) | 07/15/2046 | 2,056,161 | ||||||||||||
| Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) |
| |||||||||||||||
| 1,175,000 | 5.000 | 06/15/2052 | 1,148,843 | |||||||||||||
| 950,000 | 5.000 | 06/15/2057 | 920,033 | |||||||||||||
| Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) |
| |||||||||||||||
| 670,000 | 5.000 | 07/01/2052 | 670,677 | |||||||||||||
| 505,000 | 5.000 | 07/01/2056 | 500,385 | |||||||||||||
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) |
| |||||||||||||||
| 4,920,000 | 5.000 | (d) | 12/01/2051 | 4,319,331 | ||||||||||||
| 1,100,000 | 5.000 | (d) | 12/01/2055 | 950,323 | ||||||||||||
| Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) |
| |||||||||||||||
| 2,750,000 | 5.250 | 07/01/2052 | 2,835,231 | |||||||||||||
| 2,000,000 | 5.250 | 07/01/2057 | 2,052,700 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 149 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) – (continued) |
| |||||||||||||||
| $ | 5,000,000 | 5.250 | % | 07/01/2062 | $ | 5,114,692 | ||||||||||
| Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) |
| |||||||||||||||
| 590,000 | 4.000 | (d) | 06/15/2051 | 446,827 | ||||||||||||
| 450,000 | 4.000 | (d) | 06/15/2056 | 330,399 | ||||||||||||
| Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR) |
| |||||||||||||||
| 850,000 | 2.500 | (d) | 06/15/2031 | 739,195 | ||||||||||||
| 4,965,000 | 5.000 | (d) | 06/15/2051 | 4,629,632 | ||||||||||||
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) |
| |||||||||||||||
| 6,125,000 | 6.500 | (d) | 07/01/2042 | 6,217,815 | ||||||||||||
| 1,900,000 | 6.500 | (d) | 07/01/2052 | 1,916,021 | ||||||||||||
| 1,850,000 | 6.500 | (d) | 07/01/2057 | 1,852,096 | ||||||||||||
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) |
| |||||||||||||||
| 1,900,000 | 9.750 | (d) | 07/01/2032 | 1,849,274 | ||||||||||||
| Build NYC Resource Corporation RB for Classical Charter Schools Project Series 2023A (NR/BBB-) |
| |||||||||||||||
| 800,000 | 4.750 | 06/15/2058 | 767,677 | |||||||||||||
| Build NYC Resource Corporation RB for Unity Preparatory Charter School of Brooklyn Project, Series 2023A (NR/BB) |
| |||||||||||||||
| 725,000 | 5.500 | (d) | 06/15/2053 | 736,446 | ||||||||||||
| 1,275,000 | 5.500 | (d) | 06/15/2063 | 1,285,879 | ||||||||||||
| City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) |
| |||||||||||||||
| 4,100,000 | 4.500 | 05/01/2049 | 4,196,161 | |||||||||||||
| City of New York GO Bonds Fiscal 2024 Series C (Aa2/AA) |
| |||||||||||||||
| 10,000,000 | 4.125 | 03/01/2054 | 9,744,083 | |||||||||||||
| City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) |
| |||||||||||||||
| 5,250,000 | 4.000 | 03/01/2050 | 5,090,293 | |||||||||||||
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) |
| |||||||||||||||
| 16,565,000 | 4.000 | 03/15/2054 | 15,876,411 | |||||||||||||
| Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) |
| |||||||||||||||
| 18,375,000 | 5.000 | 07/01/2046 | 18,438,495 | |||||||||||||
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2040 | 1,032,105 | |||||||||||||
| 2,565,000 | 5.000 | 07/01/2045 | 2,610,089 | |||||||||||||
| 5,775,000 | 5.000 | 07/01/2051 | 5,815,236 | |||||||||||||
| Empire State Development New York State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) |
| |||||||||||||||
| 1,710,000 | 3.000 | 03/15/2050 | 1,326,100 | |||||||||||||
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) |
| |||||||||||||||
| 66,000,000 | 0.000 | (d)(e) | 06/01/2060 | 4,369,688 | ||||||||||||
| Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) |
| |||||||||||||||
| 900,000 | 5.000 | 07/01/2033 | 923,079 | |||||||||||||
| 850,000 | 5.000 | 07/01/2035 | 867,414 | |||||||||||||
| 670,000 | 5.000 | 07/01/2036 | 680,748 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| $ | 5,060,000 | 5.250 | % | 07/01/2056 | $ | 4,095,145 | ||||||||||
| Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) |
| |||||||||||||||
| 625,000 | 5.000 | 11/15/2027 | 645,768 | |||||||||||||
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) |
| |||||||||||||||
| 7,950,000 | 4.750 | 11/15/2045 | 8,183,030 | |||||||||||||
| 2,000,000 | 5.000 | 11/15/2050 | 2,078,258 | |||||||||||||
| 2,000,000 | 5.250 | 11/15/2055 | 2,097,519 | |||||||||||||
| Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/A-) |
| |||||||||||||||
| 5,285,000 | 4.000 | 11/15/2050 | 4,952,466 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) |
| |||||||||||||||
| 950,000 | 4.000 | 11/15/2035 | 960,299 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/A-) |
| |||||||||||||||
| 650,000 | 0.000 | (e) | 11/15/2040 | 320,234 | ||||||||||||
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) |
| |||||||||||||||
| 16,330,000 | 5.250 | 11/15/2049 | 17,687,327 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A3/AA) |
| |||||||||||||||
| 27,600,000 | 4.000 | 11/15/2048 | 26,348,925 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) |
| |||||||||||||||
| 735,000 | 5.000 | 11/15/2029 | 763,833 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) |
| |||||||||||||||
| 1,785,000 | 4.000 | 11/15/2048 | 1,704,088 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/A-) |
| |||||||||||||||
| 4,435,000 | 4.000 | 11/15/2040 | 4,452,327 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) |
| |||||||||||||||
| 5,000,000 | 5.000 | 11/15/2045 | 5,275,502 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AGM) (A1/AA) |
| |||||||||||||||
| 10,000,000 | 4.000 | 11/15/2050 | 9,438,122 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) |
| |||||||||||||||
| 550,000 | 5.250 | 11/15/2028 | 566,211 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) |
| |||||||||||||||
| 4,415,000 | 4.000 | 11/15/2045 | 4,229,585 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds Subseries 2015E-1 (Aa2/AA/A-1) |
| |||||||||||||||
| 14,050,000 | 4.450 | (a)(b) | 11/15/2050 | 14,050,000 | ||||||||||||
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) |
| |||||||||||||||
| 202,665,000 | 0.000 | (e) | 06/01/2060 | 13,158,127 | ||||||||||||
| New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR) |
| |||||||||||||||
| 2,000,000 | 4.500 | 02/15/2048 | 1,990,761 | |||||||||||||
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| |||||||||||||||
| 11,615,000 | 3.000 | 01/01/2046 | 9,344,583 | |||||||||||||
| 150 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) |
| |||||||||||||||
| $ | 1,975,000 | 3.000 | % | 03/01/2049 | $ | 1,458,598 | ||||||||||
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 16,470,000 | 3.000 | 03/01/2049 | 12,786,112 | |||||||||||||
| New York City Municipal Water Finance Authority New York City Municipal Water Finance Authority Water and Sewer System Second Resolution RB Adjustable Rate 2007 Series Cc-2 (Aa1/AA+/A-1+) |
| |||||||||||||||
| 6,075,000 | 4.400 | (a)(b) | 06/15/2038 | 6,075,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2021 Series Ee Subseries Ee-1 and Ee-2 (Aa1/AA+/A-1) |
| |||||||||||||||
| 6,840,000 | 4.500 | (a)(b) | 06/15/2045 | 6,840,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2021 Series Ee Subseries Ee-1 and Ee-2 (Aa1/AA+/A-1+) |
| |||||||||||||||
| 16,280,000 | 4.500 | (a)(b) | 06/15/2045 | 16,280,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2023 Series Cc (Aa1/AA+/A-1) |
| |||||||||||||||
| 15,800,000 | 4.450 | (a)(b) | 06/15/2053 | 15,800,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2009 Subseries Bb-1 (Aa1/AA+/A-1) |
| |||||||||||||||
| 14,925,000 | 4.400 | (a)(b) | 06/15/2039 | 14,925,000 | ||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Subseries C-4 (Aa1/AAA/A-1) |
| |||||||||||||||
| 21,325,000 | 4.450 | (a)(b) | 11/01/2044 | 21,325,000 | ||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2024 Series A, Subseries A-1 Tax Exempt Bonds (Aa1/AAA) |
| |||||||||||||||
| 5,000,000 | 4.000 | 05/01/2053 | 4,745,747 | |||||||||||||
| New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) |
| |||||||||||||||
| 178,305,000 | 0.000 | (e) | 06/01/2060 | 13,015,623 | ||||||||||||
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| |||||||||||||||
| 6,250,000 | 5.150 | (d) | 11/15/2034 | 6,272,701 | ||||||||||||
| 21,095,000 | 5.375 | (d) | 11/15/2040 | 21,161,829 | ||||||||||||
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) |
| |||||||||||||||
| 29,525,000 | 7.250 | (d) | 11/15/2044 | 29,745,079 | ||||||||||||
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| |||||||||||||||
| 42,270,000 | 5.000 | (d) | 11/15/2044 | 42,282,939 | ||||||||||||
| New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) |
| |||||||||||||||
| 10,585,000 | 3.000 | 11/15/2051 | 8,088,333 | |||||||||||||
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A1/NR) |
| |||||||||||||||
| 1,350,000 | 2.625 | 09/15/2069 | 1,232,637 | |||||||||||||
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) |
| |||||||||||||||
| 1,430,000 | 2.800 | 09/15/2069 | 1,286,060 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York NY GO Bonds 2008 L-4 (Aa1/AA+/A-1) |
| |||||||||||||||
| $ | 7,540,000 | 4.500 | %(a)(b) | 04/01/2038 | $ | 7,540,000 | ||||||||||
| New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) |
| |||||||||||||||
| 1,695,000 | 4.000 | 03/15/2043 | 1,691,953 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) |
| |||||||||||||||
| 150,000 | 3.560 | 07/01/2026 | 144,571 | |||||||||||||
| 150,000 | 3.670 | 07/01/2027 | 143,236 | |||||||||||||
| 60,000 | 3.760 | 07/01/2028 | 56,808 | |||||||||||||
| 300,000 | 3.820 | 07/01/2029 | 280,795 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR) |
| |||||||||||||||
| 715,000 | 4.000 | 07/01/2031 | 686,516 | |||||||||||||
| 870,000 | 4.000 | 07/01/2032 | 829,281 | |||||||||||||
| 925,000 | 4.000 | 07/01/2033 | 875,791 | |||||||||||||
| 845,000 | 4.000 | 07/01/2035 | 784,991 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 8,480,000 | 3.000 | 09/01/2050 | 6,274,593 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) |
| |||||||||||||||
| 3,160,000 | 4.000 | 09/01/2045 | 2,854,986 | |||||||||||||
| 2,325,000 | 4.000 | 09/01/2050 | 2,053,382 | |||||||||||||
| New York State Dormitory Authority Revenues Non State Supported Debt Series 2022 1- A (NR/AA-) |
| |||||||||||||||
| 8,000,000 | 4.000 | 07/01/2051 | 7,711,800 | |||||||||||||
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) |
| |||||||||||||||
| 1,685,000 | 2.875 | (a)(b)(d) | 12/01/2044 | 1,536,587 | ||||||||||||
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) |
| |||||||||||||||
| 2,905,000 | 2.750 | (a)(b) | 09/01/2050 | 2,824,690 | ||||||||||||
| New York State Environmental Facilities Corporation Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2020R-2 (B1/B+) |
| |||||||||||||||
| 2,475,000 | 5.125 | (a)(b)(d) | 09/01/2050 | 2,534,599 | ||||||||||||
| New York State Thruway Authority General RB Series P (A1/A+) |
| |||||||||||||||
| 2,135,000 | 5.250 | 01/01/2054 | 2,335,508 | |||||||||||||
| New York State Thruway Authority General RB Series P (A1/A+) |
| |||||||||||||||
| 2,070,000 | 5.000 | 01/01/2049 | 2,239,576 | |||||||||||||
| New York State Thruway Authority New York State Personal Income Tax Revenue Green Bonds, Series 2022C (Climate Bond Certified) (NR/AA+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 03/15/2054 | 5,356,535 | |||||||||||||
| New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2023A (Tax-Exempt) (Aa1/NR) |
| |||||||||||||||
| 18,900,000 | 5.000 | 03/15/2058 | 20,225,695 | |||||||||||||
| 30,000,000 | 5.000 | 03/15/2063 | 31,983,135 | |||||||||||||
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) |
| |||||||||||||||
| 975,000 | 4.000 | 12/01/2040 | 964,979 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) |
| |||||||||||||||
| 1,315,000 | 5.000 | 01/01/2031 | 1,362,966 | |||||||||||||
| 4,665,000 | 5.000 | 01/01/2033 | 4,834,594 | |||||||||||||
| 2,075,000 | 5.000 | 01/01/2034 | 2,149,434 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 151 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) – (continued) |
| |||||||||||||||
| $ | 10,465,000 | 4.000 | % | 01/01/2036 | $ | 10,464,482 | ||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| |||||||||||||||
| 7,150,000 | 5.000 | 01/01/2036 | 7,380,158 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa3/NR) |
| |||||||||||||||
| 9,000,000 | 4.000 | 10/01/2030 | 9,030,680 | |||||||||||||
| 7,580,000 | 5.000 | 10/01/2035 | 8,034,848 | |||||||||||||
| 12,975,000 | 5.000 | 10/01/2040 | 13,440,451 | |||||||||||||
| 5,405,000 | 4.375 | 10/01/2045 | 5,327,186 | |||||||||||||
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) |
| |||||||||||||||
| 10,000,000 | 4.000 | 04/30/2053 | 8,373,055 | |||||||||||||
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) |
| |||||||||||||||
| 700,000 | 4.000 | 12/01/2039 | 673,722 | |||||||||||||
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| |||||||||||||||
| 7,590,000 | 5.000 | 07/01/2041 | 7,530,699 | |||||||||||||
| 8,500,000 | 5.000 | 07/01/2046 | 8,373,303 | |||||||||||||
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) |
| |||||||||||||||
| 22,935,000 | 5.250 | 01/01/2050 | 22,952,474 | |||||||||||||
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa2/NR) |
| |||||||||||||||
| 10,000,000 | 4.000 | 07/01/2046 | 8,985,839 | |||||||||||||
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) |
| |||||||||||||||
| 3,425,000 | 6.000 | 06/30/2054 | 3,795,730 | |||||||||||||
| New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa2/NR) |
| |||||||||||||||
| 2,500,000 | 4.000 | 07/01/2033 | 2,417,972 | |||||||||||||
| 2,500,000 | 4.000 | 07/01/2041 | 2,334,538 | |||||||||||||
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) |
| |||||||||||||||
| 7,235,000 | 5.250 | 08/01/2031 | 7,690,511 | |||||||||||||
| 9,565,000 | 5.375 | 08/01/2036 | 10,098,419 | |||||||||||||
| New York Transportation Development Corporation Special Facilities RB, Series 2023 (Delta Air Lines, Inc. - Laguardia Airport Terminals C&D Redevelopment Project) (Baa3/BB+) |
| |||||||||||||||
| 6,875,000 | 5.625 | 04/01/2040 | 7,499,835 | |||||||||||||
| New York Transportation Development Corporation Special Facilities RB, Series 2023 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/NR) |
| |||||||||||||||
| 6,850,000 | 5.375 | 06/30/2060 | 7,239,418 | |||||||||||||
| Oneida County Local Development Corp. RB Mohawk Valley Health System Project Series 2019 (Tax-Exempt) (AGM) (NR/AA) |
| |||||||||||||||
| 420,000 | 4.000 | 12/01/2032 | 425,472 | |||||||||||||
| 710,000 | 4.000 | 12/01/2033 | 718,601 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) |
| |||||||||||||||
| $ | 910,000 | 4.000 | % | 12/01/2038 | $ | 896,429 | ||||||||||
| 1,470,000 | 3.000 | 12/01/2039 | 1,228,079 | |||||||||||||
| 980,000 | 3.000 | 12/01/2040 | 805,344 | |||||||||||||
| Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) |
| |||||||||||||||
| 405,000 | 4.000 | 07/01/2039 | 370,959 | |||||||||||||
| 4,835,000 | 3.000 | 07/01/2044 | 3,442,713 | |||||||||||||
| Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) |
| |||||||||||||||
| 2,300,000 | 6.000 | (d) | 09/01/2043 | 2,449,577 | ||||||||||||
| Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) |
| |||||||||||||||
| 1,850,000 | 5.250 | 08/01/2047 | 1,989,274 | |||||||||||||
| 2,300,000 | 5.500 | 08/01/2052 | 2,496,501 | |||||||||||||
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) |
| |||||||||||||||
| 6,510,000 | 4.250 | 05/01/2052 | 6,310,373 | |||||||||||||
| Suffolk Regional Off-Track Betting Corporation Tax Exempt GO RB Series 2024 (NR/NR) |
| |||||||||||||||
| 13,800,000 | 5.750 | (h) | 12/01/2044 | 14,060,809 | ||||||||||||
| 13,800,000 | 6.000 | (h) | 12/01/2053 | 14,045,655 | ||||||||||||
| Town of Hempstead Local Development Corp. Education RB for Evergreen Charter School Project Series 2022A (NR/BB) |
| |||||||||||||||
| 5,155,000 | 5.500 | 06/15/2057 | 5,219,003 | |||||||||||||
| Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2024A (NR/AA+) |
| |||||||||||||||
| 48,695,000 | 5.000 | 05/15/2054 | 52,513,823 | |||||||||||||
| Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) |
| |||||||||||||||
| 10,000,000 | 4.250 | 05/15/2058 | 9,827,433 | |||||||||||||
| Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) |
| |||||||||||||||
| 15,000,000 | 4.125 | 05/15/2064 | 14,451,785 | |||||||||||||
| Triborough Bridge and Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4C (Aa1/AA+/A-1) |
| |||||||||||||||
| 13,715,000 | 4.500 | (a)(b) | 01/01/2031 | 13,715,000 | ||||||||||||
| Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Ba1/BBB-) |
| |||||||||||||||
| 5,845,000 | 5.000 | 11/01/2046 | 5,757,391 | |||||||||||||
| Westchester County Local Development Corporation RB, Series 2023 (Westchester Medical Center Obligated Group Project) (NR/BBB-) |
| |||||||||||||||
| 900,000 | 6.250 | 11/01/2052 | 1,026,749 | |||||||||||||
| Western Regional off-Track Betting Corp. RB Refunding Series 2021 (NR/NR) |
| |||||||||||||||
| 1,785,000 | 4.125 | (d) | 12/01/2041 | 1,415,113 | ||||||||||||
| Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 475,000 | 5.000 | 10/15/2039 | 480,712 | |||||||||||||
| 610,000 | 5.000 | 10/15/2049 | 599,750 | |||||||||||||
| 530,000 | 5.000 | 10/15/2054 | 511,498 | |||||||||||||
| Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) |
| |||||||||||||||
| 725,000 | 5.000 | 10/15/2040 | 733,444 | |||||||||||||
| 152 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) – (continued) |
| |||||||||||||||
| $ | 1,325,000 | 5.000 | % | 10/15/2050 | $ | 1,296,391 | ||||||||||
|
|
|
|||||||||||||||
| 910,896,252 | ||||||||||||||||
|
|
||||||||||||||||
| North Carolina - 0.4% |
| |||||||||||||||
| Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 4,565,000 | 5.500 | 07/01/2047 | 4,998,026 | |||||||||||||
| Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) |
| |||||||||||||||
| 6,740,000 | 5.250 | 07/01/2053 | 7,204,617 | |||||||||||||
| North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) |
| |||||||||||||||
| 3,345,000 | 5.000 | 12/31/2037 | 3,373,412 | |||||||||||||
| North Carolina Department of Transportation Tax Exempt Private Activity RB Series 2015 (NR/NR) |
| |||||||||||||||
| 5,000,000 | 5.000 | 06/30/2054 | 4,902,344 | |||||||||||||
| North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 365,000 | 4.000 | 09/01/2046 | 301,922 | |||||||||||||
| North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 03/01/2041 | 844,006 | |||||||||||||
| 6,025,000 | 4.000 | 03/01/2051 | 4,523,058 | |||||||||||||
| North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 1,400,000 | 5.000 | 10/01/2045 | 1,268,170 | |||||||||||||
| 3,260,000 | 5.000 | 10/01/2050 | 2,881,135 | |||||||||||||
| North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) |
| |||||||||||||||
| 2,000,000 | 3.000 | 07/01/2045 | 1,568,567 | |||||||||||||
| North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,500,000 | 4.000 | 07/01/2039 | 1,249,162 | |||||||||||||
| 1,650,000 | 5.000 | 07/01/2039 | 1,557,312 | |||||||||||||
| 1,035,000 | 4.000 | 07/01/2044 | 797,182 | |||||||||||||
| 1,160,000 | 5.000 | 07/01/2044 | 1,047,614 | |||||||||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) |
| |||||||||||||||
| 1,460,000 | 5.000 | 10/01/2049 | 1,499,473 | |||||||||||||
| 2,745,000 | 5.125 | 10/01/2054 | 2,821,490 | |||||||||||||
|
|
|
|||||||||||||||
| 40,837,490 | ||||||||||||||||
|
|
||||||||||||||||
| North Dakota - 0.0% |
| |||||||||||||||
| City of Grand Forks Health Care System RB for Altru Health System Series 2021 (AGM) (A1/AA) |
| |||||||||||||||
| 1,925,000 | 3.000 | 12/01/2051 | 1,386,172 | |||||||||||||
|
|
||||||||||||||||
| Ohio - 4.3% |
| |||||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/ BBB+) |
| |||||||||||||||
| 8,200,000 | 3.000 | 06/01/2048 | 6,258,099 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Ohio – (continued) |
| |||||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) |
| |||||||||||||||
| $ | 130,620,000 | 5.000 | % | 06/01/2055 | $ | 123,523,154 | ||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) |
| |||||||||||||||
| 331,880,000 | 0.000 | (e) | 06/01/2057 | 34,543,929 | ||||||||||||
| Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) |
| |||||||||||||||
| 3,330,000 | 4.000 | 06/01/2048 | 3,090,713 | |||||||||||||
| Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) |
| |||||||||||||||
| 2,400,000 | 5.250 | 11/01/2037 | 2,381,498 | |||||||||||||
| 1,000,000 | 5.250 | 11/01/2047 | 918,933 | |||||||||||||
| 2,320,000 | 5.250 | 11/01/2050 | 2,095,811 | |||||||||||||
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB-) |
| |||||||||||||||
| 22,500,000 | 5.375 | 09/15/2027 | 22,504,543 | |||||||||||||
| Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR) |
| |||||||||||||||
| 2,490,000 | 4.500 | (d) | 12/01/2055 | 2,112,537 | ||||||||||||
| Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/ BB) |
| |||||||||||||||
| 1,345,000 | 4.000 | (d) | 12/01/2055 | 1,101,429 | ||||||||||||
| Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) |
| |||||||||||||||
| 6,425,000 | 7.000 | (d) | 07/01/2053 | 6,520,007 | ||||||||||||
| County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) |
| |||||||||||||||
| 1,655,000 | 5.000 | 05/15/2032 | 1,632,130 | |||||||||||||
| 2,775,000 | 5.375 | 05/15/2037 | 2,737,602 | |||||||||||||
| 3,910,000 | 5.500 | 05/15/2042 | 3,753,860 | |||||||||||||
| County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) |
| |||||||||||||||
| 550,000 | 4.000 | 09/01/2040 | 479,072 | |||||||||||||
| 825,000 | 4.000 | 09/01/2045 | 672,980 | |||||||||||||
| 1,075,000 | 5.000 | 09/01/2049 | 980,632 | |||||||||||||
| County of Franklin Health Care Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
| |||||||||||||||
| 4,600,000 | 5.250 | 07/01/2041 | 4,548,209 | |||||||||||||
| 12,065,000 | 5.500 | 07/01/2041 | 12,238,524 | |||||||||||||
| County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 8,280,000 | 5.250 | 11/15/2055 | 7,425,505 | |||||||||||||
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2015B (Ba2/BB) |
| |||||||||||||||
| 1,470,000 | 4.000 | 11/15/2045 | 1,159,883 | |||||||||||||
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) |
| |||||||||||||||
| 47,885,000 | 5.250 | 11/15/2048 | 47,341,223 | |||||||||||||
| County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) |
| |||||||||||||||
| 4,205,000 | 5.500 | 11/01/2059 | 4,537,041 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 153 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Ohio – (continued) |
| |||||||||||||||
| Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) |
| |||||||||||||||
| $ | 9,110,000 | 5.250 | % | 02/15/2047 | $ | 9,203,520 | ||||||||||
| 3,450,000 | 5.000 | 02/15/2057 | 3,445,777 | |||||||||||||
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) |
| |||||||||||||||
| 29,500,000 | 8.223 | 02/15/2040 | 33,175,370 | |||||||||||||
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) |
| |||||||||||||||
| 7,520,000 | 5.000 | 02/15/2042 | 7,598,772 | |||||||||||||
| 7,500,000 | 4.750 | 02/15/2047 | 7,386,343 | |||||||||||||
| Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) |
| |||||||||||||||
| 13,400,000 | 5.000 | 12/01/2051 | 13,069,820 | |||||||||||||
| Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 01/01/2042 | 1,944,814 | |||||||||||||
| 1,610,000 | 5.000 | 01/01/2046 | 1,531,993 | |||||||||||||
| Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+) |
| |||||||||||||||
| 10,050,000 | 5.000 | 02/15/2048 | 9,195,355 | |||||||||||||
| Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) |
| |||||||||||||||
| 450,000 | 3.000 | 12/01/2040 | 360,680 | |||||||||||||
| 200,000 | 4.000 | 12/01/2045 | 179,058 | |||||||||||||
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) |
| |||||||||||||||
| 10,610,000 | 4.500 | (d) | 01/15/2048 | 10,277,818 | ||||||||||||
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR) |
| |||||||||||||||
| 2,135,000 | 3.750 | (d) | 01/15/2028 | 2,128,940 | ||||||||||||
| 4,230,000 | 4.250 | (d) | 01/15/2038 | 4,194,910 | ||||||||||||
| Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 4,790,000 | 5.000 | 12/01/2050 | 4,406,518 | |||||||||||||
| Ohio State Higher Education Facilities RB Series 2020 (A3/NR) |
| |||||||||||||||
| 10,060,000 | 5.000 | 01/15/2050 | 10,380,287 | |||||||||||||
| Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) |
| |||||||||||||||
| 1,075,000 | 5.000 | (d) | 12/01/2033 | 1,073,319 | ||||||||||||
| 2,085,000 | 5.000 | (d) | 12/01/2038 | 1,972,026 | ||||||||||||
| 5,000,000 | 5.000 | (d) | 12/01/2048 | 4,447,639 | ||||||||||||
| Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A) |
| |||||||||||||||
| 2,000,000 | 3.000 | 01/15/2045 | 1,541,755 | |||||||||||||
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) |
| |||||||||||||||
| 2,750,000 | 4.375 | (a)(b) | 06/15/2056 | 2,681,444 | ||||||||||||
| Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) |
| |||||||||||||||
| 2,090,000 | 4.250 | (d) | 12/01/2050 | 1,843,584 | ||||||||||||
| Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) |
| |||||||||||||||
| 4,225,000 | 5.000 | 12/01/2046 | 4,029,171 | |||||||||||||
| State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) |
| |||||||||||||||
| 1,800,000 | 6.000 | 09/01/2047 | 1,802,721 | |||||||||||||
| 3,225,000 | 6.000 | 09/01/2052 | 3,177,433 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Ohio – (continued) |
| |||||||||||||||
| State of Ohio Hospital RB for University Hospital Health System Series 2021A (A2/A) |
| |||||||||||||||
| $ | 22,915,000 | 4.000 | % | 01/15/2046 | $ | 21,997,967 | ||||||||||
| State of Ohio Hospital RB Series 2020A (A2/A) |
| |||||||||||||||
| 3,000,000 | 4.000 | 01/15/2050 | 2,764,703 | |||||||||||||
| toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) |
| |||||||||||||||
| 1,475,000 | 4.000 | 01/01/2043 | 1,357,564 | |||||||||||||
| 950,000 | 4.000 | 01/01/2046 | 851,604 | |||||||||||||
| 950,000 | 4.000 | 01/01/2051 | 818,180 | |||||||||||||
| 2,520,000 | 4.000 | 01/01/2057 | 2,105,247 | |||||||||||||
|
|
|
|||||||||||||||
| 463,501,646 | ||||||||||||||||
|
|
||||||||||||||||
| Oklahoma - 0.9% |
| |||||||||||||||
| Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Ba1/BBB-) |
| |||||||||||||||
| 1,075,000 | 4.000 | 09/01/2045 | 897,183 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba3/BB-) |
| |||||||||||||||
| 31,535,000 | 5.500 | 08/15/2057 | 32,459,881 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A1/AA) |
| |||||||||||||||
| 2,400,000 | 4.000 | 08/15/2052 | 2,127,912 | |||||||||||||
| 2,000,000 | 4.125 | 08/15/2057 | 1,808,001 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB-) |
| |||||||||||||||
| 2,050,000 | 5.250 | 08/15/2048 | 2,105,113 | |||||||||||||
| 8,005,000 | 5.500 | 08/15/2052 | 8,254,975 | |||||||||||||
| Oklahoma Water Resources Board Revolving Fund RB for Drinking Water Program Series 2023A (OK CERF) (NR/AAA) |
| |||||||||||||||
| 1,000,000 | 4.000 | 04/01/2048 | 975,384 | |||||||||||||
| 4,000,000 | 4.125 | 04/01/2053 | 3,899,888 | |||||||||||||
| Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR) |
| |||||||||||||||
| 7,130,000 | 4.375 | (d) | 12/01/2041 | 6,506,333 | ||||||||||||
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR) |
| |||||||||||||||
| 4,680,000 | 5.500 | 12/01/2035 | 4,680,943 | |||||||||||||
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) |
| |||||||||||||||
| 25,675,000 | 5.500 | 12/01/2035 | 25,680,173 | |||||||||||||
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) |
| |||||||||||||||
| 5,670,000 | 5.000 | (a)(b) | 06/01/2035 | 5,711,694 | ||||||||||||
|
|
|
|||||||||||||||
| 95,107,480 | ||||||||||||||||
|
|
||||||||||||||||
| Oregon - 0.1% |
| |||||||||||||||
| Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 130,000 | 5.250 | 11/15/2050 | 121,858 | |||||||||||||
| 225,000 | 5.375 | 11/15/2055 | 211,821 | |||||||||||||
| Oregon Facilities Authority Tax Exempt RB Refunding Bonds for Samaritan Health Services Project 2020 Series A (NR/BBB+) |
| |||||||||||||||
| 270,000 | 5.000 | 10/01/2028 | 282,390 | |||||||||||||
| Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (Baa2/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | 10/01/2051 | 847,745 | |||||||||||||
| 154 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Oregon – (continued) |
| |||||||||||||||
| Port of Portland International Airport RB Series 28 (NR/AA-) |
| |||||||||||||||
| $ | 2,400,000 | 4.000 | % | 07/01/2047 | $ | 2,284,495 | ||||||||||
| Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) |
| |||||||||||||||
| 1,825,000 | 5.000 | 11/15/2051 | 1,457,999 | |||||||||||||
|
|
|
|||||||||||||||
| 5,206,308 | ||||||||||||||||
|
|
||||||||||||||||
| Pennsylvania - 2.8% |
| |||||||||||||||
| Allegheny County Airport Authority Airport RB Series 2021A (AMT) (A2/NR) |
| |||||||||||||||
| 3,000,000 | 5.000 | 01/01/2056 | 3,072,696 | |||||||||||||
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) |
| |||||||||||||||
| 32,000,000 | 4.000 | 04/01/2044 | 30,452,131 | |||||||||||||
| Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (NR/BB) |
| |||||||||||||||
| 1,305,000 | 4.000 | 06/15/2041 | 1,100,570 | |||||||||||||
| 975,000 | 4.000 | 06/15/2051 | 750,513 | |||||||||||||
| 1,070,000 | 4.000 | 06/15/2056 | 800,512 | |||||||||||||
| Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) |
| |||||||||||||||
| 3,900,000 | 4.875 | 11/01/2024 | 3,907,258 | |||||||||||||
| 3,150,000 | 5.125 | 05/01/2030 | 3,301,377 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR) |
| |||||||||||||||
| 6,275,000 | 5.250 | (d) | 05/01/2042 | 6,237,923 | ||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/ NR) |
| |||||||||||||||
| 7,750,000 | 5.000 | (d) | 05/01/2042 | 7,748,943 | ||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) |
| |||||||||||||||
| 250,000 | 5.000 | (d) | 05/01/2027 | 255,219 | ||||||||||||
| 1,400,000 | 5.000 | (d) | 05/01/2032 | 1,428,993 | ||||||||||||
| 15,735,000 | 5.000 | (d) | 05/01/2042 | 15,677,234 | ||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | (d) | 05/01/2033 | 1,026,331 | ||||||||||||
| 3,000,000 | 5.000 | (d) | 05/01/2042 | 2,988,986 | ||||||||||||
| Berks County IDA Health System RB for tower Health Project Series 2017 (WR/CCC+) |
| |||||||||||||||
| 8,745,000 | 5.000 | 11/01/2050 | 4,510,019 | |||||||||||||
| Berks County Industrial Development Authority Health System RB for tower Health Project Series 2017 (WR/CCC+) |
| |||||||||||||||
| 1,450,000 | 3.750 | 11/01/2042 | 751,881 | |||||||||||||
| Berks County Industrial Development Authority RB Refunding for tower Health Obligated Group Series 2017 (WR/CCC+) |
| |||||||||||||||
| 950,000 | 5.000 | 11/01/2029 | 512,537 | |||||||||||||
| 1,745,000 | 5.000 | 11/01/2030 | 930,114 | |||||||||||||
| 1,425,000 | 5.000 | 11/01/2034 | 740,873 | |||||||||||||
| Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/CCC+) |
| |||||||||||||||
| 9,500,000 | 4.000 | 11/01/2047 | 4,920,558 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Pennsylvania – (continued) | ||||||||||||||||
| Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/BB-) |
| |||||||||||||||
| $ | 11,200,000 | 4.000 | % | 07/01/2051 | $ | 8,322,471 | ||||||||||
| Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB-) |
| |||||||||||||||
| 4,005,000 | 5.000 | 07/01/2054 | 3,044,576 | |||||||||||||
| Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) |
| |||||||||||||||
| 1,250,000 | 5.000 | 10/01/2037 | 1,270,420 | |||||||||||||
| Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) |
| |||||||||||||||
| 2,850,000 | 6.000 | (d) | 10/15/2052 | 2,876,419 | ||||||||||||
| Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 08/01/2035 | 499,983 | |||||||||||||
| 1,000,000 | 5.000 | 08/01/2045 | 950,838 | |||||||||||||
| Clairton Municipal Authority Sewer RB Series 2012 B (NR/BBB+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/01/2042 | 1,000,045 | |||||||||||||
| Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) |
| |||||||||||||||
| 2,325,000 | 4.000 | 06/01/2039 | 2,338,008 | |||||||||||||
| Cumberland County Municipal Authority RB Series 2015 (NR/NR) |
| |||||||||||||||
| 745,000 | 5.000 | 01/01/2038 | 747,764 | |||||||||||||
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB-) |
| |||||||||||||||
| 5,100,000 | 5.875 | (d) | 10/15/2040 | 4,439,344 | ||||||||||||
| 17,325,000 | 6.250 | (d) | 10/15/2053 | 14,472,822 | ||||||||||||
| Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB-) |
| |||||||||||||||
| 950,000 | 5.000 | (d) | 10/15/2034 | 831,921 | ||||||||||||
| Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (B3/CCC) |
| |||||||||||||||
| 2,000,000 | 5.000 | 07/01/2025 | 1,995,713 | |||||||||||||
| 2,095,000 | 5.000 | 07/01/2026 | 2,093,679 | |||||||||||||
| 555,000 | 5.000 | 07/01/2027 | 554,976 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2028 | 1,000,023 | |||||||||||||
| Doylestown Hospital Authority RB Series 2016A (B3/NR) |
| |||||||||||||||
| 180,000 | 4.000 | (c) | 07/01/2045 | 189,280 | ||||||||||||
| Doylestown Hospital Authority RB Series 2016A (B3/CCC) |
| |||||||||||||||
| 445,000 | 5.000 | 07/01/2041 | 431,951 | |||||||||||||
| 1,620,000 | 4.000 | 07/01/2045 | 1,328,158 | |||||||||||||
| 1,340,000 | 5.000 | 07/01/2046 | 1,264,343 | |||||||||||||
| Doylestown Hospital Authority RB Series 2019A (NR/NR) |
| |||||||||||||||
| 105,000 | 5.000 | (c) | 07/01/2041 | 109,090 | ||||||||||||
| 310,000 | 5.000 | (c) | 07/01/2046 | 322,076 | ||||||||||||
| Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) |
| |||||||||||||||
| 1,100,000 | 5.000 | 12/01/2043 | 953,337 | |||||||||||||
| 900,000 | 5.000 | 12/01/2048 | 751,483 | |||||||||||||
| 1,750,000 | 5.000 | 12/01/2053 | 1,418,237 | |||||||||||||
| Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A2/AA-) (3M USD LIBOR + 0.77%) |
| |||||||||||||||
| 52,950,000 | 4.501 | (f) | 05/01/2037 | 47,659,241 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 155 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 750,000 | 5.000 | % | 03/01/2045 | $ | 632,115 | ||||||||||
| Latrobe Industrial Development Authority RB for Seton Hill University Series of 2021 (NR/BBB-) |
| |||||||||||||||
| 285,000 | 5.000 | 03/01/2032 | 292,893 | |||||||||||||
| Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| |||||||||||||||
| 450,000 | 4.000 | 03/01/2035 | 422,941 | |||||||||||||
| 465,000 | 4.000 | 03/01/2036 | 431,945 | |||||||||||||
| 275,000 | 4.000 | 03/01/2037 | 250,920 | |||||||||||||
| 335,000 | 4.000 | 03/01/2039 | 293,246 | |||||||||||||
| 250,000 | 4.000 | 03/01/2040 | 215,944 | |||||||||||||
| 250,000 | 4.000 | 03/01/2041 | 213,288 | |||||||||||||
| 625,000 | 4.000 | 03/01/2046 | 502,180 | |||||||||||||
| 675,000 | 4.000 | 03/01/2051 | 518,173 | |||||||||||||
| Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) |
| |||||||||||||||
| 3,420,000 | 5.250 | 07/01/2044 | 3,322,279 | |||||||||||||
| Mercer County Industrial Development Authority College RB for Thiel College Project Series 2020 (NR/NR) |
| |||||||||||||||
| 2,400,000 | 6.125 | (d) | 10/01/2050 | 1,531,763 | ||||||||||||
| Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| 1,900,000 | 5.000 | 11/01/2044 | 1,689,370 | |||||||||||||
| 2,100,000 | 5.000 | 11/01/2049 | 1,809,899 | |||||||||||||
| Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (NR/BBB) |
| |||||||||||||||
| 945,000 | 5.000 | 05/01/2044 | 901,786 | |||||||||||||
| 1,245,000 | 5.000 | 05/01/2049 | 1,152,050 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-1 (NR/NR) |
| |||||||||||||||
| 1,850,000 | 5.250 | 07/01/2049 | 1,907,277 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-2 (NR/NR) |
| |||||||||||||||
| 2,750,000 | 5.000 | 07/01/2042 | 2,847,509 | |||||||||||||
| 2,300,000 | 5.250 | 07/01/2046 | 2,388,677 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 2,250,000 | 4.000 | 07/01/2046 | 2,025,349 | |||||||||||||
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) |
| |||||||||||||||
| 1,375,000 | 5.250 | 06/30/2053 | 1,461,026 | |||||||||||||
| 6,825,000 | 6.000 | 06/30/2061 | 7,662,529 | |||||||||||||
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 12/31/2057 | 5,271,248 | |||||||||||||
| Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA) |
| |||||||||||||||
| (3M USD LIBOR + 0.65%) | ||||||||||||||||
| 10,850,000 | 4.396 | (f) | 07/01/2039 | 9,441,683 | ||||||||||||
| (3M USD LIBOR + 0.60%) | ||||||||||||||||
| 5,885,000 | 4.346 | (f) | 07/01/2027 | 5,834,399 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB-) |
| |||||||||||||||
| $ | 5,645,000 | 5.000 | % | 05/01/2042 | $ | 4,621,837 | ||||||||||
| Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (Baa3/NR) |
| |||||||||||||||
| 365,000 | 5.000 | 07/01/2031 | 366,025 | |||||||||||||
| 400,000 | 5.000 | 07/01/2035 | 395,739 | |||||||||||||
| Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) |
| |||||||||||||||
| 1,705,000 | 5.250 | 06/15/2052 | 1,646,499 | |||||||||||||
| Philadelphia Authority for Industrial Development Charter School RB for Tacony Academy Charter School Project Series 2023 (NR/BB+) |
| |||||||||||||||
| 1,150,000 | 5.375 | (d) | 06/15/2038 | 1,173,752 | ||||||||||||
| 1,600,000 | 5.500 | (d) | 06/15/2043 | 1,625,260 | ||||||||||||
| Philadelphia Authority For Industrial Development La Salle University RB Series 2017 (NR/BB-) |
| |||||||||||||||
| 3,480,000 | 4.000 | 05/01/2042 | 2,488,966 | |||||||||||||
| Philadelphia Authority For Industrial Development La Salle University RB Series 2024 (NR/BB-) |
| |||||||||||||||
| 18,735,000 | 6.250 | (d) | 05/01/2042 | 17,764,527 | ||||||||||||
| Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) |
| |||||||||||||||
| 2,225,000 | 5.000 | 06/15/2050 | 1,991,711 | |||||||||||||
| Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) |
| |||||||||||||||
| 310,000 | 5.000 | 08/01/2040 | 308,430 | |||||||||||||
| 1,075,000 | 5.000 | 08/01/2050 | 1,020,155 | |||||||||||||
| Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| |||||||||||||||
| 3,000,000 | 5.000 | 07/01/2034 | 3,069,812 | |||||||||||||
| Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| |||||||||||||||
| 4,490,000 | 5.000 | 07/01/2032 | 4,601,801 | |||||||||||||
| Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) |
| |||||||||||||||
| 1,820,000 | 5.000 | 11/15/2028 | 1,821,381 | |||||||||||||
| Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) |
| |||||||||||||||
| 2,325,000 | 5.000 | 01/01/2038 | 2,364,814 | |||||||||||||
| Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) |
| |||||||||||||||
| 1,100,000 | 5.000 | 01/01/2035 | 1,128,851 | |||||||||||||
| The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) |
| |||||||||||||||
| 475,000 | 5.000 | 10/01/2039 | 449,970 | |||||||||||||
| 1,125,000 | 5.000 | 10/01/2049 | 988,327 | |||||||||||||
| The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/CCC+) |
| |||||||||||||||
| 5,195,000 | 5.000 | 11/01/2044 | 2,689,541 | |||||||||||||
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 4,485,000 | 6.250 | (d) | 07/01/2057 | 4,314,834 | ||||||||||||
| 156 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Pennsylvania – (continued) |
| |||||||||||||||
| Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | % | 07/01/2028 | $ | 1,001,353 | ||||||||||
| 1,000,000 | 5.000 | 07/01/2035 | 1,004,627 | |||||||||||||
| Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) |
| |||||||||||||||
| 1,400,000 | 4.000 | 07/01/2037 | 1,301,172 | |||||||||||||
| Westmoreland County Industrial Development Authority Tax Exempt RB for Excela Health Project Series 2020A (Baa2/ NR) (Baa3/NR) |
| |||||||||||||||
| 620,000 | 5.000 | 07/01/2028 | 642,540 | |||||||||||||
|
|
|
|||||||||||||||
| 303,783,279 | ||||||||||||||||
|
|
||||||||||||||||
| Puerto Rico - 8.9% |
| |||||||||||||||
| HTA Trust Certificates Class L-2028 Units (NR/NR) |
| |||||||||||||||
| 3,919,542 | 5.250 | 07/01/2038 | 3,920,428 | |||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) |
| |||||||||||||||
| 27,100,000 | 5.000 | (d) | 07/01/2035 | 28,583,332 | ||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 9,270,000 | 5.000 | (d) | 07/01/2037 | 9,770,073 | ||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (Senior Lien) (NR/NR) |
| |||||||||||||||
| 7,870,000 | 5.000 | (d) | 07/01/2033 | 8,480,593 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| |||||||||||||||
| 42,415,000 | 5.000 | (d) | 07/01/2047 | 43,139,847 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR) |
| |||||||||||||||
| 9,400,000 | 3.500 | (d) | 07/01/2026 | 9,070,422 | ||||||||||||
| 9,400,000 | 3.750 | (d) | 07/01/2027 | 9,000,488 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR) |
| |||||||||||||||
| 2,000,000 | 4.000 | (d) | 07/01/2042 | 1,900,247 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR) |
| |||||||||||||||
| 2,500,000 | 4.000 | (d) | 07/01/2042 | 2,375,308 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR) |
| |||||||||||||||
| 495,000 | 5.000 | (d) | 07/01/2025 | 502,322 | ||||||||||||
| 4,355,000 | 5.000 | (d) | 07/01/2033 | 4,657,480 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) |
| |||||||||||||||
| 1,035,000 | 5.000 | (d) | 07/01/2037 | 1,085,022 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) |
| |||||||||||||||
| 33,370,000 | 4.000 | (d) | 07/01/2042 | 31,705,615 | ||||||||||||
| Puerto Rico Commonwealth GO Bonds (NR/NR) |
| |||||||||||||||
| 24,151,874 | 0.000 | (b)(g)(i) | 11/01/2043 | 13,959,783 | ||||||||||||
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) |
| |||||||||||||||
| 4,971,734 | 0.000 | (b)(g)(i) | 11/01/2051 | 2,349,144 | ||||||||||||
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) |
| |||||||||||||||
| 17,258,837 | 0.000 | (b)(g)(i) | 11/01/2051 | 10,139,567 | ||||||||||||
| Puerto Rico Commonwealth GO CVIs (NR/NR) |
| |||||||||||||||
| 162,047 | 0.000 | (b)(g)(i) | 11/01/2051 | 40,755 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Puerto Rico – (continued) |
| |||||||||||||||
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| |||||||||||||||
| $ | 9,811,379 | 5.625 | % | 07/01/2029 | $ | 10,733,421 | ||||||||||
| 16,610,960 | 5.750 | 07/01/2031 | 18,712,295 | |||||||||||||
| 61,106,206 | 0.000 | (e) | 07/01/2033 | 40,089,399 | ||||||||||||
| 3,435,196 | 4.000 | 07/01/2033 | 3,421,885 | |||||||||||||
| 7,201,113 | 4.000 | 07/01/2035 | 7,060,030 | |||||||||||||
| 10,253,482 | 4.000 | 07/01/2037 | 9,894,456 | |||||||||||||
| 19,508,950 | 4.000 | 07/01/2041 | 18,346,349 | |||||||||||||
| 51,667,776 | 4.000 | 07/01/2046 | 47,375,770 | |||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 2012A (WR/NR) |
| |||||||||||||||
| 1,905,000 | 4.800 | * | 07/01/2029 | 500,062 | ||||||||||||
| 30,365,000 | 5.000 | * | 07/01/2042 | 7,970,813 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 2013A (WR/NR) |
| |||||||||||||||
| 715,000 | 7.250 | * | 07/01/2030 | 187,687 | ||||||||||||
| 6,760,000 | 7.000 | * | 07/01/2033 | 1,774,500 | ||||||||||||
| 13,610,000 | 6.750 | * | 07/01/2036 | 3,572,625 | ||||||||||||
| 6,190,000 | 7.000 | * | 07/01/2040 | 1,624,875 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) |
| |||||||||||||||
| 1,678,950 | 10.000 | * | 07/01/2022 | 440,724 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR) |
| |||||||||||||||
| 747,236 | 10.000 | * | 07/01/2019 | 196,149 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series AAA (WR/NR) |
| |||||||||||||||
| 130,000 | 5.250 | * | 07/01/2023 | 34,125 | ||||||||||||
| 3,420,000 | 5.250 | * | 07/01/2031 | 897,750 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR) |
| |||||||||||||||
| 747,235 | 10.000 | * | 07/01/2019 | 196,149 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series BBB (WR/NR) |
| |||||||||||||||
| 90,000 | 5.400 | * | 07/01/2028 | 23,625 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series CCC (WR/NR) |
| |||||||||||||||
| 80,000 | 5.000 | * | 07/01/2022 | 21,000 | ||||||||||||
| 90,000 | 4.250 | * | 07/01/2023 | 23,625 | ||||||||||||
| 60,000 | 4.500 | * | 07/01/2023 | 15,750 | ||||||||||||
| 50,000 | 4.600 | * | 07/01/2024 | 13,125 | ||||||||||||
| 210,000 | 4.625 | * | 07/01/2025 | 55,125 | ||||||||||||
| 900,000 | 5.000 | * | 07/01/2025 | 236,250 | ||||||||||||
| 25,000 | 5.000 | * | 07/01/2026 | 6,563 | ||||||||||||
| 10,000,000 | 5.250 | * | 07/01/2026 | 2,625,000 | ||||||||||||
| 65,000 | 4.800 | * | 07/01/2027 | 17,062 | ||||||||||||
| 4,980,000 | 5.000 | * | 07/01/2028 | 1,307,250 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) |
| |||||||||||||||
| 5,036,850 | 10.000 | * | 01/01/2021 | 1,322,173 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) |
| |||||||||||||||
| 5,036,850 | 10.000 | * | 07/01/2021 | 1,322,173 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) |
| |||||||||||||||
| 1,678,950 | 10.000 | * | 01/01/2022 | 440,724 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series EEE (WR/NR) |
| |||||||||||||||
| 1,175,000 | 5.950 | * | 07/01/2030 | 308,438 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 157 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Puerto Rico – (continued) |
| |||||||||||||||
| Puerto Rico Electric Power Authority Power RB Series EEE (WR/NR) – (continued) |
| |||||||||||||||
| $ | 4,620,000 | 6.050 | %* | 07/01/2032 | $ | 1,212,750 | ||||||||||
| 115,000 | 6.250 | * | 07/01/2040 | 30,187 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series SS (WR/NR) |
| |||||||||||||||
| 130,000 | 4.625 | * | 07/01/2030 | 34,125 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series TT (WR/NR) |
| |||||||||||||||
| 300,000 | 4.200 | * | 07/01/2019 | 78,750 | ||||||||||||
| 700,000 | 5.000 | * | 07/01/2025 | 183,750 | ||||||||||||
| 9,895,000 | 5.000 | * | 07/01/2032 | 2,597,437 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) |
| |||||||||||||||
| 1,250,000 | 5.250 | 07/01/2032 | 1,241,352 | |||||||||||||
| Puerto Rico Electric Power Authority Power RB Series WW (WR/NR) |
| |||||||||||||||
| 2,000,000 | 5.500 | * | 07/01/2020 | 525,000 | ||||||||||||
| 3,765,000 | 5.250 | * | 07/01/2033 | 988,313 | ||||||||||||
| 13,050,000 | 5.500 | * | 07/01/2038 | 3,425,625 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series XX (WR/NR) |
| |||||||||||||||
| 20,000 | 4.875 | * | 07/01/2027 | 5,250 | ||||||||||||
| 42,715,000 | 5.250 | * | 07/01/2040 | 11,212,688 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series YY (WR/NR) |
| |||||||||||||||
| 2,460,000 | 6.125 | * | 07/01/2040 | 645,750 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series ZZ (WR/NR) |
| |||||||||||||||
| 65,000 | 3.700 | * | 07/01/2017 | 17,062 | ||||||||||||
| 1,230,000 | 5.000 | * | 07/01/2017 | 322,875 | ||||||||||||
| 145,000 | 4.250 | * | 07/01/2018 | 38,062 | ||||||||||||
| 3,130,000 | 5.000 | * | 07/01/2019 | 821,625 | ||||||||||||
| 260,000 | 4.250 | * | 07/01/2020 | 68,250 | ||||||||||||
| 25,000 | 5.250 | * | 07/01/2020 | 6,563 | ||||||||||||
| 80,000 | 4.375 | * | 07/01/2021 | 21,000 | ||||||||||||
| 100,000 | 4.375 | * | 07/01/2022 | 26,250 | ||||||||||||
| 65,000 | 5.000 | * | 07/01/2022 | 17,063 | ||||||||||||
| 190,000 | 4.500 | * | 07/01/2023 | 49,875 | ||||||||||||
| 135,000 | 4.625 | * | 07/01/2025 | 35,437 | ||||||||||||
| 1,575,000 | 5.250 | * | 07/01/2026 | 413,438 | ||||||||||||
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (WR/NR) |
| |||||||||||||||
| 215,000 | 3.300 | * | 07/01/2019 | 56,437 | ||||||||||||
| 80,000 | 3.500 | * | 07/01/2020 | 21,000 | ||||||||||||
| 155,000 | 3.625 | * | 07/01/2021 | 40,688 | ||||||||||||
| 60,000 | 3.750 | * | 07/01/2022 | 15,750 | ||||||||||||
| 730,000 | 3.875 | * | 07/01/2023 | 191,625 | ||||||||||||
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) |
| |||||||||||||||
| (3M USD LIBOR + 0.52%) | ||||||||||||||||
| 52,372,000 | 4.266 | (f) | 07/01/2029 | 49,463,542 | ||||||||||||
| Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR) |
| |||||||||||||||
| 126,000 | 5.000 | * | 07/01/2024 | 33,075 | ||||||||||||
| Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR) |
| |||||||||||||||
| 1,489,000 | 5.250 | * | 07/01/2027 | 390,862 | ||||||||||||
| 2,119,000 | 5.250 | * | 07/01/2028 | 556,238 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Puerto Rico – (continued) |
| |||||||||||||||
| Puerto Rico Electric Power Authority RB Series TT (WR/NR) |
| |||||||||||||||
| $ | 5,135,000 | 5.000 | %* | 07/01/2037 | $ | 1,347,937 | ||||||||||
| Puerto Rico Electric Power Authority RB Series WW (WR/NR) |
| |||||||||||||||
| 2,665,000 | 5.000 | * | 07/01/2028 | 699,563 | ||||||||||||
| Puerto Rico Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority Dock and Wharf RB (Forward Delivery) Series 2023A-1, Series A-2 and A-3 And Series 2023B (NR/BBB-) |
| |||||||||||||||
| 1,355,000 | 6.500 | 01/01/2042 | 1,598,616 | |||||||||||||
| 6,375,000 | 6.750 | 01/01/2045 | 7,593,695 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 11,000 | 0.000 | (e) | 07/01/2029 | 9,010 | ||||||||||||
| 4,301,000 | 0.000 | (e) | 07/01/2031 | 3,246,981 | ||||||||||||
| 5,295,000 | 0.000 | (e) | 07/01/2033 | 3,664,571 | ||||||||||||
| 364,146,000 | 0.000 | (e) | 07/01/2046 | 116,061,487 | ||||||||||||
| 197,725,000 | 0.000 | (e) | 07/01/2051 | 46,092,209 | ||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 108,671,000 | 4.329 | 07/01/2040 | 108,702,297 | |||||||||||||
| 562,000 | 4.536 | 07/01/2053 | 540,481 | |||||||||||||
| 13,175,000 | 4.784 | 07/01/2058 | 13,076,311 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 3,939,000 | 4.500 | 07/01/2034 | 3,960,126 | |||||||||||||
| 40,941,000 | 4.750 | 07/01/2053 | 40,745,720 | |||||||||||||
| 178,371,000 | 5.000 | 07/01/2058 | 178,898,425 | |||||||||||||
|
|
|
|||||||||||||||
| 962,472,496 | ||||||||||||||||
|
|
||||||||||||||||
| Rhode Island - 0.6% |
| |||||||||||||||
| Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) |
| |||||||||||||||
| 21,500,000 | 5.250 | 05/15/2054 | 22,983,457 | |||||||||||||
| Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) |
| |||||||||||||||
| 10,000,000 | 4.125 | 05/15/2053 | 9,826,362 | |||||||||||||
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) |
| |||||||||||||||
| 7,290,000 | 4.600 | 10/01/2049 | 7,290,269 | |||||||||||||
| tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-) |
| |||||||||||||||
| 124,220,000 | 0.000 | (e) | 06/01/2052 | 20,840,315 | ||||||||||||
|
|
|
|||||||||||||||
| 60,940,403 | ||||||||||||||||
|
|
||||||||||||||||
| South Carolina - 0.3% |
| |||||||||||||||
| Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR) |
| |||||||||||||||
| 2,545,000 | 6.875 | 11/01/2035 | 2,547,237 | |||||||||||||
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 6,160,000 | 5.250 | (d) | 06/15/2052 | 5,780,994 | ||||||||||||
| 5,615,000 | 5.250 | (d) | 06/15/2057 | 5,177,257 | ||||||||||||
| 158 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| South Carolina – (continued) |
| |||||||||||||||
| South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR) |
| |||||||||||||||
| $ | 2,150,000 | 5.000 | % | 11/15/2047 | $ | 2,203,291 | ||||||||||
| South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (NR/A-) |
| |||||||||||||||
| 5,000,000 | 5.250 | 12/01/2055 | 5,033,858 | |||||||||||||
| South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (AGM) (A1/AA) |
| |||||||||||||||
| 9,000,000 | 5.000 | 12/01/2052 | 9,451,475 | |||||||||||||
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 2,000,000 | 3.000 | 04/15/2049 | 1,472,188 | |||||||||||||
| State of South Carolina Public Service Authority Revenue Refunding Obligations Series 2022 A (BAM-TCRS) (A3/AA) |
| |||||||||||||||
| 5,000,000 | 4.000 | 12/01/2052 | 4,676,127 | |||||||||||||
|
|
|
|||||||||||||||
| 36,342,427 | ||||||||||||||||
|
|
||||||||||||||||
| South Dakota - 0.0% |
| |||||||||||||||
| County of Lincoln RB Refunding for The Augustana College |
| |||||||||||||||
| Association Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 1,050,000 | 4.000 | 08/01/2056 | 854,103 | |||||||||||||
| 1,450,000 | 4.000 | 08/01/2061 | 1,155,103 | |||||||||||||
|
|
|
|||||||||||||||
| 2,009,206 | ||||||||||||||||
|
|
||||||||||||||||
| Tennessee - 0.5% |
| |||||||||||||||
| City of Chattanooga Health, Educational & Housing Board RB for Commonspirit Health Series 2019A-2 (A3/A-) |
| |||||||||||||||
| 4,750,000 | 5.000 | 08/01/2049 | 4,894,152 | |||||||||||||
| Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) |
| |||||||||||||||
| 1,230,000 | 4.000 | 07/01/2040 | 1,204,868 | |||||||||||||
| Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) |
| |||||||||||||||
| 2,000,000 | 5.500 | 07/01/2059 | 2,181,827 | |||||||||||||
| 4,000,000 | 5.000 | 07/01/2064 | 4,212,381 | |||||||||||||
| Health, Educational and Housing Facility Board of The County of Shelby Series 2008B (AGM) (A1/AA/A-1) |
| |||||||||||||||
| 28,825,000 | 4.650 | (a)(b) | 06/01/2042 | 28,825,000 | ||||||||||||
| Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR) |
| |||||||||||||||
| 1,150,000 | 4.000 | (d) | 06/01/2051 | 964,741 | ||||||||||||
| Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR) |
| |||||||||||||||
| 2,825,000 | 0.000 | (d)(e) | 06/01/2043 | 1,037,749 | ||||||||||||
| Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR) |
| |||||||||||||||
| 100,000 | 4.750 | 07/01/2027 | 86,787 | |||||||||||||
| 4,100,000 | 5.625 | 01/01/2046 | 2,441,172 | |||||||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) |
| |||||||||||||||
| 335,000 | 5.000 | 10/01/2029 | 342,773 | |||||||||||||
| 410,000 | 5.000 | 10/01/2039 | 414,865 | |||||||||||||
| 500,000 | 5.000 | 10/01/2048 | 491,477 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Tennessee – (continued) |
| |||||||||||||||
| Metropolitan Nashville Airport Authority Airport Subordinate RB Series 2022B (AMT) (A2/NR) |
| |||||||||||||||
| $ | 6,950,000 | 5.000 | % | 07/01/2054 | $ | 7,180,036 | ||||||||||
| Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) |
| |||||||||||||||
| 850,000 | 5.125 | (d) | 06/01/2036 | 866,512 | ||||||||||||
|
|
|
|||||||||||||||
| 55,144,340 | ||||||||||||||||
|
|
||||||||||||||||
| Texas - 8.2% |
| |||||||||||||||
| Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.625 | (d) | 09/01/2028 | 502,788 | ||||||||||||
| 2,340,000 | 5.125 | (d) | 09/01/2038 | 2,352,854 | ||||||||||||
| 2,580,000 | 5.250 | (d) | 09/01/2047 | 2,584,458 | ||||||||||||
| Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR) |
| |||||||||||||||
| 5,500,000 | 6.750 | (d) | 02/15/2062 | 5,469,588 | ||||||||||||
| Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) |
| |||||||||||||||
| 1,495,000 | 5.625 | 08/15/2052 | 1,378,887 | |||||||||||||
| 1,780,000 | 5.750 | 08/15/2057 | 1,653,373 | |||||||||||||
| Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) |
| |||||||||||||||
| 305,000 | 4.000 | 08/15/2036 | 278,685 | |||||||||||||
| 560,000 | 4.000 | 08/15/2041 | 476,276 | |||||||||||||
| 810,000 | 4.000 | 08/15/2046 | 651,109 | |||||||||||||
| Arlington Higher Education Finance Corporation Education RB for Basis Texas Charter Schools Series 2023 (Ba2/NR) |
| |||||||||||||||
| 2,285,000 | 4.875 | (a)(b)(d) | 06/15/2056 | 2,304,873 | ||||||||||||
| Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 4.000 | 02/15/2052 | 4,830,850 | |||||||||||||
| Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) |
| |||||||||||||||
| 1,480,000 | 5.000 | 01/01/2029 | 1,504,233 | |||||||||||||
| Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RR Bonds, Series 2017A (NR/BB+) |
| |||||||||||||||
| 450,000 | 5.000 | 01/01/2032 | 457,969 | |||||||||||||
| 450,000 | 5.000 | 01/01/2033 | 457,909 | |||||||||||||
| Bastrop County Special Assessment for Double Eagle Ranch Public Improvement District Area One Project RB Series 2023 (NR/ NR) |
| |||||||||||||||
| 900,000 | 5.375 | (d) | 09/01/2053 | 907,584 | ||||||||||||
| Board of Managers, Joint Guadalupe County - City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (NR/BB) |
| |||||||||||||||
| 3,575,000 | 5.250 | 12/01/2035 | 3,587,767 | |||||||||||||
| 2,435,000 | 5.000 | 12/01/2040 | 2,309,377 | |||||||||||||
| Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR) |
| |||||||||||||||
| 6,600,000 | 10.000 | (a)(b)(d) | 06/01/2042 | 6,592,745 | ||||||||||||
| Caddo Mills Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 5,035,000 | 4.250 | 02/15/2053 | 4,990,739 | |||||||||||||
| Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 9,415,000 | 6.000 | 09/15/2051 | 7,734,424 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 159 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Celina Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| $ | 10,000,000 | 4.000 | % | 02/15/2053 | $ | 9,532,919 | ||||||||||
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A) |
| |||||||||||||||
| 3,670,000 | 3.000 | 01/01/2046 | 2,884,269 | |||||||||||||
| City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) |
| |||||||||||||||
| 2,190,000 | 6.500 | (d) | 09/01/2048 | 2,269,783 | ||||||||||||
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) |
| |||||||||||||||
| 867,000 | 4.000 | (d) | 09/15/2041 | 751,300 | ||||||||||||
| 1,271,000 | 4.250 | (d) | 09/15/2051 | 1,061,644 | ||||||||||||
| City Of Anna Special Assessment RB for Anacapri Public Improvement District Improvement Area 1 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 2,300,000 | 7.375 | (d) | 09/15/2052 | 2,418,424 | ||||||||||||
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,931,000 | 6.000 | (d) | 09/01/2052 | 1,961,280 | ||||||||||||
| City of Anna Special Assessment RB for The Woods At Lindsey Place Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.875 | (d) | 09/15/2053 | 1,399,709 | ||||||||||||
| City of Aubrey Special Assessment for Aubrey Public Improvement District No. 1 RB Series 2023 (NR/NR) |
| |||||||||||||||
| 1,425,000 | 5.875 | (d) | 09/01/2043 | 1,451,214 | ||||||||||||
| 1,475,000 | 6.000 | (d) | 09/01/2053 | 1,498,198 | ||||||||||||
| City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,620,000 | 6.000 | (d) | 09/01/2045 | 1,669,600 | ||||||||||||
| City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) |
| |||||||||||||||
| 4,150,000 | 5.125 | (d) | 11/01/2033 | 4,159,280 | ||||||||||||
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,170,000 | 5.500 | (d) | 11/01/2051 | 1,177,007 | ||||||||||||
| City of Bee Cave Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 563,000 | 4.750 | (d) | 09/01/2031 | 527,998 | ||||||||||||
| 1,540,000 | 5.000 | (d) | 09/01/2041 | 1,446,628 | ||||||||||||
| 1,907,000 | 5.250 | (d) | 09/01/2051 | 1,799,304 | ||||||||||||
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 430,000 | 3.750 | (d) | 09/01/2040 | 361,984 | ||||||||||||
| 1,451,000 | 4.000 | (d) | 09/01/2050 | 1,197,506 | ||||||||||||
| City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 450,000 | 4.250 | (d) | 09/01/2041 | 404,406 | ||||||||||||
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,021,000 | 5.000 | (d) | 09/01/2051 | 964,615 | ||||||||||||
| City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,624,000 | 6.000 | (d) | 09/01/2053 | 1,638,815 | ||||||||||||
| City of Celina Special Assessment RB for Cross Creek Meadows Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 2,105,000 | 5.500 | (d) | 09/01/2053 | 2,113,241 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Celina Special Assessment RB for Cross Creek Meadows Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,424,000 | 6.125 | %(d) | 09/01/2053 | $ | 1,443,151 | ||||||||||
| City of Celina Special Assessment RB for Harper Estates Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 6,576,000 | 6.750 | (d) | 09/01/2052 | 6,634,086 | ||||||||||||
| City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 812,000 | 3.375 | (d) | 09/01/2042 | 622,847 | ||||||||||||
| 3,549,000 | 4.000 | (d) | 09/01/2052 | 2,856,959 | ||||||||||||
| City of Celina Special Assessment RB for Mosaic Public Improvement District Phase #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,225,000 | 5.125 | (d) | 09/01/2043 | 1,205,297 | ||||||||||||
| 1,676,000 | 5.500 | (d) | 09/01/2053 | 1,676,451 | ||||||||||||
| City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR) |
| |||||||||||||||
| 120,000 | 2.750 | (d) | 09/01/2026 | 113,981 | ||||||||||||
| 221,000 | 3.500 | (d) | 09/01/2026 | 214,079 | ||||||||||||
| 240,000 | 3.250 | (d) | 09/01/2031 | 218,666 | ||||||||||||
| 446,000 | 4.000 | (d) | 09/01/2031 | 426,023 | ||||||||||||
| 1,134,000 | 3.500 | (d) | 09/01/2041 | 952,136 | ||||||||||||
| 959,000 | 4.250 | (d) | 09/01/2041 | 871,097 | ||||||||||||
| 1,916,000 | 4.000 | (d) | 09/01/2051 | 1,609,692 | ||||||||||||
| 1,410,000 | 4.500 | (d) | 09/01/2051 | 1,246,448 | ||||||||||||
| City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,604,000 | 6.500 | (d) | 09/01/2043 | 1,623,252 | ||||||||||||
| 2,100,000 | 6.750 | (d) | 09/01/2053 | 2,125,246 | ||||||||||||
| City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 701,000 | 6.250 | (d) | 09/01/2042 | 711,835 | ||||||||||||
| 1,365,000 | 5.750 | (d) | 09/01/2052 | 1,387,607 | ||||||||||||
| 1,175,000 | 6.500 | (d) | 09/01/2052 | 1,193,807 | ||||||||||||
| City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,215,000 | 5.625 | (d) | 09/01/2052 | 1,223,324 | ||||||||||||
| City of Celina Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 910,000 | 4.000 | (d) | 09/01/2043 | 782,704 | ||||||||||||
| 933,000 | 4.125 | (d) | 09/01/2051 | 771,032 | ||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) |
| |||||||||||||||
| 400,000 | 5.500 | (d) | 09/01/2046 | 404,611 | ||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 1,125,000 | 5.625 | 09/01/2038 | 1,153,665 | |||||||||||||
| 1,686,000 | 5.750 | 09/01/2047 | 1,701,935 | |||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 2,330,000 | 4.250 | (d) | 09/01/2049 | 2,020,476 | ||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 1,800,000 | 4.125 | (d) | 09/01/2050 | 1,502,388 | ||||||||||||
| 160 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR) |
| |||||||||||||||
| $ | 3,665,000 | 7.500 | % | 09/01/2045 | $ | 3,686,345 | ||||||||||
| City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR) |
| |||||||||||||||
| 1,610,000 | 6.250 | 09/01/2045 | 1,615,555 | |||||||||||||
| City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 195,000 | 4.750 | (d) | 09/01/2031 | 191,854 | ||||||||||||
| 370,000 | 5.250 | (d) | 09/01/2041 | 368,436 | ||||||||||||
| 500,000 | 5.500 | (d) | 09/01/2050 | 500,750 | ||||||||||||
| City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 242,000 | 4.125 | (d) | 09/15/2026 | 236,751 | ||||||||||||
| 261,000 | 4.750 | (d) | 09/15/2031 | 252,821 | ||||||||||||
| 900,000 | 4.250 | (d) | 09/15/2041 | 808,433 | ||||||||||||
| 500,000 | 5.000 | (d) | 09/15/2041 | 480,305 | ||||||||||||
| 1,400,000 | 4.500 | (d) | 09/15/2051 | 1,230,032 | ||||||||||||
| 650,000 | 5.250 | (d) | 09/15/2051 | 626,349 | ||||||||||||
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 4,500,000 | 6.125 | (d) | 09/15/2052 | 4,693,381 | ||||||||||||
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,580,000 | 6.750 | (d) | 09/15/2052 | 1,671,291 | ||||||||||||
| City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR) |
| |||||||||||||||
| 1,345,000 | 5.750 | (d) | 09/01/2052 | 1,286,753 | ||||||||||||
| City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024B (NR/NR) |
| |||||||||||||||
| 2,250,000 | 6.250 | (d)(h) | 09/01/2054 | 2,232,360 | ||||||||||||
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) |
| |||||||||||||||
| 1,413,000 | 5.250 | (d) | 09/01/2052 | 1,344,679 | ||||||||||||
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) |
| |||||||||||||||
| 1,595,000 | 5.750 | (d)(h) | 09/01/2054 | 1,577,341 | ||||||||||||
| City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) |
| |||||||||||||||
| 1,963,000 | 6.875 | (d) | 09/15/2054 | 2,013,227 | ||||||||||||
| City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,219,000 | 5.500 | (d) | 09/01/2053 | 1,207,430 | ||||||||||||
| City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) |
| |||||||||||||||
| 2,571,000 | 4.000 | (d) | 09/01/2051 | 2,038,119 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 692,000 | 3.875 | %(d) | 08/15/2040 | $ | 583,107 | ||||||||||
| 994,000 | 4.125 | (d) | 08/15/2050 | 833,619 | ||||||||||||
| City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.375 | (d) | 08/15/2044 | 879,492 | ||||||||||||
| 1,350,000 | 5.750 | (d) | 08/15/2054 | 1,327,496 | ||||||||||||
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 925,000 | 3.750 | (d) | 08/15/2041 | 779,200 | ||||||||||||
| 1,656,000 | 4.000 | (d) | 08/15/2051 | 1,351,592 | ||||||||||||
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 2,275,000 | 6.000 | (d) | 08/15/2052 | 2,327,320 | ||||||||||||
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) |
| |||||||||||||||
| 1,360,000 | 4.250 | (d) | 08/15/2049 | 1,193,594 | ||||||||||||
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR) |
| |||||||||||||||
| 910,000 | 4.350 | (d) | 08/15/2039 | 846,392 | ||||||||||||
| 1,920,000 | 4.500 | (d) | 08/15/2048 | 1,731,599 | ||||||||||||
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.375 | (d) | 08/15/2052 | 875,573 | ||||||||||||
| City of Fate, Texas Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase 3B Series 2023 (NR/NR) |
| |||||||||||||||
| 1,286,000 | 5.375 | (d) | 08/15/2053 | 1,288,262 | ||||||||||||
| City of Forney Special Assessment RB for Bellagio Public Improvement District No. 1 RB Series 2023 (NR/NR) |
| |||||||||||||||
| 7,135,000 | 6.500 | (d) | 09/15/2053 | 7,009,422 | ||||||||||||
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 961,000 | 4.125 | (d) | 09/15/2042 | 858,908 | ||||||||||||
| 617,000 | 4.250 | (d) | 09/15/2047 | 541,437 | ||||||||||||
| City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) |
| |||||||||||||||
| 4,345,000 | 5.000 | 09/01/2047 | 4,254,156 | |||||||||||||
| City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13- 16 Project Series 2017 (NR/NR) |
| |||||||||||||||
| 1,390,000 | 4.500 | 09/01/2037 | 1,345,338 | |||||||||||||
| 2,435,000 | 5.000 | 09/01/2044 | 2,418,032 | |||||||||||||
| City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) |
| |||||||||||||||
| 2,235,000 | 4.500 | 09/01/2032 | 2,237,673 | |||||||||||||
| 4,715,000 | 4.500 | 09/01/2038 | 4,504,429 | |||||||||||||
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 1,852,000 | 4.000 | (d) | 09/01/2051 | 1,486,024 | ||||||||||||
| City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 2,450,000 | 4.375 | (d) | 09/01/2049 | 2,151,783 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 161 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB-) |
| |||||||||||||||
| $ | 9,895,000 | 5.000 | % | 07/15/2028 | $ | 10,116,204 | ||||||||||
| City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB-) |
| |||||||||||||||
| 4,430,000 | 5.000 | 07/15/2028 | 4,529,033 | |||||||||||||
| City of Houston Airport System Special Facilities Refunding RB for United Airlines, Inc. Terminal Improvement Projects Series 2015B-1 (AMT) (NR/BB-) |
| |||||||||||||||
| 900,000 | 5.000 | 07/15/2030 | 903,045 | |||||||||||||
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | (d) | 09/01/2056 | 815,894 | ||||||||||||
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) |
| |||||||||||||||
| 2,491,000 | 4.000 | (d) | 09/01/2051 | 2,035,620 | ||||||||||||
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) |
| |||||||||||||||
| 2,329,000 | 4.000 | (d) | 09/01/2056 | 1,900,217 | ||||||||||||
| City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project , Series 2023 (NR/NR) |
| |||||||||||||||
| 1,950,000 | 5.625 | (d) | 09/01/2058 | 1,985,030 | ||||||||||||
| City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) |
| |||||||||||||||
| 1,978,000 | 4.000 | (d) | 09/01/2051 | 1,575,151 | ||||||||||||
| City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) |
| |||||||||||||||
| 575,000 | 3.625 | (d) | 09/15/2041 | 461,132 | ||||||||||||
| City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 620,000 | 6.000 | (d) | 09/15/2052 | 639,765 | ||||||||||||
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 2,050,000 | 5.250 | (d) | 09/01/2043 | 2,082,197 | ||||||||||||
| 1,297,000 | 5.500 | (d) | 09/01/2047 | 1,324,212 | ||||||||||||
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 700,000 | 3.750 | (d) | 09/01/2041 | 591,267 | ||||||||||||
| 900,000 | 4.000 | (d) | 09/01/2046 | 772,616 | ||||||||||||
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 1,405,000 | 4.625 | (d) | 09/01/2039 | 1,361,931 | ||||||||||||
| 900,000 | 4.750 | (d) | 09/01/2044 | 854,295 | ||||||||||||
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 1,310,000 | 3.625 | (d) | 09/01/2040 | 1,098,487 | ||||||||||||
| 1,400,000 | 4.000 | (d) | 09/01/2046 | 1,183,536 | ||||||||||||
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 212,000 | 4.125 | (d) | 09/01/2027 | 207,393 | ||||||||||||
| City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) |
| |||||||||||||||
| 1,225,000 | 4.875 | (d) | 09/01/2044 | 1,167,120 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Kyle Special Assessment RB Porter Country Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 3,507,000 | 6.000 | %(d) | 09/01/2053 | $ | 3,527,922 | ||||||||||
| City of Kyle Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 1,950,000 | 5.000 | 09/01/2042 | 1,896,966 | |||||||||||||
| City of Kyle, Texas Special Assessment RB Limestone Creek Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 1,680,000 | 5.750 | (d) | 09/01/2053 | 1,693,800 | ||||||||||||
| City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 6.000 | (d) | 09/01/2054 | 2,024,948 | ||||||||||||
| City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) |
| |||||||||||||||
| 990,000 | 3.750 | 09/01/2042 | 818,963 | |||||||||||||
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 565,000 | 4.250 | (d) | 09/15/2039 | 517,809 | ||||||||||||
| 2,415,000 | 4.500 | (d) | 09/15/2049 | 2,140,955 | ||||||||||||
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) |
| |||||||||||||||
| 850,000 | 5.000 | (d) | 09/15/2049 | 806,770 | ||||||||||||
| City of Lavon Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 2,123,000 | 4.000 | (d) | 09/15/2042 | 1,863,429 | ||||||||||||
| 900,000 | 4.375 | (d) | 09/15/2042 | 800,387 | ||||||||||||
| 4,978,000 | 4.125 | (d) | 09/15/2052 | 4,192,568 | ||||||||||||
| 1,396,000 | 4.500 | (d) | 09/15/2052 | 1,215,772 | ||||||||||||
| City of Lewisville, Texas, Special Assessment RB, Series 2023 (Lakeside Crossing Public Improvement District) (NR/NR) |
| |||||||||||||||
| 1,500,000 | 8.000 | (d) | 09/01/2053 | 1,571,945 | ||||||||||||
| City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 1,890,000 | 4.000 | (d) | 09/01/2054 | 1,490,318 | ||||||||||||
| City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 145,000 | 3.500 | (d) | 09/01/2027 | 136,847 | ||||||||||||
| 275,000 | 3.875 | (d) | 09/01/2032 | 251,312 | ||||||||||||
| 550,000 | 4.125 | (d) | 09/01/2042 | 471,016 | ||||||||||||
| 900,000 | 4.375 | (d) | 09/01/2052 | 751,742 | ||||||||||||
| City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 700,000 | 3.500 | (d) | 09/15/2041 | 548,305 | ||||||||||||
| 830,000 | 4.125 | (d) | 09/15/2041 | 726,725 | ||||||||||||
| 900,000 | 4.000 | (d) | 09/15/2051 | 737,533 | ||||||||||||
| 1,125,000 | 4.375 | (d) | 09/15/2051 | 958,260 | ||||||||||||
| City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 295,000 | 4.500 | (d) | 09/15/2040 | 276,375 | ||||||||||||
| 525,000 | 4.625 | (d) | 09/15/2049 | 475,877 | ||||||||||||
| City of Manor Special Assessment RB for Manor Heights Public Improvement District Improvement Area #3 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 597,000 | 5.500 | (d) | 09/15/2053 | 598,918 | ||||||||||||
| 162 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 150,000 | 4.125 | %(d) | 09/01/2026 | $ | 144,801 | ||||||||||
| 150,000 | 4.625 | (d) | 09/01/2031 | 140,417 | ||||||||||||
| 900,000 | 4.125 | (d) | 09/01/2041 | 798,822 | ||||||||||||
| 450,000 | 4.875 | (d) | 09/01/2041 | 406,695 | ||||||||||||
| 1,370,000 | 4.375 | (d) | 09/01/2051 | 1,160,305 | ||||||||||||
| 520,000 | 5.125 | (d) | 09/01/2051 | 492,004 | ||||||||||||
| City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/ NR) |
| |||||||||||||||
| 780,000 | 4.250 | (d) | 09/15/2039 | 729,185 | ||||||||||||
| 2,950,000 | 4.375 | (d) | 09/15/2049 | 2,635,909 | ||||||||||||
| City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/ NR) |
| |||||||||||||||
| 585,000 | 3.625 | (d) | 09/15/2041 | 468,675 | ||||||||||||
| 820,000 | 4.000 | (d) | 09/15/2051 | 659,781 | ||||||||||||
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 2,430,000 | 5.750 | (d) | 09/15/2052 | 2,432,750 | ||||||||||||
| City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) |
| |||||||||||||||
| 1,155,000 | 5.750 | (d) | 09/15/2039 | 1,173,078 | ||||||||||||
| 2,055,000 | 6.000 | (d) | 09/15/2049 | 2,099,033 | ||||||||||||
| City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) |
| |||||||||||||||
| 2,405,000 | 5.875 | (d) | 09/15/2039 | 2,439,689 | ||||||||||||
| 5,200,000 | 5.125 | (d) | 09/15/2048 | 5,105,131 | ||||||||||||
| 3,830,000 | 6.125 | (d) | 09/15/2048 | 3,909,146 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,475,000 | 5.500 | (d) | 09/01/2043 | 1,480,534 | ||||||||||||
| 4,570,000 | 5.750 | (d) | 09/01/2053 | 4,604,221 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) |
| |||||||||||||||
| 452,000 | 5.375 | (d) | 09/01/2043 | 455,204 | ||||||||||||
| 1,110,000 | 5.625 | (d) | 09/01/2053 | 1,117,956 | ||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 916,000 | 5.625 | (d) | 09/01/2053 | 919,897 | ||||||||||||
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 130,000 | 4.125 | (d) | 09/15/2031 | 124,057 | ||||||||||||
| 420,000 | 4.500 | (d) | 09/15/2041 | 376,742 | ||||||||||||
| 1,540,000 | 4.125 | (d) | 09/15/2051 | 1,268,498 | ||||||||||||
| 510,000 | 4.750 | (d) | 09/15/2051 | 450,973 | ||||||||||||
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) |
| |||||||||||||||
| 2,310,000 | 5.375 | (d) | 09/15/2052 | 2,267,860 | ||||||||||||
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,300,000 | 6.125 | (d) | 09/15/2052 | 1,318,994 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Mustang Ridge, Texas, Special Assessment RB, Series 2023 (DuranGO Public Improvement District Improvement Area #1 Project) (NR/NR) |
| |||||||||||||||
| $ | 769,000 | 6.375 | %(d) | 09/01/2053 | $ | 788,518 | ||||||||||
| City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 141,000 | 3.625 | (d) | 09/01/2026 | 134,209 | ||||||||||||
| 320,000 | 4.250 | (d) | 09/01/2031 | 300,308 | ||||||||||||
| 782,000 | 4.500 | (d) | 09/01/2041 | 692,887 | ||||||||||||
| 1,355,000 | 4.750 | (d) | 09/01/2051 | 1,184,678 | ||||||||||||
| City of New Braunfels Utility System RB Refunding Series 2024 (Aa1/NR) |
| |||||||||||||||
| 17,500,000 | 4.000 | 07/01/2055 | 16,324,184 | |||||||||||||
| City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) |
| |||||||||||||||
| 361,000 | 5.250 | (d) | 09/01/2040 | 362,598 | ||||||||||||
| 355,000 | 5.625 | (d) | 09/01/2040 | 356,836 | ||||||||||||
| 560,000 | 4.125 | (d) | 09/01/2049 | 482,162 | ||||||||||||
| 932,000 | 5.375 | (d) | 09/01/2050 | 931,991 | ||||||||||||
| City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 1,175,000 | 3.750 | (d) | 09/01/2040 | 1,007,141 | ||||||||||||
| City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) |
| |||||||||||||||
| 1,355,000 | 4.125 | (d) | 09/01/2048 | 1,180,741 | ||||||||||||
| 1,440,000 | 4.500 | (d) | 09/01/2048 | 1,302,022 | ||||||||||||
| City of Pflugerville, Texas Travis and Williamson Counties, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2023 (Aa2/NR) |
| |||||||||||||||
| 3,725,000 | 4.000 | 08/01/2049 | 3,567,483 | |||||||||||||
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 600,000 | 5.500 | (d) | 09/15/2042 | 602,231 | ||||||||||||
| 1,350,000 | 5.625 | (d) | 09/15/2052 | 1,356,497 | ||||||||||||
| 1,928,000 | 6.125 | (d) | 09/15/2052 | 1,975,488 | ||||||||||||
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 550,000 | 5.500 | (d) | 09/15/2042 | 552,045 | ||||||||||||
| 1,200,000 | 5.625 | (d) | 09/15/2052 | 1,205,775 | ||||||||||||
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Improvement Area #1B Project Series 2023 (NR/NR) |
| |||||||||||||||
| 926,000 | 5.625 | (d) | 09/15/2048 | 939,298 | ||||||||||||
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) |
| |||||||||||||||
| 3,701,000 | 6.000 | (d) | 09/15/2052 | 3,786,382 | ||||||||||||
| 1,480,000 | 6.500 | (d) | 09/15/2052 | 1,525,244 | ||||||||||||
| City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Improvement Area #1 Project) (NR/NR) |
| |||||||||||||||
| 1,285,000 | 7.500 | (d) | 09/15/2053 | 1,360,086 | ||||||||||||
| City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Major Improvement Area Project) (NR/NR) |
| |||||||||||||||
| 1,610,000 | 8.250 | (d) | 09/15/2043 | 1,700,681 | ||||||||||||
| 2,575,000 | 8.500 | (d) | 09/15/2053 | 2,719,079 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 163 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 1,040,000 | 4.375 | %(d) | 09/01/2052 | $ | 887,151 | ||||||||||
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR) |
| |||||||||||||||
| 2,460,000 | 4.875 | (d) | 09/01/2048 | 2,347,790 | ||||||||||||
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 126,000 | 3.875 | (d) | 09/01/2040 | 107,709 | ||||||||||||
| 175,000 | 4.125 | (d) | 09/01/2050 | 146,721 | ||||||||||||
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 400,000 | 4.875 | 09/01/2039 | 393,368 | |||||||||||||
| 835,000 | 5.000 | 09/01/2049 | 809,566 | |||||||||||||
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 398,000 | 4.000 | (d) | 09/01/2051 | 324,745 | ||||||||||||
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,055,000 | 5.250 | (d) | 09/01/2043 | 1,023,986 | ||||||||||||
| 1,431,000 | 5.500 | (d) | 09/01/2053 | 1,403,210 | ||||||||||||
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 700,000 | 5.125 | (d) | 09/01/2042 | 676,772 | ||||||||||||
| 1,300,000 | 5.250 | (d) | 09/01/2052 | 1,235,371 | ||||||||||||
| City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,225,000 | 7.000 | (d) | 09/01/2043 | 1,250,443 | ||||||||||||
| 2,750,000 | 7.000 | (d) | 09/01/2053 | 2,778,887 | ||||||||||||
| City of Princeton Special Assessment RB for Sicily Public Improvement District Major Improvement Area Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,850,000 | 7.875 | (d) | 09/01/2053 | 1,887,863 | ||||||||||||
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) |
| |||||||||||||||
| 2,205,000 | 4.500 | (d) | 09/01/2039 | 2,073,732 | ||||||||||||
| 1,185,000 | 5.500 | (d) | 09/01/2039 | 1,204,294 | ||||||||||||
| 1,490,000 | 4.750 | (d) | 09/01/2049 | 1,368,948 | ||||||||||||
| 2,140,000 | 5.750 | (d) | 09/01/2049 | 2,170,894 | ||||||||||||
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 2,041,000 | 5.375 | (d) | 09/01/2053 | 2,022,847 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 2,050,000 | 5.250 | (d) | 09/01/2052 | 1,996,399 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 750,000 | 3.750 | (d) | 09/01/2040 | 628,761 | ||||||||||||
| 1,250,000 | 4.000 | (d) | 09/01/2050 | 1,022,771 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 1,449,000 | 4.000 | (d) | 09/01/2051 | 1,178,694 | ||||||||||||
| City of Princeton Special Assessment RB, Series 2023 (Southridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) |
| |||||||||||||||
| 1,284,000 | 6.375 | (d) | 09/01/2053 | 1,326,682 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 809,000 | 3.375 | %(d) | 09/15/2041 | $ | 640,594 | ||||||||||
| 565,000 | 4.000 | (d) | 09/15/2051 | 465,141 | ||||||||||||
| City of Rockdale, Texas, Special Assessment RB, Series 2023 (Cornerstone Public Improvement District Improvement Area #1) (NR/NR) |
| |||||||||||||||
| 4,600,000 | 7.500 | (d) | 09/15/2054 | 4,793,094 | ||||||||||||
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) |
| |||||||||||||||
| 1,195,000 | 3.875 | (d) | 09/15/2040 | 1,035,672 | ||||||||||||
| 1,780,000 | 4.125 | (d) | 09/15/2050 | 1,489,737 | ||||||||||||
| City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 110,000 | 4.375 | (d) | 09/15/2030 | 106,511 | ||||||||||||
| 500,000 | 4.125 | (d) | 09/15/2040 | 447,677 | ||||||||||||
| 1,520,000 | 4.375 | (d) | 09/15/2050 | 1,324,044 | ||||||||||||
| 600,000 | 5.125 | (d) | 09/15/2050 | 572,406 | ||||||||||||
| City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) |
| |||||||||||||||
| 1,760,000 | 4.750 | (d) | 09/15/2049 | 1,644,506 | ||||||||||||
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 1,070,000 | 3.750 | (d) | 09/15/2040 | 886,658 | ||||||||||||
| 1,490,000 | 4.000 | (d) | 09/15/2050 | 1,231,712 | ||||||||||||
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 613,000 | 6.875 | (d) | 09/15/2042 | 632,398 | ||||||||||||
| 1,350,000 | 7.000 | (d) | 09/15/2052 | 1,397,527 | ||||||||||||
| City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 665,000 | 5.375 | 09/01/2040 | 672,433 | |||||||||||||
| 1,500,000 | 5.625 | 09/01/2050 | 1,512,013 | |||||||||||||
| City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) |
| |||||||||||||||
| 1,522,000 | 4.500 | (d) | 09/01/2051 | 1,323,712 | ||||||||||||
| City of San Marcos, Texas, Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) |
| |||||||||||||||
| 1,386,000 | 6.000 | (d) | 09/01/2048 | 1,387,808 | ||||||||||||
| City of Seagoville Special Assessment RB for Santorini Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) |
| |||||||||||||||
| 1,877,000 | 6.000 | (d) | 09/15/2044 | 1,866,720 | ||||||||||||
| 2,300,000 | 6.250 | (d) | 09/15/2054 | 2,285,133 | ||||||||||||
| City of Seagoville Special Assessment RB for Santorini Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) |
| |||||||||||||||
| 3,675,000 | 7.000 | (d) | 09/15/2054 | 3,607,832 | ||||||||||||
| City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR) |
| |||||||||||||||
| 780,000 | 5.000 | 09/01/2028 | 787,222 | |||||||||||||
| 2,035,000 | 5.600 | 09/01/2038 | 2,075,977 | |||||||||||||
| 2,470,000 | 5.700 | 09/01/2047 | 2,503,996 | |||||||||||||
| City of Sinton Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 900,000 | 5.125 | (d) | 09/01/2042 | 873,196 | ||||||||||||
| 1,150,000 | 5.250 | (d) | 09/01/2051 | 1,102,030 | ||||||||||||
| 164 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Three, Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 1,237,000 | 6.000 | %(d) | 09/15/2053 | $ | 1,273,217 | ||||||||||
| City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Two, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.750 | (d) | 09/15/2052 | 1,013,719 | ||||||||||||
| City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 2,000,000 | 6.625 | (d) | 09/01/2052 | 2,105,609 | ||||||||||||
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,171,000 | 5.500 | (d) | 08/15/2052 | 1,176,361 | ||||||||||||
| Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 5,000,000 | 4.250 | 08/15/2053 | 4,849,300 | |||||||||||||
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BB-) |
| |||||||||||||||
| 1,175,000 | 4.000 | 10/01/2050 | 911,135 | |||||||||||||
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) |
| |||||||||||||||
| 625,000 | 4.000 | 10/01/2050 | 574,659 | |||||||||||||
| County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 800,000 | 3.750 | (d) | 09/15/2040 | 661,107 | ||||||||||||
| 1,185,000 | 4.000 | (d) | 09/15/2050 | 949,213 | ||||||||||||
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 985,000 | 4.500 | (d) | 09/01/2041 | 874,777 | ||||||||||||
| 765,000 | 4.750 | (d) | 09/01/2050 | 671,624 | ||||||||||||
| Cypress-Fairbanks Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 6,000,000 | 4.000 | 02/15/2048 | 5,838,400 | |||||||||||||
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.750 | (d) | 08/15/2024 | 99,368 | ||||||||||||
| 350,000 | 4.000 | (d) | 08/15/2029 | 333,599 | ||||||||||||
| 1,150,000 | 4.500 | (d) | 08/15/2035 | 1,085,018 | ||||||||||||
| 875,000 | 5.000 | (d) | 08/15/2044 | 804,376 | ||||||||||||
| Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR) |
| |||||||||||||||
| 1,545,000 | 4.750 | 05/01/2038 | 1,545,256 | |||||||||||||
| Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR) |
| |||||||||||||||
| 7,055,000 | 4.750 | 11/01/2042 | 7,055,681 | |||||||||||||
| Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) |
| |||||||||||||||
| 980,000 | 5.000 | (d) | 09/01/2027 | 973,539 | ||||||||||||
| 895,000 | 5.000 | (d) | 09/01/2032 | 895,826 | ||||||||||||
| 1,315,000 | 5.125 | (d) | 09/01/2037 | 1,295,795 | ||||||||||||
| Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) |
| |||||||||||||||
| 12,620,000 | 5.800 | 10/01/2046 | 13,784,277 | |||||||||||||
| 5,000,000 | 5.850 | 10/01/2047 | 5,461,797 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Greater Texoma Authority Contract RB for City of Sherman Project Series 2023 (AGM) (NR/AA) |
| |||||||||||||||
| $ | 2,000,000 | 4.250 | % | 10/01/2053 | $ | 1,922,916 | ||||||||||
| Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB) |
| |||||||||||||||
| 6,250,000 | 0.000 | (e) | 11/15/2036 | 3,001,079 | ||||||||||||
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,789,000 | 5.500 | (d) | 09/15/2042 | 1,812,490 | ||||||||||||
| 3,204,000 | 5.750 | (d) | 09/15/2052 | 3,242,107 | ||||||||||||
| Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) |
| |||||||||||||||
| 1,340,000 | 4.500 | (d) | 09/01/2039 | 1,261,596 | ||||||||||||
| Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) |
| |||||||||||||||
| 595,000 | 3.750 | 09/01/2032 | 582,334 | |||||||||||||
| 510,000 | 3.875 | 09/01/2037 | 483,004 | |||||||||||||
| 930,000 | 4.000 | 09/01/2047 | 824,810 | |||||||||||||
| Hidalgo County Regional Mobility Authority Junior Lien toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3/BB+) |
| |||||||||||||||
| 6,105,000 | 0.000 | (e) | 12/01/2049 | 1,514,390 | ||||||||||||
| 6,365,000 | 0.000 | (e) | 12/01/2050 | 1,487,905 | ||||||||||||
| 6,760,000 | 0.000 | (e) | 12/01/2051 | 1,482,755 | ||||||||||||
| 6,925,000 | 0.000 | (e) | 12/01/2052 | 1,417,980 | ||||||||||||
| 7,155,000 | 0.000 | (e) | 12/01/2053 | 1,366,365 | ||||||||||||
| 7,300,000 | 0.000 | (e) | 12/01/2054 | 1,306,638 | ||||||||||||
| Highland Park Independent School District UT School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 7,500,000 | 4.000 | 02/15/2048 | 7,353,569 | |||||||||||||
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (NR/NR) |
| |||||||||||||||
| 875,000 | 5.000 | 07/01/2027 | 888,813 | |||||||||||||
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) |
| |||||||||||||||
| 950,000 | 5.000 | 07/15/2027 | 965,166 | |||||||||||||
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) |
| |||||||||||||||
| 8,580,000 | 5.000 | 07/15/2027 | 8,716,974 | |||||||||||||
| Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/BB-) |
| |||||||||||||||
| 10,000,000 | 6.625 | 07/15/2038 | 10,006,215 | |||||||||||||
| Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/BB-) |
| |||||||||||||||
| 9,250,000 | 5.000 | 07/01/2029 | 9,252,920 | |||||||||||||
| Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/BB-) |
| |||||||||||||||
| 15,100,000 | 5.000 | 07/15/2035 | 15,139,875 | |||||||||||||
| Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) |
| |||||||||||||||
| 1,585,000 | 4.000 | 10/01/2051 | 1,273,278 | |||||||||||||
| Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (NR/BB) |
| |||||||||||||||
| 1,950,000 | 5.000 | 12/01/2045 | 1,787,831 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 165 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Joshua Farms Municipal Management District No. 1 Special Assessment RB for Improvement Areas #1-2 Project Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 3,084,000 | 5.500 | %(d) | 09/01/2053 | $ | 3,063,561 | ||||||||||
| Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 5,240,000 | 4.000 | 02/01/2053 | 4,988,039 | |||||||||||||
| Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) |
| |||||||||||||||
| 760,000 | 5.000 | (d) | 09/01/2028 | 769,357 | ||||||||||||
| 1,170,000 | 5.375 | (d) | 09/01/2038 | 1,187,886 | ||||||||||||
| 1,930,000 | 5.125 | (d) | 09/01/2047 | 1,931,461 | ||||||||||||
| 1,500,000 | 5.500 | (d) | 09/01/2047 | 1,513,093 | ||||||||||||
| Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 165,000 | 2.375 | 09/01/2031 | 140,763 | |||||||||||||
| 165,000 | 2.375 | 09/01/2032 | 138,481 | |||||||||||||
| 175,000 | 2.375 | 09/01/2033 | 144,754 | |||||||||||||
| 175,000 | 2.500 | 09/01/2034 | 143,354 | |||||||||||||
| 365,000 | 2.500 | 09/01/2036 | 283,247 | |||||||||||||
| 385,000 | 2.625 | 09/01/2038 | 281,667 | |||||||||||||
| 370,000 | 3.000 | 09/01/2041 | 275,554 | |||||||||||||
| 520,000 | 3.000 | 09/01/2046 | 357,134 | |||||||||||||
| 1,265,000 | 3.000 | 09/01/2051 | 818,495 | |||||||||||||
| Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (NR/BBB-) |
| |||||||||||||||
| 480,000 | 2.500 | 09/01/2041 | 330,198 | |||||||||||||
| 590,000 | 3.000 | 09/01/2044 | 426,420 | |||||||||||||
| 650,000 | 3.000 | 09/01/2047 | 450,780 | |||||||||||||
| Lamar Consolidated Independent School District (Fort Bend County, Texas) Unlimited Tax Schoolhouse Bonds, Series 2023 (AGM) (Aa3/AA) |
| |||||||||||||||
| 10,000,000 | 5.500 | 02/15/2058 | 11,120,322 | |||||||||||||
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) |
| |||||||||||||||
| 3,065,000 | 4.250 | 05/01/2030 | 3,013,030 | |||||||||||||
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) |
| |||||||||||||||
| 21,375,000 | 4.625 | (d) | 10/01/2031 | 21,354,860 | ||||||||||||
| Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 705,000 | 5.500 | 02/15/2040 | 703,083 | |||||||||||||
| 1,325,000 | 5.250 | 02/15/2045 | 1,277,567 | |||||||||||||
| 780,000 | 4.000 | 02/15/2051 | 601,551 | |||||||||||||
| Montgomery County toll Road Authority Senior Lien RB Series 2018 (NR/BBB+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 09/15/2043 | 2,017,895 | |||||||||||||
| 2,200,000 | 5.000 | 09/15/2048 | 2,217,008 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) |
| |||||||||||||||
| 2,850,000 | 4.000 | (d) | 08/15/2046 | 2,290,941 | ||||||||||||
| 11,105,000 | 4.000 | (d) | 08/15/2056 | 8,303,184 | ||||||||||||
| New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 1,630,000 | 4.000 | 01/01/2036 | 1,474,245 | |||||||||||||
| 1,600,000 | 4.000 | 01/01/2041 | 1,333,229 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for Army Retirement Residence Foundation Project Series 2022 (NR/BB+) |
| |||||||||||||||
| $ | 2,325,000 | 5.750 | % | 07/15/2052 | $ | 2,230,827 | ||||||||||
| 3,055,000 | 6.000 | 07/15/2057 | 3,011,358 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for the Outlook at Windhaven Project Series 2022B-3 (NR/NR) |
| |||||||||||||||
| 4,700,000 | 4.250 | 10/01/2026 | 4,672,531 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2016 (NR/NR) |
| |||||||||||||||
| 2,100,000 | 5.000 | 11/01/2040 | 2,109,996 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/ NR) |
| |||||||||||||||
| 30,250,000 | 5.500 | 01/01/2057 | 24,807,735 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR/NR) |
| |||||||||||||||
| 3,250,000 | 7.000 | 01/01/2057 | 1,772,584 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/ BBB-) |
| |||||||||||||||
| 1,130,000 | 5.000 | (d) | 08/15/2039 | 1,096,652 | ||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (WR/NR) |
| |||||||||||||||
| 375,000 | 4.000 | 04/01/2026 | 380,506 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Texas Senior Living RB Series 2021A-1 (NR/NR) |
| |||||||||||||||
| 2,750,000 | 5.250 | 01/01/2042 | 2,319,182 | |||||||||||||
| North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 1,395,000 | 4.000 | (d) | 09/15/2041 | 1,210,292 | ||||||||||||
| 6,110,000 | 5.000 | (d) | 09/15/2051 | 5,705,477 | ||||||||||||
| North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR) |
| |||||||||||||||
| 4,700,000 | 4.750 | (d) | 09/15/2041 | 4,480,039 | ||||||||||||
| North Texas tollway Authority RB for Second Tier Series 2021 B (A1/A+) |
| |||||||||||||||
| 11,955,000 | 3.000 | 01/01/2046 | 9,472,909 | |||||||||||||
| Northside Independent School District UT School Building and Refunding Bonds Series 2023A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 2,320,000 | 4.000 | 08/15/2048 | 2,254,686 | |||||||||||||
| 5,310,000 | 4.125 | 08/15/2053 | 5,151,933 | |||||||||||||
| Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 2,070,000 | 4.000 | 08/15/2045 | 2,046,280 | |||||||||||||
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) |
| |||||||||||||||
| 1,650,000 | 2.750 | (d) | 01/01/2036 | 1,286,705 | ||||||||||||
| 3,675,000 | 2.875 | (d) | 01/01/2041 | 2,640,799 | ||||||||||||
| 11,125,000 | 3.000 | (d) | 01/01/2050 | 7,216,422 | ||||||||||||
| Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR) |
| |||||||||||||||
| 11,125,000 | 6.000 | (d) | 01/01/2025 | 10,941,429 | ||||||||||||
| 166 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) |
| |||||||||||||||
| $ | 29,500,000 | 4.100 | %(d) | 01/01/2028 | $ | 25,277,518 | ||||||||||
| Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR) |
| |||||||||||||||
| 316,000 | 5.750 | 09/15/2036 | 317,210 | |||||||||||||
| 928,000 | 6.000 | 09/15/2046 | 931,092 | |||||||||||||
| Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,166,000 | 6.000 | (d) | 09/15/2052 | 1,192,900 | ||||||||||||
| Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 825,000 | 4.125 | (d) | 09/15/2039 | 758,445 | ||||||||||||
| 3,275,000 | 4.375 | (d) | 09/15/2049 | 2,917,773 | ||||||||||||
| South Manvel Development Authority (A Public Not-For-Profit Local Government Corporation Acting On The Behalf of The City of Manvel, Texas) Tax Increment Contract RB, Series 2023 (NR/NR) |
| |||||||||||||||
| 1,375,000 | 5.000 | 04/01/2043 | 1,335,988 | |||||||||||||
| 2,300,000 | 5.250 | 04/01/2050 | 2,263,449 | |||||||||||||
| Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) |
| |||||||||||||||
| 5,275,000 | 4.000 | 08/15/2052 | 5,017,059 | |||||||||||||
| Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR) |
| |||||||||||||||
| 9,850,000 | 5.000 | 05/15/2045 | 8,919,123 | |||||||||||||
| Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) |
| |||||||||||||||
| 2,445,000 | 4.250 | 08/15/2053 | 2,390,962 | |||||||||||||
| Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) |
| |||||||||||||||
| 8,295,000 | 5.000 | 12/15/2031 | 8,857,801 | |||||||||||||
| Texas Private Activity Bond Surface Transportation Corporation Senior Lien RB for NTE Mobility Partners LLC North Tarrant Express Project, Series 2023 (Baa1/NR) |
| |||||||||||||||
| 23,950,000 | 5.500 | 12/31/2058 | 26,162,683 | |||||||||||||
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 toll Lanes Project Series 2016 (AMT) (Baa2/NR) |
| |||||||||||||||
| 3,160,000 | 5.000 | 12/31/2050 | 3,125,992 | |||||||||||||
| 3,900,000 | 5.000 | 12/31/2055 | 3,774,811 | |||||||||||||
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) |
| |||||||||||||||
| 47,380,000 | 5.000 | 06/30/2058 | 47,920,729 | |||||||||||||
| town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 4.000 | (d) | 09/01/2043 | 1,277,011 | ||||||||||||
| town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 2,225,000 | 5.375 | (d) | 09/15/2052 | 2,175,028 | ||||||||||||
| town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 429,000 | 3.750 | (d) | 09/01/2042 | 345,939 | ||||||||||||
| 410,000 | 4.000 | (d) | 09/01/2051 | 332,500 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 2,000,000 | 6.875 | %(d) | 09/01/2052 | $ | 2,104,547 | ||||||||||
| town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR) |
| |||||||||||||||
| 1,343,000 | 5.875 | (d) | 09/01/2047 | 1,380,700 | ||||||||||||
| town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) |
| |||||||||||||||
| 1,400,000 | 5.000 | (d) | 09/01/2047 | 1,370,729 | ||||||||||||
| Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 1,145,000 | 5.500 | (d) | 09/01/2052 | 1,112,697 | ||||||||||||
| Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) |
| |||||||||||||||
| 1,630,000 | 3.000 | 09/01/2036 | 1,390,294 | |||||||||||||
| 860,000 | 3.000 | 09/01/2037 | 713,423 | |||||||||||||
| 625,000 | 3.000 | 09/01/2039 | 493,362 | |||||||||||||
| 600,000 | 3.000 | 09/01/2040 | 465,815 | |||||||||||||
| Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 390,000 | 3.125 | 12/01/2035 | 325,665 | |||||||||||||
| 457,000 | 3.375 | 12/01/2040 | 362,430 | |||||||||||||
| 786,000 | 3.500 | 12/01/2047 | 593,680 | |||||||||||||
| Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR) |
| |||||||||||||||
| 346,000 | 4.000 | 12/01/2027 | 341,929 | |||||||||||||
| 1,545,000 | 4.750 | 12/01/2035 | 1,548,517 | |||||||||||||
| Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa3/AA) |
| |||||||||||||||
| 2,700,000 | 4.750 | 08/15/2049 | 2,732,377 | |||||||||||||
| Westpointe Special Improvement District Limited Ad Valorem Tax Bonds, Series 2023A (BAM) (Baa3/AA) |
| |||||||||||||||
| 1,175,000 | 4.500 | 08/15/2041 | 1,193,594 | |||||||||||||
| 1,345,000 | 4.625 | 08/15/2044 | 1,369,541 | |||||||||||||
|
|
|
|||||||||||||||
| 879,724,425 | ||||||||||||||||
|
|
||||||||||||||||
| Utah - 0.8% |
| |||||||||||||||
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 2,010,000 | 3.750 | (d) | 03/01/2041 | 1,630,947 | ||||||||||||
| 7,125,000 | 4.000 | (d) | 03/01/2051 | 5,390,901 | ||||||||||||
| Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR) |
| |||||||||||||||
| 5,000,000 | 7.375 | (d) | 09/15/2051 | 4,174,382 | ||||||||||||
| Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR) |
| |||||||||||||||
| 2,350,000 | 5.500 | (d) | 06/01/2041 | 2,286,129 | ||||||||||||
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) |
| |||||||||||||||
| 10,250,000 | 5.500 | (d) | 02/01/2050 | 8,631,807 | ||||||||||||
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR) |
| |||||||||||||||
| 1,954,000 | 7.875 | (d) | 08/15/2050 | 1,659,872 | ||||||||||||
| Military Installation Development Authority RB Series 2021 A-1 (NR/NR) |
| |||||||||||||||
| 1,500,000 | 4.000 | 06/01/2036 | 1,314,999 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 167 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Utah – (continued) |
| |||||||||||||||
| Military Installation Development Authority RB Series 2021 A-1 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 2,050,000 | 4.000 | % | 06/01/2041 | $ | 1,693,036 | ||||||||||
| 15,675,000 | 4.000 | 06/01/2052 | 11,548,338 | |||||||||||||
| Military Installation Development Authority RB Series 2021 A-2 (NR/NR) |
| |||||||||||||||
| 1,250,000 | 4.000 | 06/01/2036 | 1,095,832 | |||||||||||||
| Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,180,000 | 3.625 | (d) | 02/01/2035 | 967,566 | ||||||||||||
| 500,000 | 4.125 | (d) | 02/01/2041 | 387,796 | ||||||||||||
| 500,000 | 4.375 | (d) | 02/01/2051 | 363,167 | ||||||||||||
| Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR) |
| |||||||||||||||
| 600,000 | 7.375 | (d) | 08/15/2051 | 483,454 | ||||||||||||
| ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 1,625,000 | 4.250 | (d) | 03/01/2051 | 1,213,655 | ||||||||||||
| Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) |
| |||||||||||||||
| 290,000 | 5.000 | 07/01/2047 | 294,665 | |||||||||||||
| Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2021A (A2/A+) |
| |||||||||||||||
| 3,925,000 | 5.000 | 07/01/2051 | 4,074,974 | |||||||||||||
| Salt Lake City Airport RB for Salt Lake City International Airport Series 2023A (AMT) (A2/A+) |
| |||||||||||||||
| 2,640,000 | 5.500 | 07/01/2053 | 2,888,662 | |||||||||||||
| Salt Lake City Apartment RB Series 2021 A (AGM-CR) (A1/AA) |
| |||||||||||||||
| 10,000,000 | 4.000 | 07/01/2051 | 9,221,913 | |||||||||||||
| Salt Lake City International Airport RB Series 2023A (A2/A+) |
| |||||||||||||||
| 2,800,000 | 5.250 | 07/01/2048 | 3,013,645 | |||||||||||||
| Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) |
| |||||||||||||||
| 1,800,000 | 4.000 | (d) | 10/15/2051 | 1,272,799 | ||||||||||||
| 4,240,000 | 4.000 | (d) | 10/15/2056 | 2,893,348 | ||||||||||||
| Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) |
| |||||||||||||||
| 6,365,000 | 5.750 | (d) | 06/15/2052 | 6,403,913 | ||||||||||||
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) |
| |||||||||||||||
| 3,630,000 | 4.250 | (d) | 07/15/2050 | 2,883,723 | ||||||||||||
| Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) |
| |||||||||||||||
| 1,220,000 | 4.250 | (d) | 06/15/2051 | 907,799 | ||||||||||||
| Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR) |
| |||||||||||||||
| 6,600,000 | 4.000 | (d) | 10/15/2061 | 4,384,340 | ||||||||||||
|
|
|
|||||||||||||||
| 81,081,662 | ||||||||||||||||
|
|
||||||||||||||||
| Vermont - 0.1% |
| |||||||||||||||
| Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 05/01/2047 | 966,736 | |||||||||||||
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) |
| |||||||||||||||
| 2,250,000 | 5.000 | (a)(b)(d) | 06/01/2052 | 2,268,737 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Vermont – (continued) |
| |||||||||||||||
| Vermont Educational and Health Buildings Financing Agency RB for Saint Michael’s College Project Series 2023 (NR/BBB-) |
| |||||||||||||||
| $ | 4,600,000 | 5.250 | %(d) | 10/01/2052 | $ | 4,334,980 | ||||||||||
| Vermont Educational and Health Buildings Financing Agency RB Saint Michael’s College Project, Series 2023 (NR/BBB-) |
| |||||||||||||||
| 3,075,000 | 5.500 | (d) | 10/01/2043 | 3,103,042 | ||||||||||||
|
|
|
|||||||||||||||
| 10,673,495 | ||||||||||||||||
|
|
||||||||||||||||
| Virgin Islands - 0.1% |
| |||||||||||||||
| Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) |
| |||||||||||||||
| 9,850,000 | 5.000 | (d) | 10/01/2039 | 9,223,552 | ||||||||||||
|
|
||||||||||||||||
| Virginia - 1.3% |
| |||||||||||||||
| Ablemarle County Economic Development Authority Residential Care Facility Revenue Refunding Bonds Series 2022B (NR/NR) |
| |||||||||||||||
| 4,000,000 | 4.000 | 06/01/2054 | 3,475,341 | |||||||||||||
| City of Roanoke Economic Development Authority Hospital RB for Carilion Clinic Obligated Group Series 2020A (Aa3/AA-) |
| |||||||||||||||
| 2,030,000 | 3.000 | 07/01/2045 | 1,615,721 | |||||||||||||
| City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) |
| |||||||||||||||
| 2,900,000 | 7.000 | 09/01/2053 | 3,244,031 | |||||||||||||
| 4,550,000 | 7.000 | 09/01/2059 | 5,071,207 | |||||||||||||
| Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/ BBB-) |
| |||||||||||||||
| 7,360,000 | 5.000 | 01/01/2050 | 6,968,685 | |||||||||||||
| 5,000,000 | 5.000 | 01/01/2059 | 4,608,769 | |||||||||||||
| James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 580,000 | 4.000 | 06/01/2041 | 498,020 | |||||||||||||
| 940,000 | 4.000 | 06/01/2047 | 745,060 | |||||||||||||
| Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) |
| |||||||||||||||
| 710,000 | 4.000 | 04/01/2045 | 624,999 | |||||||||||||
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) |
| |||||||||||||||
| 10,705,000 | 6.706 | 06/01/2046 | 9,227,185 | |||||||||||||
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) |
| |||||||||||||||
| 236,845,000 | 0.000 | (e) | 06/01/2047 | 64,866,469 | ||||||||||||
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) |
| |||||||||||||||
| 34,250,000 | 0.000 | (e) | 06/01/2047 | 9,171,407 | ||||||||||||
| Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB) |
| |||||||||||||||
| 1,525,000 | 3.000 | 06/01/2041 | 1,200,649 | |||||||||||||
| 1,050,000 | 4.000 | 06/01/2046 | 924,036 | |||||||||||||
| Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) |
| |||||||||||||||
| 19,870,000 | 5.000 | 12/31/2056 | 19,980,692 | |||||||||||||
| 168 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Virginia – (continued) |
| |||||||||||||||
| Virginia Small Business Financing Authority Senior Lien RB Refunding for I-495 Hot Lanes Project, Series 2022 (Tax Exempt/AMT) (Baa1/NR) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | % | 12/31/2057 | $ | 1,020,720 | ||||||||||
| Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) |
| |||||||||||||||
| 1,000,000 | 5.000 | (a)(b)(d) | 01/01/2048 | 955,728 | ||||||||||||
| Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) |
| |||||||||||||||
| 5,415,000 | 5.000 | 12/31/2049 | 5,462,967 | |||||||||||||
| 4,765,000 | 5.000 | 12/31/2052 | 4,797,234 | |||||||||||||
|
|
|
|||||||||||||||
| 144,458,920 | ||||||||||||||||
|
|
||||||||||||||||
| Washington - 1.4% |
| |||||||||||||||
| City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2054 | 1,077,719 | |||||||||||||
| Grant County Public Hospital District UT GO Bonds Series 2023 (Baa1/NR) |
| |||||||||||||||
| 14,405,000 | 5.000 | 12/01/2044 | 14,560,806 | |||||||||||||
| Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BB+) |
| |||||||||||||||
| 3,880,000 | 5.000 | 04/01/2030 | 3,880,473 | |||||||||||||
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (A1/AA-) |
| |||||||||||||||
| 3,000,000 | 5.500 | 08/01/2047 | 3,272,735 | |||||||||||||
| Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) |
| |||||||||||||||
| 2,765,000 | 4.000 | 08/01/2047 | 2,565,925 | |||||||||||||
| Public Hospital District Hospital RB Series 2024 (Baa3/NR) |
| |||||||||||||||
| 2,500,000 | 5.500 | 12/01/2054 | 2,654,286 | |||||||||||||
| Washington Higher Education Facilities Authority RB for Seattle University Project, Series 2020 (NR/A) |
| |||||||||||||||
| 925,000 | 4.000 | 05/01/2045 | 865,794 | |||||||||||||
| Washington State Convention Center Public Facilities District Lodging Tax Bonds Series 2018 (AGM-CR) (A1/AA) |
| |||||||||||||||
| 19,805,000 | 4.000 | 07/01/2058 | 18,618,185 | |||||||||||||
| Washington State Convention Center Public Facilities District Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB) |
| |||||||||||||||
| 3,715,000 | 3.000 | 07/01/2058 | 2,616,828 | |||||||||||||
| Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB) |
| |||||||||||||||
| 40,975,000 | 5.000 | 07/01/2048 | 42,198,559 | |||||||||||||
| 35,000,000 | 4.000 | 07/01/2058 | 32,028,913 | |||||||||||||
| Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa3/BBB-) |
| |||||||||||||||
| 3,320,000 | 4.000 | 07/01/2043 | 3,175,182 | |||||||||||||
| 11,620,000 | 4.000 | 07/01/2058 | 10,409,617 | |||||||||||||
| Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,350,000 | 5.000 | (d) | 01/01/2049 | 1,074,377 | ||||||||||||
| 3,800,000 | 5.000 | (d) | 01/01/2055 | 2,918,469 | ||||||||||||
| Washington State Housing Finance Commission Non-Profit Housing Tax Exempt RB Refunding for Emerald Heights Project, Series 2023A (NR/NR) |
| |||||||||||||||
| 2,050,000 | 5.000 | 07/01/2043 | 2,126,985 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Washington – (continued) |
| |||||||||||||||
| Washington State Housing Finance Commission Non-Profit Housing Tax Exempt RB Refunding for Emerald Heights Project, Series 2023A (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,935,000 | 5.000 | % | 07/01/2048 | $ | 1,978,154 | ||||||||||
|
|
|
|||||||||||||||
| 146,023,007 | ||||||||||||||||
|
|
||||||||||||||||
| West Virginia - 0.6% |
| |||||||||||||||
| City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR/NR) |
| |||||||||||||||
| 1,345,000 | 4.250 | (d) | 06/01/2042 | 1,091,037 | ||||||||||||
| 2,350,000 | 4.500 | (d) | 06/01/2050 | 1,841,422 | ||||||||||||
| City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR/NR) |
| |||||||||||||||
| 2,450,000 | 5.500 | (d) | 06/01/2032 | 2,142,010 | ||||||||||||
| 2,725,000 | 6.000 | (d) | 06/01/2037 | 2,260,245 | ||||||||||||
| County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) |
| |||||||||||||||
| 955,000 | 3.000 | 03/01/2035 | 854,648 | |||||||||||||
| 1,595,000 | 3.000 | 03/01/2037 | 1,338,271 | |||||||||||||
| Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) |
| |||||||||||||||
| 2,580,000 | 4.125 | (d) | 06/01/2043 | 2,290,258 | ||||||||||||
| Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR) |
| |||||||||||||||
| 1,650,000 | 4.875 | (d) | 06/01/2043 | 1,595,880 | ||||||||||||
| Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University town Centre Series 2023 A (NR/NR) |
| |||||||||||||||
| 900,000 | 5.750 | (d) | 06/01/2043 | 956,848 | ||||||||||||
| 1,350,000 | 6.000 | (d) | 06/01/2053 | 1,441,997 | ||||||||||||
| The County Commission of Monongalia County Subordinate Special District Excise Tax Convertible Capital Appreciation Revenue, Refunding and Improvement Bonds, Series 2023 B (University Town Centre Economic Opportunity Development District) (NR/NR) |
| |||||||||||||||
| 15,000,000 | 0.000 | (d)(g) | 06/01/2053 | 3,337,154 | ||||||||||||
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (B2/BB) |
| |||||||||||||||
| 9,300,000 | 5.000 | (a)(b) | 07/01/2045 | 9,339,267 | ||||||||||||
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/BB) |
| |||||||||||||||
| 4,850,000 | 4.125 | (a)(b) | 07/01/2045 | 4,833,130 | ||||||||||||
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) |
| |||||||||||||||
| 4,085,000 | 4.700 | (a)(b) | 04/01/2036 | 4,168,909 | ||||||||||||
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| |||||||||||||||
| 3,340,000 | 5.500 | 09/01/2048 | 3,723,320 | |||||||||||||
| West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa2/ BBB+) |
| |||||||||||||||
| 6,120,000 | 5.000 | 01/01/2043 | 6,005,574 | |||||||||||||
| 13,000,000 | 4.125 | 01/01/2047 | 11,085,647 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 169 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| West Virginia – (continued) |
| |||||||||||||||
| West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) |
| |||||||||||||||
| $ | 1,750,000 | 5.000 | % | 09/01/2038 | $ | 1,799,493 | ||||||||||
| 1,600,000 | 5.000 | 09/01/2039 | 1,637,831 | |||||||||||||
|
|
|
|||||||||||||||
| 61,742,941 | ||||||||||||||||
|
|
||||||||||||||||
| Wisconsin - 2.5% |
| |||||||||||||||
| Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A1/AA) |
| |||||||||||||||
| 2,350,000 | 4.125 | 07/01/2049 | 2,257,184 | |||||||||||||
| 1,600,000 | 5.000 | 07/01/2058 | 1,627,581 | |||||||||||||
| Public Finance Authority Charter School RB (Alamance Community School Project) Series 2023A (Ba2/NR) |
| |||||||||||||||
| 1,025,000 | 6.500 | (d) | 06/15/2043 | 1,068,813 | ||||||||||||
| 1,310,000 | 7.000 | (d) | 06/15/2053 | 1,385,760 | ||||||||||||
| 1,395,000 | 7.000 | (d) | 06/15/2058 | 1,463,226 | ||||||||||||
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) |
| |||||||||||||||
| 1,400,000 | 6.000 | (d) | 06/01/2062 | 1,406,296 | ||||||||||||
| Public Finance Authority Charter School RB Series 2021A (Ba2/NR) |
| |||||||||||||||
| 1,250,000 | 5.000 | (d) | 06/15/2051 | 1,055,347 | ||||||||||||
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) |
| |||||||||||||||
| 1,630,000 | 5.500 | (d) | 06/15/2052 | 1,601,205 | ||||||||||||
| 2,700,000 | 5.750 | (d) | 06/15/2062 | 2,703,097 | ||||||||||||
| Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR) |
| |||||||||||||||
| 215,000 | 4.000 | (d) | 06/15/2029 | 208,983 | ||||||||||||
| 385,000 | 5.000 | (d) | 06/15/2039 | 378,137 | ||||||||||||
| Public Finance Authority Education RB for Triad Educational Services Series 2022 (NR/BBB-) |
| |||||||||||||||
| 600,000 | 5.500 | 06/15/2050 | 599,662 | |||||||||||||
| 1,450,000 | 5.250 | 06/15/2052 | 1,388,326 | |||||||||||||
| 1,400,000 | 5.375 | 06/15/2057 | 1,357,278 | |||||||||||||
| Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (Ba2/NR) |
| |||||||||||||||
| 1,400,000 | 5.000 | (d) | 06/15/2052 | 1,290,772 | ||||||||||||
| 1,850,000 | 5.000 | (d) | 06/15/2057 | 1,683,307 | ||||||||||||
| 1,850,000 | 5.000 | (d) | 06/15/2062 | 1,662,342 | ||||||||||||
| Public Finance Authority Education RB Series 2022 (NR/NR) |
| |||||||||||||||
| 3,925,000 | 5.000 | (d) | 01/01/2057 | 3,237,548 | ||||||||||||
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Baa3/BBB-) |
| |||||||||||||||
| 5,900,000 | 4.300 | 11/01/2030 | 5,816,701 | |||||||||||||
| Public Finance Authority Founders Academy Charter School RB Series 2023A (NR/BB-) |
| |||||||||||||||
| 550,000 | 6.625 | (d) | 07/01/2053 | 569,245 | ||||||||||||
| 500,000 | 6.750 | (d) | 07/01/2058 | 519,635 | ||||||||||||
| Public Finance Authority Hotel RB for Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) |
| |||||||||||||||
| 900,000 | 5.625 | (d) | 02/01/2046 | 917,762 | ||||||||||||
| Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) |
| |||||||||||||||
| 20,500,000 | 6.750 | (d) | 08/01/2031 | 14,965,000 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Wisconsin – (continued) |
| |||||||||||||||
| Public Finance Authority Quality Education Academy Project Charter School RB Series 2023A (Ba2/NR) |
| |||||||||||||||
| $ | 475,000 | 6.250 | %(d) | 07/15/2053 | $ | 496,022 | ||||||||||
| 1,175,000 | 6.500 | (d) | 07/15/2063 | 1,235,007 | ||||||||||||
| Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 950,000 | 4.000 | 07/01/2050 | 890,658 | |||||||||||||
| 1,185,000 | 4.000 | 07/01/2055 | 1,081,345 | |||||||||||||
| 1,520,000 | 4.000 | 07/01/2059 | 1,373,949 | |||||||||||||
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) |
| |||||||||||||||
| 1,230,000 | 5.000 | (d) | 12/01/2035 | 1,183,311 | ||||||||||||
| 12,380,000 | 5.000 | (d) | 12/01/2055 | 10,374,130 | ||||||||||||
| Public Finance Authority RB for Coral Academy of Science Las Vegas Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 4,115,000 | 4.000 | 07/01/2061 | 3,005,444 | |||||||||||||
| Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) |
| |||||||||||||||
| 1,300,000 | 5.000 | (d) | 06/15/2054 | 1,228,400 | ||||||||||||
| Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-) |
| |||||||||||||||
| 495,000 | 4.000 | (d) | 07/01/2030 | 468,434 | ||||||||||||
| 700,000 | 5.000 | (d) | 07/01/2040 | 651,978 | ||||||||||||
| 1,875,000 | 5.000 | (d) | 07/01/2055 | 1,602,267 | ||||||||||||
| Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) |
| |||||||||||||||
| 300,000 | 5.000 | (d) | 06/01/2036 | 276,283 | ||||||||||||
| 900,000 | 5.000 | (d) | 06/01/2051 | 722,002 | ||||||||||||
| 1,075,000 | 5.000 | (d) | 06/01/2061 | 835,220 | ||||||||||||
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 3,100,000 | 5.250 | (d) | 03/01/2045 | 2,803,609 | ||||||||||||
| 7,110,000 | 5.250 | (d) | 03/01/2055 | 6,202,655 | ||||||||||||
| Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR) |
| |||||||||||||||
| 15,750,000 | 4.500 | (d) | 06/01/2056 | 12,982,467 | ||||||||||||
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) |
| |||||||||||||||
| 12,925,000 | 5.625 | (d) | 06/01/2050 | 10,934,637 | ||||||||||||
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) |
| |||||||||||||||
| 14,840,000 | 6.500 | (d) | 06/01/2045 | 12,691,895 | ||||||||||||
| Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) |
| |||||||||||||||
| 2,600,000 | 5.200 | 12/01/2037 | 2,648,610 | |||||||||||||
| 1,525,000 | 5.350 | 12/01/2045 | 1,537,433 | |||||||||||||
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) |
| |||||||||||||||
| 4,470,000 | 6.000 | (d) | 07/01/2031 | 3,945,377 | ||||||||||||
| Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) |
| |||||||||||||||
| 1,425,000 | 4.000 | 01/01/2045 | 1,342,370 | |||||||||||||
| 1,900,000 | 3.000 | 01/01/2050 | 1,378,018 | |||||||||||||
| Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,950,000 | 5.000 | (d) | 06/01/2050 | 1,743,545 | ||||||||||||
| Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| 1,450,000 | 5.000 | (d) | 09/01/2049 | 1,207,776 | ||||||||||||
| 170 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Wisconsin – (continued) |
| |||||||||||||||
| Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) – (continued) |
| |||||||||||||||
| $ | 1,360,000 | 5.000 | %(d) | 09/01/2054 | $ | 1,098,532 | ||||||||||
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) |
| |||||||||||||||
| 9,950,000 | 4.500 | (d) | 07/01/2048 | 8,022,397 | ||||||||||||
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) |
| |||||||||||||||
| 3,205,000 | 6.125 | (d) | 10/01/2049 | 2,792,040 | ||||||||||||
| Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB+) |
| |||||||||||||||
| 1,020,000 | 5.000 | (d) | 10/01/2034 | 1,060,192 | ||||||||||||
| 350,000 | 5.000 | (d) | 10/01/2039 | 355,204 | ||||||||||||
| Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) |
| |||||||||||||||
| 765,000 | 5.000 | 11/15/2049 | 784,914 | |||||||||||||
| Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (c)(d) | 04/01/2042 | 109,378 | ||||||||||||
| Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/BB) |
| |||||||||||||||
| 800,000 | 4.000 | (d) | 04/01/2042 | 725,243 | ||||||||||||
| 1,400,000 | 4.000 | (d) | 04/01/2052 | 1,199,655 | ||||||||||||
| Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) |
| |||||||||||||||
| 12,080,000 | 4.000 | 01/01/2052 | 9,415,657 | |||||||||||||
| Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (Baa3/NR) |
| |||||||||||||||
| 3,800,000 | 4.000 | 03/31/2056 | 3,099,197 | |||||||||||||
| Public Finance Authority Special Facility RB for Million Air Two LLC General Aviation Facilities Project Series 2017B (NR/NR) |
| |||||||||||||||
| 14,160,000 | 7.125 | (d) | 06/01/2041 | 12,916,608 | ||||||||||||
| Public Finance Authority Special RB Series 2024 (NR/NR) |
| |||||||||||||||
| 9,500,000 | 5.500 | (d) | 12/15/2028 | 9,552,687 | ||||||||||||
| Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (NR/BBB-) |
| |||||||||||||||
| 3,250,000 | 5.250 | 07/01/2047 | 3,147,931 | |||||||||||||
| Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) |
| |||||||||||||||
| 8,815,000 | 4.000 | (d) | 07/01/2061 | 7,020,180 | ||||||||||||
| Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR) |
| |||||||||||||||
| 1,875,000 | 5.250 | (d) | 07/01/2061 | 1,605,120 | ||||||||||||
| Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) |
| |||||||||||||||
| 13,850,000 | 5.000 | (d)(h) | 06/01/2041 | 13,462,074 | ||||||||||||
| Public Finance Authority Tax Increment Revenue Subordinate Bonds for Miami Worldcenter Project Series 2024B (NR/NR) |
| |||||||||||||||
| 7,375,000 | 8.000 | (d)(h) | 06/15/2042 | 7,200,497 | ||||||||||||
| Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) |
| |||||||||||||||
| 1,315,000 | 3.000 | 02/01/2042 | 1,009,077 | |||||||||||||
| 435,000 | 4.000 | 02/01/2045 | 389,947 | |||||||||||||
| Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) |
| |||||||||||||||
| 950,000 | 4.000 | 12/01/2051 | 663,566 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Wisconsin – (continued) |
| |||||||||||||||
| Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) – (continued) |
| |||||||||||||||
| $ | 950,000 | 4.000 | % | 12/01/2056 | $ | 642,052 | ||||||||||
| Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) |
| |||||||||||||||
| 8,740,000 | 5.000 | (d) | 08/01/2027 | 8,937,430 | ||||||||||||
| Wisconsin Health and Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) |
| |||||||||||||||
| 2,875,000 | 5.750 | (h) | 08/15/2054 | 2,946,971 | ||||||||||||
| 4,600,000 | 5.750 | (h) | 08/15/2059 | 4,678,670 | ||||||||||||
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B (NR/NR) |
| |||||||||||||||
| 32,525,000 | 6.000 | (d) | 02/01/2062 | 33,426,317 | ||||||||||||
|
|
|
|||||||||||||||
| 270,267,585 | ||||||||||||||||
|
|
||||||||||||||||
| Wyoming - 0.2% |
| |||||||||||||||
| County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) |
| |||||||||||||||
| 28,040,000 | 3.625 | 07/15/2039 | 25,448,925 | |||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL BONDS (Cost $10,728,881,322) |
10,525,526,296 | |||||||||||||||
|
|
||||||||||||||||
| Corporate Bonds - 0.8% |
| |||||||||||||||
| Healthcare-Services - 0.3% |
| |||||||||||||||
| Prime Healthcare Foundation, Inc. Series |
| |||||||||||||||
| 16,525,000 | 7.000 | % | 12/01/27 | 15,532,495 | ||||||||||||
| Toledo Hospital RB Series 2022 B |
| |||||||||||||||
| 4,988,000 | 5.325 | 11/15/28 | 4,666,424 | |||||||||||||
| Tower Health Series |
| |||||||||||||||
| 12,854,000 | 4.451 | 02/01/50 | 6,169,920 | |||||||||||||
|
|
|
|||||||||||||||
| 26,368,839 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate - 0.5% |
| |||||||||||||||
| Benloch Ranch Improvement Association No. 1 Series 2020 |
| |||||||||||||||
| 5,959,805 | 9.750 | (d)(j) | 12/01/39 | 5,818,677 | ||||||||||||
| Benloch Ranch Improvement Association No. 1 Series 2021 |
| |||||||||||||||
| 3,674,355 | 9.750 | (d)(j) | 12/01/39 | 3,587,347 | ||||||||||||
| Benloch Ranch Improvement Association No. 2 |
| |||||||||||||||
| 29,700,000 | 10.000 | (d)(j) | 12/01/51 | 26,380,728 | ||||||||||||
| Brixton Park Improvement Association No. 1 Series |
| |||||||||||||||
| 27,165,373 | 6.875 | (d)(j) | 12/01/51 | 22,861,563 | ||||||||||||
|
|
|
|||||||||||||||
| 58,648,315 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE BONDS (Cost $95,209,308) |
85,017,154 | |||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 171 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
| Bank Loans(k) - 0.4% |
| |||||||||||||
| Engineering & Construction - 0.4% |
| |||||||||||||
| Rialto Bioenergy Facility, LLC (SOFR + 0.1%) |
| |||||||||||||
| $ | 44,639,999 | 5.330%(j) | 04/30/24 | $ | 44,639,999 | |||||||||
|
|
|
|||||||||||||
| 44,639,999 | ||||||||||||||
|
|
||||||||||||||
| TOTAL BANK LOANS (Cost $44,596,210) |
44,639,999 | |||||||||||||
|
|
||||||||||||||
| TOTAL INVESTMENTS - 99.0% (Cost $10,868,686,840) |
$ | 10,655,183,449 | ||||||||||||
|
|
||||||||||||||
| OTHER ASSETS IN EXCESS |
109,247,282 | |||||||||||||
|
|
||||||||||||||
| NET ASSETS - 100.0% | $ | 10,764,430,731 | ||||||||||||
|
|
||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| * | Security is currently in default and/or non-income producing. |
| (a) | Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (f) | Variable or floating 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 March 31, 2024. |
| (g) | Zero coupon bond until next reset date. |
| (h) | When-issued security. |
| (i) | Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan. |
| (j) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (k) | 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 March 31, 2024. 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. |
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.
| Investment Abbreviations: | ||
| ABS | - Asset-Backed Security | |
| AGC | - Insured by Assured Guaranty Corp. | |
| AGM | - Insured by Assured Guaranty Municipal Corp. | |
| AGM-CR | - Insured by Assured Guaranty Municipal Corp. Insured | |
| Custodial receipts | ||
| AMBAC | - Insured by American Municipal Bond Assurance Corp. | |
| AMT | - Alternative Minimum Tax (subject to) | |
| BAM | - Build America Mutual Assurance Co. | |
| CFD | - Community Facilities District | |
| COPS | - Certificates of Participation | |
| ETM | - Escrowed to Maturity | |
| GNMA | - Insured by Government National Mortgage Association | |
| GO | - General Obligation | |
| IDA | - Industrial Development Agency | |
| LIBOR | - London Interbank Offered Rates | |
| LP | - Limited Partnership | |
| LT | - Limited Tax | |
| MUN GOVT | - | |
| GTD | Municipal Government Guaranteed NATL | |
| NATL | - National Public Finance Guarantee Corp. | |
| NR | - Not Rated | |
| PSF-GTD | - Guaranteed by Permanent School Fund | |
| RB | - Revenue Bond | |
| RMKT | - Remarketed | |
| RR | - Revenue Refunding | |
| SD CRED | - | |
| PROG | School District Credit Program | |
| SOFR | - Secured Overnight Financing Rate | |
| TCRS | - Transferable Custody Receipts | |
| USD | - United States Dollar | |
| UT | - Unlimited Tax | |
| WR | - Withdrawn Rating | |
|
| ||
| 172 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds - 97.4% |
| |||||||||||||||
| Alabama - 1.5% |
| |||||||||||||||
| Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA+) |
| |||||||||||||||
| $ | 500,000 | 5.000 | % | 11/15/2046 | $ | 507,410 | ||||||||||
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) |
| |||||||||||||||
| 1,000,000 | 4.000 | (a)(b) | 12/01/2049 | 1,003,717 | ||||||||||||
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) |
| |||||||||||||||
| 100,000 | 5.750 | 10/01/2049 | 103,421 | |||||||||||||
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) |
| |||||||||||||||
| 480,000 | 5.250 | 10/01/2049 | 515,060 | |||||||||||||
| 505,000 | 5.500 | 10/01/2053 | 549,532 | |||||||||||||
| Midcity Improvement District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.875 | 11/01/2027 | 93,706 | |||||||||||||
| 100,000 | 4.250 | 11/01/2032 | 90,571 | |||||||||||||
|
|
|
|||||||||||||||
| 2,863,417 | ||||||||||||||||
|
|
||||||||||||||||
| Arizona - 1.3% |
| |||||||||||||||
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) |
| |||||||||||||||
| (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | ||||||||||||||||
| 525,000 | 5.540 | (a)(c) | 01/01/2037 | 496,061 | ||||||||||||
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 485,000 | 6.500 | (d) | 11/01/2053 | 495,184 | ||||||||||||
| Arizona Industrial Development Authority Hospital RB Phoenix Children’s Hospital Series 2020A (A1/A+) |
| |||||||||||||||
| 300,000 | 4.000 | 02/01/2050 | 284,285 | |||||||||||||
| Arizona Industrial Development Authority RB for Candeo Schools Obligated Group
Project Series 2020 A |
| |||||||||||||||
| 25,000 | 3.375 | 07/01/2041 | 21,093 | |||||||||||||
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CC) |
| |||||||||||||||
| 180,000 | 4.500 | 01/01/2049 | 103,807 | |||||||||||||
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) |
| |||||||||||||||
| 25,000 | 4.000 | (d) | 12/15/2051 | 19,344 | ||||||||||||
| Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) |
| |||||||||||||||
| 265,000 | 4.000 | (d) | 07/15/2041 | 225,493 | ||||||||||||
| County of Maricopa IDA Education RB Series 2021A (NR/BB+) |
| |||||||||||||||
| 75,000 | 4.000 | (d) | 07/01/2041 | 66,157 | ||||||||||||
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BB+) |
| |||||||||||||||
| 50,000 | 2.100 | (b)(d) | 07/01/2026 | 47,849 | ||||||||||||
| 150,000 | 2.625 | (b)(d) | 07/01/2031 | 133,908 | ||||||||||||
| 150,000 | 3.500 | (b)(d) | 07/01/2044 | 118,243 | ||||||||||||
| Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 99,000 | 4.750 | 07/01/2043 | 88,729 | |||||||||||||
| Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 05/15/2041 | 95,777 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Arizona – (continued) |
|
|||||||||||||||
| La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB+) |
| |||||||||||||||
| $ | 50,000 | 4.000 | % | 02/15/2046 | $ | 41,912 | ||||||||||
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 07/01/2051 | 77,999 | ||||||||||||
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) |
| |||||||||||||||
| 25,000 | 5.125 | (d) | 10/01/2030 | 25,872 | ||||||||||||
| Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) |
| |||||||||||||||
| 105,000 | 5.000 | 12/01/2037 | 114,249 | |||||||||||||
|
|
|
|||||||||||||||
| 2,455,962 | ||||||||||||||||
|
|
||||||||||||||||
| Arkansas - 0.1% |
|
|||||||||||||||
| Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) |
| |||||||||||||||
| 50,000 | 4.250 | 07/01/2041 | 44,433 | |||||||||||||
| 25,000 | 3.500 | 07/01/2046 | 17,206 | |||||||||||||
| Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 07/01/2038 | 78,287 | |||||||||||||
|
|
|
|||||||||||||||
| 139,926 | ||||||||||||||||
|
|
||||||||||||||||
| California - 8.3% |
|
|||||||||||||||
| Airport Commission of The City and County of San Francisco Second Series RR Bonds, Series 2023C (AMT) (A1/NR) |
| |||||||||||||||
| 500,000 | 5.750 | 05/01/2048 | 559,476 | |||||||||||||
| Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) |
| |||||||||||||||
| 500,000 | 3.940 | (a)(c) | 04/01/2056 | 489,625 | ||||||||||||
| Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) |
| |||||||||||||||
| 350,000 | 4.050 | (a)(c) | 04/01/2056 | 341,720 | ||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
| |||||||||||||||
| 575,000 | 5.000 | (a)(b) | 02/01/2054 | 615,355 | ||||||||||||
| California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) |
| |||||||||||||||
| 150,000 | 4.000 | (d) | 02/01/2056 | 126,221 | ||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB+) |
| |||||||||||||||
| 10,000 | 4.000 | 06/01/2049 | 9,992 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) |
| |||||||||||||||
| 50,000 | 4.000 | 06/01/2049 | 48,529 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB+) |
| |||||||||||||||
| 15,000 | 5.000 | 06/01/2049 | 15,549 | |||||||||||||
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) |
| |||||||||||||||
| 250,000 | 0.000 | (e) | 06/01/2055 | 57,430 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 173 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) |
| |||||||||||||||
| $ | 400,000 | 0.000 | %(e) | 06/01/2055 | $ | 52,721 | ||||||||||
| California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) |
| |||||||||||||||
| 410,000 | 5.000 | 10/01/2044 | 411,309 | |||||||||||||
| California Health Facilities Financing Authority Refunding RB Lucile Salter Packard Children’s Hospital At Stanford 2022 Series A Forward Delivery (A1/A+) |
| |||||||||||||||
| 135,000 | 4.000 | 05/15/2051 | 130,420 | |||||||||||||
| California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) |
| |||||||||||||||
| 540,000 | 3.250 | 08/01/2029 | 541,930 | |||||||||||||
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| |||||||||||||||
| 100,000 | 4.000 | 07/01/2041 | 88,976 | |||||||||||||
| California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) |
| |||||||||||||||
| 150,000 | 5.000 | 07/01/2047 | 151,284 | |||||||||||||
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/31/2043 | 990,501 | |||||||||||||
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB-) |
| |||||||||||||||
| 150,000 | 4.000 | 07/15/2029 | 148,724 | |||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) |
| |||||||||||||||
| 300,000 | 5.000 | (d) | 07/01/2037 | 300,347 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| |||||||||||||||
| 275,000 | 5.000 | (d) | 07/01/2034 | 303,900 | ||||||||||||
| 250,000 | 5.000 | (d) | 07/01/2035 | 274,216 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| |||||||||||||||
| 250,000 | 5.000 | (d) | 11/21/2045 | 250,141 | ||||||||||||
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) |
| |||||||||||||||
| 250,000 | 6.250 | (d) | 04/01/2052 | 253,234 | ||||||||||||
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) |
| |||||||||||||||
| 250,000 | 6.375 | (d) | 06/01/2052 | 258,787 | ||||||||||||
| California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) |
| |||||||||||||||
| 365,000 | 3.000 | (d) | 07/01/2030 | 335,080 | ||||||||||||
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) |
| |||||||||||||||
| 260,000 | 4.000 | (d) | 06/01/2031 | 244,491 | ||||||||||||
| California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 250,000 | 5.000 | 09/01/2053 | 244,478 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) |
|
|||||||||||||||
| California Statewide Communities Development Authority Pollution Control RB Refunding for Southern California Edison Company Series 2006 D (NON-AMT) (A2/A-) |
| |||||||||||||||
| $ | 150,000 | 4.500 | % | 11/01/2033 | $ | 163,662 | ||||||||||
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) |
| |||||||||||||||
| 250,000 | 5.250 | (d) | 12/01/2056 | 252,693 | ||||||||||||
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) |
| |||||||||||||||
| 500,000 | 5.500 | 12/01/2054 | 502,689 | |||||||||||||
| California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 50,000 | 5.125 | 09/01/2042 | 51,517 | |||||||||||||
| California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 05/15/2040 | 100,823 | |||||||||||||
| California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) |
| |||||||||||||||
| 190,000 | 1.750 | 09/01/2029 | 166,220 | |||||||||||||
| City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) |
| |||||||||||||||
| 50,000 | 5.000 | 09/01/2048 | 48,875 | |||||||||||||
| City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 09/01/2046 | 239,191 | |||||||||||||
| City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 25,000 | 3.000 | 09/01/2039 | 19,781 | |||||||||||||
| City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.000 | 09/01/2031 | 93,122 | |||||||||||||
| City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 25,000 | 4.000 | 09/01/2040 | 23,106 | |||||||||||||
| City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) |
| |||||||||||||||
| 400,000 | 5.000 | 05/01/2048 | 419,934 | |||||||||||||
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) |
| |||||||||||||||
| 490,000 | 5.000 | 05/01/2049 | 504,252 | |||||||||||||
| CMFA Special Finance Agency VIII Essential Housing RB 2021A- 1 (NR/NR) |
| |||||||||||||||
| 150,000 | 3.000 | (d) | 08/01/2056 | 102,329 | ||||||||||||
| County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 09/01/2047 | 101,991 | |||||||||||||
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2018 Series A (AMT) (Aa3/AA-) |
| |||||||||||||||
| 500,000 | 5.250 | 05/15/2048 | 517,486 | |||||||||||||
| Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/AA-) |
| |||||||||||||||
| 500,000 | 4.000 | 05/15/2051 | 473,195 | |||||||||||||
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) |
| |||||||||||||||
| 750,000 | 4.000 | 01/15/2046 | 721,186 | |||||||||||||
| 174 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| California – (continued) |
| |||||||||||||||
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) |
| |||||||||||||||
| $ | 625,000 | 3.850 | % | 06/01/2050 | $ | 584,910 | ||||||||||
| Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) |
| |||||||||||||||
| 250,000 | 0.000 | (e) | 06/01/2036 | 113,155 | ||||||||||||
| Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) |
| |||||||||||||||
| 125,000 | 3.000 | 12/01/2050 | 95,048 | |||||||||||||
| Modesto Financing Authority Domestic Project RB 2007F (NATL)
(Baa2/AA) |
| |||||||||||||||
| 525,000 | 4.384 | (c) | 09/01/2037 | 494,192 | ||||||||||||
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.000 | 09/01/2034 | 115,139 | |||||||||||||
| Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) |
| |||||||||||||||
| 25,000 | 2.500 | 09/01/2037 | 19,832 | |||||||||||||
| 275,000 | 4.000 | 09/01/2050 | 242,873 | |||||||||||||
| Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) |
| |||||||||||||||
| 800,000 | 4.304 | (c) | 06/01/2034 | 763,092 | ||||||||||||
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A2/NR) |
| |||||||||||||||
| 150,000 | 4.000 | 07/01/2039 | 148,436 | |||||||||||||
| San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba2/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 08/01/2032 | 91,581 | |||||||||||||
| State of California Various Purpose GO Bonds (Aa2/AA-) |
| |||||||||||||||
| 1,100,000 | 7.500 | 04/01/2034 | 1,292,996 | |||||||||||||
| Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) |
| |||||||||||||||
| 50,000 | 2.500 | 09/02/2046 | 32,755 | |||||||||||||
| Washington Township Health Care District RB 2023 Series A (Baa3/NR) |
| |||||||||||||||
| 50,000 | 5.750 | 07/01/2053 | 53,795 | |||||||||||||
|
|
|
|||||||||||||||
| 15,794,292 | ||||||||||||||||
|
|
||||||||||||||||
| Colorado - 4.1% |
| |||||||||||||||
| Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) |
| |||||||||||||||
| 125,000 | 5.350 | 12/01/2050 | 115,332 | |||||||||||||
| Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR) |
| |||||||||||||||
| 100,000 | 7.875 | 12/15/2050 | 94,411 | |||||||||||||
| City of Denver Airport System Subordinate RB Series 2018A (A1/A+) |
| |||||||||||||||
| 575,000 | 5.250 | 12/01/2043 | 601,137 | |||||||||||||
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 10/01/2056 | 77,938 | |||||||||||||
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) |
| |||||||||||||||
| 695,000 | 6.000 | 07/01/2036 | 695,370 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Colorado – (continued) | ||||||||||||||||
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) |
| |||||||||||||||
| $ | 440,000 | 6.000 | % | 07/01/2031 | $ | 431,577 | ||||||||||
| Colorado Health Facilities Authority Hospital RB Boulder Community Health Project Series 2020 (A3/A-) |
| |||||||||||||||
| 275,000 | 4.000 | 10/01/2038 | 275,732 | |||||||||||||
| 300,000 | 4.000 | 10/01/2039 | 298,639 | |||||||||||||
| 300,000 | 4.000 | 10/01/2040 | 294,582 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| |||||||||||||||
| 625,000 | 5.000 | 12/01/2039 | 708,089 | |||||||||||||
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) |
| |||||||||||||||
| 350,000 | 4.000 | 09/01/2050 | 335,997 | |||||||||||||
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) |
| |||||||||||||||
| 101,026 | 5.000 | (b) | 07/01/2057 | 78,144 | ||||||||||||
| Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) |
| |||||||||||||||
| 100,000 | 4.000 | 11/15/2043 | 96,991 | |||||||||||||
| Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) |
| |||||||||||||||
| 885,000 | 4.000 | 08/01/2049 | 822,952 | |||||||||||||
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB-) |
| |||||||||||||||
| 650,000 | 5.000 | 10/01/2032 | 649,988 | |||||||||||||
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) |
| |||||||||||||||
| 175,000 | 4.000 | (d) | 12/01/2035 | 167,439 | ||||||||||||
| 185,000 | 4.000 | (d) | 12/01/2036 | 174,098 | ||||||||||||
| Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 150,000 | 5.000 | (d) | 12/01/2032 | 155,754 | ||||||||||||
| Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.000 | 12/01/2041 | 401,147 | |||||||||||||
| Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) |
| |||||||||||||||
| 915,000 | 5.250 | 12/01/2051 | 813,858 | |||||||||||||
| Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) |
| |||||||||||||||
| 575,000 | 3.375 | 12/01/2030 | 551,893 | |||||||||||||
|
|
|
|||||||||||||||
| 7,841,068 | ||||||||||||||||
|
|
||||||||||||||||
| Connecticut - 0.2% |
| |||||||||||||||
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 11.000 | (d) | 12/01/2027 | 111,738 | ||||||||||||
| State of Connecticut Health & Educational Facilities Authority RB Series E (NR/NR) |
| |||||||||||||||
| 230,000 | 4.000 | 07/01/2041 | 193,913 | |||||||||||||
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BB+) |
| |||||||||||||||
| 55,000 | 5.375 | 07/01/2052 | 51,477 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 175 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Connecticut – (continued) |
| |||||||||||||||
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 4.000 | %(d) | 04/01/2041 | $ | 84,759 | ||||||||||
|
|
|
|||||||||||||||
| 441,887 | ||||||||||||||||
|
|
||||||||||||||||
| Delaware - 0.0% |
|
|||||||||||||||
| Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB) |
| |||||||||||||||
| 50,000 | 3.000 | 06/01/2032 | 43,362 | |||||||||||||
| 50,000 | 4.000 | 06/01/2042 | 41,199 | |||||||||||||
|
|
|
|||||||||||||||
| 84,561 | ||||||||||||||||
|
|
||||||||||||||||
| District of Columbia - 1.3% |
| |||||||||||||||
| District of Columbia Private Activity RB Series 2022A (A3/NR) |
| |||||||||||||||
| 100,000 | 5.500 | 02/28/2037 | 116,721 | |||||||||||||
| Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) |
| |||||||||||||||
| 1,450,000 | 5.000 | 10/01/2043 | 1,497,321 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) |
| |||||||||||||||
| 125,000 | 3.000 | 10/01/2050 | 95,321 | |||||||||||||
| 100,000 | 4.000 | 10/01/2053 | 93,947 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) |
| |||||||||||||||
| 650,000 | 4.000 | 10/01/2049 | 610,875 | |||||||||||||
|
|
|
|||||||||||||||
| 2,414,185 | ||||||||||||||||
|
|
||||||||||||||||
| Florida - 19.3% |
|
|||||||||||||||
| Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | 06/15/2032 | 204,789 | |||||||||||||
| AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.000 | 05/01/2051 | 410,781 | |||||||||||||
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 10/01/2046 | 205,865 | |||||||||||||
| Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) |
| |||||||||||||||
| 65,000 | 5.125 | 06/15/2043 | 65,732 | |||||||||||||
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 55,000 | 3.200 | (d) | 05/01/2041 | 44,834 | ||||||||||||
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) |
| |||||||||||||||
| 15,000 | 2.500 | (d) | 05/01/2026 | 14,520 | ||||||||||||
| 50,000 | 3.200 | (d) | 05/01/2041 | 40,745 | ||||||||||||
| Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) |
| |||||||||||||||
| 95,000 | 2.375 | 05/01/2026 | 91,796 | |||||||||||||
| Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 25,000 | 3.125 | 05/01/2041 | 20,385 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 50,000 | 4.500 | % | 05/01/2030 | $ | 50,576 | ||||||||||
| Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 660,000 | 2.875 | 05/01/2031 | 594,924 | |||||||||||||
| Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 200,000 | 3.000 | (d) | 05/01/2031 | 186,158 | ||||||||||||
| Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) |
| |||||||||||||||
| 30,000 | 6.000 | 11/01/2027 | 31,336 | |||||||||||||
| Belmont II Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.625 | 12/15/2040 | 93,257 | |||||||||||||
| Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 500,000 | 3.125 | 05/01/2031 | 460,414 | |||||||||||||
| Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 205,000 | 4.800 | 06/15/2027 | 207,229 | |||||||||||||
| Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) |
| |||||||||||||||
| 60,000 | 6.250 | 12/15/2043 | 63,435 | |||||||||||||
| Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.250 | 06/15/2042 | 78,426 | |||||||||||||
| Broward County Port Facilities RB Series 2019B (A1/A) |
| |||||||||||||||
| 300,000 | 4.000 | 09/01/2049 | 276,016 | |||||||||||||
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) |
| |||||||||||||||
| 45,000 | 4.750 | 05/01/2027 | 45,124 | |||||||||||||
| Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 165,000 | 4.000 | 05/01/2027 | 164,115 | |||||||||||||
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| |||||||||||||||
| 625,000 | 5.250 | (d) | 12/01/2058 | 608,086 | ||||||||||||
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 07/01/2051 | 75,940 | ||||||||||||
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 12/01/2028 | 97,339 | ||||||||||||
| 300,000 | 5.250 | (d) | 12/01/2043 | 299,248 | ||||||||||||
| Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 235,000 | 2.750 | 05/01/2031 | 219,717 | |||||||||||||
| CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.350 | 05/01/2041 | 80,894 | |||||||||||||
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 85,000 | 3.375 | (d) | 05/01/2041 | 69,578 | ||||||||||||
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 95,000 | 3.700 | (d) | 05/01/2040 | 81,935 | ||||||||||||
| 176 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 105,000 | 2.400 | % | 05/01/2026 | $ | 101,025 | ||||||||||
| City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-) |
| |||||||||||||||
| 145,000 | 4.000 | 11/01/2039 | 139,658 | |||||||||||||
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) |
| |||||||||||||||
| 100,000 | 5.125 | 06/01/2042 | 102,816 | |||||||||||||
| Coddington Community Development District (NR/NR) |
| |||||||||||||||
| 260,000 | 5.000 | 05/01/2032 | 269,590 | |||||||||||||
| Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | 06/15/2043 | 103,083 | |||||||||||||
| Cope’s Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.750 | 05/01/2043 | 104,754 | |||||||||||||
| Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 175,000 | 3.000 | 05/01/2031 | 158,946 | |||||||||||||
| 175,000 | 3.000 | 05/01/2035 | 148,513 | |||||||||||||
| Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.300 | 05/01/2033 | 201,093 | |||||||||||||
| Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.875 | 05/01/2027 | 49,534 | |||||||||||||
| 50,000 | 4.250 | 05/01/2032 | 49,702 | |||||||||||||
| 270,000 | 4.625 | 05/01/2042 | 259,731 | |||||||||||||
| Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 340,000 | 4.250 | 05/01/2042 | 318,729 | |||||||||||||
| Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.125 | 05/01/2043 | 100,971 | |||||||||||||
| Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 165,000 | 4.250 | 05/01/2027 | 165,104 | |||||||||||||
| 255,000 | 4.750 | 05/01/2032 | 258,974 | |||||||||||||
| Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 145,000 | 2.700 | (d) | 05/01/2025 | 143,006 | ||||||||||||
| 310,000 | 3.125 | (d) | 05/01/2030 | 301,802 | ||||||||||||
| Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) |
| |||||||||||||||
| 50,000 | 5.000 | 05/01/2053 | 49,482 | |||||||||||||
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 50,000 | 2.625 | (d) | 05/01/2025 | 49,162 | ||||||||||||
| Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | 05/01/2043 | 101,365 | |||||||||||||
| DG Farms Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 270,000 | 3.750 | 05/01/2040 | 239,004 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 50,000 | 3.375 | %(d) | 05/01/2041 | $ | 44,221 | ||||||||||
| DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| 140,000 | 4.300 | 05/01/2027 | 140,452 | |||||||||||||
| Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.875 | 05/01/2032 | 204,803 | |||||||||||||
| East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 40,000 | 3.300 | 05/01/2041 | 32,210 | |||||||||||||
| Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 75,000 | 3.625 | 05/01/2032 | 72,345 | |||||||||||||
| Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 05/01/2040 | 95,310 | |||||||||||||
| Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) |
| |||||||||||||||
| 130,000 | 3.600 | 05/01/2041 | 108,594 | |||||||||||||
| Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.375 | 05/01/2032 | 114,432 | |||||||||||||
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) |
| |||||||||||||||
| 760,000 | 4.000 | 08/15/2045 | 679,175 | |||||||||||||
| Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 685,000 | 3.500 | 05/01/2041 | 563,053 | |||||||||||||
| Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) |
| |||||||||||||||
| 525,000 | 5.250 | 06/15/2044 | 529,084 | |||||||||||||
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 195,000 | 5.000 | 05/01/2035 | 199,725 | |||||||||||||
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) |
| |||||||||||||||
| 100,000 | 5.000 | (d) | 07/01/2032 | 95,944 | ||||||||||||
| 135,000 | 5.375 | (d) | 07/01/2042 | 124,720 | ||||||||||||
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) |
| |||||||||||||||
| 100,000 | 5.000 | (d) | 10/01/2042 | 97,991 | ||||||||||||
| Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) |
| |||||||||||||||
| 600,000 | 5.250 | 08/01/2049 | 635,694 | |||||||||||||
| Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2023C (NR/NR) |
| |||||||||||||||
| 500,000 | 8.250 | (a)(b)(d)(f) | 07/01/2057 | 499,841 | ||||||||||||
| Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2023C (NR/NR) |
| |||||||||||||||
| 500,000 | 8.000 | (a)(b)(d) | 07/01/2057 | 530,000 | ||||||||||||
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 06/01/2030 | 91,067 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 177 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 5.125 | %(d) | 06/01/2040 | $ | 90,250 | ||||||||||
| Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 06/01/2030 | 94,188 | |||||||||||||
| Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (NR/NR) |
| |||||||||||||||
| 700,000 | 7.375 | (d) | 01/01/2049 | 729,477 | ||||||||||||
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 06/30/2041 | 81,293 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Florida Passenger Rail Project Series 2019A-2 (NR/NR) |
| |||||||||||||||
| 100,000 | 6.250 | (a)(b)(d) | 01/01/2049 | 100,021 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR) |
| |||||||||||||||
| 400,000 | 6.500 | (a)(b)(d) | 01/01/2049 | 400,122 | ||||||||||||
| Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR) |
| |||||||||||||||
| 100,000 | 6.375 | (a)(b)(d) | 01/01/2049 | 100,013 | ||||||||||||
| Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) |
| |||||||||||||||
| 150,000 | 5.000 | 03/01/2047 | 150,841 | |||||||||||||
| Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 40,000 | 4.750 | (d) | 05/01/2027 | 40,248 | ||||||||||||
| 90,000 | 5.000 | (d) | 05/01/2032 | 92,157 | ||||||||||||
| Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 165,000 | 2.950 | 05/01/2031 | 149,047 | |||||||||||||
| 75,000 | 3.350 | 05/01/2041 | 60,447 | |||||||||||||
| Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 05/01/2030 | 98,134 | |||||||||||||
| Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| |||||||||||||||
| 50,000 | 4.750 | 11/01/2039 | 49,285 | |||||||||||||
| Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 60,000 | 3.500 | 11/01/2041 | 49,123 | |||||||||||||
| Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 710,000 | 3.750 | 05/01/2041 | 603,091 | |||||||||||||
| Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.450 | 05/01/2044 | 100,540 | |||||||||||||
| Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 6.300 | 05/01/2043 | 107,352 | |||||||||||||
| Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) |
| |||||||||||||||
| 100,000 | 5.800 | 05/01/2054 | 100,221 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 30,000 | 4.200 | % | 05/01/2027 | $ | 29,850 | ||||||||||
| Harmony On Lake Eloise Community Development District City of Winter Haven, Florida Capital Improvement RB, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 80,000 | 5.125 | 05/01/2043 | 81,303 | |||||||||||||
| Harmony West Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 300,000 | 5.300 | 05/01/2053 | 305,833 | |||||||||||||
| Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.450 | 05/01/2041 | 103,676 | |||||||||||||
| Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 485,000 | 4.375 | 05/01/2030 | 487,599 | |||||||||||||
| Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| |||||||||||||||
| 40,000 | 2.875 | 05/01/2025 | 39,359 | |||||||||||||
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) |
| |||||||||||||||
| 25,000 | 3.500 | (d) | 05/01/2031 | 23,617 | ||||||||||||
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) |
| |||||||||||||||
| 135,000 | 2.375 | 05/01/2026 | 129,875 | |||||||||||||
| Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (NR/AA-) |
| |||||||||||||||
| 350,000 | 5.000 | 10/01/2040 | 350,790 | |||||||||||||
| Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.000 | 05/01/2037 | 102,552 | |||||||||||||
| Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.750 | 12/15/2043 | 104,606 | |||||||||||||
| JEA Electric System RB 2008 D (A2/A/A-1) |
| |||||||||||||||
| 340,000 | 4.600 | (a)(b) | 10/01/2038 | 340,000 | ||||||||||||
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.125 | 05/01/2041 | 78,238 | |||||||||||||
| Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 05/01/2040 | 90,563 | |||||||||||||
| Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 2.700 | 05/01/2031 | 92,995 | |||||||||||||
| Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.600 | 06/15/2041 | 46,291 | |||||||||||||
| Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) |
| |||||||||||||||
| 135,000 | 5.500 | 05/01/2042 | 136,627 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) |
| |||||||||||||||
| 85,000 | 3.400 | 05/01/2030 | 80,840 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) |
| |||||||||||||||
| 100,000 | 3.200 | 05/01/2030 | 93,363 | |||||||||||||
| 178 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 125,000 | 3.250 | % | 05/01/2029 | $ | 119,419 | ||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 135,000 | 2.300 | 05/01/2026 | 129,731 | |||||||||||||
| Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.750 | (d) | 11/01/2048 | 94,454 | ||||||||||||
| Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 75,000 | 4.000 | 05/01/2038 | 68,793 | |||||||||||||
| Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 80,000 | 4.750 | 05/01/2032 | 80,905 | |||||||||||||
| 45,000 | 5.000 | 05/01/2042 | 45,206 | |||||||||||||
| Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 110,000 | 3.125 | 05/01/2025 | 108,731 | |||||||||||||
| Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) |
| |||||||||||||||
| 325,000 | 4.400 | 06/15/2031 | 326,021 | |||||||||||||
| LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) |
| |||||||||||||||
| 75,000 | 3.250 | 05/01/2031 | 69,245 | |||||||||||||
| LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) |
| |||||||||||||||
| 50,000 | 3.450 | 05/01/2041 | 41,205 | |||||||||||||
| Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| |||||||||||||||
| 75,000 | 4.250 | 05/01/2042 | 68,638 | |||||||||||||
| Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 160,000 | 3.250 | 05/01/2041 | 126,982 | |||||||||||||
| Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A) |
| |||||||||||||||
| 175,000 | 5.000 | 10/01/2040 | 179,995 | |||||||||||||
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) |
| |||||||||||||||
| 100,000 | 5.000 | (d) | 07/01/2037 | 100,260 | ||||||||||||
| 100,000 | 5.250 | (d) | 07/01/2042 | 99,875 | ||||||||||||
| Midtown Miami Community Development District Special Assessment Revenue Refunding Bonds for Parking Garage Project Series 2014A (NR/NR) |
| |||||||||||||||
| 240,000 | 5.000 | 05/01/2037 | 240,013 | |||||||||||||
| Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 05/01/2041 | 82,539 | |||||||||||||
| 100,000 | 4.000 | 05/01/2051 | 81,654 | |||||||||||||
| North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.450 | 05/01/2044 | 100,543 | |||||||||||||
| North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 200,000 | 3.375 | 11/01/2041 | 163,202 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 160,000 | 4.750 | %(d) | 05/01/2027 | $ | 160,441 | ||||||||||
| North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.625 | 05/01/2040 | 85,224 | |||||||||||||
| Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR) |
| |||||||||||||||
| 115,000 | 2.375 | 11/01/2026 | 109,394 | |||||||||||||
| 330,000 | 2.875 | 11/01/2031 | 294,493 | |||||||||||||
| Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 50,000 | 5.250 | 06/15/2043 | 51,542 | |||||||||||||
| Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | 10/01/2034 | 225,775 | |||||||||||||
| 150,000 | 5.000 | 10/01/2043 | 159,637 | |||||||||||||
| Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 05/15/2053 | 72,084 | |||||||||||||
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) |
| |||||||||||||||
| 50,000 | 7.500 | 05/15/2053 | 55,078 | |||||||||||||
| Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 175,000 | 4.000 | 06/01/2036 | 160,837 | |||||||||||||
| Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 15,000 | 3.250 | (d) | 05/01/2024 | 14,989 | ||||||||||||
| Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 40,000 | 3.150 | 11/01/2041 | 31,098 | |||||||||||||
| Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 155,000 | 3.750 | 05/01/2040 | 133,711 | |||||||||||||
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) |
| |||||||||||||||
| 210,000 | 2.625 | 05/01/2034 | 182,781 | |||||||||||||
| Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) |
| |||||||||||||||
| 125,000 | 3.500 | 05/01/2037 | 109,430 | |||||||||||||
| Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) |
| |||||||||||||||
| 510,000 | 5.450 | 05/01/2044 | 515,933 | |||||||||||||
| Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 11/01/2030 | 98,176 | |||||||||||||
| Preston Cove Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 675,000 | 3.600 | 05/01/2032 | 632,064 | |||||||||||||
| Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) |
| |||||||||||||||
| 25,000 | 2.200 | 12/15/2026 | 23,907 | |||||||||||||
| Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.000 | 05/01/2036 | 87,159 | |||||||||||||
| Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 90,000 | 3.300 | 05/01/2042 | 74,666 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 179 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR/NR) |
| |||||||||||||||
| $ | 205,000 | 3.125 | % | 05/01/2027 | $ | 198,482 | ||||||||||
| 365,000 | 3.400 | 05/01/2032 | 336,893 | |||||||||||||
| Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 120,000 | 2.450 | 11/01/2026 | 114,850 | |||||||||||||
| Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) |
| |||||||||||||||
| 75,000 | 5.000 | 05/01/2043 | 75,651 | |||||||||||||
| Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) |
| |||||||||||||||
| 50,000 | 5.750 | (d) | 11/01/2043 | 51,306 | ||||||||||||
| Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| |||||||||||||||
| 100,000 | 2.625 | 05/01/2040 | 79,565 | |||||||||||||
| Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 85,000 | 3.300 | 11/01/2041 | 74,395 | |||||||||||||
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 07/01/2048 | 238,357 | |||||||||||||
| Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) |
| |||||||||||||||
| 100,000 | 6.125 | 11/01/2043 | 104,875 | |||||||||||||
| Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.750 | 05/01/2040 | 45,941 | |||||||||||||
| Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 45,000 | 4.125 | 05/01/2032 | 44,030 | |||||||||||||
| 65,000 | 4.500 | 05/01/2042 | 60,881 | |||||||||||||
| Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | (d) | 06/15/2043 | 102,114 | ||||||||||||
| Sedona Point Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) |
| |||||||||||||||
| 225,000 | 5.000 | 06/15/2043 | 228,650 | |||||||||||||
| Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 10/01/2032 | 101,907 | |||||||||||||
| Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) |
| |||||||||||||||
| 90,000 | 5.500 | 05/01/2043 | 92,258 | |||||||||||||
| Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.700 | 05/01/2034 | 200,000 | |||||||||||||
| Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 50,000 | 4.625 | 05/01/2030 | 50,511 | |||||||||||||
| 70,000 | 5.500 | 05/01/2043 | 72,114 | |||||||||||||
| Siena North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 50,000 | 4.000 | 06/15/2042 | 43,944 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 3.000 | % | 06/15/2032 | $ | 90,895 | ||||||||||
| 140,000 | 3.250 | 06/15/2042 | 119,185 | |||||||||||||
| Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) |
| |||||||||||||||
| 235,000 | 4.000 | 05/01/2052 | 191,944 | |||||||||||||
| Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) |
| |||||||||||||||
| 200,000 | 3.500 | 05/01/2041 | 164,540 | |||||||||||||
| Six Mile Creek Community Development District St. Johns County, Florida Capital Improvement RB, Series 2023 2023 Project Area (NR/NR) |
| |||||||||||||||
| 100,000 | 5.500 | 05/01/2043 | 102,363 | |||||||||||||
| Sorrento Pines Community Development District Lake County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) |
| |||||||||||||||
| 70,000 | 5.250 | 05/01/2043 | 71,262 | |||||||||||||
| South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 25,000 | 3.250 | 06/15/2041 | 20,807 | |||||||||||||
| St. Augustine Lakes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 520,000 | 5.375 | 06/15/2042 | 532,064 | |||||||||||||
| St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 12/15/2036 | 89,025 | |||||||||||||
| St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 150,000 | 4.000 | 08/01/2055 | 121,964 | |||||||||||||
| St. Johns County, Florida Water and Sewer RB, Series 2022 (Aa2/AAA) |
| |||||||||||||||
| 500,000 | 5.000 | 06/01/2052 | 537,884 | |||||||||||||
| Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 430,000 | 3.000 | 05/01/2031 | 390,798 | |||||||||||||
| Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 325,000 | 5.125 | 12/15/2030 | 332,681 | |||||||||||||
| Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 130,000 | 3.000 | (d) | 11/01/2032 | 115,985 | ||||||||||||
| 50,000 | 3.300 | (d) | 11/01/2041 | 40,336 | ||||||||||||
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 50,000 | 4.500 | 06/15/2039 | 50,308 | |||||||||||||
| Storey Creek Community Development District (NR/NR) |
| |||||||||||||||
| 240,000 | 5.000 | 06/15/2032 | 248,639 | |||||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | 06/15/2044 | 101,811 | |||||||||||||
| Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.000 | 06/15/2032 | 90,090 | |||||||||||||
| 180 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 25,000 | 2.875 | %(d) | 06/15/2031 | $ | 23,693 | ||||||||||
| Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | (d) | 05/01/2044 | 99,880 | ||||||||||||
| Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 75,000 | 3.450 | 05/01/2041 | 61,599 | |||||||||||||
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) |
| |||||||||||||||
| 80,000 | 3.750 | 05/01/2040 | 69,117 | |||||||||||||
| Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) |
| |||||||||||||||
| 45,000 | 4.000 | 05/01/2033 | 43,649 | |||||||||||||
| Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.375 | 05/01/2041 | 40,943 | |||||||||||||
| Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 06/15/2052 | 82,201 | |||||||||||||
| Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.300 | 12/15/2041 | 40,128 | |||||||||||||
| Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) |
| |||||||||||||||
| 30,000 | 2.500 | 05/01/2026 | 29,025 | |||||||||||||
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) |
| |||||||||||||||
| 75,000 | 3.625 | (d) | 05/01/2040 | 66,595 | ||||||||||||
| Towns at Woodsdale Community Development District Capital Improvement RB for Pasco County Series 2023 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.375 | (d) | 11/01/2030 | 205,162 | ||||||||||||
| Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 540,000 | 2.700 | 05/01/2031 | 480,702 | |||||||||||||
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.250 | (d) | 05/01/2030 | 97,302 | ||||||||||||
| Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 230,000 | 2.375 | (d) | 11/01/2026 | 219,034 | ||||||||||||
| Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) |
| |||||||||||||||
| 20,000 | 2.500 | 11/01/2026 | 19,107 | |||||||||||||
| 50,000 | 3.000 | 11/01/2031 | 45,261 | |||||||||||||
| 40,000 | 3.500 | 11/01/2041 | 33,206 | |||||||||||||
| TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.375 | 11/01/2030 | 93,728 | |||||||||||||
| Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 75,000 | 4.000 | 05/01/2042 | 66,303 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Two Rivers East Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) |
| |||||||||||||||
| $ | 200,000 | 5.750 | % | 05/01/2043 | $ | 205,685 | ||||||||||
| Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.125 | 05/01/2042 | 100,488 | |||||||||||||
| University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) |
| |||||||||||||||
| 85,000 | 3.375 | 05/01/2045 | 73,389 | |||||||||||||
| Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) |
| |||||||||||||||
| 75,000 | 5.125 | 05/01/2043 | 76,442 | |||||||||||||
| V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) |
| |||||||||||||||
| 75,000 | 5.250 | 05/01/2043 | 76,792 | |||||||||||||
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 250,000 | 3.625 | 05/01/2041 | 212,816 | |||||||||||||
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) |
| |||||||||||||||
| 20,000 | 3.600 | (d) | 05/01/2041 | 16,849 | ||||||||||||
| Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) |
| |||||||||||||||
| 90,000 | 5.250 | 06/15/2043 | 91,837 | |||||||||||||
| Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) |
| |||||||||||||||
| 115,000 | 4.125 | 05/01/2034 | 111,887 | |||||||||||||
| Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 270,000 | 5.875 | 11/01/2029 | 277,278 | |||||||||||||
| Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.750 | 05/01/2037 | 90,138 | |||||||||||||
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
| |||||||||||||||
| 50,000 | 2.625 | (d) | 05/01/2030 | 47,165 | ||||||||||||
| 50,000 | 3.000 | (d) | 05/01/2035 | 46,067 | ||||||||||||
| Village Community Development District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 2.550 | 05/01/2031 | 46,387 | |||||||||||||
| 100,000 | 2.850 | 05/01/2036 | 88,711 | |||||||||||||
| 100,000 | 3.000 | 05/01/2041 | 83,952 | |||||||||||||
| Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.125 | 05/01/2042 | 100,489 | |||||||||||||
| Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 45,000 | 3.450 | 05/01/2042 | 36,205 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR/NR) |
| |||||||||||||||
| 670,000 | 4.000 | 05/01/2042 | 586,773 | |||||||||||||
| Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.750 | 05/01/2040 | 91,802 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 181 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 5.500 | % | 05/01/2044 | $ | 102,099 | ||||||||||
| West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) |
| |||||||||||||||
| 60,000 | 5.125 | 05/01/2042 | 59,596 | |||||||||||||
| West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 125,000 | 4.000 | (d) | 05/01/2040 | 112,146 | ||||||||||||
| 100,000 | 4.000 | (d) | 05/01/2051 | 82,407 | ||||||||||||
| West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| |||||||||||||||
| 75,000 | 2.400 | 05/01/2026 | 72,175 | |||||||||||||
| 25,000 | 3.000 | 05/01/2031 | 22,764 | |||||||||||||
| West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.625 | 05/01/2030 | 101,125 | |||||||||||||
| West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) |
| |||||||||||||||
| 50,000 | 4.750 | 05/01/2039 | 48,685 | |||||||||||||
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 60,000 | 3.500 | 05/01/2041 | 49,681 | |||||||||||||
| West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 05/01/2041 | 82,802 | |||||||||||||
| Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.250 | 05/01/2041 | 80,652 | |||||||||||||
| Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.625 | 05/01/2030 | 201,767 | |||||||||||||
| Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 145,000 | 4.500 | 05/01/2030 | 146,711 | |||||||||||||
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| |||||||||||||||
| 150,000 | 4.250 | (d) | 06/15/2039 | 138,563 | ||||||||||||
| Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| |||||||||||||||
| 135,000 | 5.625 | 05/01/2042 | 140,228 | |||||||||||||
| Wind Meadows South Community Development District City of Bartow, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) |
| |||||||||||||||
| 265,000 | 4.500 | 05/01/2030 | 267,148 | |||||||||||||
| Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| |||||||||||||||
| 35,000 | 2.400 | 05/01/2026 | 33,682 | |||||||||||||
| 150,000 | 2.950 | 05/01/2031 | 135,837 | |||||||||||||
| 75,000 | 3.350 | 05/01/2041 | 60,820 | |||||||||||||
| Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.700 | 05/01/2040 | 86,126 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Florida – (continued) |
| |||||||||||||||
| Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 25,000 | 3.375 | % | 05/01/2041 | $ | 20,320 | ||||||||||
|
|
|
|||||||||||||||
| 36,729,982 | ||||||||||||||||
|
|
||||||||||||||||
| Georgia - 1.7% |
| |||||||||||||||
| Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) |
| |||||||||||||||
| 120,000 | 5.750 | 04/01/2053 | 135,192 | |||||||||||||
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (Baa1/BBB+) |
| |||||||||||||||
| 380,000 | 3.375 | (a)(b) | 11/01/2053 | 377,667 | ||||||||||||
| Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) |
| |||||||||||||||
| 750,000 | 4.000 | 04/01/2050 | 706,734 | |||||||||||||
| George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) |
| |||||||||||||||
| 130,000 | 5.000 | (d) | 01/01/2054 | 117,414 | ||||||||||||
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) |
| |||||||||||||||
| 35,000 | 2.375 | 01/01/2031 | 31,837 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NONR) |
| |||||||||||||||
| 975,000 | 4.000 | (a)(b) | 07/01/2052 | 982,732 | ||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) |
| |||||||||||||||
| 500,000 | 4.000 | (a)(b) | 05/01/2052 | 498,304 | ||||||||||||
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) |
| |||||||||||||||
| 365,000 | 5.000 | (a)(b) | 12/01/2053 | 389,886 | ||||||||||||
|
|
|
|||||||||||||||
| 3,239,766 | ||||||||||||||||
|
|
||||||||||||||||
| Guam - 1.2% |
| |||||||||||||||
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) |
| |||||||||||||||
| 100,000 | 5.250 | 10/01/2029 | 103,247 | |||||||||||||
| 100,000 | 5.250 | 10/01/2030 | 103,436 | |||||||||||||
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| |||||||||||||||
| 50,000 | 4.460 | 10/01/2043 | 40,336 | |||||||||||||
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) |
| |||||||||||||||
| 15,000 | 3.625 | 02/01/2025 | 14,846 | |||||||||||||
| 60,000 | 4.250 | 02/01/2030 | 58,985 | |||||||||||||
| Guam Government RB Refunding Series 2021 E (Baa3/NR) |
| |||||||||||||||
| 210,000 | 3.250 | 11/15/2026 | 202,508 | |||||||||||||
| Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| |||||||||||||||
| 450,000 | 4.000 | 01/01/2042 | 428,279 | |||||||||||||
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) |
| |||||||||||||||
| 500,000 | 5.000 | 07/01/2042 | 545,003 | |||||||||||||
| Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) |
| |||||||||||||||
| 745,000 | 5.000 | 01/01/2046 | 759,652 | |||||||||||||
|
|
|
|||||||||||||||
| 2,256,292 | ||||||||||||||||
|
|
||||||||||||||||
| 182 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Hawaii - 0.2% |
|
|||||||||||||||
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) |
| |||||||||||||||
| $ | 100,000 | 3.200 | % | 07/01/2039 | $ | 65,918 | ||||||||||
| Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) |
| |||||||||||||||
| 100,000 | 3.500 | 10/01/2049 | 64,743 | |||||||||||||
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| |||||||||||||||
| 200,000 | 3.100 | 05/01/2026 | 158,934 | |||||||||||||
|
|
|
|||||||||||||||
| 289,595 | ||||||||||||||||
|
|
||||||||||||||||
| Idaho - 0.2% |
|
|||||||||||||||
| City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) |
| |||||||||||||||
| 275,000 | 5.000 | 09/01/2051 | 295,075 | |||||||||||||
|
|
||||||||||||||||
| Illinois - 7.3% |
|
|||||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) |
| |||||||||||||||
| 710,000 | 5.000 | 12/01/2042 | 709,951 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) |
| |||||||||||||||
| 100,000 | 5.000 | 12/01/2039 | 103,433 | |||||||||||||
| Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) |
| |||||||||||||||
| 175,000 | 5.000 | 12/01/2047 | 176,959 | |||||||||||||
| Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) |
| |||||||||||||||
| 100,000 | 5.000 | 12/01/2034 | 102,525 | |||||||||||||
| 250,000 | 5.000 | 12/01/2044 | 251,184 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB+) |
| |||||||||||||||
| 85,000 | 0.000 | (e) | 12/01/2025 | 79,462 | ||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) |
| |||||||||||||||
| 500,000 | 6.038 | 12/01/2029 | 492,321 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB+) |
| |||||||||||||||
| 100,000 | 7.000 | 12/01/2044 | 104,054 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB+) |
| |||||||||||||||
| 100,000 | 6.500 | 12/01/2046 | 104,581 | |||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB+) |
| |||||||||||||||
| 975,000 | 5.000 | 12/01/2025 | 990,806 | |||||||||||||
| City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) |
| |||||||||||||||
| 150,000 | 5.000 | 04/01/2045 | 158,392 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) |
| |||||||||||||||
| 210,000 | 5.000 | 12/01/2036 | 220,104 | |||||||||||||
| 250,000 | 5.000 | 12/01/2038 | 258,963 | |||||||||||||
| City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB+) |
| |||||||||||||||
| 500,000 | 4.000 | 12/01/2047 | 446,609 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Illinois – (continued) |
|
|||||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB+) |
| |||||||||||||||
| $ | 100,000 | 5.000 | % | 12/01/2024 | $ | 100,532 | ||||||||||
| City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) |
| |||||||||||||||
| 100,000 | 5.125 | 12/01/2032 | 100,128 | |||||||||||||
| City of Chicago GO Bonds Series 2021B (NR/BBB+) |
| |||||||||||||||
| 500,000 | 4.000 | 01/01/2038 | 499,807 | |||||||||||||
| 1,000,000 | 4.000 | 01/01/2049 | 922,711 | |||||||||||||
| City of Chicago GO Bonds Series 2023A (Baa3/BBB+) |
| |||||||||||||||
| 200,000 | 5.500 | 01/01/2043 | 212,996 | |||||||||||||
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) |
| |||||||||||||||
| 300,000 | 5.000 | 01/01/2037 | 331,631 | |||||||||||||
| 250,000 | 5.000 | 01/01/2038 | 273,885 | |||||||||||||
| 175,000 | 5.000 | 01/01/2039 | 190,147 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) |
| |||||||||||||||
| 150,000 | 4.500 | 01/01/2048 | 148,631 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) |
| |||||||||||||||
| 100,000 | 4.000 | 01/01/2042 | 100,299 | |||||||||||||
| Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 11/01/2033 | 100,043 | |||||||||||||
| Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) |
| |||||||||||||||
| 125,000 | 5.500 | (d) | 08/01/2043 | 132,475 | ||||||||||||
| Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) |
| |||||||||||||||
| 165,000 | 5.000 | 03/01/2040 | 161,358 | |||||||||||||
| Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) |
| |||||||||||||||
| 250,000 | 4.000 | 07/15/2047 | 241,526 | |||||||||||||
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) |
| |||||||||||||||
| 100,000 | 6.125 | (d) | 04/01/2049 | 97,688 | ||||||||||||
| Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) |
| |||||||||||||||
| 305,000 | 5.000 | 10/01/2033 | 325,931 | |||||||||||||
| Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 25,000 | 5.000 | 05/15/2041 | 21,909 | |||||||||||||
| Illinois Finance Authority RB Series 2015A (NR/NR) |
| |||||||||||||||
| 1,060,000 | 5.000 | 05/15/2028 | 1,060,055 | |||||||||||||
| Illinois Finance Authority RB Series 2021 (NR/BB+) |
| |||||||||||||||
| 250,000 | 4.000 | (d) | 10/01/2042 | 208,087 | ||||||||||||
| Illinois State GO Bonds Series 2017 D (A3/A-) |
| |||||||||||||||
| 600,000 | 5.000 | 11/01/2028 | 636,033 | |||||||||||||
| Illinois State GO Bonds Series 2019 C (A3/A-) |
| |||||||||||||||
| 1,000,000 | 4.000 | 11/01/2042 | 952,545 | |||||||||||||
| Illinois State GO Bonds Series 2020 (A3/A-) |
| |||||||||||||||
| 50,000 | 5.500 | 05/01/2039 | 55,019 | |||||||||||||
| 150,000 | 5.750 | 05/01/2045 | 164,124 | |||||||||||||
| Illinois State GO Refunding Bonds Series 2018 B (A3/A-) |
| |||||||||||||||
| 375,000 | 5.000 | 10/01/2031 | 405,064 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 183 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) |
| |||||||||||||||
| $ |
200,000 | 0.000 | %(e) | 06/15/2033 | $ | 144,605 | ||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) |
| |||||||||||||||
| 185,000 | 0.000 | (e) | 12/15/2054 | 38,056 | ||||||||||||
| Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) |
| |||||||||||||||
| 800,000 | 0.000 | (e) | 12/15/2034 | 544,801 | ||||||||||||
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) |
| |||||||||||||||
| 30,000 | 4.000 | 06/15/2052 | 27,217 | |||||||||||||
| State of Illinois GO Bonds Series 2016 (A3/A-) |
| |||||||||||||||
| 1,000,000 | 4.000 | 06/01/2033 | 1,005,511 | |||||||||||||
| State of Illinois GO Bonds Series 2017 D (A3/A-) |
| |||||||||||||||
| 30,000 | 3.250 | 11/01/2026 | 29,525 | |||||||||||||
| State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) |
| |||||||||||||||
| 300,000 | 4.250 | 12/01/2037 | 300,978 | |||||||||||||
| Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba2/NR) |
| |||||||||||||||
| 150,000 | 5.625 | (d) | 03/01/2043 | 150,553 | ||||||||||||
|
|
|
|||||||||||||||
| 13,883,214 | ||||||||||||||||
|
|
||||||||||||||||
| Indiana - 0.4% |
| |||||||||||||||
| Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) |
| |||||||||||||||
| 100,000 | 5.125 | 06/01/2058 | 103,074 | |||||||||||||
| Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) |
| |||||||||||||||
| 400,000 | 4.125 | 12/01/2026 | 399,931 | |||||||||||||
| Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) |
| |||||||||||||||
| 35,000 | 2.100 | (a)(b) | 11/01/2049 | 33,232 | ||||||||||||
| Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) |
| |||||||||||||||
| 50,000 | 2.520 | 11/15/2026 | 45,944 | |||||||||||||
| 50,000 | 2.920 | 11/15/2027 | 45,317 | |||||||||||||
| 50,000 | 3.210 | 11/15/2028 | 44,747 | |||||||||||||
| 50,000 | 3.260 | 11/15/2029 | 43,721 | |||||||||||||
| 50,000 | 3.300 | 11/15/2030 | 42,688 | |||||||||||||
| Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) |
| |||||||||||||||
| 85,000 | 4.000 | 09/01/2033 | 85,618 | |||||||||||||
|
|
|
|||||||||||||||
| 844,272 | ||||||||||||||||
|
|
||||||||||||||||
| Iowa - 0.7% |
| |||||||||||||||
| City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) |
| |||||||||||||||
| 575,000 | 5.000 | 05/01/2042 | 558,056 | |||||||||||||
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (Baa3/BBB-) |
| |||||||||||||||
| 300,000 | 4.000 | (a)(b) | 12/01/2050 | 312,712 | ||||||||||||
| Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | 05/15/2048 | 179,587 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Iowa – (continued) |
|
|||||||||||||||
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) |
| |||||||||||||||
| $ | 310,000 | 5.000 | % | 10/01/2034 | $ | 332,834 | ||||||||||
|
|
|
|||||||||||||||
| 1,383,189 | ||||||||||||||||
|
|
||||||||||||||||
| Kansas - 0.1% |
|
|||||||||||||||
| City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 50,000 | 4.000 | 06/01/2036 | 46,301 | |||||||||||||
| Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) |
| |||||||||||||||
| 200,000 | 4.000 | 09/01/2036 | 204,253 | |||||||||||||
|
|
|
|||||||||||||||
| 250,554 | ||||||||||||||||
|
|
||||||||||||||||
| Kentucky - 0.7% |
|
|||||||||||||||
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) |
| |||||||||||||||
| 200,000 | 4.450 | (d) | 01/01/2042 | 197,330 | ||||||||||||
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) |
| |||||||||||||||
| 150,000 | 2.125 | 10/01/2034 | 119,593 | |||||||||||||
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) |
| |||||||||||||||
| 150,000 | 2.000 | 02/01/2032 | 124,335 | |||||||||||||
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A1/AA) |
| |||||||||||||||
| 75,000 | 4.000 | 06/01/2045 | 71,108 | |||||||||||||
| Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) |
| |||||||||||||||
| 500,000 | 2.000 | 10/01/2033 | 405,949 | |||||||||||||
| Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) |
| |||||||||||||||
| 215,000 | 5.000 | 10/01/2041 | 234,216 | |||||||||||||
| 150,000 | 5.000 | 10/01/2042 | 162,178 | |||||||||||||
|
|
|
|||||||||||||||
| 1,314,709 | ||||||||||||||||
|
|
||||||||||||||||
| Louisiana - 0.9% |
|
|||||||||||||||
| Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 225,000 | 4.450 | 06/01/2027 | 224,369 | |||||||||||||
| 250,000 | 5.000 | 06/01/2032 | 254,892 | |||||||||||||
| Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 695,000 | 2.875 | 06/01/2031 | 615,919 | |||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 6.500 | (d) | 06/15/2038 | 103,434 | ||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Westlake Chemical Corp. Project Series 2017 (Baa2/BBB) |
| |||||||||||||||
| 250,000 | 3.500 | 11/01/2032 | 240,991 | |||||||||||||
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 6.000 | (d) | 06/01/2037 | 98,473 | ||||||||||||
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 06/01/2041 | 81,156 | ||||||||||||
| 184 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Louisiana – (continued) |
|
|||||||||||||||
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 4.000 | %(d) | 06/01/2041 | $ | 81,156 | ||||||||||
|
|
|
|||||||||||||||
| 1,700,390 | ||||||||||||||||
|
|
||||||||||||||||
| Maine - 0.5% |
|
|||||||||||||||
| Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) |
| |||||||||||||||
| 340,000 | 4.000 | 07/01/2050 | 325,588 | |||||||||||||
| Maine Health and Higher Education Facilities Authority RB Series 2021A (AGM State Intercept State Reserve Bond Guarantee) (A1/AA) |
| |||||||||||||||
| 375,000 | 4.000 | 07/01/2037 | 383,212 | |||||||||||||
| 325,000 | 4.000 | 07/01/2041 | 325,644 | |||||||||||||
|
|
|
|||||||||||||||
| 1,034,444 | ||||||||||||||||
|
|
||||||||||||||||
| Maryland - 1.0% |
|
|||||||||||||||
| Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 01/01/2039 | 98,329 | |||||||||||||
| City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) |
| |||||||||||||||
| 175,000 | 5.000 | 01/01/2037 | 177,341 | |||||||||||||
| City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.125 | 01/01/2042 | 100,313 | |||||||||||||
| Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) |
| |||||||||||||||
| 85,000 | 4.000 | 07/01/2040 | 79,065 | |||||||||||||
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) |
| |||||||||||||||
| 195,000 | 3.997 | 04/01/2034 | 155,581 | |||||||||||||
| Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) |
| |||||||||||||||
| 250,000 | 5.625 | 07/01/2043 | 272,486 | |||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.500 | (d) | 05/01/2042 | 98,198 | ||||||||||||
| Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.875 | (d) | 07/01/2043 | 102,003 | ||||||||||||
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) |
| |||||||||||||||
| 700,000 | 0.000 | (e) | 05/01/2051 | 190,805 | ||||||||||||
| 700,000 | 0.000 | (e) | 05/01/2052 | 180,789 | ||||||||||||
| Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B) |
| |||||||||||||||
| 150,000 | 5.000 | 09/01/2032 | 149,274 | |||||||||||||
| 100,000 | 5.000 | 09/01/2035 | 99,151 | |||||||||||||
| Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.875 | 06/01/2042 | 100,348 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Maryland – (continued) |
|
|||||||||||||||
| Prince George County Special Obligation Bonds Series 2018 (NR/NR) |
| |||||||||||||||
| $ | 175,000 | 5.125 | %(d) | 07/01/2039 | $ | 172,049 | ||||||||||
|
|
|
|||||||||||||||
| 1,975,732 | ||||||||||||||||
|
|
||||||||||||||||
| Massachusetts - 0.9% |
|
|||||||||||||||
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) |
| |||||||||||||||
| 1,545,000 | 5.000 | 01/01/2049 | 1,680,984 | |||||||||||||
|
|
||||||||||||||||
| Michigan - 2.1% |
|
|||||||||||||||
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) |
| |||||||||||||||
| 1,665,000 | 4.000 | (b) | 04/01/2044 | 1,315,645 | ||||||||||||
| City of Detroit GO Bonds Series 2020 (Baa2/BB+) |
| |||||||||||||||
| 205,000 | 5.500 | 04/01/2045 | 214,564 | |||||||||||||
| City of Detroit GO Bonds Series 2021 A (Baa2/BB+) |
| |||||||||||||||
| 45,000 | 5.000 | 04/01/2030 | 47,941 | |||||||||||||
| 105,000 | 5.000 | 04/01/2034 | 112,724 | |||||||||||||
| City of Detroit GO Bonds Series 2021 B (Baa2/BB+) |
| |||||||||||||||
| 50,000 | 2.711 | 04/01/2026 | 47,115 | |||||||||||||
| City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BB+) |
| |||||||||||||||
| 75,000 | 5.000 | 04/01/2035 | 80,321 | |||||||||||||
| City of Kalamazoo Economic Development Corporation Limited obligation RB for Revel Creek Project, Series 2020A (Baa2/BB+) |
| |||||||||||||||
| 300,000 | 5.250 | 05/01/2027 | 311,755 | |||||||||||||
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) |
| |||||||||||||||
| 400,000 | 4.000 | (b) | 04/01/2044 | 316,071 | ||||||||||||
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD LIBOR + 0.60%) |
| |||||||||||||||
| 585,000 | 4.346 | (c) | 07/01/2032 | 559,389 | ||||||||||||
| Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR/BBB-) |
| |||||||||||||||
| 100,000 | 4.000 | 02/01/2042 | 83,346 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) |
| |||||||||||||||
| 225,000 | 5.000 | 06/01/2040 | 236,156 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) |
| |||||||||||||||
| 325,000 | 3.267 | 06/01/2039 | 297,117 | |||||||||||||
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) |
| |||||||||||||||
| 3,505,000 | 0.000 | (e) | 06/01/2065 | 395,678 | ||||||||||||
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) |
| |||||||||||||||
| 1,150,000 | 0.000 | (e) | 06/01/2058 | 45,960 | ||||||||||||
|
|
|
|||||||||||||||
| 4,063,782 | ||||||||||||||||
|
|
||||||||||||||||
| Minnesota - 1.0% |
|
|||||||||||||||
| City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) |
| |||||||||||||||
| 75,000 | 4.000 | 07/01/2031 | 70,352 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 185 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Minnesota – (continued) | ||||||||||||||||
| Duluth Economic Development Authority Health Care Facilities RB (St. Luke’s Hospital Of Duluth Obligated Group) Series 2022A (NR/BB+) |
| |||||||||||||||
| $ | 400,000 | 4.000 | % | 06/15/2036 | $ | 401,489 | ||||||||||
| Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BB+) |
| |||||||||||||||
| 390,000 | 4.000 | 06/15/2038 | 380,897 | |||||||||||||
| 250,000 | 4.000 | 06/15/2039 | 241,350 | |||||||||||||
| Duluth Economic Development Authority Health Care Facilities RB St. Luke’s Hospital of Duluth Obligated Group Series 2022A (NR/BB+) |
| |||||||||||||||
| 425,000 | 4.000 | 06/15/2035 | 429,684 | |||||||||||||
| Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) |
| |||||||||||||||
| 25,000 | 4.000 | (g) | 03/01/2032 | 25,719 | ||||||||||||
| Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) |
| |||||||||||||||
| 330,000 | 4.000 | 12/01/2026 | 331,633 | |||||||||||||
|
|
|
|||||||||||||||
| 1,881,124 | ||||||||||||||||
|
|
||||||||||||||||
| Mississippi - 0.3% |
|
|||||||||||||||
| Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB) |
| |||||||||||||||
| 200,000 | 2.375 | 06/01/2044 | 125,224 | |||||||||||||
| Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) |
| |||||||||||||||
| 100,000 | 5.000 | (d) | 10/01/2033 | 103,486 | ||||||||||||
| 200,000 | 4.000 | (d) | 10/01/2041 | 168,881 | ||||||||||||
| Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) |
| |||||||||||||||
| 75,000 | 1.600 | (a)(b) | 08/01/2027 | 72,883 | ||||||||||||
|
|
|
|||||||||||||||
| 470,474 | ||||||||||||||||
|
|
||||||||||||||||
| Missouri - 0.5% |
|
|||||||||||||||
| Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) |
| |||||||||||||||
| 50,000 | 4.000 | 03/01/2041 | 49,089 | |||||||||||||
| City of St. Louis IDA Tax Increment Financing RB for St. Louis Innovation District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 05/15/2041 | 100,723 | |||||||||||||
| Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 95,000 | 3.500 | 11/01/2040 | 86,166 | |||||||||||||
| 100,000 | 4.250 | 11/01/2050 | 83,394 | |||||||||||||
| Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 25,000 | 4.000 | 08/01/2036 | 22,063 | |||||||||||||
| 25,000 | 4.000 | 08/01/2041 | 20,191 | |||||||||||||
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) |
| |||||||||||||||
| 250,000 | 3.500 | (a)(b) | 05/01/2038 | 247,025 | ||||||||||||
| State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) |
| |||||||||||||||
| 275,000 | 4.000 | 02/15/2038 | 276,967 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Missouri – (continued) |
|
|||||||||||||||
| The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 5.000 | %(d) | 10/01/2033 | $ | 100,457 | ||||||||||
|
|
|
|||||||||||||||
| 986,075 | ||||||||||||||||
|
|
||||||||||||||||
| Nevada - 0.1% |
|
|||||||||||||||
| City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.125 | 06/01/2051 | 32,870 | |||||||||||||
| Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 09/01/2035 | 92,475 | |||||||||||||
| Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 07/01/2040 | 103,321 | |||||||||||||
|
|
|
|||||||||||||||
| 228,666 | ||||||||||||||||
|
|
||||||||||||||||
| New Hampshire - 0.3% |
|
|||||||||||||||
| National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) |
| |||||||||||||||
| 500,000 | 3.000 | 08/15/2046 | 404,417 | |||||||||||||
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 225,000 | 4.000 | 01/01/2041 | 191,883 | |||||||||||||
|
|
|
|||||||||||||||
| 596,300 | ||||||||||||||||
|
|
||||||||||||||||
| New Jersey - 2.7% |
|
|||||||||||||||
| Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) |
| |||||||||||||||
| 140,000 | 4.000 | 07/01/2053 | 130,140 | |||||||||||||
| New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB-) |
| |||||||||||||||
| 775,000 | 5.250 | 09/15/2029 | 776,639 | |||||||||||||
| New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Obligated Group Issue Series 2016 (Baa3/BBB-) |
| |||||||||||||||
| 325,000 | 5.000 | 07/01/2041 | 326,910 | |||||||||||||
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) |
| |||||||||||||||
| 975,000 | 0.000 | (e) | 12/15/2034 | 690,335 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) |
| |||||||||||||||
| 2,450,000 | 0.000 | (e) | 12/15/2038 | 1,368,695 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) |
| |||||||||||||||
| 70,000 | 5.000 | 12/15/2032 | 75,847 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) |
| |||||||||||||||
| 75,000 | 3.000 | 06/15/2050 | 57,389 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) |
| |||||||||||||||
| 400,000 | 3.500 | 06/15/2046 | 351,318 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) |
| |||||||||||||||
| 340,000 | 0.000 | (e) | 12/15/2029 | 282,881 | ||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) |
| |||||||||||||||
| 615,000 | 4.000 | 01/01/2043 | 608,670 | |||||||||||||
| 186 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| New Jersey – (continued) | ||||||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) |
| |||||||||||||||
| $ | 100,000 | 4.500 | % | 01/01/2048 | $ | 103,095 | ||||||||||
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| |||||||||||||||
| 100,000 | 5.375 | 07/01/2053 | 102,027 | |||||||||||||
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 01/01/2048 | 101,822 | |||||||||||||
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) |
| |||||||||||||||
| 200,000 | 6.750 | (d) | 12/01/2041 | 130,216 | ||||||||||||
|
|
|
|||||||||||||||
| 5,105,984 | ||||||||||||||||
|
|
||||||||||||||||
| New Mexico - 0.5% |
|
|||||||||||||||
| City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) |
| |||||||||||||||
| 200,000 | 1.800 | 04/01/2029 | 176,991 | |||||||||||||
| City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) |
| |||||||||||||||
| 380,000 | 3.900 | (a)(b) | 06/01/2040 | 379,341 | ||||||||||||
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) |
| |||||||||||||||
| 500,000 | 4.250 | (d) | 05/01/2040 | 466,592 | ||||||||||||
|
|
|
|||||||||||||||
| 1,022,924 | ||||||||||||||||
|
|
||||||||||||||||
| New York - 5.9% |
|
|||||||||||||||
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 07/15/2042 | 101,629 | |||||||||||||
| Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) |
| |||||||||||||||
| 100,000 | 4.000 | 06/15/2030 | 96,100 | |||||||||||||
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | (d) | 12/01/2041 | 93,423 | ||||||||||||
| Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 06/15/2041 | 83,839 | ||||||||||||
| Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 06/15/2027 | 94,266 | ||||||||||||
| Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) |
| |||||||||||||||
| 100,000 | 5.250 | (d) | 06/15/2043 | 101,597 | ||||||||||||
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 6.500 | (d) | 07/01/2032 | 103,829 | ||||||||||||
| 150,000 | 6.500 | (d) | 07/01/2042 | 152,273 | ||||||||||||
| 100,000 | 6.500 | (d) | 07/01/2052 | 100,843 | ||||||||||||
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 9.750 | (d) | 07/01/2032 | 97,330 | ||||||||||||
| Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) |
| |||||||||||||||
| 100,000 | 4.750 | 06/15/2053 | 96,978 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| New York – (continued) |
|
|||||||||||||||
| Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) |
| |||||||||||||||
| $ | 100,000 | 4.250 | %(a)(b) | 04/01/2042 | $ | 101,001 | ||||||||||
| City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) |
| |||||||||||||||
| 290,000 | 4.000 | 03/01/2050 | 281,178 | |||||||||||||
| Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) |
| |||||||||||||||
| 200,000 | 5.250 | 07/01/2049 | 217,070 | |||||||||||||
| 250,000 | 5.250 | 07/01/2054 | 268,700 | |||||||||||||
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) |
| |||||||||||||||
| 800,000 | 0.000 | (d)(e) | 06/01/2060 | 52,966 | ||||||||||||
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) |
| |||||||||||||||
| 250,000 | 5.000 | 12/01/2041 | 260,186 | |||||||||||||
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) |
| |||||||||||||||
| 225,000 | 4.750 | 11/15/2045 | 231,595 | |||||||||||||
| 125,000 | 5.000 | 11/15/2050 | 129,891 | |||||||||||||
| 75,000 | 5.250 | 11/15/2055 | 78,657 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) |
| |||||||||||||||
| 175,000 | 5.250 | 11/15/2031 | 183,186 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/A-) |
| |||||||||||||||
| 250,000 | 5.000 | 11/15/2032 | 266,795 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) |
| |||||||||||||||
| 100,000 | 5.000 | 11/15/2045 | 105,510 | |||||||||||||
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) |
| |||||||||||||||
| 2,255,000 | 0.000 | (e) | 06/01/2060 | 146,407 | ||||||||||||
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| |||||||||||||||
| 220,000 | 3.000 | 01/01/2046 | 176,996 | |||||||||||||
| New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) |
| |||||||||||||||
| 3,500,000 | 0.000 | (e) | 06/01/2060 | 255,487 | ||||||||||||
| New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) |
| |||||||||||||||
| 100,000 | 3.500 | 02/15/2048 | 99,612 | |||||||||||||
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| |||||||||||||||
| 125,000 | 5.150 | (d) | 11/15/2034 | 125,454 | ||||||||||||
| 225,000 | 5.375 | (d) | 11/15/2040 | 225,713 | ||||||||||||
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) |
| |||||||||||||||
| 275,000 | 7.250 | (d) | 11/15/2044 | 277,050 | ||||||||||||
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| |||||||||||||||
| 740,000 | 5.000 | (d) | 11/15/2044 | 740,227 | ||||||||||||
| New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (NR/NR) |
| |||||||||||||||
| 225,000 | 4.000 | 07/01/2040 | 195,942 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Caa1/B-) |
| |||||||||||||||
| 200,000 | 5.000 | 07/01/2035 | 179,402 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 187 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| New York – (continued) |
|
|||||||||||||||
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) |
| |||||||||||||||
| $ | 250,000 | 4.000 | % | 09/01/2037 | $ | 244,395 | ||||||||||
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B1/B+) |
| |||||||||||||||
| 250,000 | 2.750 | (a)(b) | 09/01/2050 | 243,089 | ||||||||||||
| New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) |
| |||||||||||||||
| 150,000 | 1.100 | (a)(b) | 11/01/2061 | 135,193 | ||||||||||||
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) |
| |||||||||||||||
| 75,000 | 4.000 | 12/01/2040 | 74,229 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) |
| |||||||||||||||
| 400,000 | 5.000 | 01/01/2027 | 411,868 | |||||||||||||
| 190,000 | 5.000 | 01/01/2033 | 196,907 | |||||||||||||
| 100,000 | 4.000 | 01/01/2036 | 99,995 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa3/NR) |
| |||||||||||||||
| 795,000 | 4.375 | 10/01/2045 | 783,555 | |||||||||||||
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) |
| |||||||||||||||
| 25,000 | 2.500 | 10/31/2031 | 21,046 | |||||||||||||
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 07/01/2034 | 100,117 | |||||||||||||
| 200,000 | 5.000 | 07/01/2046 | 197,019 | |||||||||||||
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 100,000 | 5.000 | 06/30/2049 | 104,470 | |||||||||||||
| New York Transportation Development Corp. Special Facilities RB for John F. Kennedy International Airport New Terminal One Project Green Bonds Series 2023 (AMT) (Baa3/NR) |
| |||||||||||||||
| 225,000 | 6.000 | 06/30/2054 | 249,355 | |||||||||||||
| New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa3/BB+) |
| |||||||||||||||
| 250,000 | 6.000 | 04/01/2035 | 283,509 | |||||||||||||
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (NR/B+) |
| |||||||||||||||
| 230,000 | 5.250 | 08/01/2031 | 244,481 | |||||||||||||
| 15,000 | 5.375 | 08/01/2036 | 15,836 | |||||||||||||
| New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| |||||||||||||||
| 315,000 | 5.000 | 08/01/2026 | 315,086 | |||||||||||||
| Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) |
| |||||||||||||||
| 135,000 | 3.000 | 07/01/2044 | 96,125 | |||||||||||||
| Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) |
| |||||||||||||||
| 250,000 | 4.000 | 07/01/2035 | 224,385 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| New York – (continued) |
|
|||||||||||||||
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) |
| |||||||||||||||
| $ | 325,000 | 4.250 | % | 05/01/2052 | $ | 315,034 | ||||||||||
| 385,000 | 5.000 | 05/01/2052 | 406,394 | |||||||||||||
| The Port Authority of New York and New Jersey Consolidated Bonds , Two Hundred Twenty-Third Series (Aa3/AA-) |
| |||||||||||||||
| 430,000 | 4.000 | 07/15/2046 | 404,665 | |||||||||||||
| 100,000 | 5.000 | 07/15/2056 | 103,527 | |||||||||||||
| Triborough Bridge & Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-) |
| |||||||||||||||
| 250,000 | 5.500 | 11/15/2057 | 278,117 | |||||||||||||
|
|
|
|||||||||||||||
| 11,269,529 | ||||||||||||||||
|
|
||||||||||||||||
| North Carolina - 0.6% |
|
|||||||||||||||
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) |
| |||||||||||||||
| 75,000 | 1.375 | (a)(b) | 05/01/2034 | 72,687 | ||||||||||||
| Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 100,000 | 5.500 | 07/01/2052 | 108,471 | |||||||||||||
| Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) |
| |||||||||||||||
| 200,000 | 5.250 | 07/01/2053 | 213,787 | |||||||||||||
| North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | 12/31/2037 | 201,699 | |||||||||||||
| North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn At Maryfield Series 2015 (NR/NR) |
| |||||||||||||||
| 250,000 | 5.000 | 10/01/2035 | 246,138 | |||||||||||||
| North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 4.000 | 09/01/2041 | 43,179 | |||||||||||||
| North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 75,000 | 4.000 | 03/01/2036 | 68,074 | |||||||||||||
| 100,000 | 4.000 | 03/01/2051 | 75,072 | |||||||||||||
| North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 50,000 | 4.000 | 09/01/2041 | 42,973 | |||||||||||||
|
|
|
|||||||||||||||
| 1,072,080 | ||||||||||||||||
|
|
||||||||||||||||
| North Dakota - 0.2% |
|
|||||||||||||||
| City of Horace, North Dakota Temporary Refunding Improvement Bonds, Series 2023B (Baa3/NR) |
| |||||||||||||||
| 300,000 | 5.125 | 07/01/2025 | 300,775 | |||||||||||||
|
|
||||||||||||||||
| Ohio - 3.7% |
|
|||||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) |
| |||||||||||||||
| 875,000 | 5.000 | 06/01/2055 | 827,459 | |||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) |
| |||||||||||||||
| 1,000,000 | 0.000 | (e) | 06/01/2057 | 104,086 | ||||||||||||
| 188 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Ohio – (continued) |
|
|||||||||||||||
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB-) |
| |||||||||||||||
| $ | 280,000 | 5.375 | % | 09/15/2027 | $ | 280,056 | ||||||||||
| Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) |
| |||||||||||||||
| 125,000 | 7.000 | (d) | 07/01/2053 | 126,848 | ||||||||||||
| County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) |
| |||||||||||||||
| 105,000 | 5.000 | 05/15/2032 | 103,549 | |||||||||||||
| 310,000 | 5.375 | 05/15/2037 | 305,822 | |||||||||||||
| County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | 07/01/2035 | 203,094 | |||||||||||||
| 225,000 | 5.000 | 07/01/2036 | 226,141 | |||||||||||||
| County Of Franklin Healthcare Facilities Refunding RB Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.000 | 07/01/2040 | 171,117 | |||||||||||||
| County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | 11/15/2040 | 97,612 | |||||||||||||
| County of Franklin RB Series OH 2019A (Aa3/AA-) |
| |||||||||||||||
| 500,000 | 4.000 | 12/01/2044 | 484,510 | |||||||||||||
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) |
| |||||||||||||||
| 400,000 | 5.250 | 11/15/2048 | 395,458 | |||||||||||||
| County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) |
| |||||||||||||||
| 500,000 | 5.000 | 11/01/2052 | 524,669 | |||||||||||||
| Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) |
| |||||||||||||||
| 625,000 | 5.250 | 02/15/2047 | 631,416 | |||||||||||||
| 225,000 | 5.000 | 02/15/2052 | 225,525 | |||||||||||||
| 100,000 | 5.000 | 02/15/2057 | 99,878 | |||||||||||||
| Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 170,000 | 3.750 | 12/01/2038 | 141,124 | |||||||||||||
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) |
| |||||||||||||||
| 250,000 | 4.250 | (a)(b) | 11/01/2039 | 252,444 | ||||||||||||
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) |
| |||||||||||||||
| 750,000 | 4.250 | (a)(b) | 11/01/2040 | 746,304 | ||||||||||||
| Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (Non-AMT) (WR/BBB-) |
| |||||||||||||||
| 100,000 | 3.375 | (b) | 08/01/2029 | 94,535 | ||||||||||||
| Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 12/01/2042 | 96,926 | |||||||||||||
| 100,000 | 5.000 | 12/01/2045 | 94,798 | |||||||||||||
| Ohio State Higher Education Facilities RB Series 2020 (A3/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 01/15/2050 | 103,184 | |||||||||||||
| Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 01/15/2040 | 105,643 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Ohio – (continued) |
|
|||||||||||||||
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 4.375 | %(a)(b) | 06/15/2056 | $ | 97,507 | ||||||||||
| Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.250 | (d) | 12/01/2050 | 88,210 | ||||||||||||
| Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | 12/01/2046 | 190,730 | |||||||||||||
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) |
| |||||||||||||||
| 175,000 | 4.000 | 01/01/2038 | 169,938 | |||||||||||||
|
|
|
|||||||||||||||
| 6,988,583 | ||||||||||||||||
|
|
||||||||||||||||
| Oklahoma - 0.4% |
|
|||||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba3/BB-) |
| |||||||||||||||
| 35,000 | 5.000 | 08/15/2038 | 35,751 | |||||||||||||
| 50,000 | 5.500 | 08/15/2057 | 51,466 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB-) |
| |||||||||||||||
| 375,000 | 5.500 | 08/15/2052 | 386,710 | |||||||||||||
| The Oklahoma Development Finance Authority Health System RB for Ou Medicine Project Series 2018B (Ba3/BB-) |
| |||||||||||||||
| 250,000 | 5.250 | 08/15/2043 | 258,490 | |||||||||||||
|
|
|
|||||||||||||||
| 732,417 | ||||||||||||||||
|
|
||||||||||||||||
| Oregon - 0.1% |
|
|||||||||||||||
| Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) |
| |||||||||||||||
| 125,000 | 5.000 | 11/15/2051 | 99,863 | |||||||||||||
|
|
||||||||||||||||
| Pennsylvania - 2.1% |
|
|||||||||||||||
| Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) |
| |||||||||||||||
| 90,000 | 5.250 | 09/01/2035 | 89,397 | |||||||||||||
| Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) |
| |||||||||||||||
| 75,000 | 5.125 | 05/01/2030 | 78,604 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) |
| |||||||||||||||
| 100,000 | 2.100 | 05/01/2024 | 99,633 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 |
| |||||||||||||||
| (Ba3/NR | ) | |||||||||||||||
| 250,000 | 5.000 | (d) | 05/01/2042 | 249,966 | ||||||||||||
| Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/CCC+) |
| |||||||||||||||
| 100,000 | 4.000 | 11/01/2047 | 51,795 | |||||||||||||
| Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/BB-) |
| |||||||||||||||
| 275,000 | 4.000 | 07/01/2051 | 204,347 | |||||||||||||
| City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) |
| |||||||||||||||
| 100,000 | 4.000 | 03/01/2042 | 80,932 | |||||||||||||
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB-) |
| |||||||||||||||
| 100,000 | 5.875 | (d) | 10/15/2040 | 87,046 | ||||||||||||
| 200,000 | 6.250 | (d) | 10/15/2053 | 167,074 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 189 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Pennsylvania – (continued) | ||||||||||||||||
| Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 5.000 | % | 03/01/2040 | $ | 88,149 | ||||||||||
| Lancaster County Hospital Authority RB Series 2020 (NR/NR) |
| |||||||||||||||
| 250,000 | 5.000 | 03/01/2050 | 204,631 | |||||||||||||
| Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| |||||||||||||||
| 250,000 | 4.000 | 03/01/2038 | 222,499 | |||||||||||||
| Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) |
| |||||||||||||||
| 150,000 | 5.250 | 07/01/2044 | 145,714 | |||||||||||||
| Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | 11/15/2045 | 103,932 | |||||||||||||
| Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 55,000 | 4.000 | 07/01/2041 | 52,166 | |||||||||||||
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) |
| |||||||||||||||
| 260,000 | 1.100 | (a)(b) | 06/01/2031 | 240,941 | ||||||||||||
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) |
| |||||||||||||||
| 250,000 | 5.000 | 12/31/2057 | 263,562 | |||||||||||||
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) |
| |||||||||||||||
| 350,000 | 5.750 | 06/30/2048 | 389,888 | |||||||||||||
| 100,000 | 5.250 | 06/30/2053 | 106,257 | |||||||||||||
| Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) |
| |||||||||||||||
| 100,000 | 4.000 | 04/15/2036 | 102,843 | |||||||||||||
| Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) |
| |||||||||||||||
| 100,000 | 5.125 | 06/15/2042 | 97,395 | |||||||||||||
| Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB+) |
| |||||||||||||||
| 100,000 | 5.000 | (d) | 06/15/2033 | 103,043 | ||||||||||||
| Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) |
| |||||||||||||||
| 420,000 | 5.000 | 01/01/2038 | 427,192 | |||||||||||||
| The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) |
| |||||||||||||||
| 100,000 | 5.000 | 10/01/2049 | 87,851 | |||||||||||||
| The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/CCC+) |
| |||||||||||||||
| 290,000 | 5.000 | 11/01/2040 | 150,286 | |||||||||||||
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) |
| |||||||||||||||
| 30,000 | 6.000 | (d) | 07/01/2029 | 29,094 | ||||||||||||
|
|
|
|||||||||||||||
| 3,924,237 | ||||||||||||||||
|
|
||||||||||||||||
| Puerto Rico - 10.3% |
|
|||||||||||||||
| HTA Trust Certificates Class L-2028 Units (NR/NR) |
| |||||||||||||||
| 91,406 | 5.250 | 07/01/2038 | 91,427 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Puerto Rico – (continued) | ||||||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) |
| |||||||||||||||
| $ | 750,000 | 5.000 | %(d) | 07/01/2035 | $ | 791,052 | ||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) |
| |||||||||||||||
| 250,000 | 5.000 | (d) | 07/01/2037 | 263,486 | ||||||||||||
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (Senior Lien) (NR/NR) |
| |||||||||||||||
| 250,000 | 5.000 | (d) | 07/01/2033 | 269,396 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| |||||||||||||||
| 500,000 | 5.000 | (d) | 07/01/2047 | 508,545 | ||||||||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) |
| |||||||||||||||
| 600,000 | 4.000 | (d) | 07/01/2042 | 570,074 | ||||||||||||
| Puerto Rico Commonwealth GO Bonds (NR/NR) |
| |||||||||||||||
| 652,160 | 0.000 | (b)(h)(i) | 11/01/2043 | 376,949 | ||||||||||||
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) |
| |||||||||||||||
| 136,656 | 0.000 | (b)(h)(i) | 11/01/2051 | 64,570 | ||||||||||||
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) |
| |||||||||||||||
| 95,413 | 0.000 | (b)(h)(i) | 11/01/2051 | 56,055 | ||||||||||||
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| |||||||||||||||
| 23,891 | 0.000 | (e) | 07/01/2024 | 23,654 | ||||||||||||
| 163,993 | 5.375 | 07/01/2025 | 167,257 | |||||||||||||
| 322,380 | 5.625 | 07/01/2029 | 352,676 | |||||||||||||
| 755,281 | 5.750 | 07/01/2031 | 850,826 | |||||||||||||
| 514,493 | 0.000 | (e) | 07/01/2033 | 337,539 | ||||||||||||
| 322,248 | 4.000 | 07/01/2033 | 320,999 | |||||||||||||
| 132,356 | 4.000 | 07/01/2035 | 129,763 | |||||||||||||
| 223,596 | 4.000 | 07/01/2037 | 215,767 | |||||||||||||
| 729,448 | 4.000 | 07/01/2041 | 685,978 | |||||||||||||
| 435,624 | 4.000 | 07/01/2046 | 399,437 | |||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 2012A (WR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | * | 07/01/2042 | 52,500 | ||||||||||||
| 250,000 | 5.050 | * | 07/01/2042 | 65,625 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series 2013A (WR/NR) |
| |||||||||||||||
| 50,000 | 7.000 | * | 07/01/2033 | 13,125 | ||||||||||||
| 150,000 | 7.000 | * | 07/01/2040 | 39,375 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series AAA (WR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | * | 07/01/2031 | 26,250 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series CCC (WR/NR) |
| |||||||||||||||
| 250,000 | 5.250 | * | 07/01/2026 | 65,625 | ||||||||||||
| 340,000 | 5.250 | * | 07/01/2027 | 89,250 | ||||||||||||
| 415,000 | 5.000 | * | 07/01/2028 | 108,937 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series TT (WR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | * | 07/01/2032 | 26,250 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series XX (WR/NR) |
| |||||||||||||||
| 675,000 | 5.250 | * | 07/01/2040 | 177,188 | ||||||||||||
| Puerto Rico Electric Power Authority Power RB Series ZZ (WR/NR) |
| |||||||||||||||
| 145,000 | 4.250 | * | 07/01/2020 | 38,062 | ||||||||||||
| 50,000 | 5.250 | * | 07/01/2026 | 13,125 | ||||||||||||
| 190 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Puerto Rico – (continued) | ||||||||||||||||
| Puerto Rico Electric Power Authority RB Series TT (WR/NR) |
| |||||||||||||||
| $ | 175,000 | 5.000 | %* | 07/01/2037 | $ | 45,938 | ||||||||||
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) |
| |||||||||||||||
| 575,000 | 4.550 | 07/01/2040 | 580,047 | |||||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| |||||||||||||||
| 1,203,000 | 4.329 | 07/01/2040 | 1,203,346 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 8,000 | 0.000 | (e) | 07/01/2024 | 7,924 | ||||||||||||
| 27,000 | 0.000 | (e) | 07/01/2027 | 23,886 | ||||||||||||
| 451,000 | 0.000 | (e) | 07/01/2031 | 340,476 | ||||||||||||
| 599,000 | 0.000 | (e) | 07/01/2033 | 414,557 | ||||||||||||
| 1,776,000 | 0.000 | (e) | 07/01/2046 | 566,051 | ||||||||||||
| 409,000 | 0.000 | (e) | 07/01/2051 | 95,343 | ||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 2,487,000 | 4.329 | 07/01/2040 | 2,487,716 | |||||||||||||
| 19,000 | 4.536 | 07/01/2053 | 18,273 | |||||||||||||
| 2,929,000 | 4.784 | 07/01/2058 | 2,907,060 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 1,208,000 | 4.500 | 07/01/2034 | 1,214,479 | |||||||||||||
| 270,000 | 4.750 | 07/01/2053 | 268,712 | |||||||||||||
| 2,210,000 | 5.000 | 07/01/2058 | 2,216,535 | |||||||||||||
|
|
|
|||||||||||||||
| 19,581,105 | ||||||||||||||||
|
|
||||||||||||||||
| Rhode Island - 0.6% |
|
|||||||||||||||
| Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) |
| |||||||||||||||
| 150,000 | 5.250 | 05/15/2049 | 161,524 | |||||||||||||
| 500,000 | 5.250 | 05/15/2054 | 534,499 | |||||||||||||
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) |
| |||||||||||||||
| 250,000 | 5.000 | 10/01/2042 | 265,634 | |||||||||||||
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) |
| |||||||||||||||
| 200,000 | 4.450 | 10/01/2044 | 196,352 | |||||||||||||
|
|
|
|||||||||||||||
| 1,158,009 | ||||||||||||||||
|
|
||||||||||||||||
| South Carolina - 0.7% |
|
|||||||||||||||
| Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.625 | (d) | 11/01/2031 | 87,168 | ||||||||||||
| 100,000 | 3.750 | (d) | 11/01/2036 | 81,344 | ||||||||||||
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.125 | (d) | 06/15/2042 | 95,381 | ||||||||||||
| South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) |
| |||||||||||||||
| 480,000 | 5.750 | 12/01/2047 | 530,230 | |||||||||||||
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) |
| |||||||||||||||
| 795,000 | 3.000 | 04/15/2049 | 585,195 | |||||||||||||
|
|
|
|||||||||||||||
| 1,379,318 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| South Dakota - 0.0% |
|
|||||||||||||||
| County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) |
| |||||||||||||||
| $ | 50,000 | 4.000 | % | 08/01/2051 | $ | 41,756 | ||||||||||
|
|
||||||||||||||||
| Texas - 9.2% |
|
|||||||||||||||
| Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.625 | 08/15/2052 | 92,233 | |||||||||||||
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) |
| |||||||||||||||
| 301,000 | 3.750 | (d) | 09/15/2031 | 268,396 | ||||||||||||
| 157,000 | 4.500 | (d) | 09/15/2031 | 148,758 | ||||||||||||
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.750 | (d) | 09/01/2042 | 101,718 | ||||||||||||
| City of Anna Special Assessment RB for Woods At Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.625 | (d) | 09/15/2043 | 101,547 | ||||||||||||
| City of Aubrey Special Assessment Revenue Refunding Bonds, Series 2024 (Jackson Ridge Public Improvement District Phase #1 And Phase #2 Assessments) (BAM) (NR/AA) |
| |||||||||||||||
| 250,000 | 5.000 | 09/01/2045 | 265,227 | |||||||||||||
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.375 | (d) | 09/01/2041 | 40,742 | ||||||||||||
| City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 4.250 | (d) | 09/01/2041 | 44,934 | ||||||||||||
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.875 | (d) | 09/01/2042 | 95,928 | ||||||||||||
| City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 440,000 | 4.375 | 09/01/2030 | 440,720 | |||||||||||||
| 225,000 | 4.875 | (d) | 09/01/2030 | 225,800 | ||||||||||||
| City of Celina Special Assessment RB Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.625 | (d) | 09/01/2032 | 90,188 | ||||||||||||
| City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 100,000 | 5.375 | (d) | 09/01/2043 | 101,004 | ||||||||||||
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 530,000 | 5.500 | (d) | 09/15/2032 | 555,833 | ||||||||||||
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) |
| |||||||||||||||
| 350,000 | 4.625 | (d) | 09/01/2027 | 349,803 | ||||||||||||
| City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 300,000 | 5.375 | (d) | 09/01/2043 | 298,098 | ||||||||||||
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.375 | (d) | 08/15/2030 | 90,374 | ||||||||||||
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.375 | (d) | 08/15/2031 | 91,262 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 191 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 317,000 | 5.875 | %(d) | 08/15/2042 | $ | 320,232 | ||||||||||
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 75,000 | 4.250 | (d) | 08/15/2042 | 68,129 | ||||||||||||
| City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) |
| |||||||||||||||
| 100,000 | 5.125 | (d) | 08/15/2043 | 99,985 | ||||||||||||
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.625 | (d) | 09/15/2027 | 96,460 | ||||||||||||
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 2.625 | (d) | 09/01/2026 | 93,578 | ||||||||||||
| City of Houston Airport System Special Facilities RB for United Airlines Technical Operations Center Project Series 2018 (NR/BB-) |
| |||||||||||||||
| 200,000 | 5.000 | 07/15/2028 | 204,471 | |||||||||||||
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) |
| |||||||||||||||
| 519,000 | 3.625 | (d) | 09/01/2041 | 435,854 | ||||||||||||
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.500 | (d) | 09/01/2041 | 80,773 | ||||||||||||
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.875 | (d) | 09/01/2041 | 85,659 | ||||||||||||
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.375 | (d) | 09/01/2031 | 91,886 | ||||||||||||
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 4.125 | (d) | 09/01/2041 | 181,386 | ||||||||||||
| City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 188,000 | 4.875 | (d) | 09/01/2030 | 189,176 | ||||||||||||
| City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) |
| |||||||||||||||
| 177,000 | 4.750 | (d) | 09/01/2033 | 179,017 | ||||||||||||
| City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) |
| |||||||||||||||
| 500,000 | 2.500 | 09/15/2039 | 376,788 | |||||||||||||
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 400,000 | 5.000 | (d) | 09/15/2027 | 398,991 | ||||||||||||
| City of McLendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) |
| |||||||||||||||
| 50,000 | 2.500 | 09/15/2035 | 41,763 | |||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.750 | (d) | 09/01/2030 | 100,183 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) |
| |||||||||||||||
| $ | 122,000 | 5.500 | %(d) | 09/01/2043 | $ | 122,458 | ||||||||||
| City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) |
| |||||||||||||||
| 75,000 | 5.125 | (d) | 09/01/2052 | 74,483 | ||||||||||||
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.875 | (d) | 09/15/2041 | 83,991 | ||||||||||||
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.250 | (d) | 09/15/2042 | 97,869 | ||||||||||||
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 150,000 | 6.000 | (d) | 09/15/2042 | 151,637 | ||||||||||||
| City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 50,000 | 6.125 | (d) | 09/01/2043 | 51,244 | ||||||||||||
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 265,000 | 2.750 | (d) | 09/01/2031 | 232,461 | ||||||||||||
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.750 | (d) | 09/15/2032 | 101,482 | ||||||||||||
| 100,000 | 5.500 | (d) | 09/15/2042 | 100,372 | ||||||||||||
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.500 | (d) | 09/15/2042 | 100,372 | ||||||||||||
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) |
| |||||||||||||||
| 350,000 | 5.375 | (d) | 09/15/2027 | 350,958 | ||||||||||||
| 410,000 | 5.625 | (d) | 09/15/2032 | 421,879 | ||||||||||||
| City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 125,000 | 4.375 | (d) | 09/15/2051 | 102,026 | ||||||||||||
| City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 125,000 | 4.000 | (d) | 09/15/2051 | 98,172 | ||||||||||||
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) |
| |||||||||||||||
| 52,000 | 4.250 | (d) | 09/01/2042 | 46,637 | ||||||||||||
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.875 | 09/01/2039 | 98,342 | |||||||||||||
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 25,000 | 3.375 | (d) | 09/01/2041 | 19,623 | ||||||||||||
| 192 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
|
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| $ | 75,000 | 5.125 | %(d) | 09/01/2042 | $ | 72,511 | ||||||||||
| City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 7.000 | (d) | 09/01/2043 | 102,077 | ||||||||||||
| City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 6.250 | (d) | 09/01/2043 | 103,785 | ||||||||||||
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 5.125 | (d) | 09/01/2043 | 99,112 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.750 | (d) | 09/01/2040 | 83,835 | ||||||||||||
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.250 | (d) | 09/01/2041 | 38,119 | ||||||||||||
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 409,000 | 3.375 | (d) | 09/15/2041 | 323,860 | ||||||||||||
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) |
| |||||||||||||||
| 50,000 | 2.625 | (d) | 09/15/2025 | 48,591 | ||||||||||||
| 50,000 | 3.375 | (d) | 09/15/2030 | 46,151 | ||||||||||||
| City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) |
| |||||||||||||||
| 100,000 | 6.375 | (d) | 09/15/2053 | 103,335 | ||||||||||||
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) |
| |||||||||||||||
| 100,000 | 3.250 | (d) | 09/15/2030 | 90,170 | ||||||||||||
| City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 291,000 | 4.625 | (d) | 09/01/2032 | 286,728 | ||||||||||||
| City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) |
| |||||||||||||||
| 250,000 | 6.625 | (d) | 09/01/2052 | 263,201 | ||||||||||||
| City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 121,000 | 2.625 | (d) | 09/15/2026 | 113,288 | ||||||||||||
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 302,000 | 5.125 | (d) | 08/15/2032 | 308,603 | ||||||||||||
| Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) |
| |||||||||||||||
| 50,000 | 3.250 | (d) | 09/01/2041 | 38,904 | ||||||||||||
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BB-) |
| |||||||||||||||
| 25,000 | 2.500 | 10/01/2031 | 21,069 | |||||||||||||
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) |
| |||||||||||||||
| 100,000 | 4.500 | (d) | 09/01/2041 | 88,810 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 100,000 | 5.000 | %(d) | 08/15/2044 | $ | 91,929 | ||||||||||
| Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) |
| |||||||||||||||
| 75,000 | 3.125 | 08/15/2036 | 61,073 | |||||||||||||
| 70,000 | 3.250 | 08/15/2041 | 52,170 | |||||||||||||
| Harris County Industrial Development Corporation Marine Terminal Refunding RB Energy Transfer LP Project Series 2023 (Baa3/BBB) |
| |||||||||||||||
| 500,000 | 4.050 | (a)(b) | 11/01/2050 | 505,835 | ||||||||||||
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) |
| |||||||||||||||
| 283,000 | 4.875 | (d) | 09/15/2032 | 286,403 | ||||||||||||
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) |
| |||||||||||||||
| 250,000 | 5.000 | 07/15/2027 | 253,991 | |||||||||||||
| Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 320,000 | 2.250 | 09/01/2030 | 276,484 | |||||||||||||
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) |
| |||||||||||||||
| 135,000 | 4.250 | 05/01/2030 | 132,711 | |||||||||||||
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) |
| |||||||||||||||
| 100,000 | 4.625 | (d) | 10/01/2031 | 99,906 | ||||||||||||
| Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 80,000 | 5.250 | 02/15/2030 | 79,956 | |||||||||||||
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) |
| |||||||||||||||
| 75,000 | 4.000 | (d) | 08/15/2036 | 68,660 | ||||||||||||
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) |
| |||||||||||||||
| 225,000 | 5.500 | 01/01/2057 | 184,520 | |||||||||||||
| North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 150,000 | 3.000 | (d) | 09/15/2026 | 142,513 | ||||||||||||
| 300,000 | 3.625 | (d) | 09/15/2031 | 272,620 | ||||||||||||
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 100,000 | 1.875 | (d) | 01/01/2026 | 95,086 | ||||||||||||
| 150,000 | 2.500 | (d) | 01/01/2030 | 131,187 | ||||||||||||
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) |
| |||||||||||||||
| 175,000 | 3.000 | (d) | 01/01/2050 | 113,517 | ||||||||||||
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) |
| |||||||||||||||
| 500,000 | 4.100 | (d) | 01/01/2028 | 428,432 | ||||||||||||
| South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) |
| |||||||||||||||
| 50,000 | 4.500 | 04/01/2030 | 49,776 | |||||||||||||
| 75,000 | 5.000 | 04/01/2038 | 75,148 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 193 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) |
| |||||||||||||||
| $ | 125,000 | 4.250 | % | 08/15/2053 | $ | 122,237 | ||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A1/A-) |
| |||||||||||||||
| 390,000 | 6.250 | 12/15/2026 | 404,748 | |||||||||||||
| Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A1/A-) (3M USD LIBOR + 0.86%) |
| |||||||||||||||
| 1,500,000 | 4.380 | (c) | 09/15/2027 | 1,493,566 | ||||||||||||
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) |
| |||||||||||||||
| 200,000 | 5.000 | 06/30/2058 | 202,283 | |||||||||||||
| Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| |||||||||||||||
| 490,000 | 2.625 | (d) | 09/01/2026 | 462,862 | ||||||||||||
| Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.250 | (d) | 09/15/2042 | 195,511 | ||||||||||||
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) |
| |||||||||||||||
| 281,000 | 2.875 | (d) | 09/01/2031 | 242,495 | ||||||||||||
| Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) |
| |||||||||||||||
| 100,000 | 3.000 | 09/01/2034 | 88,787 | |||||||||||||
| Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) |
| |||||||||||||||
| 50,000 | 2.875 | 12/01/2030 | 43,894 | |||||||||||||
|
|
|
|||||||||||||||
| 17,591,351 | ||||||||||||||||
|
|
||||||||||||||||
| Utah - 1.0% |
|
|||||||||||||||
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) |
| |||||||||||||||
| 500,000 | 3.500 | (d) | 03/01/2036 | 433,582 | ||||||||||||
| Salt Lake City International Airport RB Series 2021A (A2/A+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2046 | 1,048,054 | |||||||||||||
| Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) |
| |||||||||||||||
| 250,000 | 5.750 | (d) | 06/15/2052 | 251,528 | ||||||||||||
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) |
| |||||||||||||||
| 100,000 | 4.000 | (d) | 07/15/2037 | 85,645 | ||||||||||||
|
|
|
|||||||||||||||
| 1,818,809 | ||||||||||||||||
|
|
||||||||||||||||
| Vermont - 0.2% |
|
|||||||||||||||
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) |
| |||||||||||||||
| 150,000 | 5.000 | (a)(b)(d) | 06/01/2052 | 151,249 | ||||||||||||
| Vermont Educational and Health Buildings Financing Agency RB Saint Michael’s College Project, Series 2023 (NR/BBB-) |
| |||||||||||||||
| 175,000 | 5.500 | (d) | 10/01/2043 | 176,596 | ||||||||||||
|
|
|
|||||||||||||||
| 327,845 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Virginia - 0.5% |
|
|||||||||||||||
| City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) |
| |||||||||||||||
| $ | 125,000 | 7.000 | % | 09/01/2053 | $ | 139,829 | ||||||||||
| Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 120,000 | 5.000 | (a)(b) | 05/01/2043 | 122,323 | ||||||||||||
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) |
| |||||||||||||||
| 300,000 | 0.000 | (e) | 06/01/2047 | 82,163 | ||||||||||||
| Virginia Beach Development Authority Residential Care Facility Tax Exempt Mandatory Paydown Securities RB for Westminster-Canterbury On Chesapeake Bay Series 2023B-3 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.375 | 09/01/2029 | 208,037 | |||||||||||||
| Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) |
| |||||||||||||||
| 250,000 | 3.100 | 12/01/2045 | 196,188 | |||||||||||||
| Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) |
| |||||||||||||||
| 125,000 | 5.000 | 12/31/2052 | 128,020 | |||||||||||||
| Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) |
| |||||||||||||||
| 50,000 | 5.000 | 12/31/2052 | 50,338 | |||||||||||||
|
|
|
|||||||||||||||
| 926,898 | ||||||||||||||||
|
|
||||||||||||||||
| Washington - 0.3% |
|
|||||||||||||||
| Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) |
| |||||||||||||||
| 215,000 | 5.000 | 05/01/2042 | 218,381 | |||||||||||||
| Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) |
| |||||||||||||||
| 225,000 | 5.000 | 04/01/2039 | 235,069 | |||||||||||||
| Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) |
| |||||||||||||||
| 100,000 | 5.625 | (d) | 07/01/2038 | 110,458 | ||||||||||||
|
|
|
|||||||||||||||
| 563,908 | ||||||||||||||||
|
|
||||||||||||||||
| West Virginia - 0.5% |
|
|||||||||||||||
| Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) |
| |||||||||||||||
| 95,000 | 4.125 | (d) | 06/01/2043 | 84,331 | ||||||||||||
| Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) |
| |||||||||||||||
| 125,000 | 7.000 | (d) | 06/01/2043 | 133,894 | ||||||||||||
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/BB) |
| |||||||||||||||
| 100,000 | 4.125 | (a)(b) | 07/01/2045 | 99,652 | ||||||||||||
| West Virginia Economic Development Authority RB Refunding for Appalachian Power Company Series 2015A (Baa1/BBB+) |
| |||||||||||||||
| 380,000 | 3.375 | (a)(b)(f) | 03/01/2040 | 378,274 | ||||||||||||
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| |||||||||||||||
| 145,000 | 5.125 | 09/01/2042 | 159,430 | |||||||||||||
| 194 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| West Virginia – (continued) | ||||||||||||||||
| West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB Vandalia Health Group Series 2023B (AGM) (A1/AA) |
| |||||||||||||||
| $ | 150,000 | 5.500 | % | 09/01/2048 | $ | 167,215 | ||||||||||
|
|
|
|||||||||||||||
| 1,022,796 | ||||||||||||||||
|
|
||||||||||||||||
| Wisconsin - 1.7% |
|
|||||||||||||||
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.875 | (d) | 06/01/2052 | 100,323 | ||||||||||||
| Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) |
| |||||||||||||||
| 25,000 | 6.375 | (d) | 07/01/2043 | 25,853 | ||||||||||||
| Public Finance Authority Charter School RB Series 2021A (Ba2/NR) |
| |||||||||||||||
| 510,000 | 5.000 | (d) | 06/15/2041 | 463,850 | ||||||||||||
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) |
| |||||||||||||||
| 360,000 | 5.000 | (d) | 06/15/2032 | 359,494 | ||||||||||||
| Public Finance Authority Education RB Series 2022 (NR/NR) |
| |||||||||||||||
| 200,000 | 5.000 | (d) | 01/01/2042 | 179,127 | ||||||||||||
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Baa3/BBB-) |
| |||||||||||||||
| 190,000 | 4.300 | 11/01/2030 | 187,318 | |||||||||||||
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) |
| |||||||||||||||
| 50,000 | 5.000 | (d) | 12/01/2045 | 43,923 | ||||||||||||
| Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) |
| |||||||||||||||
| 100,000 | 5.000 | (d) | 06/01/2061 | 77,695 | ||||||||||||
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 75,000 | 4.000 | (d) | 03/01/2030 | 71,161 | ||||||||||||
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) |
| |||||||||||||||
| 250,000 | 5.625 | (d) | 06/01/2050 | 211,502 | ||||||||||||
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) |
| |||||||||||||||
| 290,000 | 6.500 | (d) | 06/01/2045 | 248,022 | ||||||||||||
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) |
| |||||||||||||||
| 100,000 | 6.000 | (d) | 07/01/2031 | 88,263 | ||||||||||||
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) |
| |||||||||||||||
| 150,000 | 4.500 | (d) | 07/01/2048 | 120,941 | ||||||||||||
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) |
| |||||||||||||||
| 25,000 | 6.125 | (d) | 10/01/2049 | 21,779 | ||||||||||||
| Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) |
| |||||||||||||||
| 50,000 | 4.000 | (d) | 07/01/2041 | 44,637 | ||||||||||||
| 150,000 | 4.000 | (d) | 07/01/2051 | 124,876 | ||||||||||||
| Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) |
| |||||||||||||||
| 40,000 | 3.000 | 12/01/2031 | 34,151 | |||||||||||||
| 75,000 | 4.000 | 12/01/2041 | 58,177 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Wisconsin – (continued) | ||||||||||||||||
| Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) |
| |||||||||||||||
| $ | 370,000 | 5.000 | %(d) | 08/01/2027 | $ | 378,358 | ||||||||||
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) |
| |||||||||||||||
| 175,000 | 3.820 | (a)(c) | 08/15/2054 | 172,515 | ||||||||||||
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/BBB-) |
| |||||||||||||||
| 300,000 | 5.000 | 02/01/2042 | 310,108 | |||||||||||||
|
|
|
|||||||||||||||
| 3,322,073 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL BONDS (Cost $191,207,887) |
185,390,177 | |||||||||||||||
|
|
||||||||||||||||
| Corporate Bonds - 0.8% |
| |||||||||||||||
| Healthcare-Services - 0.1% | ||||||||||||||||
| Toledo Hospital RB Series 2022 B |
| |||||||||||||||
| 75,000 | 5.325 | % | 11/15/28 | 70,165 | ||||||||||||
| Tower Health Series | ||||||||||||||||
| 50,000 | 4.451 | 02/01/50 | 24,000 | |||||||||||||
|
|
|
|||||||||||||||
| 94,165 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate - 0.7% | ||||||||||||||||
| Benloch Ranch Improvement Association No. 1 Series 2020 |
| |||||||||||||||
| 48,991 | 9.750 | (d)(j) | 12/01/39 | 47,831 | ||||||||||||
| Benloch Ranch Improvement Association No. 1 Series 2021 |
| |||||||||||||||
| 48,991 | 9.750 | (d)(j) | 12/01/39 | 47,831 | ||||||||||||
| Benloch Ranch Improvement Association No. 2 |
| |||||||||||||||
| 700,000 | 10.000 | (d)(j) | 12/01/51 | 621,768 | ||||||||||||
| Brixton Park Improvement Association No. 1 Series |
| |||||||||||||||
| 782,571 | 6.875 | (d)(j) | 12/01/51 | 658,588 | ||||||||||||
|
|
|
|||||||||||||||
| 1,376,018 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE BONDS (Cost $1,641,651) |
1,470,183 | |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS - 98.2% (Cost $192,849,538) |
$ | 186,860,360 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8% |
3,427,869 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS - 100.0% | $ | 190,288,229 | ||||||||||||||
|
|
||||||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * | Security is currently in default and/or non-income producing. | |
| (a) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2024. | |
| (b) | Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. | |
| (c) | Variable or floating 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 March 31, 2024. | |
| The accompanying notes are an integral part of these financial statements. | 195 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Schedule of Investments (continued)
March 31, 2024 |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (f) | When-issued security. | |
| (g) | Pre-refunded security. Maturity date disclosed is pre-refunding date. | |
| (h) | Zero coupon bond until next reset date. | |
| (i) | Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan. | |
| (j) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
| Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information. | ||
|
| ||||
| Investment Abbreviations: | ||||
| ABS | - | Asset-Backed Security | ||
| AGM | - | Insured by Assured Guaranty Municipal Corp. | ||
| AGM-CR | - | Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts | ||
| AMT | - | Alternative Minimum Tax (subject to) | ||
| BAM | - | Build America Mutual Assurance Co. | ||
| CFD | - | Community Facilities District | ||
| COPS | - | Certificates of Participation | ||
| GNMA | - | Insured by Government National Mortgage Association | ||
| GO | - | General Obligation | ||
| HUD SECT 8 | - | Hud Section 8 | ||
| IDA | - | Industrial Development Agency | ||
| LIBOR | - | London Interbank Offered Rates | ||
| LP | - | Limited Partnership | ||
| LT | - | Limited Tax | ||
| NATL | - | National Public Finance Guarantee Corp. | ||
| NR | - | Not Rated | ||
| RB | - | Revenue Bond | ||
| RR | - | Revenue Refunding | ||
| SD CRED | - | |||
| PROG | School District Credit Program | |||
| SIFMA | - | Securities Industry and Financial Markets Association | ||
| SONYMA | - | State of New York Mortgage Agency | ||
| UPMC | - | University of Pittsburgh Medical Center | ||
| USD | - | United States Dollar | ||
| UT | - | Unlimited Tax | ||
| WR | - | Withdrawn Rating | ||
|
| ||||
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
|
||||||||||||
| Short position contracts: |
||||||||||||
| U.S. Treasury Ultra Bond |
(44) | 06/18/24 | $ | (5,663,625 | ) | $ | (93,226 | ) | ||||
|
|
||||||||||||
| 196 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds - 98.7% | ||||||||||||||||
| Alabama - 2.0% | ||||||||||||||||
| Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2017A (WR/AAA) |
||||||||||||||||
| $ | 3,180,000 | 5.000 | %(a) | 09/01/2027 | $ | 3,401,159 | ||||||||||
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/ NR) |
||||||||||||||||
| 24,725,000 | 4.000 | (b)(c) | 12/01/2049 | 24,816,903 | ||||||||||||
| Black Belt Energy Gas District Gas Supply RB Series 2022 (Aa1/ |
||||||||||||||||
| NR) |
||||||||||||||||
| 15,000,000 | 4.000 | (b)(c) | 07/01/2052 | 15,164,099 | ||||||||||||
| Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for Powersouth Energy Cooperative Projects Series 2020 (AGM) (A1/AA) |
||||||||||||||||
| 425,000 | 5.000 | 08/01/2025 | 431,555 | |||||||||||||
| 550,000 | 5.000 | 08/01/2027 | 578,227 | |||||||||||||
| 485,000 | 5.000 | 08/01/2028 | 518,980 | |||||||||||||
| 485,000 | 5.000 | 08/01/2029 | 526,796 | |||||||||||||
| 425,000 | 5.000 | 08/01/2030 | 468,976 | |||||||||||||
| Health Care Authority for Baptist Health Series 2023 (A3/BBB+) |
||||||||||||||||
| 690,000 | 5.000 | 11/15/2024 | 693,866 | |||||||||||||
| 675,000 | 5.000 | 11/15/2025 | 687,992 | |||||||||||||
| 1,405,000 | 5.000 | 11/15/2026 | 1,454,872 | |||||||||||||
| 1,480,000 | 5.000 | 11/15/2027 | 1,558,295 | |||||||||||||
| 2,675,000 | 5.000 | 11/15/2028 | 2,856,637 | |||||||||||||
| 1,335,000 | 5.000 | 11/15/2029 | 1,443,605 | |||||||||||||
| Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) |
||||||||||||||||
| 1,000,000 | 5.000 | 10/01/2024 | 1,002,246 | |||||||||||||
| Houston County Healthcare Authority Hospital RB for Southeast Alabama Medical Center Series 2016-A (NR/BBB+) |
||||||||||||||||
| 2,000,000 | 5.000 | 10/01/2030 | 2,036,814 | |||||||||||||
| Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/BBB) |
||||||||||||||||
| 225,000 | 2.000 | (b)(c) | 11/01/2033 | 222,632 | ||||||||||||
| Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (Baa2/BBB) |
||||||||||||||||
| 675,000 | 2.000 | (b)(c) | 11/01/2033 | 667,897 | ||||||||||||
| Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) |
||||||||||||||||
| 6,500,000 | 1.375 | (b)(c) | 05/01/2034 | 6,299,528 | ||||||||||||
| Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (Baa2/BBB) |
||||||||||||||||
| 1,875,000 | 2.000 | (b)(c) | 11/01/2033 | 1,855,268 | ||||||||||||
| Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A-) |
||||||||||||||||
| 3,335,000 | 1.000 | (b)(c) | 06/01/2034 | 3,212,981 | ||||||||||||
| Jacksonville State University RB Refunding Series 2020 (A3/BBB) |
||||||||||||||||
| 275,000 | 4.000 | 12/01/2024 | 274,943 | |||||||||||||
| Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/ BBB+) |
||||||||||||||||
| 500,000 | 5.000 | 10/01/2024 | 502,884 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2025 | 1,022,233 | |||||||||||||
| 1,250,000 | 5.000 | 10/01/2026 | 1,299,303 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2027 | 1,058,870 | |||||||||||||
| 1,000,000 | 5.000 | 10/01/2028 | 1,077,523 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Alabama – (continued) |
| |||||||||||||||
| Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) |
| |||||||||||||||
| $ | 8,590,000 | 5.000 | %(b)(c) | 01/01/2054 | $ | 9,086,150 | ||||||||||
| The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) |
| |||||||||||||||
| 3,220,000 | 5.250 | (b)(c) | 12/01/2053 | 3,475,221 | ||||||||||||
| The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A-) |
| |||||||||||||||
| 6,230,000 | 3.650 | (c) | 06/01/2028 | 6,155,231 | ||||||||||||
| The Industrial Development Board of the City of Mobile Pollution Control RB for Alabama Power Company Barry Plant Project Series 2007-C (A1/A-) |
| |||||||||||||||
| 2,530,000 | 3.780 | (b)(c) | 06/01/2034 | 2,531,217 | ||||||||||||
| Water Works Board of The City of Birmingham Senior Water RB Refunding Series 2016-B (Aa3/NR) |
| |||||||||||||||
| 1,250,000 | 5.000 | (a) | 01/01/2027 | 1,317,313 | ||||||||||||
|
|
|
|||||||||||||||
| 97,700,216 | ||||||||||||||||
|
|
||||||||||||||||
| Alaska - 0.3% |
| |||||||||||||||
| Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/A+) |
| |||||||||||||||
| 1,755,000 | 5.000 | 12/01/2030 | 1,802,887 | |||||||||||||
| 1,960,000 | 5.000 | 12/01/2032 | 2,009,986 | |||||||||||||
| North Slope Borough General Purpose GO Bonds Series 2023A (NR/AA) |
| |||||||||||||||
| 800,000 | 5.000 | 06/30/2026 | 834,129 | |||||||||||||
| 2,000,000 | 5.000 | 06/30/2027 | 2,131,187 | |||||||||||||
| North Slope Borough GO Bonds Series 2022A (NR/AA) |
| |||||||||||||||
| 4,700,000 | 5.000 | 06/30/2027 | 5,008,289 | |||||||||||||
| State of Alaska International Airports System Private Activity Revenue Refunding Bonds Series 2021C (AMT) (Aa3/NR) |
| |||||||||||||||
| 1,975,000 | 5.000 | 10/01/2025 | 2,005,915 | |||||||||||||
|
|
|
|||||||||||||||
| 13,792,393 | ||||||||||||||||
|
|
||||||||||||||||
| Arizona - 3.9% |
| |||||||||||||||
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) |
| |||||||||||||||
| (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) |
| |||||||||||||||
| 82,960,000 | 5.540 | (b)(d) | 01/01/2037 | 78,387,046 | ||||||||||||
| Arizona IDA Multifamily Housing RB for Unity At West Glendale Project Series 2024 (Aaa/NR) |
| |||||||||||||||
| 680,000 | 5.000 | (b)(c) | 03/01/2045 | 696,480 | ||||||||||||
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/NR) |
| |||||||||||||||
| 560,000 | 5.000 | * | 01/01/2024 | 504,000 | ||||||||||||
| Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) |
| |||||||||||||||
| 4,000,000 | 5.000 | 07/01/2025 | 4,088,245 | |||||||||||||
| 2,370,000 | 5.000 | 07/01/2026 | 2,472,804 | |||||||||||||
| 3,800,000 | 5.000 | 07/01/2027 | 4,056,764 | |||||||||||||
| City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (A3/A-) |
| |||||||||||||||
| 10,100,000 | 5.000 | (b)(c) | 09/01/2042 | 10,405,781 | ||||||||||||
| City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (A3/A-) |
| |||||||||||||||
| 41,135,000 | 5.000 | (b)(c) | 09/01/2052 | 42,387,359 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 197 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Arizona – (continued) | ||||||||||||||||
| City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (Aa3/A+) |
||||||||||||||||
| $ | 1,215,000 | 5.000 | % | 07/01/2025 | $ | 1,235,977 | ||||||||||
| Coconino County Pollution Control Refunding RB for Nevada Power Company Projects Pollution Control Corp. Series 2017A (A2/A) |
||||||||||||||||
| 1,775,000 | 4.125 | (b)(c) | 09/01/2032 | 1,766,604 | ||||||||||||
| County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (NR/BBB) |
||||||||||||||||
| 3,900,000 | 2.000 | 10/01/2024 | 3,847,385 | |||||||||||||
| 1,540,000 | 2.000 | 10/01/2025 | 1,484,781 | |||||||||||||
| Equitable Senior National Charter School Revolving Loan Fund RB for Arizona IDA Series 2023A Social Bonds (NR/A) |
||||||||||||||||
| 10,000,000 | 5.000 | 11/01/2028 | 10,643,142 | |||||||||||||
| Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) |
||||||||||||||||
| 135,000 | 4.000 | 07/01/2024 | 134,843 | |||||||||||||
| Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) |
||||||||||||||||
| 3,750,000 | 0.875 | (b)(c) | 06/01/2043 | 3,381,199 | ||||||||||||
| Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB) |
||||||||||||||||
| 1,790,000 | 0.875 | (b)(c) | 06/01/2043 | 1,613,959 | ||||||||||||
| Maricopa County Pollution Control Revenue Refunding Bonds 2003 Series A (NON-AMT) (Baa2/BBB) |
||||||||||||||||
| 10,000,000 | 3.000 | (b)(c) | 01/01/2038 | 9,967,129 | ||||||||||||
| Pima County Sewer System Revenue Refunding Obligations Series 2022 (NR/AA) |
||||||||||||||||
| 1,500,000 | 5.000 | 07/01/2025 | 1,533,092 | |||||||||||||
| 1,905,000 | 5.000 | 07/01/2026 | 1,987,633 | |||||||||||||
| 2,000,000 | 5.000 | 07/01/2027 | 2,129,375 | |||||||||||||
| Salt River Agricultural Improvement and Power District Project Electric System RB 2015 Series A (Aa1/AA+) |
||||||||||||||||
| 6,625,000 | 5.000 | 12/01/2045 | 6,740,910 | |||||||||||||
| The Industrial Development Authority of The County of Maricopa RB Banner Health, Series 2023A (NR/AA-) |
||||||||||||||||
| 3,410,000 | 5.000 | (b)(c) | 01/01/2053 | 3,515,487 | ||||||||||||
|
|
|
|||||||||||||||
| 192,979,995 | ||||||||||||||||
|
|
||||||||||||||||
| Arkansas - 0.0% | ||||||||||||||||
| Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) |
||||||||||||||||
| 400,000 | 5.000 | 08/01/2024 | 400,905 | |||||||||||||
| 550,000 | 5.000 | 08/01/2026 | 565,401 | |||||||||||||
|
|
|
|||||||||||||||
| 966,306 | ||||||||||||||||
|
|
||||||||||||||||
| California - 6.3% | ||||||||||||||||
| Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) |
||||||||||||||||
| 500,000 | 4.000 | 09/01/2025 | 499,477 | |||||||||||||
| 370,000 | 4.000 | 09/01/2026 | 370,866 | |||||||||||||
| 415,000 | 4.000 | 09/01/2027 | 416,534 | |||||||||||||
| 410,000 | 4.000 | 09/01/2028 | 411,537 | |||||||||||||
| 345,000 | 4.000 | 09/01/2029 | 346,245 | |||||||||||||
| Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA) |
||||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.45%) | ||||||||||||||||
| 7,000,000 | 4.090 | (b)(d) | 04/01/2056 | 6,920,645 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) | ||||||||||||||||
| Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA) |
||||||||||||||||
| (SIFMA Municipal Swap Index Yield + 1.25%) | ||||||||||||||||
| $ | 15,000,000 | 4.890 | %(b)(d) | 04/01/2036 | $ | 15,077,025 | ||||||||||
| Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) |
||||||||||||||||
| 230,000 | 4.000 | 09/01/2026 | 231,329 | |||||||||||||
| 235,000 | 4.000 | 09/01/2027 | 237,333 | |||||||||||||
| 255,000 | 4.000 | 09/01/2029 | 257,827 | |||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Fixed Rate Green Bonds Series 2023E-1 (A1/NR) |
||||||||||||||||
| 6,140,000 | 5.000 | (b)(c) | 02/01/2054 | 6,570,918 | ||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) |
||||||||||||||||
| 27,500,000 | 5.000 | (b)(c) | 05/01/2054 | 29,608,890 | ||||||||||||
| California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) |
||||||||||||||||
| 13,010,000 | 4.000 | (b)(c) | 05/01/2053 | 13,067,908 | ||||||||||||
| California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB+) |
||||||||||||||||
| 535,000 | 5.000 | 05/01/2024 | 535,420 | |||||||||||||
| California Housing Finance Agency Limited Obligation Multifamily Housing Issue V RB 2023 (Aaa/NR) |
||||||||||||||||
| 1,043,000 | 5.000 | (b)(c) | 05/01/2054 | 1,076,078 | ||||||||||||
| California Infrastructure & Economic Development Bank for Brightline West Passenger Rail Project Series RB Series 2020A (Aaa/NR) |
||||||||||||||||
| 11,810,000 | 3.950 | (b)(c)(e) | 01/01/2050 | 11,779,949 | ||||||||||||
| California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) |
||||||||||||||||
| 6,160,000 | 3.250 | 08/01/2029 | 6,182,012 | |||||||||||||
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR) |
||||||||||||||||
| 20,000,000 | 1.200 | (b)(c) | 12/01/2050 | 17,910,922 | ||||||||||||
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR) (SIFMA Municipal Swap Index Yield + 0.70%) |
||||||||||||||||
| 5,000,000 | 4.340 | (b)(d) | 12/01/2050 | 4,884,566 | ||||||||||||
| California Municipal Finance Authority Insured Revenue and Refunding Bonds Aldersly Project, Series 2023B-2 Tax Exempt Mandatory Paydown Securities (CA MTG INS) (NR/ AA-) |
||||||||||||||||
| 2,990,000 | 3.750 | 11/15/2028 | 2,991,377 | |||||||||||||
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) |
||||||||||||||||
| 300,000 | 5.000 | 10/01/2026 | 309,145 | |||||||||||||
| California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR) |
||||||||||||||||
| 1,000,000 | 5.000 | 06/30/2026 | 1,003,338 | |||||||||||||
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
||||||||||||||||
| 4,265,000 | 5.000 | 06/30/2028 | 4,287,673 | |||||||||||||
| 3,235,000 | 5.000 | 12/31/2028 | 3,241,060 | |||||||||||||
| California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) |
||||||||||||||||
| 1,150,000 | 3.700 | (b)(c) | 08/01/2040 | 1,150,680 | ||||||||||||
| 198 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) | ||||||||||||||||
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/ A-/A-2) |
||||||||||||||||
| $ | 10,000,000 | 3.375 | % | 07/01/2025 | $ | 9,976,045 | ||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
||||||||||||||||
| 2,700,000 | 5.000 | (e) | 07/01/2026 | 2,802,062 | ||||||||||||
| 4,665,000 | 5.000 | (e) | 07/01/2028 | 4,969,038 | ||||||||||||
| 4,610,000 | 5.000 | (e) | 07/01/2029 | 4,963,805 | ||||||||||||
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
||||||||||||||||
| 5,010,000 | 5.000 | (e) | 11/21/2045 | 5,012,822 | ||||||||||||
| California Public Finance Authority RB for Henry Mayo Newhall Hospital Series 2021A (NR/BBB-) |
||||||||||||||||
| 400,000 | 4.000 | 10/15/2027 | 401,932 | |||||||||||||
| California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (NR/BBB-) |
||||||||||||||||
| 390,000 | 4.000 | 10/15/2025 | 388,287 | |||||||||||||
| California State University RB Refunding Series 2016 B-2 (Aa2/ AA-) |
||||||||||||||||
| 12,100,000 | 0.550 | (b)(c) | 11/01/2049 | 10,899,786 | ||||||||||||
| California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) |
||||||||||||||||
| 695,000 | 5.000 | 09/01/2030 | 709,223 | |||||||||||||
| California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A2/A-) |
||||||||||||||||
| 8,500,000 | 1.450 | 04/01/2028 | 7,556,112 | |||||||||||||
| Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/ NR) |
||||||||||||||||
| 215,000 | 3.000 | 09/01/2024 | 212,945 | |||||||||||||
| Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/ NR) |
||||||||||||||||
| 245,000 | 4.000 | 09/01/2027 | 245,948 | |||||||||||||
| City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) |
||||||||||||||||
| 1,080,000 | 4.000 | 09/01/2025 | 1,078,576 | |||||||||||||
| 1,285,000 | 5.000 | 09/01/2030 | 1,376,416 | |||||||||||||
| City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) |
||||||||||||||||
| 230,000 | 4.000 | 09/01/2026 | 230,486 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) |
||||||||||||||||
| 750,000 | 5.000 | 05/15/2026 | 773,666 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) |
||||||||||||||||
| 3,150,000 | 5.000 | 05/15/2028 | 3,367,365 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2016 Series B (Aa3/AA-) |
||||||||||||||||
| 1,000,000 | 5.000 | 05/15/2029 | 1,029,302 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) |
||||||||||||||||
| 5,060,000 | 5.000 | 05/15/2030 | 5,327,720 | |||||||||||||
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series D (Aa3/AA-) |
||||||||||||||||
| 7,425,000 | 5.000 | 05/15/2025 | 7,541,812 | |||||||||||||
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) | ||||||||||||||||
| City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) |
||||||||||||||||
| $ | 305,000 | 4.000 | % | 09/01/2028 | $ | 306,774 | ||||||||||
| 330,000 | 4.000 | 09/01/2030 | 331,074 | |||||||||||||
| City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) |
||||||||||||||||
| 100,000 | 5.000 | 09/01/2026 | 102,276 | |||||||||||||
| 100,000 | 5.000 | 09/01/2027 | 102,498 | |||||||||||||
| 95,000 | 5.000 | 09/01/2028 | 97,483 | |||||||||||||
| 95,000 | 5.000 | 09/01/2029 | 97,581 | |||||||||||||
| City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR) |
||||||||||||||||
| 260,000 | 5.000 | (e) | 09/01/2027 | 266,484 | ||||||||||||
| City of San José Multifamily Housing RB for Parkmoor Series 2023F-2 (Cash Collateralized) (HUD SECT 8) (Aaa/NR) |
||||||||||||||||
| 1,450,000 | 5.000 | (b)(c) | 06/01/2027 | 1,493,248 | ||||||||||||
| Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR/AA+) |
||||||||||||||||
| 12,015,000 | 1.375 | 06/01/2025 | 11,611,131 | |||||||||||||
| Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) |
||||||||||||||||
| 5,000,000 | 5.000 | (a) | 06/01/2025 | 5,107,608 | ||||||||||||
| Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (NR/A-) |
||||||||||||||||
| 2,410,000 | 3.678 | 06/01/2038 | 2,282,377 | |||||||||||||
| Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) |
||||||||||||||||
| 7,000,000 | 5.250 | 05/01/2048 | 7,214,173 | |||||||||||||
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) |
||||||||||||||||
| 645,000 | 5.000 | 09/01/2025 | 655,404 | |||||||||||||
| 645,000 | 5.000 | 09/01/2026 | 665,585 | |||||||||||||
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) |
||||||||||||||||
| 475,000 | 5.000 | 09/01/2025 | 482,662 | |||||||||||||
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) |
||||||||||||||||
| 425,000 | 5.000 | 09/01/2026 | 438,563 | |||||||||||||
| Los Angeles County Development Authority Multifamily Housing RB West La Va - Building 156 & 157 Apartments, 2023 Series C (HUD SECT 8) (Aaa/NR) |
||||||||||||||||
| 2,370,000 | 3.750 | (b)(c) | 12/01/2046 | 2,366,347 | ||||||||||||
| Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa2/AA) |
||||||||||||||||
| (3M USD LIBOR + 0.63%) | ||||||||||||||||
| 7,000,000 | 4.384 | (d) | 09/01/2037 | 6,589,230 | ||||||||||||
| Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) |
||||||||||||||||
| (3M USD LIBOR + 0.72%) | ||||||||||||||||
| 6,700,000 | 4.466 | (d) | 07/01/2027 | 6,658,908 | ||||||||||||
| Orange County California Community Facilities District No. 2017- 1 Village of Esencia Special Tax Bonds Series 2018 A (NR/ NR) |
||||||||||||||||
| 250,000 | 5.000 | 08/15/2027 | 262,037 | |||||||||||||
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) |
||||||||||||||||
| 400,000 | 4.000 | 09/01/2025 | 399,364 | |||||||||||||
| 305,000 | 4.000 | 09/01/2027 | 306,337 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 199 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| California – (continued) | ||||||||||||||||
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) – (continued) |
||||||||||||||||
| $ | 500,000 | 4.000 | % | 09/01/2028 | $ | 502,906 | ||||||||||
| Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) |
||||||||||||||||
| 205,000 | 4.000 | 09/01/2025 | 204,396 | |||||||||||||
| 210,000 | 4.000 | 09/01/2026 | 209,820 | |||||||||||||
| Rocklin City of CFD No. 10 Whitney Ranch Special Tax Bonds, Series 2019 (NR/NR) |
||||||||||||||||
| 100,000 | 5.000 | 09/01/2030 | 102,772 | |||||||||||||
| Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/ NR) |
||||||||||||||||
| 770,000 | 5.000 | 09/01/2029 | 800,529 | |||||||||||||
| Sacramento City Financing Authority RB Series 2007B (NATL) (Aa3/AA-) |
||||||||||||||||
| (3M USD LIBOR + 0.57%) | ||||||||||||||||
| 10,000,000 | 4.324 | (d) | 06/01/2039 | 8,967,253 | ||||||||||||
| Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) |
||||||||||||||||
| (3M USD LIBOR + 0.55%) | ||||||||||||||||
| 14,390,000 | 4.304 | (d) | 06/01/2034 | 13,726,116 | ||||||||||||
| San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A1/A+) |
||||||||||||||||
| 4,000,000 | 5.000 | 05/01/2027 | 4,172,852 | |||||||||||||
| San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (Ba2/NR) |
||||||||||||||||
| 855,000 | 4.000 | 08/01/2024 | 849,013 | |||||||||||||
| 930,000 | 4.000 | 08/01/2025 | 911,391 | |||||||||||||
| 1,020,000 | 3.000 | 08/01/2026 | 955,528 | |||||||||||||
| Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) |
||||||||||||||||
| 320,000 | 4.000 | 07/01/2026 | 321,435 | |||||||||||||
| State of California GO Bonds (Aa2/AA-) |
||||||||||||||||
| 5,760,000 | 5.000 | 03/01/2026 | 5,860,020 | |||||||||||||
| State of California Various Purpose GO Refunding Bonds (Aa2/ AA-) |
||||||||||||||||
| 2,350,000 | 5.000 | 04/01/2026 | 2,441,619 | |||||||||||||
| 2,350,000 | 5.000 | 04/01/2027 | 2,492,996 | |||||||||||||
| 20,000,000 | 5.000 | 12/01/2028 | 22,016,158 | |||||||||||||
| Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) |
||||||||||||||||
| 1,200,000 | 5.000 | 10/01/2026 | 1,234,847 | |||||||||||||
| 1,435,000 | 5.000 | 10/01/2028 | 1,520,284 | |||||||||||||
| Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) |
||||||||||||||||
| 1,260,000 | 5.000 | 10/01/2027 | 1,315,920 | |||||||||||||
| Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) |
||||||||||||||||
| 200,000 | 5.000 | 07/01/2024 | 200,152 | |||||||||||||
| 225,000 | 5.000 | 07/01/2025 | 227,211 | |||||||||||||
| 250,000 | 5.000 | 07/01/2026 | 256,185 | |||||||||||||
|
|
|
|||||||||||||||
| 315,358,649 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado - 3.4% | ||||||||||||||||
| City of Denver Aviation Airport System RB Series 2022C (Aa3/ AA-) |
||||||||||||||||
| $ | 1,260,000 | 5.000 | % | 11/15/2026 | $ | 1,326,014 | ||||||||||
| 1,215,000 | 5.000 | 11/15/2027 | 1,308,008 | |||||||||||||
| 1,380,000 | 5.000 | 11/15/2028 | 1,518,931 | |||||||||||||
| City of Denver Aviation Airport System RB Series 2022D (Aa3/ AA-) |
||||||||||||||||
| 1,000,000 | 5.000 | 11/15/2025 | 1,024,314 | |||||||||||||
| 3,750,000 | 5.250 | 11/15/2026 | 3,918,776 | |||||||||||||
| 4,500,000 | 5.250 | 11/15/2027 | 4,798,147 | |||||||||||||
| 6,500,000 | 5.500 | 11/15/2028 | 7,149,218 | |||||||||||||
| City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) |
||||||||||||||||
| 1,850,000 | 5.000 | 11/15/2025 | 1,894,981 | |||||||||||||
| 9,980,000 | 5.000 | 11/15/2026 | 10,367,197 | |||||||||||||
| Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR) |
||||||||||||||||
| 1,585,000 | 5.000 | (a)(b)(c) | 11/19/2026 | 1,655,359 | ||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
||||||||||||||||
| 405,000 | 5.000 | 08/01/2025 | 414,105 | |||||||||||||
| 1,715,000 | 5.000 | 08/01/2026 | 1,776,607 | |||||||||||||
| 4,325,000 | 5.000 | 08/01/2027 | 4,566,531 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) |
||||||||||||||||
| 2,575,000 | 5.000 | 08/01/2026 | 2,667,501 | |||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) |
||||||||||||||||
| 7,520,000 | 5.000 | (b)(c) | 08/01/2049 | 7,706,235 | ||||||||||||
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) |
||||||||||||||||
| 50,000 | 5.000 | 11/01/2024 | 50,409 | |||||||||||||
| 125,000 | 5.000 | 11/01/2025 | 128,454 | |||||||||||||
| 100,000 | 5.000 | 11/01/2026 | 104,082 | |||||||||||||
| 125,000 | 5.000 | 11/01/2027 | 132,608 | |||||||||||||
| Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) |
||||||||||||||||
| 22,000,000 | 5.000 | (b)(c) | 05/15/2062 | 23,631,597 | ||||||||||||
| Colorado Health Facilities Authority RB for Intermountain Healthcare, Inc. Series 2022 E (Aa1/AA+/A-1+) |
||||||||||||||||
| 9,230,000 | 4.450 | (b)(c) | 05/15/2062 | 9,230,000 | ||||||||||||
| Colorado Health Facilities Authority RB for Sanford Series 2019A (NR/A+) |
||||||||||||||||
| 500,000 | 5.000 | 11/01/2025 | 511,561 | |||||||||||||
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) |
||||||||||||||||
| 1,000,000 | 5.000 | 08/01/2030 | 1,097,368 | |||||||||||||
| Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A3/A-) |
||||||||||||||||
| 8,015,000 | 5.000 | (b)(c) | 08/01/2049 | 8,097,796 | ||||||||||||
| Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) |
||||||||||||||||
| 1,000,000 | 5.000 | 12/31/2047 | 1,002,615 | |||||||||||||
| 1,000,000 | 5.000 | 12/31/2051 | 1,002,324 | |||||||||||||
| Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) |
||||||||||||||||
| 1,255,000 | 3.500 | (b)(c) | 11/01/2043 | 1,255,104 | ||||||||||||
| 200 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) | ||||||||||||||||
| Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) |
||||||||||||||||
| $ | 5,245,000 | 5.000 | %(e) | 12/01/2026 | $ | 5,390,824 | ||||||||||
| Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) |
||||||||||||||||
| 2,000,000 | 5.000 | 12/01/2026 | 2,042,390 | |||||||||||||
| Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) |
||||||||||||||||
| 205,000 | 5.000 | 12/01/2025 | 208,091 | |||||||||||||
| E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (NATL) (A1/A+) |
||||||||||||||||
| 16,250,000 | 0.000 | (g) | 09/01/2027 | 14,494,491 | ||||||||||||
| E-470 Public Highway Authority RB Refunding Series 2021 B (A1/A+) |
||||||||||||||||
| (SOFR + 0.35%) | ||||||||||||||||
| 7,250,000 | 3.914 | (b)(d) | 09/01/2039 | 7,238,027 | ||||||||||||
| E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/ A+) |
||||||||||||||||
| 4,040,000 | 0.000 | (g) | 09/01/2028 | 3,492,784 | ||||||||||||
| Maiker Housing Partners Multifamily Housing RB for Overlook at Thornton Series 2023 (Aaa/NR) |
||||||||||||||||
| 2,500,000 | 4.500 | (b)(c) | 05/01/2042 | 2,501,277 | ||||||||||||
| Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) |
||||||||||||||||
| 450,000 | 5.000 | 07/15/2028 | 478,936 | |||||||||||||
| Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) |
||||||||||||||||
| 19,445,000 | 5.000 | 11/01/2046 | 19,911,493 | |||||||||||||
| Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (Baa1/NR) |
||||||||||||||||
| 350,000 | 3.000 | 01/15/2026 | 344,376 | |||||||||||||
| Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) |
||||||||||||||||
| 250,000 | 5.000 | 07/15/2026 | 257,601 | |||||||||||||
| 500,000 | 5.000 | 01/15/2027 | 519,372 | |||||||||||||
| South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (Baa1/AA) |
||||||||||||||||
| 150,000 | 5.000 | 12/01/2024 | 150,948 | |||||||||||||
| South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) |
||||||||||||||||
| 75,000 | 5.000 | 12/01/2025 | 76,592 | |||||||||||||
| 190,000 | 5.000 | 12/01/2026 | 197,135 | |||||||||||||
| 150,000 | 5.000 | 12/01/2027 | 158,105 | |||||||||||||
| 235,000 | 5.000 | 12/01/2028 | 251,865 | |||||||||||||
| 175,000 | 5.000 | 12/01/2029 | 190,681 | |||||||||||||
| 300,000 | 4.000 | 12/01/2030 | 311,729 | |||||||||||||
| 300,000 | 4.000 | 12/01/2031 | 311,441 | |||||||||||||
| University of Colorado Hospital Authority Refunding RB Series 2019C (Aa2/AA) |
||||||||||||||||
| 5,000,000 | 5.000 | (b)(c) | 11/15/2047 | 5,004,029 | ||||||||||||
| University of Colorado Regents Enterprise Refunding RB Series 2021C3B (Aa1/NR) |
||||||||||||||||
| 5,000,000 | 2.000 | (b)(c) | 06/01/2051 | 4,770,005 | ||||||||||||
| Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/ AA) |
||||||||||||||||
| 125,000 | 5.000 | 12/15/2027 | 130,015 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Colorado – (continued) | ||||||||||||||||
| Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) |
||||||||||||||||
| $ | 130,000 | 5.000 | % | 12/15/2024 | $ | 131,065 | ||||||||||
|
|
|
|||||||||||||||
| 166,899,114 | ||||||||||||||||
|
|
||||||||||||||||
| Connecticut - 1.3% | ||||||||||||||||
| City of New Haven GO Bonds Series 2018 A (NR/A-) |
||||||||||||||||
| 945,000 | 5.000 | 08/01/2024 | 947,200 | |||||||||||||
| 600,000 | 5.000 | 08/01/2025 | 609,175 | |||||||||||||
| City of New Haven GO Bonds Series 2023 (Baa1/A-) |
||||||||||||||||
| 500,000 | 5.000 | 08/01/2025 | 507,646 | |||||||||||||
| City of New Haven GO Bonds Series 2023 (BAM) (Baa1/AA) |
||||||||||||||||
| 700,000 | 5.000 | 08/01/2026 | 725,942 | |||||||||||||
| 650,000 | 5.000 | 08/01/2027 | 685,879 | |||||||||||||
| 900,000 | 5.000 | 08/01/2028 | 965,690 | |||||||||||||
| Connecticut Health & Educational Facilities Authority RB for University of Hartford Series N (NR/BB+) |
||||||||||||||||
| 390,000 | 5.000 | 07/01/2025 | 390,017 | |||||||||||||
| Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa2/AA) |
||||||||||||||||
| 5,540,000 | 5.000 | 11/01/2026 | 5,810,948 | |||||||||||||
| State of Connecticut GO Bonds 2014 Series A (Aa3/AA-) |
||||||||||||||||
| 5,380,000 | 5.000 | 03/01/2030 | 5,381,070 | |||||||||||||
| State of Connecticut GO Bonds 2016 Series A (Aa3/AA-) |
||||||||||||||||
| 7,500,000 | 4.000 | 03/15/2034 | 7,573,944 | |||||||||||||
| State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/ AA-) |
||||||||||||||||
| 1,500,000 | 5.000 | 04/15/2025 | 1,526,028 | |||||||||||||
| State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (WR/A) |
||||||||||||||||
| 5,205,000 | 5.000 | (b)(c) | 07/01/2053 | 5,380,833 | ||||||||||||
| State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/AAA) |
||||||||||||||||
| 15,000,000 | 1.100 | (b)(c) | 07/01/2033 | 14,605,767 | ||||||||||||
| State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series 2010A-3 (Aaa/AAA) |
||||||||||||||||
| 5,270,000 | 2.950 | (b)(c) | 07/01/2049 | 5,194,811 | ||||||||||||
| State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure Purposes 2022 Series A (Aa3/ AA) |
||||||||||||||||
| 1,950,000 | 5.000 | 07/01/2025 | 1,991,576 | |||||||||||||
| 2,415,000 | 5.000 | 07/01/2026 | 2,517,080 | |||||||||||||
| 1,500,000 | 5.000 | 07/01/2027 | 1,597,031 | |||||||||||||
| State of Connecticut Special Tax Obligation Refunding Bonds for Transportation Infrastructure Purposes 2022 Series B (Aa3/ AA) |
||||||||||||||||
| 1,410,000 | 5.000 | 07/01/2025 | 1,440,063 | |||||||||||||
| 1,750,000 | 5.000 | 07/01/2026 | 1,823,971 | |||||||||||||
| 2,150,000 | 5.000 | 07/01/2027 | 2,289,077 | |||||||||||||
| State of Connecticut Transportation Infrastructure Special Tax Obligation Bonds Series A 2020 (NR/AA) |
||||||||||||||||
| 2,515,000 | 5.000 | 05/01/2027 | 2,668,229 | |||||||||||||
|
|
|
|||||||||||||||
| 64,631,977 | ||||||||||||||||
|
|
||||||||||||||||
| Delaware - 0.6% | ||||||||||||||||
| Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) |
||||||||||||||||
| 5,425,000 | 1.050 | (b)(c) | 01/01/2031 | 5,212,530 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 201 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Delaware – (continued) | ||||||||||||||||
| Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) |
||||||||||||||||
| $ | 305,000 | 5.000 | % | 06/01/2024 | $ | 305,230 | ||||||||||
| 700,000 | 5.000 | 06/01/2025 | 707,453 | |||||||||||||
| 725,000 | 5.000 | 06/01/2027 | 751,175 | |||||||||||||
| Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (Baa3/BBB-) |
||||||||||||||||
| 14,650,000 | 1.250 | (b)(c) | 10/01/2045 | 13,770,064 | ||||||||||||
| New Castle County GO Bonds Series 2015 (Aaa/AAA) |
||||||||||||||||
| 5,000,000 | 5.000 | (a) | 10/01/2025 | 5,133,261 | ||||||||||||
| University of Delaware RB Series 2015 (WR/NR) |
||||||||||||||||
| 1,805,000 | 5.000 | (a) | 05/01/2025 | 1,837,824 | ||||||||||||
|
|
|
|||||||||||||||
| 27,717,537 | ||||||||||||||||
|
|
||||||||||||||||
| District of Columbia - 2.2% | ||||||||||||||||
| District of Columbia GO Bonds Series 2016A (Aaa/AA+) |
||||||||||||||||
| 3,415,000 | 5.000 | 06/01/2027 | 3,558,012 | |||||||||||||
| District of Columbia GO Bonds Series 2016D (Aaa/AA+) |
||||||||||||||||
| 3,170,000 | 5.000 | 06/01/2027 | 3,331,375 | |||||||||||||
| District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB for Paxton Project Series 2022 (Aaa/ NR) |
||||||||||||||||
| 3,750,000 | 4.000 | (b)(c) | 09/01/2040 | 3,748,781 | ||||||||||||
| District of Columbia Housing Finance Agency Multifamily Housing RB for Edgewood Commons V Apartments Project Series 2023 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) |
||||||||||||||||
| 4,820,000 | 5.000 | (b)(c) | 06/01/2027 | 4,911,095 | ||||||||||||
| District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2015A (NR/AA-) |
||||||||||||||||
| 10,000,000 | 5.000 | 10/01/2034 | 10,047,569 | |||||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (Aa3/AA-) |
||||||||||||||||
| 5,505,000 | 5.000 | 10/01/2028 | 5,774,922 | |||||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (Aa3/AA-) |
||||||||||||||||
| 15,185,000 | 5.000 | 10/01/2029 | 15,936,193 | |||||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) |
||||||||||||||||
| 24,325,000 | 5.000 | 10/01/2026 | 25,213,509 | |||||||||||||
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (Aa3/NR) |
||||||||||||||||
| 2,395,000 | 5.000 | 10/01/2027 | 2,527,872 | |||||||||||||
| Metropolitan Washington Airports Authority Dulles toll Road RB Third Senior Lien Convertible Capital Appreciation Bonds Series 2009C (AGC) (A2/AA) |
||||||||||||||||
| 28,430,000 | 6.500 | (a) | 10/01/2026 | 30,678,352 | ||||||||||||
| Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) |
||||||||||||||||
| 4,295,000 | 5.000 | 10/01/2035 | 4,357,727 | |||||||||||||
| Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/ AA) |
||||||||||||||||
| 950,000 | 5.000 | 07/15/2025 | 970,760 | |||||||||||||
| 625,000 | 5.000 | 07/15/2026 | 651,968 | |||||||||||||
|
|
|
|||||||||||||||
| 111,708,135 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – 4.6% | ||||||||||||||||
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) |
||||||||||||||||
| $ | 945,000 | 5.000 | % | 05/01/2024 | $ | 945,509 | ||||||||||
| 990,000 | 5.000 | 05/01/2025 | 1,000,745 | |||||||||||||
| 1,045,000 | 5.000 | 05/01/2026 | 1,071,529 | |||||||||||||
| 1,095,000 | 5.000 | 05/01/2027 | 1,138,097 | |||||||||||||
| 1,155,000 | 5.000 | 05/01/2028 | 1,217,571 | |||||||||||||
| 1,195,000 | 2.375 | 05/01/2029 | 1,106,696 | |||||||||||||
| 1,225,000 | 2.625 | 05/01/2030 | 1,129,911 | |||||||||||||
| Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
||||||||||||||||
| 555,000 | 3.750 | 05/01/2029 | 544,962 | |||||||||||||
| Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) |
||||||||||||||||
| 115,000 | 4.500 | 11/01/2025 | 115,504 | |||||||||||||
| Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR) |
||||||||||||||||
| 2,500,000 | 4.700 | 11/01/2029 | 2,521,513 | |||||||||||||
| Bellalago Educational Facilities Benefit District Capital Improvement RB, Series 2014 (A2/NR) |
||||||||||||||||
| 1,165,000 | 4.000 | 05/01/2025 | 1,150,293 | |||||||||||||
| 1,220,000 | 4.125 | 05/01/2026 | 1,203,148 | |||||||||||||
| 1,070,000 | 4.250 | 05/01/2027 | 1,051,308 | |||||||||||||
| Bexley Community Development District Special Assessment RB for Pasco County Series 2016 (NR/NR) |
||||||||||||||||
| 300,000 | 4.100 | 05/01/2026 | 299,512 | |||||||||||||
| Broward County School Board Certificates of Participation Series 2015A (Aa3/A+) |
||||||||||||||||
| 16,915,000 | 5.000 | 07/01/2025 | 17,246,495 | |||||||||||||
| Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) |
||||||||||||||||
| 360,000 | 4.000 | 08/01/2030 | 353,629 | |||||||||||||
| Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) |
||||||||||||||||
| 40,000 | 4.000 | 05/01/2024 | 39,995 | |||||||||||||
| Carlton Lakes Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR) |
||||||||||||||||
| 75,000 | 4.000 | 05/01/2024 | 74,991 | |||||||||||||
| Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) |
||||||||||||||||
| 105,000 | 3.500 | 11/01/2024 | 103,795 | |||||||||||||
| City of Fort Lauderdale Special Assessment Bonds for Las Olas Isles Underground Project Series 2022 (NR/NR) |
||||||||||||||||
| 220,000 | 5.000 | (e) | 07/01/2029 | 228,197 | ||||||||||||
| City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR/NR) |
||||||||||||||||
| 175,000 | 5.000 | (e) | 07/01/2024 | 175,485 | ||||||||||||
| 180,000 | 5.000 | (e) | 07/01/2025 | 182,267 | ||||||||||||
| 190,000 | 5.000 | (e) | 07/01/2026 | 193,788 | ||||||||||||
| 200,000 | 5.000 | (e) | 07/01/2027 | 205,102 | ||||||||||||
| City of Jacksonville Special Revenue Refunding Bonds Series 2023A (NR/AA) |
||||||||||||||||
| 700,000 | 5.000 | 10/01/2025 | 719,174 | |||||||||||||
| City of Jacksonville Special Revenue Refunding Bonds Series 2023B (NR/AA) |
||||||||||||||||
| 1,250,000 | 5.000 | 10/01/2025 | 1,284,239 | |||||||||||||
| City of Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2012 (NR/NR) |
||||||||||||||||
| 1,765,000 | 5.000 | 04/01/2025 | 1,765,678 | |||||||||||||
| 202 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) | ||||||||||||||||
| City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) |
||||||||||||||||
| $ | 1,380,000 | 3.250 | % | 09/01/2024 | $ | 1,370,742 | ||||||||||
| City of South Miami Health Facilities Authority Hospital RB Refunding for Baptist Health South Florida Obligated Group Series 2017 (A1/AA-) |
||||||||||||||||
| 3,000,000 | 5.000 | 08/15/2026 | 3,110,739 | |||||||||||||
| 7,170,000 | 5.000 | 08/15/2027 | 7,583,072 | |||||||||||||
| Cityplace Community Development District Special Assessment Revenue Refunding Bonds Series 2012 (NR/NR) |
||||||||||||||||
| 3,530,000 | 5.000 | 05/01/2026 | 3,571,911 | |||||||||||||
| Collier County Water-Sewer District Water And Sewer Refunding Revenue Bonds Series 2016 (Aaa/NR) |
||||||||||||||||
| 1,000,000 | 5.000 | (a) | 07/01/2026 | 1,043,377 | ||||||||||||
| Copper Creek Community Development District Special Assessment Bonds for City of Port St. Lucie Series 2019 (NR/ NR) |
||||||||||||||||
| 45,000 | 3.875 | (e) | 11/01/2024 | 44,896 | ||||||||||||
| Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) |
||||||||||||||||
| 100,000 | 3.000 | 05/01/2024 | 99,876 | |||||||||||||
| 183,000 | 3.000 | 05/01/2025 | 180,138 | |||||||||||||
| Coral Keys Homes Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2020 (NR/ NR) |
||||||||||||||||
| 170,000 | 3.125 | 05/01/2030 | 161,772 | |||||||||||||
| Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
||||||||||||||||
| 325,000 | 3.000 | 05/01/2024 | 324,693 | |||||||||||||
| 150,000 | 3.000 | 05/01/2025 | 148,221 | |||||||||||||
| 315,000 | 3.000 | 05/01/2026 | 308,562 | |||||||||||||
| Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (NR/ A+) |
||||||||||||||||
| 160,000 | 3.000 | 05/01/2024 | 159,822 | |||||||||||||
| Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) |
||||||||||||||||
| 300,000 | 4.000 | 05/01/2028 | 300,909 | |||||||||||||
| 250,000 | 4.000 | 05/01/2033 | 247,850 | |||||||||||||
| Cypress Shadows Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) |
||||||||||||||||
| 34,000 | 4.000 | 11/01/2024 | 33,997 | |||||||||||||
| 37,000 | 4.000 | 11/01/2026 | 36,892 | |||||||||||||
| Duval County School Board Certificates of Participation Series 2022A (AGM) (NR/AA) |
||||||||||||||||
| 3,185,000 | 5.000 | 07/01/2026 | 3,312,829 | |||||||||||||
| 5,105,000 | 5.000 | 07/01/2027 | 5,422,758 | |||||||||||||
| Entrada Community Development District St Johns County, Florida Capital Improvement RB, Series 2021 (NR/NR) |
||||||||||||||||
| 250,000 | 2.125 | (e) | 05/01/2026 | 240,457 | ||||||||||||
| Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/ BBB) |
||||||||||||||||
| 425,000 | 2.000 | (b)(c) | 11/01/2033 | 420,528 | ||||||||||||
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
||||||||||||||||
| 2,590,000 | 4.250 | 05/01/2029 | 2,600,271 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) | ||||||||||||||||
| Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) |
||||||||||||||||
| $ | 270,000 | 2.000 | % | 11/01/2024 | $ | 264,736 | ||||||||||
| 275,000 | 2.000 | 11/01/2025 | 262,950 | |||||||||||||
| 280,000 | 2.000 | 11/01/2026 | 262,352 | |||||||||||||
| 290,000 | 2.000 | 11/01/2027 | 266,652 | |||||||||||||
| 295,000 | 2.000 | 11/01/2028 | 266,186 | |||||||||||||
| 300,000 | 2.000 | 11/01/2029 | 267,571 | |||||||||||||
| 305,000 | 2.125 | 11/01/2030 | 264,477 | |||||||||||||
| Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) |
||||||||||||||||
| 95,000 | 2.625 | (e) | 12/15/2024 | 93,478 | ||||||||||||
| Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/ AA+) |
||||||||||||||||
| 780,000 | 3.350 | (b)(c) | 10/01/2027 | 773,823 | ||||||||||||
| Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (A2/A) |
||||||||||||||||
| 6,425,000 | 5.000 | 09/01/2025 | 6,495,271 | |||||||||||||
| 5,510,000 | 5.000 | 09/01/2026 | 5,685,766 | |||||||||||||
| 4,020,000 | 5.000 | 09/01/2027 | 4,183,802 | |||||||||||||
| Flow Way Community Development District Collier County, Florida Special Assessment Bonds, Series 2019 Phase 7 and Phase 8 Projects Bank Qualified (NR/NR) |
||||||||||||||||
| 995,000 | 3.700 | 11/01/2029 | 974,685 | |||||||||||||
| Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) |
||||||||||||||||
| 245,000 | 2.500 | 05/01/2024 | 244,603 | |||||||||||||
| 255,000 | 2.750 | 05/01/2025 | 248,808 | |||||||||||||
| 260,000 | 3.000 | 05/01/2026 | 252,048 | |||||||||||||
| Gateway Services Community Development District Special Assessment Bonds Series 2023-1 (AGM) (NR/AA) |
||||||||||||||||
| 1,730,000 | 3.250 | 05/01/2028 | 1,720,367 | |||||||||||||
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
||||||||||||||||
| 1,000,000 | 4.000 | 05/01/2031 | 1,001,922 | |||||||||||||
| Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) |
||||||||||||||||
| 200,000 | 2.500 | 05/01/2024 | 199,557 | |||||||||||||
| 175,000 | 2.500 | 05/01/2025 | 171,251 | |||||||||||||
| 200,000 | 2.500 | 05/01/2026 | 193,755 | |||||||||||||
| Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
||||||||||||||||
| 315,000 | 2.750 | 05/01/2024 | 314,550 | |||||||||||||
| 320,000 | 3.000 | 05/01/2025 | 312,252 | |||||||||||||
| Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
||||||||||||||||
| 130,000 | 3.000 | 05/01/2024 | 129,870 | |||||||||||||
| 132,000 | 3.000 | 05/01/2025 | 130,304 | |||||||||||||
| 139,000 | 3.000 | 05/01/2026 | 135,595 | |||||||||||||
| Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) |
||||||||||||||||
| 1,200,000 | 4.050 | (b)(c) | 09/01/2056 | 1,204,888 | ||||||||||||
| Housing Finance Authority of Miami-Dade County Multifamily Housing RB for Emerald Dunes Series 2023B (Aaa/NR) |
||||||||||||||||
| 1,155,000 | 4.050 | (b)(c) | 09/01/2026 | 1,155,048 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 203 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) | ||||||||||||||||
| Housing Finance Authority of Polk County Multifamily Housing RB for Episcopal Catholic Apartments Series 2023 (HUD SECT 8) (Aaa/NR) |
||||||||||||||||
| $ | 1,643,000 | 4.150 | %(b)(c) | 12/01/2040 | $ | 1,655,671 | ||||||||||
| JEA Water And Sewer System Revenue Bonds, 2024 Series A (Aa2/AA+) |
||||||||||||||||
| 1,875,000 | 5.000 | 10/01/2026 | 1,962,870 | |||||||||||||
| Jea / Water And Sewer System Revenue Bonds, 2024 Series A (Aa2/AA+) |
||||||||||||||||
| 2,095,000 | 5.000 | 10/01/2027 | 2,241,501 | |||||||||||||
| Julington Creek Plantation Community Development District St. Johns County, Florida Special Assessment RB, Series 2023 (AGM) (NR/ AA) |
||||||||||||||||
| 4,090,000 | 5.000 | 05/01/2032 | 4,530,806 | |||||||||||||
| Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-) |
||||||||||||||||
| 81,000 | 3.000 | 05/01/2024 | 80,899 | |||||||||||||
| 84,000 | 3.000 | 05/01/2025 | 82,044 | |||||||||||||
| Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (NR/A) |
||||||||||||||||
| 355,000 | 3.000 | 05/01/2024 | 354,559 | |||||||||||||
| Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/ AA) |
||||||||||||||||
| 60,000 | 2.000 | 05/01/2028 | 55,434 | |||||||||||||
| 70,000 | 2.000 | 05/01/2029 | 63,580 | |||||||||||||
| Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
||||||||||||||||
| 320,000 | 3.500 | 05/01/2024 | 319,698 | |||||||||||||
| Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A2/A+) |
||||||||||||||||
| 8,410,000 | 5.000 | (b)(c) | 04/01/2033 | 8,529,413 | ||||||||||||
| Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR) |
||||||||||||||||
| 1,550,000 | 5.000 | 05/01/2032 | 1,559,243 | |||||||||||||
| Miami Dade County Educational Facility Authority RB for University of Miami (AMBAC) (A2/A-) |
||||||||||||||||
| 10,995,000 | 5.250 | 04/01/2027 | 11,593,474 | |||||||||||||
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A1/A) |
||||||||||||||||
| 20,000,000 | 5.000 | 10/01/2035 | 20,079,302 | |||||||||||||
| Miami-Dade County General Obligation Bonds Building Better Communities Program Series 2015-D (Aa2/AA) |
||||||||||||||||
| 3,710,000 | 5.000 | 07/01/2027 | 3,851,145 | |||||||||||||
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) |
||||||||||||||||
| 120,000 | 3.500 | (e) | 05/01/2024 | 119,858 | ||||||||||||
| 125,000 | 3.500 | (e) | 05/01/2025 | 122,469 | ||||||||||||
| Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) |
||||||||||||||||
| 185,000 | 3.750 | 05/01/2024 | 184,874 | |||||||||||||
| 1,150,000 | 4.450 | 05/01/2031 | 1,154,641 | |||||||||||||
| Orange County Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2021 C (NR/AA) |
||||||||||||||||
| 15,575,000 | 5.000 | (b)(c) | 11/15/2052 | 16,230,890 | ||||||||||||
| Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (NR/BBB+) |
||||||||||||||||
| 780,000 | 5.000 | 10/01/2024 | 785,064 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) | ||||||||||||||||
| Osceola County Transportation Improvement Refunding RB Series 2019A-1 (NR/BBB+) |
||||||||||||||||
| $ | 275,000 | 5.000 | % | 10/01/2025 | $ | 280,716 | ||||||||||
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) |
||||||||||||||||
| 1,105,000 | 4.000 | 05/15/2026 | 1,077,581 | |||||||||||||
| Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (NR/A) |
||||||||||||||||
| 210,000 | 3.000 | 11/01/2024 | 208,131 | |||||||||||||
| Parkway Center Community Development District Special Assessment Bonds Series 2018-2 (NR/A-) |
||||||||||||||||
| 90,000 | 3.500 | 05/01/2024 | 89,916 | |||||||||||||
| Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (NR/BBB) |
||||||||||||||||
| 245,000 | 3.500 | 05/01/2024 | 244,712 | |||||||||||||
| 255,000 | 3.500 | 05/01/2025 | 251,409 | |||||||||||||
| Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) |
||||||||||||||||
| 250,000 | 5.250 | 09/01/2025 | 255,682 | |||||||||||||
| 250,000 | 5.250 | 09/01/2026 | 260,726 | |||||||||||||
| 300,000 | 5.250 | 09/01/2027 | 318,299 | |||||||||||||
| 300,000 | 5.250 | 09/01/2028 | 323,319 | |||||||||||||
| Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (NR/AA) |
||||||||||||||||
| 500,000 | 3.000 | 05/01/2024 | 499,151 | |||||||||||||
| 510,000 | 2.000 | 05/01/2025 | 493,648 | |||||||||||||
| 520,000 | 2.000 | 05/01/2026 | 492,306 | |||||||||||||
| 530,000 | 2.000 | 05/01/2027 | 491,614 | |||||||||||||
| Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) |
||||||||||||||||
| 1,325,000 | 5.000 | 05/01/2025 | 1,338,083 | |||||||||||||
| Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR) |
||||||||||||||||
| 6,820,000 | 5.000 | 05/01/2033 | 6,884,797 | |||||||||||||
| Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR) |
||||||||||||||||
| 225,000 | 3.000 | 05/01/2024 | 224,789 | |||||||||||||
| 225,000 | 3.000 | 05/01/2025 | 222,529 | |||||||||||||
| 285,000 | 3.000 | 05/01/2026 | 279,686 | |||||||||||||
| 390,000 | 3.000 | 05/01/2027 | 377,673 | |||||||||||||
| River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (NR/A-) |
||||||||||||||||
| 405,000 | 2.500 | 05/01/2024 | 404,417 | |||||||||||||
| 415,000 | 2.750 | 05/01/2025 | 405,305 | |||||||||||||
| 425,000 | 3.000 | 05/01/2026 | 411,518 | |||||||||||||
| River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (NR/BBB+) |
||||||||||||||||
| 136,000 | 2.500 | 05/01/2024 | 135,651 | |||||||||||||
| 139,000 | 2.500 | 05/01/2025 | 135,187 | |||||||||||||
| 143,000 | 2.500 | 05/01/2026 | 136,104 | |||||||||||||
| 146,000 | 2.500 | 05/01/2027 | 136,908 | |||||||||||||
| 148,000 | 2.500 | 05/01/2028 | 136,863 | |||||||||||||
| 157,000 | 2.500 | 05/01/2030 | 140,332 | |||||||||||||
| 204 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) | ||||||||||||||||
| River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR) |
||||||||||||||||
| $ | 235,000 | 3.000 | % | 05/01/2024 | $ | 234,750 | ||||||||||
| 180,000 | 3.000 | 05/01/2025 | 177,540 | |||||||||||||
| 225,000 | 3.000 | 05/01/2026 | 219,142 | |||||||||||||
| San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
||||||||||||||||
| 110,000 | 3.375 | (e) | 06/15/2024 | 109,826 | ||||||||||||
| Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR) |
||||||||||||||||
| 200,000 | 2.625 | (e) | 05/01/2025 | 196,866 | ||||||||||||
| Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR) |
||||||||||||||||
| 380,000 | 3.000 | 05/01/2024 | 379,665 | |||||||||||||
| 240,000 | 3.000 | 05/01/2025 | 237,478 | |||||||||||||
| School Board of Miami-Dade County Florida Certificates of Participation Series 2016B (A1/A+) |
||||||||||||||||
| 7,340,000 | 5.000 | 08/01/2027 | 7,623,542 | |||||||||||||
| South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (NR/A) |
||||||||||||||||
| 95,000 | 2.500 | 05/01/2024 | 94,843 | |||||||||||||
| 100,000 | 2.750 | 05/01/2025 | 98,502 | |||||||||||||
| 95,000 | 3.000 | 05/01/2026 | 92,806 | |||||||||||||
| South Village Community Development District Capital Improvement Revenue Refunding Bonds Series 2016A-2 (NR/ NR) |
||||||||||||||||
| 100,000 | 4.350 | 05/01/2026 | 100,210 | |||||||||||||
| Spencer Creek Community Development District Special Assessment RB for Hillsborough County Series 2019 (NR/NR) |
||||||||||||||||
| 75,000 | 3.750 | 05/01/2024 | 74,971 | |||||||||||||
| State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series D (Aaa/ AAA) |
||||||||||||||||
| 1,225,000 | 5.000 | 06/01/2027 | 1,304,733 | |||||||||||||
| State of Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2024 Series A (Aaa/AAA) |
||||||||||||||||
| 12,080,000 | 5.000 | 06/01/2026 | 12,584,654 | |||||||||||||
| Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
||||||||||||||||
| 190,000 | 3.125 | 12/15/2025 | 186,288 | |||||||||||||
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/ NR) |
||||||||||||||||
| 460,000 | 3.750 | (e) | 06/15/2029 | 453,623 | ||||||||||||
| Summerstone Community Development District Pasco County, Florida Special Assessment RB, Series 2020 Phase One (NR/ NR) |
||||||||||||||||
| 65,000 | 2.500 | 05/01/2025 | 63,936 | |||||||||||||
| Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR) |
||||||||||||||||
| 118,000 | 3.000 | 05/01/2024 | 117,882 | |||||||||||||
| 121,000 | 3.000 | 05/01/2025 | 119,446 | |||||||||||||
| 725,000 | 3.500 | 05/01/2031 | 683,603 | |||||||||||||
| Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) |
||||||||||||||||
| 4,225,000 | 4.000 | 10/01/2029 | 4,264,686 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) | ||||||||||||||||
| Tapestry Community Development District Special Assessment RB for City of Kissimmee Series 2016 (NR/NR) |
||||||||||||||||
| $ | 285,000 | 4.250 | % | 05/01/2026 | $ | 285,293 | ||||||||||
| The Preserve At South Branch Community Development District Pasco County, Florida Special Assessment RB, Series 2021 Phase 3 (NR/NR) |
||||||||||||||||
| 250,000 | 3.000 | 05/01/2031 | 239,333 | |||||||||||||
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) |
||||||||||||||||
| 760,000 | 3.000 | 05/01/2025 | 750,171 | |||||||||||||
| 1,605,000 | 3.000 | 05/01/2027 | 1,592,682 | |||||||||||||
| Touchstone Community Development District Senior Special Assessment Bonds Series 2022A-1 (NR/BBB+) |
||||||||||||||||
| 105,000 | 4.500 | 05/01/2026 | 105,891 | |||||||||||||
| 115,000 | 4.500 | 05/01/2028 | 117,615 | |||||||||||||
| 120,000 | 4.500 | 05/01/2029 | 123,602 | |||||||||||||
| Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (NR/A-) |
||||||||||||||||
| 135,000 | 4.125 | 05/01/2024 | 135,021 | |||||||||||||
| 140,000 | 4.150 | 05/01/2025 | 140,048 | |||||||||||||
| 145,000 | 4.250 | 05/01/2026 | 145,081 | |||||||||||||
| Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR) |
||||||||||||||||
| 70,000 | 4.000 | (e) | 05/01/2024 | 69,991 | ||||||||||||
| Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) |
||||||||||||||||
| 1,525,000 | 3.750 | 05/01/2026 | 1,510,486 | |||||||||||||
| Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (NR/AA) |
||||||||||||||||
| 490,000 | 2.000 | 05/01/2024 | 488,954 | |||||||||||||
| 500,000 | 2.000 | 05/01/2025 | 481,681 | |||||||||||||
| 795,000 | 2.000 | 05/01/2026 | 746,224 | |||||||||||||
| Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR) |
||||||||||||||||
| 171,000 | 3.000 | 05/01/2024 | 170,829 | |||||||||||||
| 177,000 | 3.000 | 05/01/2025 | 174,726 | |||||||||||||
| 973,000 | 3.500 | 05/01/2030 | 922,324 | |||||||||||||
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) |
||||||||||||||||
| 25,000 | 1.875 | (e) | 05/01/2025 | 24,529 | ||||||||||||
| Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) |
||||||||||||||||
| 355,000 | 4.000 | 05/01/2024 | 354,799 | |||||||||||||
| 285,000 | 4.000 | 05/01/2025 | 285,768 | |||||||||||||
| Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) |
||||||||||||||||
| 1,330,000 | 5.000 | 05/01/2025 | 1,348,238 | |||||||||||||
| 1,400,000 | 5.000 | 05/01/2026 | 1,443,860 | |||||||||||||
| Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR) |
||||||||||||||||
| 305,000 | 2.000 | 05/01/2026 | 291,051 | |||||||||||||
| Waterset Central Community Development District Special Assessment Bonds for Hillsborough County Series 2018 (NR/ NR) |
||||||||||||||||
| 95,000 | 4.000 | (e) | 11/01/2024 | 94,926 | ||||||||||||
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
||||||||||||||||
| 2,000,000 | 3.750 | (e) | 06/15/2030 | 1,928,956 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 205 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Florida – (continued) | ||||||||||||||||
| Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR) |
||||||||||||||||
| $ | 170,000 | 4.375 | % | 11/01/2025 | $ | 170,134 | ||||||||||
|
|
|
|||||||||||||||
| 231,045,704 | ||||||||||||||||
|
|
||||||||||||||||
| Georgia - 2.4% | ||||||||||||||||
| Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bown Project Series 2009 (Baa1/BBB+/A-2) |
||||||||||||||||
| 3,130,000 | 3.950 | (b)(c) | 12/01/2032 | 3,168,091 | ||||||||||||
| Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Series 1996 (Baa1/BBB+) |
||||||||||||||||
| 1,335,000 | 3.875 | (b)(c) | 10/01/2032 | 1,343,688 | ||||||||||||
| Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+) |
||||||||||||||||
| 2,000,000 | 1.500 | (b)(c) | 01/01/2040 | 1,929,898 | ||||||||||||
| City of Atlanta GO Public Improvement Bonds Series 2022A-1 (Aa1/NR) |
||||||||||||||||
| 835,000 | 5.000 | 12/01/2024 | 843,617 | |||||||||||||
| 545,000 | 5.000 | 12/01/2025 | 561,910 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2026 | 1,053,185 | |||||||||||||
| 525,000 | 5.000 | 12/01/2027 | 565,369 | |||||||||||||
| City of Atlanta GO Public Improvement Bonds Series 2022A-2 (Aa1/NR) |
||||||||||||||||
| 1,105,000 | 5.000 | 12/01/2025 | 1,139,286 | |||||||||||||
| 1,100,000 | 5.000 | 12/01/2026 | 1,158,503 | |||||||||||||
| 2,375,000 | 5.000 | 12/01/2027 | 2,557,622 | |||||||||||||
| Colquitt County School District GO Bonds Series 2023 (ST AID WITHHLDG) (Aa1/NR) |
||||||||||||||||
| 585,000 | 5.000 | 12/01/2025 | 602,574 | |||||||||||||
| 935,000 | 5.000 | 12/01/2026 | 984,482 | |||||||||||||
| Development Authority of Bartow County Pollution Control RB for Georgia Power Company Plant Bowen Project First Series 2013 (Baa1/BBB+) |
||||||||||||||||
| 6,000,000 | 2.875 | (b)(c) | 08/01/2043 | 5,868,127 | ||||||||||||
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (Baa1/BBB+) |
||||||||||||||||
| 4,850,000 | 2.875 | (b)(c) | 12/01/2049 | 4,743,402 | ||||||||||||
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2013 (Baa1/BBB+) |
||||||||||||||||
| 2,015,000 | 3.375 | (b)(c) | 11/01/2053 | 2,002,629 | ||||||||||||
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (Baa1/BBB+) |
||||||||||||||||
| 2,020,000 | 3.375 | (b)(c) | 11/01/2048 | 2,007,598 | ||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/ NR) |
||||||||||||||||
| 2,500,000 | 5.000 | 05/15/2025 | 2,514,390 | |||||||||||||
| 3,000,000 | 5.000 | 05/15/2026 | 3,039,316 | |||||||||||||
| 500,000 | 5.000 | 05/15/2027 | 511,791 | |||||||||||||
| 1,975,000 | 5.000 | 05/15/2030 | 2,082,972 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2019C (A3/ NR) |
||||||||||||||||
| 5,230,000 | 4.000 | (b)(c) | 03/01/2050 | 5,249,763 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Georgia – (continued) | ||||||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/ NONR) |
||||||||||||||||
| $ | 3,000,000 | 4.000 | %(b)(c) | 07/01/2052 | $ | 3,023,790 | ||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/ NR) |
||||||||||||||||
| 1,000,000 | 4.000 | 12/01/2025 | 992,931 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2022B (A3/ NR) |
||||||||||||||||
| 1,740,000 | 5.000 | 06/01/2027 | 1,777,690 | |||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/ BBB-) |
||||||||||||||||
| 1,000,000 | 4.000 | (e) | 11/01/2024 | 992,969 | ||||||||||||
| 1,705,000 | 4.000 | (e) | 11/01/2025 | 1,680,508 | ||||||||||||
| 3,665,000 | 4.000 | (e) | 11/01/2026 | 3,588,696 | ||||||||||||
| Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/ NR) |
||||||||||||||||
| 13,040,000 | 5.000 | (b)(c) | 07/01/2053 | 13,807,409 | ||||||||||||
| Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/ NR) |
||||||||||||||||
| 4,000,000 | 5.000 | (b)(c) | 12/01/2053 | 4,272,722 | ||||||||||||
| Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/ NR) |
||||||||||||||||
| 1,500,000 | 5.000 | 05/15/2024 | 1,500,151 | |||||||||||||
| 3,740,000 | 5.000 | 05/15/2028 | 3,869,176 | |||||||||||||
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3/ NR) |
||||||||||||||||
| 500,000 | 4.000 | 12/01/2025 | 496,466 | |||||||||||||
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/ BBB-) |
||||||||||||||||
| 3,810,000 | 4.000 | (e) | 11/01/2027 | 3,709,573 | ||||||||||||
| Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/ NR) |
||||||||||||||||
| 2,800,000 | 5.000 | (b)(c) | 05/01/2054 | 2,999,639 | ||||||||||||
| Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) |
||||||||||||||||
| 7,150,000 | 5.000 | (b)(c) | 07/01/2054 | 7,303,179 | ||||||||||||
| Monroe County Development Authority Pollution Control RB First Series 2009 (Baa1/BBB+/A-2) |
||||||||||||||||
| 2,275,000 | 1.000 | (b)(c) | 07/01/2049 | 2,065,448 | ||||||||||||
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2006 (Baa1/BBB+) |
||||||||||||||||
| 1,560,000 | 3.875 | (b)(c) | 12/01/2041 | 1,570,152 | ||||||||||||
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2012 (Baa1/BBB+) |
||||||||||||||||
| 2,825,000 | 3.875 | (b)(c) | 06/01/2042 | 2,843,385 | ||||||||||||
| Monroe County Development Authority Pollution Control RB for Georgia Power Company Plant Scherer Project Series 2013 (Baa1/BBB+) |
||||||||||||||||
| 1,560,000 | 3.875 | (b)(c) | 04/01/2043 | 1,570,152 | ||||||||||||
| Richmond County Board of Education GO Sales Tax Bonds Series 2023 (ST AID WITHHLDG) (Aa1/AA+) |
||||||||||||||||
| 875,000 | 5.000 | 10/01/2025 | 897,029 | |||||||||||||
| 2,850,000 | 5.000 | 10/01/2026 | 2,986,820 | |||||||||||||
| 650,000 | 5.000 | 10/01/2027 | 696,494 | |||||||||||||
| 206 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Georgia – (continued) |
|
|||||||||||||||
| Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (Baa2/BBB) |
| |||||||||||||||
| $ | 425,000 | 2.000 | %(b)(c) | 11/01/2033 | $ | 420,528 | ||||||||||
| Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B |
| |||||||||||||||
| (Baa2/BBB | ) | |||||||||||||||
| 6,090,000 | 1.900 | 08/01/2024 | 6,005,956 | |||||||||||||
| State of Georgia GO Bonds Series 2021A (Aaa/AAA) |
| |||||||||||||||
| 4,585,000 | 5.000 | 07/01/2024 | 4,597,593 | |||||||||||||
|
|
|
|||||||||||||||
| 117,596,669 | ||||||||||||||||
|
|
||||||||||||||||
| Guam - 0.3% |
|
|||||||||||||||
| A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (Baa2/NR) |
| |||||||||||||||
| 2,000,000 | 3.319 | 10/01/2025 | 1,933,169 | |||||||||||||
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (Baa2/NR) |
| |||||||||||||||
| 1,100,000 | 3.133 | 10/01/2024 | 1,085,601 | |||||||||||||
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| |||||||||||||||
| 1,120,000 | 2.499 | 10/01/2025 | 1,068,698 | |||||||||||||
| 1,650,000 | 2.899 | 10/01/2027 | 1,513,528 | |||||||||||||
| Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) |
| |||||||||||||||
| 1,300,000 | 5.000 | 10/01/2029 | 1,383,689 | |||||||||||||
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) |
| |||||||||||||||
| 400,000 | 5.000 | 07/01/2024 | 400,671 | |||||||||||||
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) |
| |||||||||||||||
| 350,000 | 5.000 | 07/01/2025 | 356,129 | |||||||||||||
| 350,000 | 5.000 | 07/01/2026 | 362,401 | |||||||||||||
| 350,000 | 5.000 | 07/01/2027 | 369,190 | |||||||||||||
| 750,000 | 5.000 | 07/01/2028 | 803,551 | |||||||||||||
| 700,000 | 5.000 | 07/01/2029 | 760,665 | |||||||||||||
| 1,125,000 | 5.000 | 07/01/2030 | 1,240,680 | |||||||||||||
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) |
| |||||||||||||||
| 500,000 | 5.000 | (f) | 07/01/2025 | 508,755 | ||||||||||||
| 600,000 | 5.000 | (f) | 07/01/2026 | 621,259 | ||||||||||||
| 500,000 | 5.000 | (f) | 07/01/2027 | 527,415 | ||||||||||||
| 1,000,000 | 5.000 | (f) | 07/01/2028 | 1,071,401 | ||||||||||||
| 985,000 | 5.000 | (f) | 07/01/2029 | 1,070,364 | ||||||||||||
| 1,000,000 | 5.000 | (f) | 07/01/2030 | 1,102,827 | ||||||||||||
|
|
|
|||||||||||||||
| 16,179,993 | ||||||||||||||||
|
|
||||||||||||||||
| Hawaii - 0.6% |
|
|||||||||||||||
| City and County of Honolulu GO Bonds for Honolulu Rail Transit Project Series 2021E (Aa2/NR) |
| |||||||||||||||
| 3,025,000 | 5.000 | 03/01/2027 | 3,200,163 | |||||||||||||
| City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 7,040,000 | 5.000 | (b)(c) | 06/01/2027 | 7,223,359 | ||||||||||||
| City of Honolulu GO Bonds Series A (Aa2/NR) |
| |||||||||||||||
| 10,575,000 | 4.000 | 10/01/2034 | 10,640,891 | |||||||||||||
| Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR) |
| |||||||||||||||
| 75,000 | 5.000 | 05/15/2029 | 78,422 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Hawaii – (continued) |
| |||||||||||||||
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) |
| |||||||||||||||
| $ |
10,735,000 | 3.100 | % | 05/01/2026 | $ | 8,530,759 | ||||||||||
|
|
|
|||||||||||||||
| 29,673,594 | ||||||||||||||||
|
|
||||||||||||||||
| Illinois - 6.9% |
| |||||||||||||||
| Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) |
| |||||||||||||||
| 325,000 | 5.000 | 10/01/2025 | 330,798 | |||||||||||||
| 250,000 | 5.000 | 10/01/2026 | 257,621 | |||||||||||||
| 325,000 | 5.000 | 10/01/2028 | 345,287 | |||||||||||||
| Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA) |
| |||||||||||||||
| 4,705,000 | 5.000 | 01/01/2037 | 4,799,818 | |||||||||||||
| Chicago GO Bonds 2019A (NR/BBB+) |
| |||||||||||||||
| 3,210,000 | 5.000 | 01/01/2028 | 3,399,946 | |||||||||||||
| Chicago GO Bonds 2019A (NR/NR) |
| |||||||||||||||
| 550,000 | 5.000 | 01/01/2028 | 591,577 | |||||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB+) |
| |||||||||||||||
| 660,000 | 0.000 | (g) | 12/01/2026 | 593,464 | ||||||||||||
| 4,615,000 | 0.000 | (g) | 12/01/2027 | 3,986,325 | ||||||||||||
| 365,000 | 0.000 | (g) | 12/01/2029 | 289,978 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/ BB+) |
| |||||||||||||||
| 250,000 | 0.000 | (g) | 12/01/2027 | 215,944 | ||||||||||||
| 95,000 | 0.000 | (g) | 12/01/2029 | 75,474 | ||||||||||||
| Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB+) |
| |||||||||||||||
| 9,285,000 | 0.000 | (g) | 12/01/2024 | 9,030,081 | ||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB+) |
| |||||||||||||||
| 640,000 | 0.000 | (g) | 12/01/2025 | 598,303 | ||||||||||||
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/ AA) |
| |||||||||||||||
| 2,275,000 | 5.000 | 12/01/2024 | 2,285,810 | |||||||||||||
| 1,825,000 | 5.000 | 12/01/2025 | 1,850,462 | |||||||||||||
| 3,515,000 | 5.000 | 12/01/2026 | 3,610,933 | |||||||||||||
| Chicago O’Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A+) |
| |||||||||||||||
| 11,000,000 | 5.000 | 01/01/2031 | 11,089,125 | |||||||||||||
| Chicago Park District GO LT Refunding Bonds Series 2023C (NR/ AA-) |
| |||||||||||||||
| 2,400,000 | 5.000 | 01/01/2026 | 2,462,887 | |||||||||||||
| 2,780,000 | 5.000 | 01/01/2027 | 2,895,330 | |||||||||||||
| 1,965,000 | 5.000 | 01/01/2028 | 2,083,369 | |||||||||||||
| Chicago Transit Authority Sales Tax Receipts RB Series 2014 (NR/ AA) |
| |||||||||||||||
| 11,750,000 | 5.250 | 12/01/2049 | 11,791,982 | |||||||||||||
| City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (NATL) (Baa2/BB+) |
| |||||||||||||||
| 685,000 | 0.000 | (g) | 12/01/2028 | 568,556 | ||||||||||||
| City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB+) |
| |||||||||||||||
| 5,000,000 | 5.500 | 12/01/2026 | 5,127,774 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 207 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB+) – (continued) |
| |||||||||||||||
| $ | 1,755,000 | 0.000 | %(g) | 12/01/2030 | $ | 1,339,884 | ||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) |
| |||||||||||||||
| 1,500,000 | 5.000 | 12/01/2029 | 1,586,447 | |||||||||||||
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 12/01/2027 | 5,208,876 | |||||||||||||
| 7,535,000 | 5.000 | 12/01/2029 | 7,969,253 | |||||||||||||
| 1,000,000 | 5.000 | 12/01/2030 | 1,058,631 | |||||||||||||
| City of Chicago GO Bonds Project & Refunding Series 2017A (NR/BBB+) |
| |||||||||||||||
| 2,000,000 | 5.625 | 01/01/2031 | 2,091,696 | |||||||||||||
| City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) |
| |||||||||||||||
| 3,430,000 | 5.000 | 01/01/2027 | 3,572,551 | |||||||||||||
| 5,245,000 | 5.000 | 01/01/2028 | 5,555,364 | |||||||||||||
| City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2029 | 1,073,175 | |||||||||||||
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023B (NON-AMT) (BAM) (NR/AA) |
| |||||||||||||||
| 3,250,000 | 5.000 | 01/01/2026 | 3,351,347 | |||||||||||||
| 2,345,000 | 5.000 | 01/01/2027 | 2,469,376 | |||||||||||||
| City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) |
| |||||||||||||||
| 5,000,000 | 5.000 | 01/01/2026 | 5,107,118 | |||||||||||||
| 5,755,000 | 5.000 | 01/01/2027 | 5,964,656 | |||||||||||||
| City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A2/A) |
| |||||||||||||||
| 1,000,000 | 5.000 | 01/01/2029 | 1,000,025 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (AMT) (NR/A+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 01/01/2025 | 2,012,890 | |||||||||||||
| City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (NR/A+) |
| |||||||||||||||
| 5,000,000 | 5.000 | 01/01/2027 | 5,031,610 | |||||||||||||
| City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) |
| |||||||||||||||
| 1,900,000 | 5.000 | 11/01/2026 | 1,977,779 | |||||||||||||
| City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR) |
| |||||||||||||||
| 314,000 | 2.270 | (e) | 12/01/2024 | 308,866 | ||||||||||||
| 329,000 | 2.530 | (e) | 12/01/2025 | 319,120 | ||||||||||||
| 305,000 | 2.690 | (e) | 12/01/2026 | 291,799 | ||||||||||||
| 255,000 | 2.870 | (e) | 12/01/2027 | 241,580 | ||||||||||||
| City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 Lakeshore East Project (NR/NR) |
| |||||||||||||||
| 270,000 | 3.040 | (e) | 12/01/2028 | 253,412 | ||||||||||||
| Cook County Sales Tax RB Refunding Series 2022B (NR/AA-) |
| |||||||||||||||
| 360,000 | 5.000 | 11/15/2026 | 375,939 | |||||||||||||
| Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) |
| |||||||||||||||
| 1,980,000 | 4.000 | 12/15/2025 | 2,004,005 | |||||||||||||
| Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.70%) |
||||||||||||||||
| 2,250,000 | 4.340 | (b)(d) | 05/01/2042 | 2,208,257 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
|
|||||||||||||||
| Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) |
| |||||||||||||||
| $ | 500,000 | 5.000 | % | 10/01/2026 | $ | 513,799 | ||||||||||
| Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (NON-AMT) (Baa1/A) |
| |||||||||||||||
| 700,000 | 3.875 | (b)(c) | 05/01/2040 | 702,420 | ||||||||||||
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 09/01/2024 | 997,313 | |||||||||||||
| 600,000 | 5.000 | 09/01/2025 | 596,907 | |||||||||||||
| Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR) |
| |||||||||||||||
| 540,000 | 5.000 | 05/15/2026 | 537,293 | |||||||||||||
| Illinois Finance Authority Taxable RB for Theory and Computing Sciences Building Trust Series 2023 (A2/NR) |
| |||||||||||||||
| 12,575,000 | 6.693 | 07/01/2033 | 12,687,742 | |||||||||||||
| Illinois Housing Development Authority Multifamily Housing RB, Series 2023 (6900 Crandon) (HUD SECT 8 FHA 221(d)(4)) (Aaa/NR) |
| |||||||||||||||
| 3,500,000 | 5.000 | (b)(c) | 02/01/2027 | 3,559,928 | ||||||||||||
| Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (FHA 221(D4) HUD SECT 8) (FHA 221(D4) HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 5,335,000 | 4.000 | (b)(c) | 06/01/2026 | 5,328,198 | ||||||||||||
| Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (HHDC) (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 2,170,000 | 5.000 | (b)(c) | 02/01/2027 | 2,207,155 | ||||||||||||
| Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (WR/BBB+) |
| |||||||||||||||
| 3,235,000 | 0.000 | (g) | 06/15/2025 | 3,071,507 | ||||||||||||
| Illinois State GO Bonds Series 2017 D (A3/A-) |
| |||||||||||||||
| 5,425,000 | 5.000 | 11/01/2024 | 5,469,042 | |||||||||||||
| 26,975,000 | 5.000 | 11/01/2025 | 27,632,125 | |||||||||||||
| 34,465,000 | 5.000 | 11/01/2026 | 35,941,201 | |||||||||||||
| Illinois State GO Bonds Series 2019 A (A3/A-) |
| |||||||||||||||
| 4,000,000 | 5.000 | 11/01/2024 | 4,032,930 | |||||||||||||
| Illinois State GO Bonds Series 2020 (A3/A-) |
| |||||||||||||||
| 2,100,000 | 5.500 | 05/01/2024 | 2,102,945 | |||||||||||||
| Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (NR/A) |
| |||||||||||||||
| 115,000 | 5.000 | 06/15/2024 | 115,222 | |||||||||||||
| Illinois State Taxable Pension Funding GO Bonds Series 2003 (A3/A-) |
| |||||||||||||||
| 10,000,000 | 5.100 | 06/01/2033 | 9,927,213 | |||||||||||||
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2022 B (NR/A) |
| |||||||||||||||
| 3,000,000 | 5.000 | 12/15/2027 | 3,061,466 | |||||||||||||
| Northern Illinois University Board of Trustees Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) |
| |||||||||||||||
| 325,000 | 5.000 | 10/01/2030 | 354,464 | |||||||||||||
| Sales Tax Securitization Corp Bonds Series 2018C (NR/AA-) |
| |||||||||||||||
| 10,900,000 | 5.000 | 01/01/2026 | 11,211,778 | |||||||||||||
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) |
| |||||||||||||||
| 3,320,000 | 5.000 | 01/01/2026 | 3,414,964 | |||||||||||||
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) |
| |||||||||||||||
| 4,000,000 | 5.000 | 01/01/2027 | 4,202,430 | |||||||||||||
| 208 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Illinois – (continued) |
| |||||||||||||||
| State of Illinois Build Illinois Junior Obligation Bonds Series 2021A (NR/A) |
| |||||||||||||||
| $ | 2,460,000 | 4.000 | % | 06/15/2025 | $ | 2,482,544 | ||||||||||
| State of Illinois GO Bonds Refunding Series 2022B (A3/A-) |
| |||||||||||||||
| 3,000,000 | 5.000 | 03/01/2025 | 3,040,023 | |||||||||||||
| State of Illinois GO Bonds Series 2014 (A3/A-) |
| |||||||||||||||
| 1,280,000 | 5.000 | 05/01/2028 | 1,281,533 | |||||||||||||
| 2,220,000 | 5.250 | 02/01/2029 | 2,224,350 | |||||||||||||
| 1,295,000 | 5.000 | 04/01/2031 | 1,296,223 | |||||||||||||
| State of Illinois GO Bonds Series 2016 (A3/A-) |
| |||||||||||||||
| 2,965,000 | 5.000 | 01/01/2026 | 3,044,728 | |||||||||||||
| 5,700,000 | 5.000 | 11/01/2028 | 5,943,376 | |||||||||||||
| State of Illinois GO Bonds Series 2017A (A3/A-) |
| |||||||||||||||
| 3,455,000 | 5.000 | 12/01/2027 | 3,673,497 | |||||||||||||
| State of Illinois GO Bonds Series 2017C (A3/A-) |
| |||||||||||||||
| 6,435,000 | 5.000 | 11/01/2029 | 6,821,967 | |||||||||||||
| State of Illinois GO Bonds Series 2017D (A3/A-) |
| |||||||||||||||
| 5,525,000 | 5.000 | 11/01/2027 | 5,872,146 | |||||||||||||
| State of Illinois GO Bonds Series 2020 (A3/A-) |
| |||||||||||||||
| 1,000,000 | 5.500 | 05/01/2030 | 1,094,239 | |||||||||||||
| State of Illinois GO Bonds Series 2021A (A3/A-) |
| |||||||||||||||
| 2,750,000 | 5.000 | 03/01/2026 | 2,832,405 | |||||||||||||
| State of Illinois GO Bonds, Refunding Series of May 2023D (A3/A-) |
| |||||||||||||||
| 8,035,000 | 5.000 | 07/01/2025 | 8,185,477 | |||||||||||||
| State of Illinois GO Refunding Bonds Series 2016 (A3/A-) |
| |||||||||||||||
| 4,215,000 | 5.000 | 02/01/2026 | 4,335,134 | |||||||||||||
| 3,800,000 | 5.000 | 02/01/2028 | 3,979,429 | |||||||||||||
| 2,075,000 | 5.000 | 02/01/2029 | 2,174,258 | |||||||||||||
| State of Illinois GO Refunding Bonds Series 2018A (A3/A-) |
| |||||||||||||||
| 6,490,000 | 5.000 | 10/01/2028 | 7,005,414 | |||||||||||||
| State of Illinois GO Refunding Bonds Series 2018B (A3/A-) |
| |||||||||||||||
| 6,000,000 | 5.000 | 10/01/2028 | 6,476,500 | |||||||||||||
| State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) |
| |||||||||||||||
| 2,000,000 | 5.000 | 10/01/2025 | 2,044,590 | |||||||||||||
|
|
|
|||||||||||||||
| 342,130,375 | ||||||||||||||||
|
|
||||||||||||||||
| Indiana - 0.9% |
| |||||||||||||||
| City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (Baa2/BBB+) |
| |||||||||||||||
| 4,150,000 | 3.125 | 07/01/2025 | 4,077,527 | |||||||||||||
| City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (Baa2/BBB+) |
| |||||||||||||||
| 3,335,000 | 3.125 | 07/01/2025 | 3,276,760 | |||||||||||||
| City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A3/BBB+) |
| |||||||||||||||
| 10,000,000 | 3.050 | 06/01/2025 | 9,877,111 | |||||||||||||
| City of Rockport Pollution Control Revenue Refunding Bonds Series D (A3/BBB+) |
| |||||||||||||||
| 11,000,000 | 0.750 | 04/01/2025 | 10,502,492 | |||||||||||||
| City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) |
| |||||||||||||||
| 7,050,000 | 5.000 | (b)(c) | 12/01/2044 | 7,198,021 | ||||||||||||
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) |
| |||||||||||||||
| 3,000,000 | 0.750 | (b)(c) | 12/01/2038 | 2,765,009 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Indiana – (continued) |
| |||||||||||||||
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) |
| |||||||||||||||
| $ | 4,525,000 | 0.950 | %(b)(c) | 12/01/2038 | $ | 4,196,231 | ||||||||||
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-) |
| |||||||||||||||
| 3,000,000 | 0.650 | 08/01/2025 | 2,821,798 | |||||||||||||
| Indiana Housing & Community Development Authority Multifamily Housing RB Partners Preservation Projects Series 2023 (FHA 221(D)(4)) (FHA 221(D)(4)) (Aaa/NR) |
| |||||||||||||||
| 700,000 | 4.100 | (b)(c) | 09/01/2028 | 701,651 | ||||||||||||
|
|
|
|||||||||||||||
| 45,416,600 | ||||||||||||||||
|
|
||||||||||||||||
| Iowa - 0.0% |
| |||||||||||||||
| Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR) |
| |||||||||||||||
| 2,105,000 | 4.000 | 05/15/2026 | 2,052,768 | |||||||||||||
|
|
||||||||||||||||
| Kansas - 0.6% |
| |||||||||||||||
| City of Burlington Environmental Improvement RB Refunding for Energy Metro, Inc. Project Series 2023 (A2/A) |
| |||||||||||||||
| 3,775,000 | 4.300 | (b)(c) | 03/01/2045 | 3,782,624 | ||||||||||||
| City of Manhattan GO Temporary Notes Series 2022-01 (Aa3/NR) |
| |||||||||||||||
| 17,575,000 | 1.750 | 06/15/2025 | 17,012,025 | |||||||||||||
| Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (Aa3/AA-) |
| |||||||||||||||
| 1,000,000 | 5.000 | (a) | 09/01/2026 | 1,046,062 | ||||||||||||
| 9,150,000 | 5.250 | (a) | 09/01/2026 | 9,624,337 | ||||||||||||
|
|
|
|||||||||||||||
| 31,465,048 | ||||||||||||||||
|
|
||||||||||||||||
| Kentucky - 1.5% |
| |||||||||||||||
| County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (Baa1/BBB+) |
| |||||||||||||||
| 5,000,000 | 3.700 | 08/01/2027 | 4,917,199 | |||||||||||||
| County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) |
| |||||||||||||||
| 700,000 | 3.875 | (b)(c) | 06/01/2040 | 705,347 | ||||||||||||
| Kentucky Economic Development Finance Authority Healthcare Facilities Refunding RB Series 2022 (NR/NR) |
| |||||||||||||||
| 3,570,000 | 4.500 | 10/01/2027 | 3,570,859 | |||||||||||||
| Kentucky Public Energy Authority Gas Supply RB 2018 Series B (A1/NR) |
| |||||||||||||||
| 22,525,000 | 4.000 | (b)(c) | 01/01/2049 | 22,514,864 | ||||||||||||
| Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (A1/NR) |
| |||||||||||||||
| 2,775,000 | 4.000 | (b)(c) | 12/01/2049 | 2,785,392 | ||||||||||||
| Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A1/A) |
| |||||||||||||||
| 3,800,000 | 0.900 | 09/01/2026 | 3,514,033 | |||||||||||||
| Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) |
| |||||||||||||||
| 700,000 | 5.000 | 10/01/2026 | 727,269 | |||||||||||||
| 1,700,000 | 5.000 | 10/01/2027 | 1,798,347 | |||||||||||||
| Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (A1/NR) |
| |||||||||||||||
| 24,230,000 | 4.000 | (b)(c) | 12/01/2049 | 24,320,734 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 209 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Kentucky – (continued) |
| |||||||||||||||
| Public Energy Authority of Kentucky Gas Supply RB Series 2019C (A1/NR) |
| |||||||||||||||
| $ | 9,350,000 | 4.000 | %(b)(c) | 02/01/2050 | $ | 9,414,549 | ||||||||||
|
|
|
|||||||||||||||
| 74,268,593 | ||||||||||||||||
|
|
||||||||||||||||
| Louisiana - 1.7% |
| |||||||||||||||
| City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) |
| |||||||||||||||
| 5,495,000 | 5.000 | 12/01/2024 | 5,547,008 | |||||||||||||
| 3,000,000 | 5.000 | 12/01/2025 | 3,087,172 | |||||||||||||
| 4,255,000 | 5.000 | 12/01/2026 | 4,449,003 | |||||||||||||
| 1,715,000 | 5.000 | 12/01/2027 | 1,825,919 | |||||||||||||
| City of New Orleans Sewerage Service RB Series 2015 (NR/A) |
| |||||||||||||||
| 1,000,000 | 5.000 | (a) | 06/01/2025 | 1,018,644 | ||||||||||||
| East Baton Rouge Sewerage Commission Tax Exempt Revenue Refunding Bonds Series 2020A (NR/AA-) |
| |||||||||||||||
| 1,100,000 | 5.000 | 02/01/2026 | 1,135,731 | |||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) |
| |||||||||||||||
| 2,250,000 | 5.000 | 08/15/2025 | 2,294,778 | |||||||||||||
| 3,300,000 | 5.000 | 08/15/2027 | 3,456,749 | |||||||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin’ Cajun Facilities Student Housing & Parking Project Series 2017 (AGM) (NR/AA) |
| |||||||||||||||
| 1,230,000 | 5.000 | 10/01/2026 | 1,270,165 | |||||||||||||
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) |
| |||||||||||||||
| 7,725,000 | 4.150 | 09/01/2027 | 7,786,694 | |||||||||||||
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007-B-2A-2 (NON-AMT) (A3/ BBB+) |
| |||||||||||||||
| 2,500,000 | 4.200 | (b)(c) | 10/01/2037 | 2,537,351 | ||||||||||||
| Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2013A (NON-AMT) (A3/NR) |
| |||||||||||||||
| 3,775,000 | 4.200 | (b)(c) | 09/01/2033 | 3,857,708 | ||||||||||||
| Louisiana Public Facilities Authority Hospital RB Louisiana Children’s Medical Center Project Series 2015A3 RMKT (NR/A) |
| |||||||||||||||
| 6,250,000 | 5.000 | (b)(c) | 06/01/2045 | 6,594,041 | ||||||||||||
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) |
| |||||||||||||||
| 7,460,000 | 5.000 | 01/01/2040 | 7,481,946 | |||||||||||||
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A) |
| |||||||||||||||
| 3,750,000 | 5.000 | 01/01/2034 | 3,775,714 | |||||||||||||
| Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) |
| |||||||||||||||
| 5,755,000 | 4.050 | (b)(c) | 06/01/2037 | 5,714,457 | ||||||||||||
| Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (Baa3/BBB-) |
| |||||||||||||||
| 950,000 | 2.200 | (b)(c) | 06/01/2037 | 906,104 | ||||||||||||
| Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (Baa3/BBB-) |
| |||||||||||||||
| 15,000,000 | 2.100 | (b)(c) | 06/01/2037 | 14,906,340 | ||||||||||||
| State of Louisiana Gasoline and Fuels Tax Revenue Refunding Bonds 2017 Series B (Aa2/AA) |
| |||||||||||||||
| 1,425,000 | 5.000 | 05/01/2026 | 1,478,260 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Louisiana – (continued) |
| |||||||||||||||
| State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3/AA) |
| |||||||||||||||
| (SOFR + 0.50%) | ||||||||||||||||
| $ | 4,380,000 | 4.224 | %(b)(d) | 05/01/2043 | $ | 4,292,348 | ||||||||||
| State of Louisiana Grant Anticipation RB Series 2023 (NR/AA) |
| |||||||||||||||
| 900,000 | 5.000 | 09/01/2026 | 939,959 | |||||||||||||
|
|
|
|||||||||||||||
| 84,356,091 | ||||||||||||||||
|
|
||||||||||||||||
| Maine - 0.0% |
| |||||||||||||||
| Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-) |
| |||||||||||||||
| 1,575,000 | 5.000 | 07/01/2026 | 1,608,431 | |||||||||||||
|
|
||||||||||||||||
| Maryland - 1.6% |
| |||||||||||||||
| Frederick County Maryland Tax Allocation Refunding for Oakdale- Lake Linganore Development District Series 2019 B (NR/NR) |
| |||||||||||||||
| 245,000 | 2.625 | 07/01/2024 | 243,550 | |||||||||||||
| Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2016 (Aa1/AAA) |
| |||||||||||||||
| 3,025,000 | 4.000 | 09/01/2027 | 3,137,645 | |||||||||||||
| Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) |
| |||||||||||||||
| 2,550,000 | 5.000 | 11/12/2028 | 2,615,515 | |||||||||||||
| Maryland Health & Higher Educational Facilities Authority RB for St. John’s College Series 2020 (NR/BBB+) |
| |||||||||||||||
| 305,000 | 4.000 | 10/01/2026 | 305,499 | |||||||||||||
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB+) |
| |||||||||||||||
| 350,000 | 4.000 | 10/01/2024 | 349,492 | |||||||||||||
| Maryland Stadium Authority RB Football Stadium Issue Series 2023A (NR/AA) |
| |||||||||||||||
| 1,850,000 | 5.000 | 03/01/2025 | 1,875,382 | |||||||||||||
| 2,000,000 | 5.000 | 03/01/2026 | 2,065,293 | |||||||||||||
| Maryland Transportation Authority Projects RB Refunding Tax- Exempt Bonds Series 2024A (Aa2/NR) |
| |||||||||||||||
| 5,725,000 | 5.000 | 07/01/2026 | 5,964,455 | |||||||||||||
| 8,985,000 | 5.000 | 07/01/2027 | 9,563,342 | |||||||||||||
| Montgomery County GO Bonds for Consolidated Public Improvement Project Series 2021 A (Aaa/AAA) |
| |||||||||||||||
| 10,000,000 | 5.000 | 08/01/2028 | 10,950,262 | |||||||||||||
| State of Maryland GO Bonds for State & Local Facilities Loan Series 2020A (Aaa/AAA) |
| |||||||||||||||
| 10,290,000 | 5.000 | 03/15/2027 | 10,925,755 | |||||||||||||
| State of Maryland GO Bonds for State & Local Facilities Loan Series 2021A (Aaa/AAA) |
| |||||||||||||||
| 17,825,000 | 5.000 | 08/01/2027 | 19,088,343 | |||||||||||||
| Washington Suburban Sanitary District Consolidated Public Improvement Bonds of Series 2024 (CNTY GTD) (Aaa/AAA) |
| |||||||||||||||
| 4,665,000 | 5.000 | 06/01/2026 | 4,864,522 | |||||||||||||
| 4,990,000 | 5.000 | 06/01/2027 | 5,323,605 | |||||||||||||
| Washington Suburban Sanitary District Consolidated Public Improvement Green Bonds of Series 2024 (CNTY GTD) (Aaa/ AAA) |
| |||||||||||||||
| 490,000 | 5.000 | 06/01/2026 | 510,958 | |||||||||||||
| 515,000 | 5.000 | 06/01/2027 | 549,430 | |||||||||||||
|
|
|
|||||||||||||||
| 78,333,048 | ||||||||||||||||
|
|
||||||||||||||||
| Massachusetts - 1.6% |
| |||||||||||||||
| City of Boston GO Bonds 2017 Series A (Aaa/AAA) |
| |||||||||||||||
| 2,015,000 | 5.000 | 04/01/2025 | 2,051,665 | |||||||||||||
| 210 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Massachusetts – (continued) |
| |||||||||||||||
| Massachusetts Bay Transportation Authority Sales Tax RB Series 2005 A (Aa2/AA+) |
| |||||||||||||||
| $ | 25,035,000 | 5.000 | % | 07/01/2026 | $ | 26,198,820 | ||||||||||
| Massachusetts Development Finance Agency RB for Boston Medical Center Series G (Baa2/BBB) |
| |||||||||||||||
| 500,000 | 5.000 | 07/01/2024 | 500,852 | |||||||||||||
| Massachusetts Development Finance Agency RB for Harvard University Series 2016A (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 07/15/2033 | 5,238,788 | |||||||||||||
| Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (Aa1/AA+) |
| |||||||||||||||
| 3,500,000 | 0.450 | (b)(c) | 07/01/2041 | 3,317,457 | ||||||||||||
| Massachusetts Development Finance Agency RB for Wellforce Issue, Serries 2020C (AGM) (NR/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 10/01/2028 | 535,294 | |||||||||||||
| Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-) |
| |||||||||||||||
| 7,000,000 | 2.450 | (b)(c) | 11/01/2030 | 6,869,804 | ||||||||||||
| Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa2/AA+) |
| |||||||||||||||
| 5,165,000 | 5.000 | 11/15/2031 | 5,438,410 | |||||||||||||
| 11,750,000 | 5.000 | 11/15/2032 | 12,370,269 | |||||||||||||
| Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3/AA-) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.60%) | ||||||||||||||||
| 6,250,000 | 4.240 | (b)(d)(e) | 07/01/2049 | 6,227,877 | ||||||||||||
| Massachusetts Water Resources Authority General Revenue Refunding Bonds, 2014 Series F (Aa1/AA+) |
| |||||||||||||||
| 3,075,000 | 4.000 | (a) | 08/01/2024 | 3,079,078 | ||||||||||||
| The Commonwealth of Massachusetts GO Refunding Bonds Series 2016A (Aa1/AA+) |
| |||||||||||||||
| 8,110,000 | 5.000 | 07/01/2025 | 8,289,918 | |||||||||||||
|
|
|
|||||||||||||||
| 80,118,232 | ||||||||||||||||
|
|
||||||||||||||||
| Michigan - 1.8% |
| |||||||||||||||
| City of Detroit Downtown Development Authority RRB Refunding for Tax Increment Series 2018A (AGM) (NR/AA) |
| |||||||||||||||
| 14,000,000 | 5.000 | 07/01/2043 | 13,853,735 | |||||||||||||
| Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (NR/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 07/01/2024 | 500,790 | |||||||||||||
| 550,000 | 5.000 | 07/01/2025 | 551,486 | |||||||||||||
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) |
| |||||||||||||||
| (3M USD LIBOR + 0.60%) | ||||||||||||||||
| 28,240,000 | 4.346 | (d) | 07/01/2032 | 27,003,687 | ||||||||||||
| Lansing Board of Water & Light Utility System RB Series 2021B (Aa3/AA-) |
| |||||||||||||||
| 5,000,000 | 2.000 | (b)(c) | 07/01/2051 | 4,749,802 | ||||||||||||
| Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR/BBB-) |
| |||||||||||||||
| 140,000 | 4.000 | 02/01/2027 | 136,312 | |||||||||||||
| Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-) |
| |||||||||||||||
| 6,250,000 | 5.000 | (b)(c) | 12/01/2043 | 6,661,318 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Michigan – (continued) |
| |||||||||||||||
| Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (A1/NR) |
| |||||||||||||||
| $ | 1,215,000 | 5.000 | % | 05/15/2034 | $ | 1,232,789 | ||||||||||
| Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (Aa3/AA) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.75%) | ||||||||||||||||
| 5,845,000 | 4.390 | (b)(d) | 04/15/2047 | 5,795,797 | ||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A1/A+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2036 | 1,001,301 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (Aa3/AA) |
| |||||||||||||||
| 2,000,000 | 5.000 | 07/01/2035 | 2,004,141 | |||||||||||||
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (Aa3/AA-) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2029 | 1,016,166 | |||||||||||||
| Michigan Strategic Fund Limited Obligation RB DTE Electric Company Exempt Facilities Project, Collateralized Series 2023DT (Aa3/A) |
| |||||||||||||||
| 5,650,000 | 3.875 | (b)(c) | 06/01/2053 | 5,683,306 | ||||||||||||
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (WR/NR) |
| |||||||||||||||
| 2,685,000 | 5.000 | 06/30/2024 | 2,682,420 | |||||||||||||
| 3,500,000 | 5.000 | 12/31/2024 | 3,497,783 | |||||||||||||
| Star International Academy RB Refunding Series 2020 (NR/BBB) |
| |||||||||||||||
| 2,550,000 | 5.000 | 03/01/2030 | 2,603,983 | |||||||||||||
| Star International Academy Refunding Bonds Series 2020 (NR/ BBB) |
| |||||||||||||||
| 720,000 | 4.000 | 03/01/2025 | 712,746 | |||||||||||||
| 745,000 | 4.000 | 03/01/2026 | 731,725 | |||||||||||||
| 775,000 | 4.000 | 03/01/2027 | 758,054 | |||||||||||||
| State of Michigan Grant Anticipation Refunding Bonds Series 2016 (A2/AA) |
| |||||||||||||||
| 2,870,000 | 5.000 | 03/15/2026 | 2,971,645 | |||||||||||||
| Wayne County Airport Authority Airport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) |
| |||||||||||||||
| 2,495,000 | 5.000 | 12/01/2025 | 2,531,817 | |||||||||||||
| Wayne County Airport Authority Revenue Refunding Bonds Series 2017 E (A1/NR) |
| |||||||||||||||
| 3,000,000 | 4.000 | (e) | 12/01/2025 | 2,996,507 | ||||||||||||
|
|
|
|||||||||||||||
| 89,677,310 | ||||||||||||||||
|
|
||||||||||||||||
| Minnesota - 1.3% |
| |||||||||||||||
| City of Minneapolis GO Bonds Series 2021 (NR/AAA) |
| |||||||||||||||
| 8,100,000 | 4.000 | 12/01/2026 | 8,311,429 | |||||||||||||
| City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA) |
| |||||||||||||||
| 5,730,000 | 2.000 | 12/01/2029 | 5,190,505 | |||||||||||||
| City of Minneapolis Health Care System RB for Allina Health System Series 2023A (A1/A+) |
| |||||||||||||||
| 2,500,000 | 5.000 | (b)(c) | 11/15/2052 | 2,676,379 | ||||||||||||
| Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa1/NR) |
| |||||||||||||||
| 640,000 | 3.250 | 03/01/2025 | 638,968 | |||||||||||||
| 700,000 | 4.000 | 03/01/2026 | 710,877 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 211 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Minnesota – (continued) |
| |||||||||||||||
| Metropolitan Council GO Grant Anticipation Notes Series 2021B (Aaa/AAA) |
| |||||||||||||||
| $ | 1,590,000 | 5.000 | % | 12/01/2024 | $ | 1,606,304 | ||||||||||
| Minnesota Higher Education Facilities Authority RB Green Bonds Series 2024B Subseries 2024B-1 (A2/NR) |
| |||||||||||||||
| 3,000,000 | 5.000 | (b)(c) | 10/01/2053 | 3,137,705 | ||||||||||||
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) |
| |||||||||||||||
| 100,000 | 4.000 | 12/01/2024 | 99,402 | |||||||||||||
| Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (SD CRED PROG) (Aa1/ AAA) |
| |||||||||||||||
| 2,000,000 | 5.000 | 02/01/2026 | 2,068,578 | |||||||||||||
| 9,385,000 | 5.000 | 02/01/2027 | 9,918,903 | |||||||||||||
| Minnesota State Trunk Highway GO Bonds Series 2023B (Aaa/ AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 08/01/2025 | 5,118,321 | |||||||||||||
| Minnesota State Trunk Highway GO Refunding Bonds Series 2023E (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 08/01/2025 | 5,118,321 | |||||||||||||
| 5,000,000 | 5.000 | 08/01/2026 | 5,224,976 | |||||||||||||
| Regents of University of Minnesota GO Bonds Series 2013A (Aa1/ AA) |
| |||||||||||||||
| 3,185,000 | 4.000 | 02/01/2029 | 3,185,849 | |||||||||||||
| State of Minnesota GO State Trunk Highway Refunding Bonds Series 2017E (Aaa/AAA) |
| |||||||||||||||
| 1,500,000 | 5.000 | 10/01/2026 | 1,573,369 | |||||||||||||
| State of Minnesota GO State Various Purpose Bonds Series 2023A (Aaa/AAA) |
| |||||||||||||||
| 7,815,000 | 5.000 | 08/01/2026 | 8,166,637 | |||||||||||||
| Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (Aa2/NR) |
| |||||||||||||||
| 375,000 | 5.000 | 01/01/2025 | 379,352 | |||||||||||||
| 825,000 | 5.000 | 01/01/2026 | 851,723 | |||||||||||||
| 640,000 | 5.000 | 01/01/2027 | 674,582 | |||||||||||||
|
|
|
|||||||||||||||
| 64,652,180 | ||||||||||||||||
|
|
||||||||||||||||
| Mississippi - 0.6% |
| |||||||||||||||
| Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (Baa2/BBB) |
| |||||||||||||||
| 10,500,000 | 2.650 | (b)(c) | 04/01/2037 | 10,166,743 | ||||||||||||
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) |
| |||||||||||||||
| 9,085,000 | 1.375 | (b)(c) | 05/01/2034 | 8,804,802 | ||||||||||||
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (Baa2/BBB) |
| |||||||||||||||
| 9,300,000 | 1.375 | (b)(c) | 08/01/2027 | 9,013,171 | ||||||||||||
| Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) |
| |||||||||||||||
| 1,175,000 | 1.600 | (b)(c) | 08/01/2027 | 1,141,839 | ||||||||||||
|
|
|
|||||||||||||||
| 29,126,555 | ||||||||||||||||
|
|
||||||||||||||||
| Missouri - 1.1% |
| |||||||||||||||
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB The Children’s Mercy Hospital Series 2016 (NR/AA-) |
| |||||||||||||||
| 1,465,000 | 5.000 | 05/15/2027 | 1,518,388 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Missouri – (continued) |
|
|||||||||||||||
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Wright Memorial Hospital Series 2019 (NR/NR) |
| |||||||||||||||
| $ | 320,000 | 5.000 | % | 09/01/2025 | $ | 321,743 | ||||||||||
| Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) |
| |||||||||||||||
| 600,000 | 5.000 | 09/01/2024 | 599,981 | |||||||||||||
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) |
| |||||||||||||||
| 4,000,000 | 3.500 | (b)(c) | 05/01/2038 | 3,952,394 | ||||||||||||
| State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B (Aa2/AA) |
| |||||||||||||||
| 40,000,000 | 4.000 | (b)(c) | 05/01/2051 | 40,309,712 | ||||||||||||
| State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021C (Aa2/AA) |
| |||||||||||||||
| 2,200,000 | 5.000 | (b)(c) | 05/01/2052 | 2,340,679 | ||||||||||||
| The Planned Industrial Expansion Authority of Kansas City Multifamily Housing RB for The Depot on Old Santa Fe Series 2023 (Aaa/NR) |
| |||||||||||||||
| 5,000,000 | 5.000 | (b)(c) | 07/01/2045 | 5,164,476 | ||||||||||||
|
|
|
|||||||||||||||
| 54,207,373 | ||||||||||||||||
|
|
||||||||||||||||
| Montana - 0.1% |
|
|||||||||||||||
| City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project Series 2023 (A3/NR) |
| |||||||||||||||
| 2,825,000 | 3.875 | 07/01/2028 | 2,863,864 | |||||||||||||
|
|
||||||||||||||||
| Nebraska - 0.3% |
|
|||||||||||||||
| Sarpy County School District 0001 Bellevue Public School, State of Nebraska GO School Building Bonds Series 2017 (A1/NR) |
| |||||||||||||||
| 1,420,000 | 5.000 | (a) | 12/15/2027 | 1,525,621 | ||||||||||||
| Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/A+) |
| |||||||||||||||
| 6,875,000 | 5.000 | 12/15/2027 | 7,063,042 | |||||||||||||
| Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (NR/A) |
| |||||||||||||||
| 4,700,000 | 0.900 | (b)(c) | 09/01/2030 | 4,516,879 | ||||||||||||
|
|
|
|||||||||||||||
| 13,105,542 | ||||||||||||||||
|
|
||||||||||||||||
| Nevada - 0.6% |
|
|||||||||||||||
| City of Las Vegas Special Improvement District Local Improvement Refunding Bonds Series 2013 (NR/NR) |
| |||||||||||||||
| 45,000 | 4.250 | 06/01/2024 | 44,991 | |||||||||||||
| City of Las Vegas Special Improvement District No. 812 for Summerlin Village 24 Local Improvement Bonds Series 2015 (NR/NR) |
| |||||||||||||||
| 1,315,000 | 5.000 | 12/01/2027 | 1,325,149 | |||||||||||||
| Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (Aa2/NR) |
| |||||||||||||||
| 925,000 | 5.000 | 07/01/2025 | 944,608 | |||||||||||||
| 675,000 | 5.000 | 07/01/2026 | 702,785 | |||||||||||||
| 870,000 | 5.000 | 07/01/2027 | 925,444 | |||||||||||||
| 212 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Nevada – (continued) |
|
|||||||||||||||
| Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (Aa3/NR) |
| |||||||||||||||
| $ | 750,000 | 5.000 | % | 07/01/2024 | $ | 751,314 | ||||||||||
| 1,275,000 | 5.000 | 07/01/2025 | 1,293,737 | |||||||||||||
| 1,000,000 | 5.000 | 07/01/2026 | 1,031,925 | |||||||||||||
| Clark County Pollution Control Refunding RB for Nevada Power Company Projects Series 2017 (A2/A) |
| |||||||||||||||
| 1,025,000 | 3.750 | (b)(c) | 01/01/2036 | 1,018,092 | ||||||||||||
| Clark County School District GO (Limited Tax) Building Bonds, Series 2019A (AGM) (A1/AA) |
| |||||||||||||||
| 3,285,000 | 5.000 | 06/15/2027 | 3,492,137 | |||||||||||||
| County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A2/A-) |
| |||||||||||||||
| 12,000,000 | 1.450 | 12/01/2024 | 11,732,039 | |||||||||||||
| Henderson Nevada Local Improvement District No. T-18 (NR/NR) |
| |||||||||||||||
| 1,090,000 | 4.000 | 09/01/2025 | 1,082,747 | |||||||||||||
| Las Vegas Valley Water District GO LT Water Refunding Bonds Additionally Secured By SNWA Pledged Revenues Series 2022C (Aa1/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 06/01/2028 | 1,087,321 | |||||||||||||
| Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021C (Aa1/AA) |
| |||||||||||||||
| 4,355,000 | 5.000 | 06/01/2025 | 4,441,200 | |||||||||||||
| State of Nevada Highway Improvement Indexed Tax and Subordinate Motor Vehicle Fuel Tax RB Series 2024B (Aa1/ AA+) |
| |||||||||||||||
| 1,480,000 | 5.000 | 12/01/2026 | 1,554,828 | |||||||||||||
|
|
|
|||||||||||||||
| 31,428,317 | ||||||||||||||||
|
|
||||||||||||||||
| New Hampshire - 0.4% |
|
|||||||||||||||
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-1 (NR/A-/A-2) |
| |||||||||||||||
| 1,250,000 | 2.150 | (b)(c)(h) | 09/01/2025 | 1,243,569 | ||||||||||||
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-2 (NR/A-/A-2) |
| |||||||||||||||
| 5,000,000 | 2.150 | (b)(c)(h) | 07/01/2027 | 4,973,662 | ||||||||||||
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-3 (NR/A-/A-2) |
| |||||||||||||||
| 5,000,000 | 2.150 | (b)(c)(h) | 07/01/2033 | 4,973,662 | ||||||||||||
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-4 (NR/A-/A-2) |
| |||||||||||||||
| 3,000,000 | 2.150 | (b)(c)(h) | 08/01/2038 | 2,984,197 | ||||||||||||
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| |||||||||||||||
| 285,000 | 4.000 | 01/01/2025 | 282,732 | |||||||||||||
| 265,000 | 4.000 | 01/01/2026 | 261,080 | |||||||||||||
| 250,000 | 4.000 | 01/01/2027 | 245,398 | |||||||||||||
| New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (FHA 542(C)) (Aaa/NR) |
| |||||||||||||||
| 1,010,000 | 2.650 | 08/01/2024 | 1,001,142 | |||||||||||||
| 5,575,000 | 2.800 | 02/01/2025 | 5,501,336 | |||||||||||||
|
|
|
|||||||||||||||
| 21,466,778 | ||||||||||||||||
|
|
||||||||||||||||
| New Jersey - 4.7% |
|
|||||||||||||||
| Camden County Improvement Authority Multi-Family Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 2,750,000 | 5.000 | (b)(c) | 03/01/2027 | 2,810,999 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) | ||||||||||||||||
| County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa/AAA) |
| |||||||||||||||
| $ | 4,615,000 | 2.000 | % | 02/01/2027 | $ | 4,383,362 | ||||||||||
| New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/BB-) |
| |||||||||||||||
| 325,000 | 4.000 | 07/01/2024 | 324,238 | |||||||||||||
| New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+) |
| |||||||||||||||
| 3,100,000 | 0.850 | 12/01/2025 | 2,875,817 | |||||||||||||
| New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (A2/A-) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 1.25%) | ||||||||||||||||
| 13,315,000 | 4.890 | (d) | 09/01/2025 | 13,335,299 | ||||||||||||
| New Jersey Economic Development Authority Refunding RB for School Facilities Construction Series 2005 N1 (AMBAC) (A2/A-) |
| |||||||||||||||
| 2,000,000 | 5.500 | 09/01/2026 | 2,103,710 | |||||||||||||
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (A2/A-) |
| |||||||||||||||
| 2,850,000 | 5.500 | (a) | 12/15/2026 | 3,040,465 | ||||||||||||
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS Forward Delivery (A2/A-) |
| |||||||||||||||
| 4,000,000 | 5.000 | (f) | 06/15/2026 | 4,143,725 | ||||||||||||
| 2,480,000 | 5.000 | (f) | 06/15/2027 | 2,615,863 | ||||||||||||
| New Jersey Economic Development Authority Special Facility Revenue Refunding Bonds for Port Newark Container Terminal Project Series 2017 (Baa2/NR) |
| |||||||||||||||
| 2,130,000 | 5.000 | 10/01/2026 | 2,180,651 | |||||||||||||
| 1,680,000 | 5.000 | 10/01/2027 | 1,745,439 | |||||||||||||
| New Jersey Economic Development Authority State Lease RB for Health Department & Taxation Division Office Project 2018 Series A (A2/A-) |
| |||||||||||||||
| 1,955,000 | 5.000 | 06/15/2024 | 1,959,021 | |||||||||||||
| New Jersey Economic Development Authority Water Facilities Refunding RB New Jersey- American Water Company, Inc. Project Series 2020B Bonds (A1/A+) |
| |||||||||||||||
| 3,495,000 | 3.750 | (b)(c) | 11/01/2034 | 3,488,592 | ||||||||||||
| New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (Aa3/AA-) |
| |||||||||||||||
| 5,700,000 | 5.000 | (b)(c) | 07/01/2042 | 5,801,906 | ||||||||||||
| New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (NR/AA-) |
| |||||||||||||||
| 1,595,000 | 0.650 | 05/01/2024 | 1,590,440 | |||||||||||||
| 3,085,000 | 0.750 | 11/01/2024 | 2,995,849 | |||||||||||||
| 2,310,000 | 0.900 | 11/01/2025 | 2,161,305 | |||||||||||||
| New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2017 Series A (NON-AMT) (NR/AA-) |
| |||||||||||||||
| 1,830,000 | 2.850 | 11/01/2025 | 1,797,132 | |||||||||||||
| New Jersey Housing and Mortgage Finance Agency Single Family Housing RB 2022 Series I (NON-AMT) (Aa2/AA) |
| |||||||||||||||
| 2,675,000 | 2.800 | 10/01/2025 | 2,608,394 | |||||||||||||
| 2,600,000 | 2.900 | 04/01/2026 | 2,531,767 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 213 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) | ||||||||||||||||
| New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) |
| |||||||||||||||
| $ | 10,765,000 | 0.000 | %(g) | 12/15/2025 | $ | 10,162,726 | ||||||||||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A2/A+) |
| |||||||||||||||
| 18,630,000 | 5.000 | 06/15/2027 | 19,317,123 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) |
| |||||||||||||||
| 365,000 | 0.000 | (g) | 12/15/2026 | 333,641 | ||||||||||||
| 4,155,000 | 0.000 | (g) | 12/15/2027 | 3,679,107 | ||||||||||||
| 24,420,000 | 0.000 | (g) | 12/15/2028 | 20,963,383 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) |
| |||||||||||||||
| 46,470,000 | 0.000 | (g) | 12/15/2027 | 41,222,580 | ||||||||||||
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) |
| |||||||||||||||
| 450,000 | 5.000 | 12/15/2024 | 454,155 | |||||||||||||
| New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A2/ A+) |
| |||||||||||||||
| 1,200,000 | 5.000 | 06/15/2030 | 1,240,377 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Tax Exempt RB for Transportation System Bonds Series 2019 A (A2/A-) |
| |||||||||||||||
| 7,430,000 | 5.000 | 12/15/2025 | 7,635,738 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) |
| |||||||||||||||
| 2,000,000 | 5.000 | 06/15/2024 | 2,004,128 | |||||||||||||
| 1,615,000 | 5.000 | 06/15/2025 | 1,644,309 | |||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) |
| |||||||||||||||
| 9,240,000 | 0.000 | (g) | 12/15/2029 | 7,687,699 | ||||||||||||
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A-) |
| |||||||||||||||
| 3,095,000 | 5.000 | 06/15/2026 | 3,209,007 | |||||||||||||
| New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) |
| |||||||||||||||
| 10,000,000 | 5.000 | (f) | 01/01/2027 | 10,443,048 | ||||||||||||
| New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/ AA-) |
| |||||||||||||||
| 18,650,000 | 5.000 | 01/01/2033 | 18,705,303 | |||||||||||||
| Passaic County Improvement Authority Charter School RB for Paterson Arts & Science Charter School Project Series 2023 (NR/BBB-) |
| |||||||||||||||
| 620,000 | 4.250 | 07/01/2033 | 630,029 | |||||||||||||
| Salem County Pollution Control Financing Authority Pollution Control RB for Philadelphia Electric Company Project 1993 Series A (Baa1/BBB+) |
| |||||||||||||||
| 1,645,000 | 4.450 | (c) | 03/01/2025 | 1,650,060 | ||||||||||||
| State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A1/A) |
| |||||||||||||||
| 12,750,000 | 5.000 | 06/01/2027 | 13,522,872 | |||||||||||||
| Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (NR/A) |
| |||||||||||||||
| 1,495,000 | 5.000 | 06/01/2027 | 1,576,364 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New Jersey – (continued) | ||||||||||||||||
| Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds for Covanta Union Series 2011A (AMT) (CNTY GTD) (NR/AA+) |
| |||||||||||||||
| $ | 4,495,000 | 5.250 | % | 12/01/2031 | $ | 4,498,160 | ||||||||||
|
|
|
|||||||||||||||
| 235,073,783 | ||||||||||||||||
|
|
||||||||||||||||
| New Mexico - 0.8% |
| |||||||||||||||
| City of Farmington Pollution Control Revenue Refunding Bonds 2010 Series B (NON-AMT) (Baa2/BBB) |
| |||||||||||||||
| 12,500,000 | 3.000 | (b)(c) | 06/01/2040 | 12,471,197 | ||||||||||||
| City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) |
| |||||||||||||||
| 5,195,000 | 3.900 | (b)(c) | 06/01/2040 | 5,185,989 | ||||||||||||
| Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) |
| |||||||||||||||
| 3,330,000 | 0.875 | (b)(c) | 06/01/2040 | 3,002,504 | ||||||||||||
| New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (Aa3/ AA-) |
| |||||||||||||||
| 7,680,000 | 5.000 | (b)(c) | 08/01/2049 | 7,803,444 | ||||||||||||
| New Mexico Mortgage Finance Authority Multifamily Housing RB for Mountain View II & III Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 2,600,000 | 5.000 | (b)(c) | 02/01/2042 | 2,626,207 | ||||||||||||
| New Mexico Mortgage Finance Authority Multifamily Housing RB for Santa Fe Apartments and Sangre De Cristo Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 3,555,000 | 5.000 | (b)(c) | 02/01/2042 | 3,569,519 | ||||||||||||
| State of New Mexico Severance Tax Bonds Series 2022A (Aa2/ AA-) |
| |||||||||||||||
| 4,880,000 | 5.000 | 07/01/2026 | 5,086,273 | |||||||||||||
| Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) |
| |||||||||||||||
| 100,000 | 4.000 | 09/01/2024 | 99,897 | |||||||||||||
| 175,000 | 5.000 | 09/01/2027 | 183,677 | |||||||||||||
|
|
|
|||||||||||||||
| 40,028,707 | ||||||||||||||||
|
|
||||||||||||||||
| New York - 12.2% |
| |||||||||||||||
| Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) |
| |||||||||||||||
| 100,000 | 4.000 | 06/15/2026 | 97,942 | |||||||||||||
| Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) |
| |||||||||||||||
| 120,000 | 4.000 | 06/15/2024 | 119,721 | |||||||||||||
| Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) |
| |||||||||||||||
| 245,000 | 3.400 | 07/01/2027 | 239,920 | |||||||||||||
| Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) |
| |||||||||||||||
| 970,000 | 4.000 | 06/15/2033 | 972,046 | |||||||||||||
| Chautauqua County Capital Resource Corp. Exempt Facilities Revenue Refunding Bonds for NRG Energy Project Series 2020 (Baa3/BBB-) |
| |||||||||||||||
| 5,185,000 | 4.250 | (b)(c) | 04/01/2042 | 5,236,909 | ||||||||||||
| City of New York GO Bonds 2023 Series C (Aa2/AA) |
| |||||||||||||||
| 3,000,000 | 5.000 | 08/01/2025 | 3,071,388 | |||||||||||||
| City of New York GO Bonds 2023 Series D (Aa2/AA) |
| |||||||||||||||
| 1,885,000 | 5.000 | 08/01/2025 | 1,929,855 | |||||||||||||
| 214 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | % | 08/01/2026 | $ | 1,044,839 | ||||||||||
| City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 10/01/2026 | 1,048,745 | |||||||||||||
| City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) |
| |||||||||||||||
| 4,285,000 | 5.000 | 09/01/2026 | 4,481,358 | |||||||||||||
| City of New York GO Bonds Fiscal 2021 Series A (Aa2/AA) |
| |||||||||||||||
| 10,260,000 | 5.000 | 08/01/2026 | 10,710,619 | |||||||||||||
| City of Yonkers GO Serial Bonds Series 2022F (BAM) (A2/AA) |
| |||||||||||||||
| 175,000 | 5.000 | 11/15/2025 | 180,119 | |||||||||||||
| 250,000 | 5.000 | 11/15/2026 | 262,775 | |||||||||||||
| 200,000 | 5.000 | 11/15/2027 | 215,167 | |||||||||||||
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 03/15/2026 | 1,037,535 | |||||||||||||
| 2,650,000 | 5.000 | 03/15/2027 | 2,808,318 | |||||||||||||
| Empire State Development Corp. State Personal Income Tax RB Series 2022A (Aa1/NR) |
| |||||||||||||||
| 21,000,000 | 5.000 | 09/15/2028 | 23,039,730 | |||||||||||||
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) |
| |||||||||||||||
| 175,000 | 5.000 | 12/01/2024 | 175,649 | |||||||||||||
| 275,000 | 5.000 | 12/01/2026 | 282,716 | |||||||||||||
| Long Island Power Authority RB Refunding Series 2020 B (A2/A) |
| |||||||||||||||
| 8,000,000 | 0.850 | (b)(c) | 09/01/2050 | 7,629,988 | ||||||||||||
| Long Island Power Authority RB Refunding Series 2021 B (A2/A) |
| |||||||||||||||
| 15,000,000 | 1.500 | (b)(c) | 09/01/2051 | 14,090,358 | ||||||||||||
| Long Island Power Authority RB Series 2021 (A2/A) |
| |||||||||||||||
| 10,000,000 | 1.000 | 09/01/2025 | 9,513,203 | |||||||||||||
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) |
| |||||||||||||||
| 4,250,000 | 4.000 | 11/15/2026 | 4,333,767 | |||||||||||||
| Metropolitan Transportation Authority Transportation RB Series 2012E (A3/A-) |
| |||||||||||||||
| 480,000 | 4.000 | 11/15/2038 | 480,137 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2017B-2 (NR/AA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 11/15/2027 | 5,381,299 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) |
| |||||||||||||||
| 4,250,000 | 5.250 | 11/15/2028 | 4,375,266 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (A3/A-) |
| |||||||||||||||
| 10,000,000 | 5.000 | 11/15/2033 | 10,224,362 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/A-) |
| |||||||||||||||
| 1,075,000 | 5.000 | 11/15/2027 | 1,145,799 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) |
| |||||||||||||||
| 3,000,000 | 5.000 | 11/15/2028 | 3,283,462 | |||||||||||||
| Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/A-) |
| |||||||||||||||
| (SOFR + 0.60%) | ||||||||||||||||
| 16,750,000 | 4.164 | (d) | 11/01/2026 | 16,701,072 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (A3/A-) |
| |||||||||||||||
| $ | 10,175,000 | 5.000 | %(b)(c) | 11/15/2048 | $ | 10,233,022 | ||||||||||
| New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA) |
| |||||||||||||||
| 300,000 | 0.010 | (b)(c) | 01/01/2032 | 300,000 | ||||||||||||
| New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (Aa2/AA+) |
| |||||||||||||||
| 5,825,000 | 1.125 | (b)(c) | 05/01/2060 | 5,710,058 | ||||||||||||
| New York City Housing Development Corp. RB Series 2020 D-2 (FHA 542 (C)) (FHA 542 (C)) (Aa2/AA+) |
| |||||||||||||||
| 2,000,000 | 0.700 | (b)(c) | 05/01/2060 | 1,945,372 | ||||||||||||
| New York City Housing Development Corp. Series F-2-B (REMIC FHA INS 542(C)) (REMIC FHA INS 542(c)) (Aa2/AA+) |
| |||||||||||||||
| 5,265,000 | 3.400 | (b)(c) | 11/01/2062 | 5,207,174 | ||||||||||||
| New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR) |
| |||||||||||||||
| (MUNI-CPI + 0.87%) | ||||||||||||||||
| 2,505,000 | 3.961 | 03/01/2025 | 2,492,492 | |||||||||||||
| (MUNI-CPI + 0.88%) | ||||||||||||||||
| 2,610,000 | 3.971 | 03/01/2026 | 2,594,390 | |||||||||||||
| (MUNI-CPI + 0.89%) | ||||||||||||||||
| 2,725,000 | 3.981 | 03/01/2027 | 2,712,144 | |||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2011 Series DD (Aa1/AA+/A-1) |
| |||||||||||||||
| 17,590,000 | 4.500 | (b)(c) | 06/15/2043 | 17,590,000 | ||||||||||||
| New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2021 Series Ee Subseries Ee-1 and Ee-2 (Aa1/AA+/A-1+) |
| |||||||||||||||
| 16,960,000 | 4.500 | (b)(c) | 06/15/2045 | 16,960,000 | ||||||||||||
| New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| |||||||||||||||
| 10,000,000 | 5.000 | 07/15/2033 | 10,106,669 | |||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 1999 Series A-1 (Aa1/AAA) |
| |||||||||||||||
| 3,000,000 | 5.000 | 11/01/2028 | 3,295,135 | |||||||||||||
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series B (Aa1/AAA) |
| |||||||||||||||
| 8,020,000 | 5.000 | 11/01/2028 | 8,808,994 | |||||||||||||
| New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/ NR) |
| |||||||||||||||
| 25,000 | 5.000 | 11/15/2024 | 25,174 | |||||||||||||
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) |
| |||||||||||||||
| 1,805,000 | 5.150 | (e) | 11/15/2034 | 1,811,556 | ||||||||||||
| New York NY GO Bonds 2008 L-4 (Aa1/AA+/A-1) |
| |||||||||||||||
| 13,840,000 | 4.500 | (b)(c) | 04/01/2038 | 13,840,000 | ||||||||||||
| New York Port Authority Consolidated Bonds 186th Series (Aa3/ AA-) |
| |||||||||||||||
| 4,000,000 | 5.000 | 10/15/2033 | 4,024,867 | |||||||||||||
| New York Port Authority Consolidated Bonds 197th Series (Aa3/ AA-) |
| |||||||||||||||
| 4,000,000 | 5.000 | 11/15/2034 | 4,086,148 | |||||||||||||
| New York Port Authority Consolidated Bonds 207th Series (Aa3/ AA-) |
| |||||||||||||||
| 6,035,000 | 5.000 | 09/15/2027 | 6,332,515 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 215 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York Port Authority Consolidated Bonds 226th Series (Aa3/ AA-) |
| |||||||||||||||
| $ | 3,750,000 | 5.000 | % | 10/15/2024 | $ | 3,770,467 | ||||||||||
| New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa1/AA+) |
| |||||||||||||||
| 2,150,000 | 5.000 | 03/15/2026 | 2,235,262 | |||||||||||||
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR) |
| |||||||||||||||
| 925,000 | 5.000 | 07/01/2024 | 925,658 | |||||||||||||
| 1,130,000 | 5.000 | 07/01/2028 | 1,145,964 | |||||||||||||
| New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (Baa1/BBB+) |
| |||||||||||||||
| 27,750,000 | 7.389 | (b)(c) | 07/01/2034 | 27,750,000 | ||||||||||||
| New York State Environmental Facilities Corp. State Clean Water & Drinking Water Revolving Funds RB for Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2016 (Aaa/AAA) |
| |||||||||||||||
| 3,000,000 | 5.000 | 06/15/2035 | 3,102,331 | |||||||||||||
| New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) |
| |||||||||||||||
| 3,710,000 | 1.100 | (b)(c) | 11/01/2061 | 3,343,763 | ||||||||||||
| New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (SONYMA HUD SECT 8) (Aa2/NR) |
| |||||||||||||||
| 22,000,000 | 3.100 | (b)(c) | 05/01/2062 | 21,706,920 | ||||||||||||
| New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (SONYMA FHA 542(C)) (SONYMA FHA 542(c)) (Aa2/NR) |
| |||||||||||||||
| 18,000,000 | 3.850 | (b)(c) | 05/01/2062 | 18,009,184 | ||||||||||||
| New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR) |
| |||||||||||||||
| 8,500,000 | 0.650 | (b)(c) | 11/01/2056 | 7,979,958 | ||||||||||||
| New York State Thruway Authority General RB Series P (A1/A+) |
| |||||||||||||||
| 14,015,000 | 5.000 | 01/01/2027 | 14,792,503 | |||||||||||||
| New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (NR/AA+) |
| |||||||||||||||
| 40,000,000 | 5.000 | 03/15/2028 | 43,391,480 | |||||||||||||
| New York State Thruway Authority Personal Income Tax RB Series 2022A (NR/AA+) |
| |||||||||||||||
| 11,920,000 | 5.000 | 03/15/2028 | 12,930,661 | |||||||||||||
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (Baa1/NR) |
| |||||||||||||||
| 360,000 | 5.000 | 12/01/2026 | 371,021 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) |
| |||||||||||||||
| 6,195,000 | 5.000 | 01/01/2029 | 6,422,197 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| |||||||||||||||
| 8,000,000 | 5.000 | 01/01/2025 | 8,061,567 | |||||||||||||
| 3,425,000 | 5.000 | 01/01/2026 | 3,487,284 | |||||||||||||
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| |||||||||||||||
| 8,320,000 | 5.000 | 01/01/2030 | 8,620,105 | |||||||||||||
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/ BBB) |
| |||||||||||||||
| 1,300,000 | 5.000 | 12/01/2027 | 1,374,836 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| |||||||||||||||
| $ | 6,150,000 | 5.000 | % | 07/01/2041 | $ | 6,101,950 | ||||||||||
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) |
| |||||||||||||||
| 14,275,000 | 5.250 | 01/01/2050 | 14,285,876 | |||||||||||||
| New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (Baa3/NR) |
| |||||||||||||||
| 7,765,000 | 5.000 | 01/01/2028 | 8,078,885 | |||||||||||||
| New York Transportation Development Corp. Special Facilities RB for Terminal 4 JFK International Airport Project Series 2020A (Baa1/NR) |
| |||||||||||||||
| 500,000 | 5.000 | 12/01/2027 | 523,154 | |||||||||||||
| Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) |
| |||||||||||||||
| 1,020,000 | 5.000 | 07/01/2025 | 1,019,338 | |||||||||||||
| 1,080,000 | 5.000 | 07/01/2026 | 1,068,914 | |||||||||||||
| 1,090,000 | 5.000 | 07/01/2027 | 1,073,999 | |||||||||||||
| Port Authority of New York Consolidated Bonds 185th Series (AMT) (Aa3/AA-) |
| |||||||||||||||
| 2,495,000 | 5.000 | 09/01/2028 | 2,507,193 | |||||||||||||
| Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) |
| |||||||||||||||
| 20,380,000 | 3.000 | 10/01/2028 | 19,668,618 | |||||||||||||
| Power Authority of The State of New York Green Transmission Project RB Series 2023A (AGM) (A1/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 11/15/2026 | 526,714 | |||||||||||||
| 500,000 | 5.000 | 11/15/2027 | 539,887 | |||||||||||||
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A3/A-) |
| |||||||||||||||
| 2,295,000 | 5.000 | (b)(c) | 05/01/2048 | 2,338,140 | ||||||||||||
| State of New York Dormitory Authority Personal Income Tax RB Series 2020A (Aa1/NR) |
| |||||||||||||||
| 24,620,000 | 5.000 | 03/15/2025 | 25,039,522 | |||||||||||||
| State of New York Dormitory Authority RB for St. Joseph’s College Series 2020A (NR/NR) |
| |||||||||||||||
| 1,025,000 | 5.000 | 07/01/2026 | 1,028,859 | |||||||||||||
| State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR) |
| |||||||||||||||
| 675,000 | 5.000 | 07/01/2026 | 687,471 | |||||||||||||
| 705,000 | 5.000 | 07/01/2027 | 726,510 | |||||||||||||
| 740,000 | 5.000 | 07/01/2028 | 771,007 | |||||||||||||
| The City of New York GO Bonds Tax-Exempt Bonds Series 1 (Aa2/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 08/01/2028 | 1,089,467 | |||||||||||||
| The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) |
| |||||||||||||||
| 2,655,000 | 5.000 | 08/01/2025 | 2,718,178 | |||||||||||||
| 1,000,000 | 5.000 | 08/01/2026 | 1,043,920 | |||||||||||||
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred forty-Second Series (Aa3/AA-) |
| |||||||||||||||
| 1,750,000 | 5.000 | 12/01/2025 | 1,783,170 | |||||||||||||
| Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+) |
| |||||||||||||||
| 40,900,000 | 5.000 | (b)(c) | 05/15/2051 | 42,089,221 | ||||||||||||
| 216 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| New York – (continued) |
| |||||||||||||||
| Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2022E (NR/AA+) |
| |||||||||||||||
| $ | 26,915,000 | 5.000 | % | 11/15/2027 | $ | 28,839,406 | ||||||||||
| Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) |
| |||||||||||||||
| 210,000 | 5.000 | 01/01/2027 | 214,084 | |||||||||||||
|
|
|
|||||||||||||||
| 605,374,418 | ||||||||||||||||
|
|
||||||||||||||||
| North Carolina - 1.9% |
| |||||||||||||||
| Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021C (Aa3/AA) |
| |||||||||||||||
| 5,300,000 | 5.000 | (b)(c) | 01/15/2050 | 5,730,329 | ||||||||||||
| Charlotte-Mecklenburg Hospital Authority RB Series 2018E (Aa3/ AA) |
| |||||||||||||||
| 6,500,000 | 0.800 | (b)(c) | 01/15/2048 | 6,229,322 | ||||||||||||
| City of Charlotte Water & Sewer System Refunding RB Series 2015 (Aaa/AAA) |
| |||||||||||||||
| 10,000,000 | 5.000 | 07/01/2027 | 10,215,789 | |||||||||||||
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (Baa2/BBB) |
| |||||||||||||||
| 425,000 | 2.000 | (b)(c) | 11/01/2033 | 420,527 | ||||||||||||
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (Baa2/BBB) |
| |||||||||||||||
| 450,000 | 2.000 | (b)(c) | 11/01/2033 | 445,264 | ||||||||||||
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (Baa2/BBB) |
| |||||||||||||||
| 2,150,000 | 2.100 | (b)(c) | 03/01/2027 | 2,128,422 | ||||||||||||
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) |
| |||||||||||||||
| 4,550,000 | 1.375 | (b)(c) | 05/01/2034 | 4,409,670 | ||||||||||||
| County of Guilford GO School Bonds Series 2024 (Aaa/AAA) |
| |||||||||||||||
| 5,430,000 | 5.000 | 03/01/2027 | 5,761,608 | |||||||||||||
| County of Wake GO Refunding Bonds Series 2023B (Aaa/AAA) |
| |||||||||||||||
| 4,920,000 | 5.000 | 05/01/2026 | 5,121,047 | |||||||||||||
| Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) |
| |||||||||||||||
| 750,000 | 5.000 | 07/01/2027 | 786,161 | |||||||||||||
| North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR) |
| |||||||||||||||
| 30,000,000 | 5.000 | (a) | 10/01/2025 | 30,777,414 | ||||||||||||
| North Carolina Housing Finance Agency Multifamily Housing RB Series 2024 (Aaa/NR) |
| |||||||||||||||
| 2,205,000 | 5.000 | (b)(c)(f) | 04/01/2029 | 2,335,178 | ||||||||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-1 (NR/NR) |
| |||||||||||||||
| 350,000 | 4.250 | 10/01/2028 | 351,714 | |||||||||||||
| North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Tax-Exempt Mandatory Paydown Securities Series 2024B-2 (NR/NR) |
| |||||||||||||||
| 525,000 | 3.750 | 10/01/2028 | 522,636 | |||||||||||||
| State of North Carolina Limited Obligation Bonds Series 2020B (Aa1/AA+) |
| |||||||||||||||
| 13,610,000 | 5.000 | 05/01/2026 | 14,157,757 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| North Carolina – (continued) | ||||||||||||||||
| State of North Carolina Limited Obligation Refunding Bonds Series 2017B (Aa1/AA+) |
| |||||||||||||||
| $ | 4,425,000 | 5.000 | % | 05/01/2026 | $ | 4,603,092 | ||||||||||
| The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care RB Series 2021D (Aa3/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | (b)(c) | 01/15/2049 | 1,127,500 | ||||||||||||
|
|
|
|||||||||||||||
| 95,123,430 | ||||||||||||||||
|
|
||||||||||||||||
| North Dakota - 0.2% |
| |||||||||||||||
| City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa3/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | 12/01/2028 | 2,055,494 | |||||||||||||
| City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) |
| |||||||||||||||
| 125,000 | 5.000 | 12/01/2024 | 125,058 | |||||||||||||
| 165,000 | 5.000 | 12/01/2025 | 165,799 | |||||||||||||
| 225,000 | 5.000 | 12/01/2026 | 227,617 | |||||||||||||
| City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa3/NR) |
| |||||||||||||||
| 690,000 | 3.250 | 08/01/2024 | 688,895 | |||||||||||||
| City of Horace Temporary Refunding Improvement Bonds Series 2022B (Baa3/NR) |
| |||||||||||||||
| 5,375,000 | 4.000 | 01/01/2025 | 5,363,112 | |||||||||||||
|
|
|
|||||||||||||||
| 8,625,975 | ||||||||||||||||
|
|
||||||||||||||||
| Ohio - 1.7% |
| |||||||||||||||
| Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 USA (WR/NR) |
| |||||||||||||||
| 125,000 | 5.000 | 11/15/2025 | 127,091 | |||||||||||||
| Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (WR/ NR) |
| |||||||||||||||
| 175,000 | 5.000 | 11/15/2026 | 180,195 | |||||||||||||
| American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2023A (A1/A) |
| |||||||||||||||
| 2,500,000 | 5.000 | 02/15/2026 | 2,573,327 | |||||||||||||
| 2,750,000 | 5.000 | 02/15/2027 | 2,885,410 | |||||||||||||
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (NR/A) |
| |||||||||||||||
| 7,500,000 | 1.809 | 06/01/2025 | 7,189,342 | |||||||||||||
| City of Cleveland Airport System RB Series 2018A (AMT) (A2/A) |
| |||||||||||||||
| 2,000,000 | 5.000 | 01/01/2026 | 2,039,787 | |||||||||||||
| County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) |
| |||||||||||||||
| 6,000,000 | 5.000 | 07/01/2031 | 6,065,200 | |||||||||||||
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) |
| |||||||||||||||
| 500,000 | 5.000 | 02/15/2025 | 502,370 | |||||||||||||
| Franklin County Finance Authority Multifamily Housing RB for Dering Family Homes Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 5,000,000 | 5.000 | (b)(c) | 07/01/2045 | 5,133,539 | ||||||||||||
| Hamilton County Hospital Facilities Revenue Refunding And Improvement Bonds, Series 2021B (Trihealth, Inc. Obligated Group Project) (NR/A+/A-1) |
| |||||||||||||||
| 12,390,000 | 4.500 | (b)(c) | 08/15/2051 | 12,390,000 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 217 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Ohio – (continued) |
| |||||||||||||||
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (Baa2/BBB) |
| |||||||||||||||
| $ | 3,750,000 | 4.250 | %(b)(c) | 11/01/2039 | $ | 3,786,665 | ||||||||||
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (Baa2/BBB) |
| |||||||||||||||
| 6,500,000 | 4.000 | (b)(c) | 09/01/2030 | 6,534,889 | ||||||||||||
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) |
| |||||||||||||||
| 15,250,000 | 4.250 | (b)(c) | 11/01/2040 | 15,174,839 | ||||||||||||
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) |
| |||||||||||||||
| 1,075,000 | 2.875 | 02/01/2026 | 1,033,160 | |||||||||||||
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) |
| |||||||||||||||
| 2,695,000 | 2.875 | 02/01/2026 | 2,590,108 | |||||||||||||
| Ohio Housing Finance Agency Multifamily Housing RB for Cherry Blossom Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 1,700,000 | 5.000 | (b)(c) | 08/01/2026 | 1,717,844 | ||||||||||||
| Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR) |
| |||||||||||||||
| 140,000 | 5.000 | 11/15/2024 | 140,554 | |||||||||||||
| 280,000 | 5.000 | 11/15/2025 | 283,805 | |||||||||||||
| Ohio Water Development Authority Drinking Water Assistance Fund RB Series 2016 (Aaa/AAA) |
| |||||||||||||||
| 4,080,000 | 4.000 | 12/01/2033 | 4,164,643 | |||||||||||||
| Ohio Water Development Authority Fresh Water Development RB Series 2016B (Aaa/AAA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 06/01/2026 | 1,040,421 | |||||||||||||
| State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (Aa3/AA-) (SIFMA Municipal Swap Index Yield + 0.23%) |
| |||||||||||||||
| 4,400,000 | 3.870 | (b)(d) | 12/01/2042 | 4,316,043 | ||||||||||||
| State of Ohio Major Infrastructure RB Series 2016-1 (Aa1/AA) |
| |||||||||||||||
| 4,335,000 | 5.000 | 12/15/2027 | 4,505,660 | |||||||||||||
| Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR) |
| |||||||||||||||
| 2,500,000 | 5.000 | (a) | 12/01/2025 | 2,573,463 | ||||||||||||
|
|
|
|||||||||||||||
| 86,948,355 | ||||||||||||||||
|
|
||||||||||||||||
| Oklahoma - 0.7% |
| |||||||||||||||
| City of Tulsa GO Bonds Series 2021 (Aa1/AA) |
| |||||||||||||||
| 9,300,000 | 1.000 | 11/01/2026 | 8,513,705 | |||||||||||||
| Independent School District Combined Purpose GO Bonds Series 2021B (NR/AA) |
| |||||||||||||||
| 10,000,000 | 1.000 | 09/01/2025 | 9,481,589 | |||||||||||||
| Independent School District GO Combined Purposed Bonds Series 2021 (NR/AA+) |
| |||||||||||||||
| 8,840,000 | 1.250 | 06/01/2026 | 8,198,619 | |||||||||||||
| Independent School District No. 6 GO Combined Purpose Bonds Series 2023 (NR/AA-) |
| |||||||||||||||
| 9,925,000 | 5.000 | 09/01/2025 | 10,112,533 | |||||||||||||
| Oklahoma Development Finance Authority Health System RB Series 2018B (Ba3/BB-) |
| |||||||||||||||
| 500,000 | 5.000 | 08/15/2024 | 498,505 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Oklahoma – (continued) |
|
|||||||||||||||
| Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) |
| |||||||||||||||
| $ | 575,000 | 4.000 | %(b)(c) | 06/01/2028 | $ | 574,197 | ||||||||||
|
|
|
|||||||||||||||
| 37,379,148 | ||||||||||||||||
|
|
||||||||||||||||
| Oregon - 0.3% |
|
|||||||||||||||
| Corvallis School District No. 509J GO Convertible Deferred Interest Bonds Series 2018A (SCH BD GTY) (Aa1/AA+) |
| |||||||||||||||
| 2,790,000 | 5.000 | 06/15/2026 | 2,905,201 | |||||||||||||
| Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB) |
| |||||||||||||||
| 200,000 | 5.000 | 03/01/2025 | 200,809 | |||||||||||||
| Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (NR/BBB+) |
| |||||||||||||||
| 400,000 | 5.000 | 10/01/2024 | 401,621 | |||||||||||||
| 125,000 | 5.000 | 10/01/2026 | 127,852 | |||||||||||||
| Port of Portland International Airport RB Series 27A (NR/AA-) |
| |||||||||||||||
| 2,410,000 | 5.000 | 07/01/2028 | 2,575,156 | |||||||||||||
| Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR) |
| |||||||||||||||
| 7,090,000 | 4.000 | 04/01/2029 | 7,216,869 | |||||||||||||
| State of Oregon GO Bonds 2021 Series H (Aa1/AA+) |
| |||||||||||||||
| 1,330,000 | 1.000 | 08/01/2026 | 1,241,039 | |||||||||||||
|
|
|
|||||||||||||||
| 14,668,547 | ||||||||||||||||
|
|
||||||||||||||||
| Pennsylvania - 3.9% |
|
|||||||||||||||
| Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR/AA+) (SOFR + 0.29%) |
| |||||||||||||||
| 5,330,000 | 4.014 | (b)(d) | 02/01/2033 | 5,252,989 | ||||||||||||
| Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2024A (NR/AA+) |
| |||||||||||||||
| 4,700,000 | 5.000 | 08/01/2027 | 5,028,468 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) |
| |||||||||||||||
| 480,000 | 5.000 | 05/01/2026 | 490,929 | |||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/ NR) |
| |||||||||||||||
| 600,000 | 5.000 | 05/01/2028 | 629,017 | |||||||||||||
| City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A2/A+) |
| |||||||||||||||
| 1,150,000 | 5.000 | 07/01/2025 | 1,164,656 | |||||||||||||
| City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A2/NR) |
| |||||||||||||||
| 2,800,000 | 5.000 | 07/01/2027 | 2,924,482 | |||||||||||||
| Commonwealth of Pennsylvania GO Bonds First Series of 2020 (Aa3/A+) |
| |||||||||||||||
| 10,000,000 | 5.000 | 05/01/2026 | 10,366,288 | |||||||||||||
| Commonwealth of Pennsylvania GO Bonds First Series of 2022 (Aa3/A+) |
| |||||||||||||||
| 1,740,000 | 5.000 | 10/01/2027 | 1,865,872 | |||||||||||||
| Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+) |
| |||||||||||||||
| 3,925,000 | 5.000 | 08/15/2025 | 4,021,652 | |||||||||||||
| County of Beaver GO Bonds Series 2017 (BAM) (NR/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 04/15/2025 | 1,017,045 | |||||||||||||
| 218 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Pennsylvania – (continued) | ||||||||||||||||
| County of Westmoreland GO Bonds Tax Exempt 2013 Series A (A2/NR) |
| |||||||||||||||
| $ | 55,000 | 5.000 | % | 12/01/2024 | $ | 55,054 | ||||||||||
| Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-) |
| |||||||||||||||
| 2,195,000 | 2.345 | 11/01/2026 | 2,045,088 | |||||||||||||
| Delaware River Port Authority Port District Project Refunding Bonds Series 2022 (A3/A) |
| |||||||||||||||
| 1,050,000 | 5.000 | 01/01/2026 | 1,081,477 | |||||||||||||
| 1,000,000 | 5.000 | 01/01/2027 | 1,052,052 | |||||||||||||
| Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1/A+) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.40%) | ||||||||||||||||
| 17,860,000 | 4.040 | (b)(d) | 03/01/2057 | 17,505,504 | ||||||||||||
| Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (A1/A+) |
| |||||||||||||||
| (SOFR + 0.49%) | ||||||||||||||||
| 13,580,000 | 4.054 | (b)(d) | 03/01/2057 | 13,298,006 | ||||||||||||
| Geisinger Authority Health System Long Term Rate RB Series 2020B (A2/AA-) |
| |||||||||||||||
| 16,590,000 | 5.000 | (b)(c) | 04/01/2043 | 17,175,561 | ||||||||||||
| Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/BBB+) |
| |||||||||||||||
| 735,000 | 4.000 | 11/01/2024 | 733,048 | |||||||||||||
| 525,000 | 4.000 | 11/01/2025 | 521,575 | |||||||||||||
| 570,000 | 4.000 | 11/01/2026 | 567,570 | |||||||||||||
| Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (A1/A+) |
| |||||||||||||||
| 19,615,000 | 2.625 | 02/15/2027 | 18,919,332 | |||||||||||||
| Monroeville Finance Authority UPMC RB Series 2012 (A2/A) |
| |||||||||||||||
| 2,360,000 | 5.000 | 02/15/2027 | 2,477,530 | |||||||||||||
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) |
| |||||||||||||||
| 3,295,000 | 4.100 | 06/01/2029 | 3,403,269 | |||||||||||||
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) |
| |||||||||||||||
| 5,335,000 | 4.450 | (b)(c) | 10/01/2034 | 5,452,694 | ||||||||||||
| Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) |
| |||||||||||||||
| 1,600,000 | 4.000 | 07/01/2033 | 1,618,058 | |||||||||||||
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2021A-2 (NR/A-/A-2) |
| |||||||||||||||
| 10,000,000 | 4.600 | (b)(c) | 10/01/2046 | 10,166,303 | ||||||||||||
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (NR/A-/A-2) |
| |||||||||||||||
| 14,680,000 | 0.950 | (b)(c) | 12/01/2033 | 13,517,086 | ||||||||||||
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (NR/A-/A-2) |
| |||||||||||||||
| 7,440,000 | 1.100 | (b)(c) | 06/01/2031 | 6,894,625 | ||||||||||||
| Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (Baa2/NR) |
| |||||||||||||||
| 505,000 | 3.000 | 01/01/2025 | 499,013 | |||||||||||||
| 615,000 | 4.000 | 01/01/2026 | 610,579 | |||||||||||||
| Pennsylvania Go Bonds First 2023 (Aa3/A+) |
| |||||||||||||||
| 11,135,000 | 5.000 | 09/01/2026 | 11,622,386 | |||||||||||||
| 13,495,000 | 5.000 | 09/01/2027 | 14,444,210 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Pennsylvania – (continued) | ||||||||||||||||
| Pennsylvania Housing Finance Agency Special Limited Obligation Multifamily Housing Development Bonds for Cambridge Square Series 2023B (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| $ | 1,000,000 | 5.000 | %(b)(c) | 11/01/2026 | $ | 1,014,496 | ||||||||||
| Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (Aa3/NR) |
| |||||||||||||||
| 155,000 | 5.000 | 12/01/2025 | 159,555 | |||||||||||||
| 135,000 | 5.000 | 12/01/2026 | 141,909 | |||||||||||||
| 185,000 | 5.000 | 12/01/2027 | 198,847 | |||||||||||||
| Southeastern Pennsylvania Transportation Authority RB for Asset Improvement Program Series 2022 (Aa3/NR) |
| |||||||||||||||
| 495,000 | 5.000 | 06/01/2024 | 495,931 | |||||||||||||
| 570,000 | 5.000 | 06/01/2025 | 580,823 | |||||||||||||
| 750,000 | 5.000 | 06/01/2026 | 779,253 | |||||||||||||
| 500,000 | 5.000 | 06/01/2027 | 530,518 | |||||||||||||
| State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (AGM ST AID WITHHLDG) (A1/AA) |
| |||||||||||||||
| 2,525,000 | 5.000 | 06/01/2031 | 2,615,333 | |||||||||||||
| University of Pittsburgh of The Commonwealth System of Higher Education Panthers Tax-Exempt Higher Education Registered Series of 2021 (Aa1/AA+) |
| |||||||||||||||
| 10,000,000 | 4.000 | 04/15/2026 | 10,180,748 | |||||||||||||
| Westmoreland County IDA Health System Tax Exempt RB Series 2020A (Baa3/NR) |
| |||||||||||||||
| 450,000 | 4.000 | 07/01/2024 | 448,700 | |||||||||||||
| 575,000 | 4.000 | 07/01/2025 | 570,572 | |||||||||||||
| 625,000 | 4.000 | 07/01/2026 | 623,139 | |||||||||||||
|
|
|
|||||||||||||||
| 194,761,242 | ||||||||||||||||
|
|
||||||||||||||||
| Puerto Rico - 4.8% |
| |||||||||||||||
| Puerto Rico Commonwealth GO Bonds (NR/NR) |
| |||||||||||||||
| 2,800,579 | 0.000 | (c)(h)(i) | 11/01/2043 | 1,618,734 | ||||||||||||
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| |||||||||||||||
| 73,661 | 0.000 | (g) | 07/01/2024 | 72,929 | ||||||||||||
| 505,630 | 5.375 | 07/01/2025 | 515,693 | |||||||||||||
| 501,051 | 5.625 | 07/01/2027 | 532,802 | |||||||||||||
| 492,922 | 5.625 | 07/01/2029 | 539,245 | |||||||||||||
| 478,771 | 5.750 | 07/01/2031 | 539,337 | |||||||||||||
| 584,255 | 0.000 | (g) | 07/01/2033 | 383,307 | ||||||||||||
| 454,000 | 4.000 | 07/01/2033 | 452,241 | |||||||||||||
| 408,086 | 4.000 | 07/01/2035 | 400,091 | |||||||||||||
| 350,245 | 4.000 | 07/01/2037 | 337,981 | |||||||||||||
| 476,200 | 4.000 | 07/01/2041 | 447,822 | |||||||||||||
| 495,242 | 4.000 | 07/01/2046 | 454,102 | |||||||||||||
| Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) |
| |||||||||||||||
| 190,000 | 5.250 | 07/01/2024 | 189,897 | |||||||||||||
| 1,015,000 | 5.250 | 07/01/2025 | 1,009,434 | |||||||||||||
| 150,000 | 5.250 | 07/01/2032 | 148,962 | |||||||||||||
| 145,000 | 5.250 | 07/01/2035 | 143,112 | |||||||||||||
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds PP (NATL) (NR/NR) |
| |||||||||||||||
| 215,000 | 5.000 | 07/01/2024 | 215,035 | |||||||||||||
| 700,000 | 5.000 | 07/01/2025 | 700,116 | |||||||||||||
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds RR (NATL) (NR/NR) |
| |||||||||||||||
| 220,000 | 5.000 | 07/01/2024 | 220,040 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 219 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) |
| |||||||||||||||
| Puerto Rico – (continued) |
| |||||||||||||||
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds SS (NATL) (NR/NR) |
| |||||||||||||||
| $ | 525,000 | 5.000 | % | 07/01/2025 | $ | 525,179 | ||||||||||
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) |
| |||||||||||||||
| (3M USD LIBOR + 0.52%) | ||||||||||||||||
| 55,400,000 | 4.266 | (d) | 07/01/2029 | 52,323,383 | ||||||||||||
| Puerto Rico Financial Corp Commonwealth Appropriation Bonds 2001E (AGC-ICC AGM-CR) (A1/AA) |
| |||||||||||||||
| 2,030,000 | 6.000 | 08/01/2026 | 2,156,005 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 9,429,000 | 0.000 | (g) | 07/01/2024 | 9,339,871 | ||||||||||||
| 35,868,000 | 0.000 | (g) | 07/01/2027 | 31,730,870 | ||||||||||||
| 4,613,000 | 0.000 | (g) | 07/01/2029 | 3,778,379 | ||||||||||||
| 15,837,000 | 0.000 | (g) | 07/01/2031 | 11,955,928 | ||||||||||||
| 19,838,000 | 0.000 | (g) | 07/01/2033 | 13,729,511 | ||||||||||||
| 4,705,000 | 0.000 | (g) | 07/01/2046 | 1,499,589 | ||||||||||||
| 3,833,000 | 0.000 | (g) | 07/01/2051 | 893,521 | ||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| |||||||||||||||
| 2,050,000 | 4.329 | 07/01/2040 | 2,050,590 | |||||||||||||
| 56,000 | 4.536 | 07/01/2053 | 53,856 | |||||||||||||
| 747,000 | 4.784 | 07/01/2058 | 741,405 | |||||||||||||
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| |||||||||||||||
| 96,554,000 | 4.500 | 07/01/2034 | 97,071,858 | |||||||||||||
| 1,345,000 | 4.750 | 07/01/2053 | 1,338,585 | |||||||||||||
| 3,400,000 | 5.000 | 07/01/2058 | 3,410,053 | |||||||||||||
| State of Delaware GO Custodial Receipts Series 2017A (NR/NR) |
| |||||||||||||||
| 1,030,000 | 0.000 | (h) | 03/15/2049 | 88,200 | ||||||||||||
|
|
|
|||||||||||||||
| 241,607,663 | ||||||||||||||||
|
|
||||||||||||||||
| Rhode Island - 0.1% |
| |||||||||||||||
| Rhode Island Health and Educational Building Corp. Revenue Refunding Bonds for Providence Public Schools Series 2015 A (AGM ST APPROP) (Aa3/AA) |
| |||||||||||||||
| 4,150,000 | 5.000 | 05/15/2025 | 4,210,720 | |||||||||||||
| State of Rhode Island GO Bonds Consolidated Capital Development Loan Series 2022 A (Aa2/AA) |
| |||||||||||||||
| 2,210,000 | 5.000 | 08/01/2026 | 2,308,586 | |||||||||||||
|
|
|
|||||||||||||||
| 6,519,306 | ||||||||||||||||
|
|
||||||||||||||||
| South Carolina - 0.1% |
| |||||||||||||||
| City of Charleston Waterworks & Sewer System Refunding RB Series 2021 (Aaa/AAA) |
| |||||||||||||||
| 2,310,000 | 4.000 | 01/01/2029 | 2,444,099 | |||||||||||||
| Housing Authority of The City of Greenville Multifamily Housing RB for Cherokee Landing Apartments Project Series 2023 (Aaa/NR) |
| |||||||||||||||
| 900,000 | 5.000 | (b)(c) | 07/01/2027 | 920,705 | ||||||||||||
| State of South Carolina GO State Economic Development Refunding Bonds Series 2016B (ST AID WITHHLDG) (Aaa/ AA+) |
| |||||||||||||||
| 2,405,000 | 4.000 | (a) | 08/01/2026 | 2,460,195 | ||||||||||||
|
|
|
|||||||||||||||
| 5,824,999 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Tennessee - 0.6% |
| |||||||||||||||
| City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/AA+) |
| |||||||||||||||
| $ | 2,245,000 | 4.000 | % | 10/01/2035 | $ | 2,267,579 | ||||||||||
| County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (HUD SECT 8) (NR/AA+) |
| |||||||||||||||
| 3,500,000 | 3.950 | (b)(c) | 12/01/2027 | 3,475,243 | ||||||||||||
| Metropolitan Government of Nashville and Davidson County Electric System RB Refunding 2024 Series B (Aa1/NR) |
| |||||||||||||||
| 2,050,000 | 5.000 | 05/15/2026 | 2,133,023 | |||||||||||||
| 2,725,000 | 5.000 | 05/15/2027 | 2,896,757 | |||||||||||||
| Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (A1/NR) |
| |||||||||||||||
| 1,050,000 | 5.000 | 07/01/2028 | 1,116,383 | |||||||||||||
| Tennessee State School Bond Authority Higher Education Facilities Second Program Bonds 2015 Series B (ST INTERCEPT) (Aa1/AA+) |
| |||||||||||||||
| 10,000,000 | 5.000 | (a) | 11/01/2025 | 10,284,089 | ||||||||||||
| The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) |
| |||||||||||||||
| 1,135,000 | 3.850 | (b)(c) | 02/01/2048 | 1,135,007 | ||||||||||||
| The Industrial Development Board of Williamson County Multifamily Housing RB for Wood Duck Court Apartments Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 4,125,000 | 5.000 | (b)(c) | 05/01/2042 | 4,251,925 | ||||||||||||
|
|
|
|||||||||||||||
| 27,560,006 | ||||||||||||||||
|
|
||||||||||||||||
| Texas - 10.9% |
| |||||||||||||||
| Alvin Independent School District Unlimited Tax Schoolhouse and RB Series 2024 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 725,000 | 5.000 | 02/15/2026 | 749,729 | |||||||||||||
| Baytown Municipal Development District Combination Limited Sales Tax Revenue 3rd Lien Hotel RB Series 2021C (NR/AA-) |
| |||||||||||||||
| 1,375,000 | 5.000 | 10/01/2037 | 1,426,359 | |||||||||||||
| Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR) |
| |||||||||||||||
| 160,000 | 3.750 | (c) | 02/01/2035 | 160,017 | ||||||||||||
| City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 11/15/2024 | 2,009,987 | |||||||||||||
| 1,150,000 | 5.000 | 11/15/2025 | 1,171,228 | |||||||||||||
| City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 11/15/2025 | 1,026,541 | |||||||||||||
| 1,000,000 | 5.000 | 11/15/2026 | 1,051,100 | |||||||||||||
| 1,500,000 | 5.000 | 11/15/2027 | 1,612,145 | |||||||||||||
| City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) |
| |||||||||||||||
| 415,000 | 4.250 | (e) | 09/15/2030 | 414,430 | ||||||||||||
| City of Bryan Rural Electric System RB, Series 2024 (AGM) (NR/ AA) |
| |||||||||||||||
| 265,000 | 5.000 | (f) | 07/01/2027 | 280,021 | ||||||||||||
| 245,000 | 5.000 | (f) | 07/01/2028 | 263,997 | ||||||||||||
| 220 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA) |
| |||||||||||||||
| $ | 305,000 | 4.000 | % | 09/01/2025 | $ | 306,430 | ||||||||||
| 320,000 | 4.000 | 09/01/2026 | 323,693 | |||||||||||||
| 335,000 | 4.000 | 09/01/2027 | 341,019 | |||||||||||||
| 350,000 | 4.000 | 09/01/2028 | 357,310 | |||||||||||||
| City of Dallas fort Worth International Airport Joint Revenue Refunding and Improvement Bonds Series 2023B (A1/A+) |
| |||||||||||||||
| 2,000,000 | 5.000 | 11/01/2025 | 2,052,145 | |||||||||||||
| 1,600,000 | 5.000 | 11/01/2026 | 1,677,034 | |||||||||||||
| City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2020A (NON-AMT) (A1/A+) |
| |||||||||||||||
| 1,625,000 | 5.000 | 11/01/2024 | 1,636,441 | |||||||||||||
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (Aaa/NR) |
| |||||||||||||||
| 2,900,000 | 3.500 | (b)(c) | 02/01/2044 | 2,858,802 | ||||||||||||
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) |
| |||||||||||||||
| 845,000 | 5.000 | (b)(c) | 09/01/2026 | 858,511 | ||||||||||||
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Rosemont At Ash Creek Apartments Series 2023 (FHA 221(D4)) FHA (Aaa/NR) |
| |||||||||||||||
| 1,130,000 | 5.000 | (b)(c) | 07/01/2026 | 1,149,408 | ||||||||||||
| City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) |
| |||||||||||||||
| 1,045,000 | 5.000 | (b)(c) | 07/01/2042 | 1,079,652 | ||||||||||||
| City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (Aa2/AAA) |
| |||||||||||||||
| 2,510,000 | 5.000 | 10/01/2026 | 2,574,485 | |||||||||||||
| City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (PSF-GTD) (NR/NR) |
| |||||||||||||||
| 1,220,000 | 2.000 | (a)(b)(c) | 08/01/2024 | 1,212,900 | ||||||||||||
| City of El Paso Water & Sewer RB Refunding Series 2015 (NR/ AA+) |
| |||||||||||||||
| 3,030,000 | 5.000 | 03/01/2025 | 3,033,047 | |||||||||||||
| City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) |
| |||||||||||||||
| 140,000 | 4.000 | 08/15/2024 | 139,653 | |||||||||||||
| 150,000 | 4.000 | 08/15/2025 | 150,320 | |||||||||||||
| 155,000 | 4.000 | 08/15/2026 | 156,270 | |||||||||||||
| 160,000 | 4.000 | 08/15/2027 | 162,353 | |||||||||||||
| City of Houston Combined Utility System First Lien Revenue Refunding Bonds Series 2014C (Aa2/AA) |
| |||||||||||||||
| 6,550,000 | 5.000 | 05/15/2027 | 6,559,408 | |||||||||||||
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) |
| |||||||||||||||
| 237,000 | 4.125 | (e) | 09/01/2028 | 235,832 | ||||||||||||
| City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) |
| |||||||||||||||
| 310,000 | 3.000 | 09/15/2024 | 308,155 | |||||||||||||
| 320,000 | 3.000 | 09/15/2025 | 316,825 | |||||||||||||
| City of McLendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/ AA) |
| |||||||||||||||
| 285,000 | 4.000 | 09/15/2025 | 286,458 | |||||||||||||
| 295,000 | 4.000 | 09/15/2026 | 298,168 | |||||||||||||
| 305,000 | 4.000 | 09/15/2027 | 310,094 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) |
| |||||||||||||||
| $ | 235,000 | 4.000 | %(e) | 09/01/2030 | $ | 235,506 | ||||||||||
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) |
| |||||||||||||||
| 86,000 | 2.500 | (e) | 09/01/2026 | 80,258 | ||||||||||||
| City of Princeton, Collin County Special Assessment RB, Series 2020 Arcadia Farms Public Improvement District Phases 3 and 4 Project (NR/NR) |
| |||||||||||||||
| 77,000 | 2.875 | (e) | 09/01/2025 | 74,652 | ||||||||||||
| City of Princeton, Collin County Special Assessment RB, Series 2020 Winchester Public Improvement District Phase 1 and 2 Project (NR/NR) |
| |||||||||||||||
| 95,000 | 2.750 | (e) | 09/01/2025 | 91,919 | ||||||||||||
| City of Round Rock Utility System Revenue Refunding Bonds Series 2017 (NR/AAA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 08/01/2024 | 1,004,143 | |||||||||||||
| City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) |
| |||||||||||||||
| 90,000 | 3.750 | (e) | 09/15/2024 | 89,445 | ||||||||||||
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) |
| |||||||||||||||
| 150,000 | 5.000 | (e) | 09/15/2028 | 151,403 | ||||||||||||
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (Aa3/A+) |
| |||||||||||||||
| 10,750,000 | 1.750 | (b)(c) | 02/01/2049 | 10,320,709 | ||||||||||||
| City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3/ A+) |
| |||||||||||||||
| 12,000,000 | 2.000 | (b)(c) | 02/01/2049 | 11,159,350 | ||||||||||||
| City of San Antonio General Improvement Bonds Series 2023 (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 02/01/2026 | 5,172,347 | |||||||||||||
| City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (Aa2/AA+) |
| |||||||||||||||
| 20,000,000 | 1.000 | (b)(c) | 05/01/2043 | 18,141,838 | ||||||||||||
| Clifton Higher Education Finance Corporation (International Leadership of Texas, Inc.) Education Revenue And Refunding Bonds Series 2024A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 08/15/2026 | 1,039,228 | |||||||||||||
| 1,465,000 | 5.000 | 08/15/2027 | 1,553,251 | |||||||||||||
| Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 1,970,000 | 5.000 | 02/01/2025 | 1,996,169 | |||||||||||||
| 1,600,000 | 5.000 | 02/01/2026 | 1,654,862 | |||||||||||||
| Conroe Independent School District UT Refunding Bonds Series 2023A (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 2,000,000 | 5.000 | 02/15/2026 | 2,068,956 | |||||||||||||
| 2,035,000 | 5.000 | 02/15/2027 | 2,151,250 | |||||||||||||
| Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 2,550,000 | 5.000 | (a) | 08/01/2025 | 2,603,981 | ||||||||||||
| Cypress Fairbanks Independent School District UT Refunding Bonds Series 2015 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 8,645,000 | 4.000 | 02/15/2034 | 8,662,682 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 221 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Cypress-Fairbanks Independent School District UT School Building and Refunding Bonds Series 2020A (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| $ | 7,000,000 | 5.000 | % | 02/15/2026 | $ | 7,245,220 | ||||||||||
| Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR) |
| |||||||||||||||
| 3,250,000 | 5.000 | (e) | 04/01/2032 | 3,250,422 | ||||||||||||
| Denton County Permanent Improvement Refunding Bonds Series 2016 (Aaa/AAA) |
| |||||||||||||||
| 2,000,000 | 4.000 | 07/15/2033 | 2,010,030 | |||||||||||||
| Denton Independent School District Variable Rate UT Bonds Series 2014-B (PSF-GTD) (NR/NR) |
| |||||||||||||||
| 705,000 | 2.000 | (a)(b)(c) | 08/01/2024 | 700,897 | ||||||||||||
| Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) |
| |||||||||||||||
| 450,000 | 5.000 | 09/15/2024 | 450,282 | |||||||||||||
| 130,000 | 5.000 | 09/15/2025 | 130,767 | |||||||||||||
| 620,000 | 5.000 | 09/15/2026 | 629,289 | |||||||||||||
| El Paso Independent School District Variable Rate Maintenance Tax Notes Series 2020 (Aa2/NR) |
| |||||||||||||||
| 1,750,000 | 5.000 | (b)(c) | 02/01/2040 | 1,791,613 | ||||||||||||
| Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 6,000,000 | 0.875 | (b)(c) | 08/01/2050 | 5,770,843 | ||||||||||||
| Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 4,000,000 | 0.600 | (b)(c) | 02/15/2035 | 3,748,819 | ||||||||||||
| Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR/BBB+) |
| |||||||||||||||
| 475,000 | 5.000 | 03/01/2025 | 477,260 | |||||||||||||
| 675,000 | 5.000 | 03/01/2026 | 684,859 | |||||||||||||
| 990,000 | 5.000 | 03/01/2027 | 1,011,148 | |||||||||||||
| Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 4,130,000 | 4.000 | (a) | 08/15/2025 | 4,165,161 | ||||||||||||
| Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (Aa3/A+) |
| |||||||||||||||
| 6,000,000 | 5.000 | (b)(c) | 06/01/2032 | 6,038,694 | ||||||||||||
| Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (Aa3/A+) |
| |||||||||||||||
| 8,470,000 | 5.000 | (b)(c) | 07/01/2049 | 8,524,623 | ||||||||||||
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (Aa3/A+) (SIFMA Municipal Swap Index Yield + 1.05%) |
| |||||||||||||||
| 5,685,000 | 4.690 | (d) | 06/01/2024 | 5,684,909 | ||||||||||||
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-) |
| |||||||||||||||
| 8,940,000 | 0.900 | (b)(c) | 05/15/2050 | 8,593,259 | ||||||||||||
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) |
| |||||||||||||||
| 1,575,000 | 5.000 | 05/15/2030 | 1,711,466 | |||||||||||||
| Harris County Permanent Improvement Refunding Bonds Series 2020A (Aaa/NR) |
| |||||||||||||||
| 1,015,000 | 5.000 | 10/01/2026 | 1,062,231 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Harris County Toll Road Senior Lien Revenue Refunding Bonds, Series 2016A (Aa1/NR) |
| |||||||||||||||
| $ | 3,010,000 | 5.000 | % | 08/15/2026 | $ | 3,144,881 | ||||||||||
| Hidalgo County Drainage District No. 1 UT Improvement Bonds Series 2023 (Aa2/AA-) |
| |||||||||||||||
| 3,000,000 | 5.000 | 09/01/2025 | 3,062,926 | |||||||||||||
| Houston Water & Sewer System Junior Lien Revenue Refunding Bonds Series 1998A (AGM) (Aa1/AA+) |
| |||||||||||||||
| 5,755,000 | 0.000 | (g) | 12/01/2026 | 5,269,068 | ||||||||||||
| Jacksboro Independent School District Adjustable Rate UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 2,470,000 | 4.000 | (b)(c) | 02/15/2048 | 2,526,784 | ||||||||||||
| Jim Hogg County Independent School District UT Refunding Bonds Series 2023 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 510,000 | 5.000 | 08/15/2026 | 532,497 | |||||||||||||
| Klein Independent School District UT Refunding Bonds Series 2016A (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 2,805,000 | 4.000 | 08/01/2034 | 2,819,560 | |||||||||||||
| Laredo Independent School District UT Refunding Bonds Series 2023 (AGM) (NR/AA) |
| |||||||||||||||
| 350,000 | 5.000 | 08/01/2025 | 357,868 | |||||||||||||
| 360,000 | 5.000 | 08/01/2026 | 374,080 | |||||||||||||
| 735,000 | 5.000 | 08/01/2027 | 777,477 | |||||||||||||
| Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) |
| |||||||||||||||
| 1,000,000 | 5.000 | 08/15/2027 | 1,068,836 | |||||||||||||
| Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) |
| |||||||||||||||
| 3,615,000 | 5.000 | 11/01/2026 | 3,726,414 | |||||||||||||
| Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) |
| |||||||||||||||
| 4,400,000 | 5.000 | 05/15/2027 | 4,667,872 | |||||||||||||
| Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2024 (AGM) (NR/AA) |
| |||||||||||||||
| 1,750,000 | 5.000 | 05/15/2026 | 1,820,507 | |||||||||||||
| 1,335,000 | 5.000 | 05/15/2027 | 1,418,325 | |||||||||||||
| Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/A) |
| |||||||||||||||
| 500,000 | 5.000 | 05/15/2024 | 500,573 | |||||||||||||
| 250,000 | 5.000 | 05/15/2025 | 254,098 | |||||||||||||
| 1,000,000 | 5.000 | 05/15/2026 | 1,039,454 | |||||||||||||
| 680,000 | 5.000 | 05/15/2027 | 721,398 | |||||||||||||
| Mansfield Independent School District Unlimited Tax School Building Bonds Series 2015 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 3,145,000 | 5.000 | (a) | 02/15/2025 | 3,186,840 | ||||||||||||
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) |
| |||||||||||||||
| 1,875,000 | 4.250 | 05/01/2030 | 1,843,208 | |||||||||||||
| Mission Economic Development Corporation Solid Waste Disposal RB Waste Management, Inc. Project Series 2023A (NR/A-/A-2) |
| |||||||||||||||
| 3,700,000 | 4.250 | (b)(c) | 06/01/2048 | 3,697,618 | ||||||||||||
| North East Independent School District Variable Rate UT Refunding Bonds, Series 2023 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 15,090,000 | 3.600 | (b)(c) | 08/01/2052 | 15,048,862 | ||||||||||||
| 222 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2015B (Aa3/AA-) |
| |||||||||||||||
| $ | 3,065,000 | 5.000 | % | 01/01/2029 | $ | 3,100,293 | ||||||||||
| North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2023A (Aa3/AA-) |
| |||||||||||||||
| 6,500,000 | 5.000 | 01/01/2026 | 6,704,935 | |||||||||||||
| Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 32,150,000 | 0.700 | (b)(c) | 06/01/2050 | 31,100,094 | ||||||||||||
| Northside Independent School District, Bexar County, Variable Rate UT School Building Bonds, Series 2023B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 4,000,000 | 3.000 | (b)(c) | 08/01/2053 | 3,939,484 | ||||||||||||
| Pasadena Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 200,000 | 5.000 | 02/15/2026 | 206,785 | |||||||||||||
| 225,000 | 5.000 | 02/15/2027 | 237,662 | |||||||||||||
| Plainview Independent School District Adjustable Rate UT School Building Bonds Series 2020B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 1,515,000 | 4.000 | (b)(c) | 02/15/2050 | 1,523,991 | ||||||||||||
| Port Arthur Independent School District Unlimited Tax School Building Bonds Series 2015A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 5,995,000 | 5.000 | (a) | 02/15/2025 | 6,074,756 | ||||||||||||
| Port of Houston Authority of Harris County First Lien RB Series 2023 (NON-AMT) (Aa3/AA+) |
| |||||||||||||||
| 950,000 | 5.000 | 10/01/2025 | 975,179 | |||||||||||||
| 700,000 | 5.000 | 10/01/2026 | 732,745 | |||||||||||||
| Princeton Independent School District UT School Building Bonds Series 2015 (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 8,200,000 | 5.000 | (a) | 02/15/2025 | 8,305,567 | ||||||||||||
| Prosper Independent School District Adjustable Rate UT School Building Bonds Series 2019B (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 1,875,000 | 4.000 | (b)(c) | 02/15/2050 | 1,890,365 | ||||||||||||
| Prosper Independent School District Unlimited Tax School Building Bonds Series 2021A (PSF-GTD) (Aaa/NR) |
| |||||||||||||||
| 950,000 | 5.000 | 02/15/2026 | 982,929 | |||||||||||||
| Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (PSF-GTD) (Aaa/AAA) |
| |||||||||||||||
| 1,230,000 | 5.000 | 02/01/2026 | 1,271,730 | |||||||||||||
| 1,000,000 | 5.000 | 02/01/2027 | 1,056,141 | |||||||||||||
| State of Texas College Student Loan GO Bonds Series 2016 (Aaa/ AAA) |
| |||||||||||||||
| 4,275,000 | 5.500 | 08/01/2027 | 4,449,407 | |||||||||||||
| Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) |
| |||||||||||||||
| 2,555,000 | 3.350 | (b)(c) | 03/01/2046 | 2,539,451 | ||||||||||||
| Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa3/AA-) |
| |||||||||||||||
| 4,045,000 | 5.000 | (b)(c) | 11/15/2052 | 4,161,910 | ||||||||||||
| Texas Department of Housing and Community Affairs Multifamily Housing Revenue Notes for Aspen Park Series 2023 (Aaa/NR) |
| |||||||||||||||
| 3,335,000 | 5.000 | (b)(c) | 03/01/2041 | 3,365,266 | ||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) |
| |||||||||||||||
| (3M USD LIBOR + 0.70%) | ||||||||||||||||
| 5,360,000 | 4.446 | (d) | 12/15/2026 | 5,338,143 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
| |||||||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A-) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.55%) | ||||||||||||||||
| $ | 6,370,000 | 4.190 | %(d) | 09/15/2027 | $ | 6,235,309 | ||||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) |
| |||||||||||||||
| 450,000 | 5.000 | 12/15/2024 | 452,192 | |||||||||||||
| 335,000 | 5.000 | 12/15/2025 | 339,934 | |||||||||||||
| Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A1/A-) |
| |||||||||||||||
| (3M USD LIBOR + 0.86%) | ||||||||||||||||
| 92,610,000 | 4.380 | (d) | 09/15/2027 | 92,212,749 | ||||||||||||
| Texas Public Finance Authority RB Refunding for Southern University Series 2021 (NR/NR) |
| |||||||||||||||
| 350,000 | 5.000 | 05/01/2024 | 350,085 | |||||||||||||
| 490,000 | 5.000 | 05/01/2025 | 493,048 | |||||||||||||
| Texas Public Finance Authority Revenue Financing System Bonds for Southern University Series 2023 (BAM) (NR/AA) |
| |||||||||||||||
| 665,000 | 5.000 | 05/01/2024 | 665,386 | |||||||||||||
| 480,000 | 5.000 | 05/01/2025 | 486,022 | |||||||||||||
| 500,000 | 5.000 | 05/01/2026 | 513,501 | |||||||||||||
| 620,000 | 5.000 | 05/01/2027 | 646,976 | |||||||||||||
| 640,000 | 5.000 | 05/01/2028 | 677,165 | |||||||||||||
| Texas State Affordable Housing Corp. Multifamily Housing RB for Eden Court Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 1,360,000 | 5.000 | (b)(c) | 04/01/2043 | 1,388,609 | ||||||||||||
| Texas State Affordable Housing Corp. Multifamily Housing RB for Norman Commons Project Series 2023 (Aaa/NR) |
| |||||||||||||||
| 2,200,000 | 3.625 | (b)(c) | 01/01/2045 | 2,177,057 | ||||||||||||
| Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (AGM) (A1/AA) |
| |||||||||||||||
| 1,100,000 | 5.000 | 08/01/2024 | 1,103,831 | |||||||||||||
| 1,450,000 | 5.000 | 08/01/2025 | 1,478,796 | |||||||||||||
| 1,750,000 | 5.000 | 08/01/2026 | 1,818,047 | |||||||||||||
| 1,300,000 | 5.000 | 08/01/2027 | 1,378,087 | |||||||||||||
| Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) |
| |||||||||||||||
| 2,850,000 | 5.000 | 08/15/2042 | 2,854,205 | |||||||||||||
| Texas Transportation Commission GO Mobility Fund Refunding Bonds, Series 2014 (Aaa/AAA) |
| |||||||||||||||
| 12,945,000 | 4.000 | (a) | 04/01/2024 | 12,945,000 | ||||||||||||
| Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (Aaa/AAA) |
| |||||||||||||||
| 46,000,000 | 0.560 | 04/01/2026 | 42,642,005 | |||||||||||||
| Texas Transportation Commission State Highway Improvement GO Refunding Bonds Series 2024 (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 04/01/2026 | 5,189,019 | |||||||||||||
| 5,000,000 | 5.000 | 04/01/2027 | 5,304,247 | |||||||||||||
| Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/AAA) |
| |||||||||||||||
| 500,000 | 5.000 | 04/15/2024 | 500,211 | |||||||||||||
| 1,300,000 | 5.000 | 04/15/2025 | 1,322,691 | |||||||||||||
| 1,625,000 | 5.000 | 10/15/2025 | 1,669,891 | |||||||||||||
| 1,265,000 | 5.000 | 04/15/2026 | 1,314,164 | |||||||||||||
| 1,850,000 | 5.000 | 10/15/2026 | 1,942,787 | |||||||||||||
| 1,200,000 | 5.000 | 04/15/2027 | 1,273,015 | |||||||||||||
| 1,450,000 | 5.000 | 10/15/2027 | 1,555,043 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 223 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Texas – (continued) |
|
|||||||||||||||
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR) |
| |||||||||||||||
| $ | 162,000 | 2.375 | %(e) | 09/01/2026 | $ | 150,213 | ||||||||||
| Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) |
| |||||||||||||||
| 301,000 | 4.375 | (e) | 09/01/2027 | 299,606 | ||||||||||||
| University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2017C (Aa2/AA) |
| |||||||||||||||
| 10,000,000 | 4.000 | 02/15/2033 | 10,120,481 | |||||||||||||
| University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA) |
| |||||||||||||||
| 2,815,000 | 5.000 | 08/15/2026 | 2,941,143 | |||||||||||||
| Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa3/AA) |
| |||||||||||||||
| 225,000 | 5.500 | 08/15/2024 | 225,974 | |||||||||||||
| 185,000 | 5.500 | 08/15/2025 | 189,010 | |||||||||||||
| 195,000 | 5.500 | 08/15/2026 | 202,415 | |||||||||||||
| 210,000 | 5.500 | 08/15/2027 | 220,895 | |||||||||||||
| 220,000 | 5.500 | 08/15/2028 | 235,390 | |||||||||||||
| 230,000 | 5.500 | 08/15/2029 | 250,056 | |||||||||||||
| 245,000 | 5.500 | 08/15/2030 | 270,518 | |||||||||||||
| 255,000 | 5.500 | 08/15/2031 | 284,812 | |||||||||||||
| 270,000 | 5.000 | 08/15/2032 | 292,550 | |||||||||||||
| 285,000 | 5.000 | 08/15/2033 | 308,109 | |||||||||||||
| 300,000 | 5.000 | 08/15/2034 | 323,368 | |||||||||||||
| Westside 211 Special Improvement District Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road Bonds, Series 2021 (Baa3/NR) |
| |||||||||||||||
| 285,000 | 2.000 | 08/15/2028 | 258,159 | |||||||||||||
| Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) |
| |||||||||||||||
| 85,000 | 5.000 | 08/15/2024 | 85,059 | |||||||||||||
| 85,000 | 5.000 | 08/15/2025 | 85,727 | |||||||||||||
| 90,000 | 5.000 | 08/15/2026 | 91,473 | |||||||||||||
| 90,000 | 5.000 | 08/15/2027 | 92,400 | |||||||||||||
| 95,000 | 5.000 | 08/15/2028 | 98,122 | |||||||||||||
| 100,000 | 5.000 | 08/15/2029 | 104,031 | |||||||||||||
| 110,000 | 5.000 | 08/15/2030 | 115,108 | |||||||||||||
| 115,000 | 5.000 | 08/15/2031 | 120,325 | |||||||||||||
| 120,000 | 5.000 | 08/15/2032 | 125,307 | |||||||||||||
| Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (Baa3/NR) |
| |||||||||||||||
| 260,000 | 2.000 | 08/15/2024 | 255,996 | |||||||||||||
| 270,000 | 2.000 | 08/15/2026 | 253,833 | |||||||||||||
| Williamson County Texas Unlimited Tax Road Bonds Limited Tax Notes Series 2024 (NR/AAA) |
| |||||||||||||||
| 3,500,000 | 5.000 | (f) | 02/15/2026 | 3,621,608 | ||||||||||||
| 13,740,000 | 5.000 | (f) | 02/15/2027 | 14,507,918 | ||||||||||||
|
|
|
|||||||||||||||
| 543,358,365 | ||||||||||||||||
|
|
||||||||||||||||
| Utah - 0.3% |
|
|||||||||||||||
| Salt Lake City International Airport RB Series 2018A (AMT) (A2/ A+) |
| |||||||||||||||
| 1,000,000 | 5.000 | 07/01/2029 | 1,058,182 | |||||||||||||
| Salt Lake City International Airport RB Series 2021A (A2/A+) |
| |||||||||||||||
| 2,500,000 | 5.000 | 07/01/2027 | 2,611,144 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Utah – (continued) |
| |||||||||||||||
| Salt Lake City International Airport RB Series 2021A (A2/A+) – (continued) |
| |||||||||||||||
| $ | 7,420,000 | 5.000 | % | 07/01/2028 | $ | 7,877,033 | ||||||||||
| Utah Board of Higher Education General RB Series 2021A-1 (Aa1/ AA+) |
| |||||||||||||||
| 855,000 | 5.000 | 08/01/2027 | 914,191 | |||||||||||||
| Utah Telecommunication Open Infrastructure Agency Sales Tax & Telecommunication Revenue Refunding Bonds Series 2022 (NR/AA-) |
| |||||||||||||||
| 250,000 | 5.000 | 06/01/2025 | 253,944 | |||||||||||||
| 250,000 | 5.000 | 06/01/2026 | 258,248 | |||||||||||||
| 300,000 | 5.000 | 06/01/2027 | 315,403 | |||||||||||||
|
|
|
|||||||||||||||
| 13,288,145 | ||||||||||||||||
|
|
||||||||||||||||
| Virginia - 1.9% |
| |||||||||||||||
| Chesapeake Redevelopment and Housing Authority Multifamily Housing RB Hunters Point Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| 3,450,000 | 5.000 | (b)(c) | 05/01/2043 | 3,516,093 | ||||||||||||
| City of Bristol GO Bond Anticipation Notes Series 2023 (ST AID WITHHLDG) (A2/A+) |
| |||||||||||||||
| 3,750,000 | 5.000 | 09/01/2027 | 3,832,869 | |||||||||||||
| Commonwealth of Virginia Commonwealth Transportation Board Capital Projects RB Series 2016 (Aa1/AA+) |
| |||||||||||||||
| 11,855,000 | 4.000 | 05/15/2032 | 12,063,425 | |||||||||||||
| Commonwealth Transportation Board of The Commonwealth of Virginia Transportation RB for U.S. Route 58 Corridor Development Program Series 2023 (Aa1/AA+) |
| |||||||||||||||
| 2,065,000 | 5.000 | 05/15/2027 | 2,198,972 | |||||||||||||
| Economic Development Authority of Isle of Wight County Health System RB for Riverside Health System Series 2023 (AGM) (NR/AA) |
| |||||||||||||||
| 500,000 | 5.000 | 07/01/2026 | 517,716 | |||||||||||||
| 500,000 | 5.000 | 07/01/2027 | 526,468 | |||||||||||||
| 500,000 | 5.000 | 07/01/2028 | 536,317 | |||||||||||||
| Economic Development Authority of The County of Spotsylvania Public Facilities Refunding RB Series 2021 (NR/AA+) |
| |||||||||||||||
| 2,960,000 | 5.000 | 06/01/2026 | 3,082,804 | |||||||||||||
| Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) |
| |||||||||||||||
| 2,500,000 | 4.000 | 10/01/2025 | 2,532,914 | |||||||||||||
| Fairfax County Public Improvement Bonds Series 2024A (ST AID WITHHLDG) (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 10/01/2026 | 5,253,583 | |||||||||||||
| Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) |
| |||||||||||||||
| 5,400,000 | 5.000 | (b)(c) | 01/01/2045 | 5,621,510 | ||||||||||||
| Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (WR/NR) |
| |||||||||||||||
| 14,325,000 | 5.000 | 07/01/2026 | 14,898,819 | |||||||||||||
| Industrial Development Authority of Arlington County Hospital RB for VHC Health Series 2023A (NR/A+) |
| |||||||||||||||
| 4,225,000 | 5.000 | (b)(c) | 07/01/2053 | 4,629,340 | ||||||||||||
| Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) |
| |||||||||||||||
| 2,500,000 | 0.750 | (b)(c) | 11/01/2035 | 2,335,318 | ||||||||||||
| 224 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Virginia – (continued) |
|
|||||||||||||||
| Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) |
| |||||||||||||||
| $ | 125,000 | 5.000 | %(b)(c) | 05/01/2043 | $ | 127,420 | ||||||||||
| Virginia College Building Authority Educational Facilities RB Refunding Series 2016A (ST INTERCEPT) (Aa1/AA+) |
| |||||||||||||||
| 10,545,000 | 3.000 | 09/01/2026 | 10,463,229 | |||||||||||||
| Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (Aa1/AA+) |
| |||||||||||||||
| 10,506,203 | 0.670 | 03/01/2025 | 10,074,860 | |||||||||||||
| Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/NR) |
| |||||||||||||||
| 2,000,000 | 5.000 | (a) | 07/01/2025 | 2,036,738 | ||||||||||||
| Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR) |
| |||||||||||||||
| 895,000 | 5.000 | 01/01/2025 | 897,428 | |||||||||||||
| Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (A2/BBB+) |
| |||||||||||||||
| 12,500,000 | 0.750 | (b)(c) | 10/01/2040 | 11,676,590 | ||||||||||||
|
|
|
|||||||||||||||
| 96,822,413 | ||||||||||||||||
|
|
||||||||||||||||
| Washington - 3.0% |
|
|||||||||||||||
| City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA) |
| |||||||||||||||
| 5,000,000 | 5.000 | 06/01/2026 | 5,094,267 | |||||||||||||
| City of Seattle Municipal Light & Power Refunding RB 2021 Series B (Aa2/AA) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.25%) | ||||||||||||||||
| 10,000,000 | 3.890 | (b)(d) | 05/01/2045 | 9,750,108 | ||||||||||||
| Clark County Evergreen School District UT GO Bonds Series 2022 (SCH BD GTY) (Aaa/NR) |
| |||||||||||||||
| 1,615,000 | 5.000 | 12/01/2024 | 1,630,498 | |||||||||||||
| Issaquah School District UT GO Refunding Bonds Series 2022 (SCH BD GTY) (Aaa/AA+) |
| |||||||||||||||
| 765,000 | 4.000 | 12/01/2024 | 767,622 | |||||||||||||
| 960,000 | 5.000 | 12/01/2025 | 988,210 | |||||||||||||
| 1,975,000 | 5.000 | 12/01/2026 | 2,077,445 | |||||||||||||
| 1,500,000 | 4.000 | 12/01/2027 | 1,561,312 | |||||||||||||
| King County Housing Authority RB Refunding Series 2020 (NR/ AA) |
| |||||||||||||||
| 225,000 | 3.000 | 06/01/2024 | 224,242 | |||||||||||||
| 280,000 | 3.000 | 06/01/2025 | 274,205 | |||||||||||||
| King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (Aa2/AA) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.23%) | ||||||||||||||||
| 11,250,000 | 3.870 | (b)(d) | 01/01/2040 | 11,026,508 | ||||||||||||
| King County Renton School District UT GO Bonds Series 2023 (SCH BD GTY) (Aaa/NR) |
| |||||||||||||||
| 1,000,000 | 5.000 | 12/01/2025 | 1,029,385 | |||||||||||||
| King County Sewer Improvement Refunding RB 2016 Series B (Aa1/AA+) |
| |||||||||||||||
| 12,500,000 | 4.000 | 07/01/2033 | 12,705,590 | |||||||||||||
| Port of Seattle Intermediate Lien Private Activity Revenue and Refunding Bonds 2022B (AMT) (A1/AA-) |
| |||||||||||||||
| 7,770,000 | 5.000 | 08/01/2027 | 8,156,258 | |||||||||||||
| Port of Seattle Intermediate Lien RB 2017C (AMT) (A1/AA-) |
| |||||||||||||||
| 4,000,000 | 5.000 | 05/01/2029 | 4,144,440 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Washington – (continued) | ||||||||||||||||
| Port of Seattle Intermediate Lien RB 2017D (AMT) (A1/AA-) |
| |||||||||||||||
| $ | 4,300,000 | 5.000 | % | 05/01/2027 | $ | 4,494,772 | ||||||||||
| Public Utility District No.2 of Grant County Electric System Revenue Refunding Bonds Series 2023-U (NR/AA+) |
| |||||||||||||||
| 10,000,000 | 4.000 | 01/01/2026 | 10,126,198 | |||||||||||||
| State of Washington GO Bonds Various Purpose Series 2017D (Aaa/AA+) |
| |||||||||||||||
| 7,835,000 | 5.000 | 02/01/2025 | 7,940,369 | |||||||||||||
| State of Washington Motor Vehicle Fuel Tax GO Bonds Series 2005C (AMBAC) (Aaa/AA+) |
| |||||||||||||||
| 1,450,000 | 0.000 | (g) | 06/01/2026 | 1,349,033 | ||||||||||||
| State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (Aaa/AA+) |
| |||||||||||||||
| 2,710,000 | 5.000 | 07/01/2025 | 2,720,494 | |||||||||||||
| State of Washington Various Purpose GO Bonds Series 2022A (Aaa/AA+) |
| |||||||||||||||
| 5,885,000 | 5.000 | 08/01/2027 | 6,282,742 | |||||||||||||
| State of Washington Various Purpose GO Bonds Series R-2022A (Aaa/AA+) |
| |||||||||||||||
| 2,490,000 | 5.000 | 02/01/2027 | 2,629,096 | |||||||||||||
| State of Washington Various Purpose GO Bonds Series R-2023A (Aaa/AA+) |
| |||||||||||||||
| 4,510,000 | 5.000 | 08/01/2026 | 4,709,115 | |||||||||||||
| State of Washington Various Purpose GO Refunding Bonds Series R-2022C (Aaa/AA+) |
| |||||||||||||||
| 3,300,000 | 4.000 | 07/01/2026 | 3,368,356 | |||||||||||||
| University Of Washington General Revenue Refunding Term Rate Bonds Series 2022C (Aaa/AA+) |
| |||||||||||||||
| 7,500,000 | 4.000 | (b)(c) | 05/01/2048 | 7,644,618 | ||||||||||||
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) |
| |||||||||||||||
| 1,300,000 | 5.000 | 08/01/2025 | 1,329,226 | |||||||||||||
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) |
| |||||||||||||||
| 3,260,000 | 5.000 | 08/01/2025 | 3,333,289 | |||||||||||||
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) |
| |||||||||||||||
| 4,020,000 | 5.000 | (b)(c) | 08/01/2049 | 4,061,527 | ||||||||||||
| Washington Healthcare Facilities Authority RB Series 2019B-1 (A3/A-) |
| |||||||||||||||
| 15,650,000 | 5.000 | (b)(c) | 08/01/2049 | 15,658,363 | ||||||||||||
| Washington State Housing Finance Commission Multifamily Housing RB for Ardea at Totem Lake Apartments Project Series 2023 (Aaa/NR) |
| |||||||||||||||
| 3,800,000 | 5.000 | (b)(c) | 12/01/2043 | 3,894,656 | ||||||||||||
| Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Tax Exempt Fixed Rate Bonds for Emerald Heights Project Series 2023A (NR/NR) |
| |||||||||||||||
| 350,000 | 5.000 | 07/01/2024 | 350,813 | |||||||||||||
| 350,000 | 5.000 | 07/01/2025 | 354,921 | |||||||||||||
| 285,000 | 5.000 | 07/01/2026 | 293,151 | |||||||||||||
| 350,000 | 5.000 | 07/01/2027 | 364,980 | |||||||||||||
| 555,000 | 5.000 | 07/01/2028 | 586,439 | |||||||||||||
| Washington State Housing Finance Commission Nonprofit Housing Tax Exempt Mandatory Paydown Securities RB for Emerald Heights Project Series 2023B-1 (NR/NR) |
| |||||||||||||||
| 855,000 | 4.750 | 07/01/2027 | 855,135 | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 225 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Washington – (continued) | ||||||||||||||||
| Washington State Housing Finance Commission Nonprofit Housing Tax Exempt Mandatory Paydown Securities RB for Emerald Heights Project Series 2023B-2 (NR/NR) |
| |||||||||||||||
| $ | 4,500,000 | 4.000 | % | 07/01/2026 | $ | 4,500,800 | ||||||||||
| Washington State Housing Finance Commission Nonprofit Refunding RB for Seattle Academy of Arts & Sciences Project Series 2023 (NR/BBB) |
| |||||||||||||||
| 365,000 | 5.000 | (e) | 07/01/2028 | 375,369 | ||||||||||||
| 740,000 | 5.125 | (e) | 07/01/2033 | 808,628 | ||||||||||||
|
|
|
|||||||||||||||
| 147,462,180 | ||||||||||||||||
|
|
||||||||||||||||
| West Virginia - 0.5% | ||||||||||||||||
| West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (Baa1/BBB+) |
| |||||||||||||||
| 4,645,000 | 0.625 | (b)(c) | 12/01/2038 | 4,305,747 | ||||||||||||
| West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (Baa1/BBB+) |
| |||||||||||||||
| 5,650,000 | 1.000 | (b)(c) | 01/01/2041 | 5,330,836 | ||||||||||||
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/BBB+) |
| |||||||||||||||
| 10,850,000 | 3.000 | (b)(c) | 06/01/2037 | 10,598,116 | ||||||||||||
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) |
| |||||||||||||||
| 2,675,000 | 4.700 | (b)(c) | 04/01/2036 | 2,729,946 | ||||||||||||
|
|
|
|||||||||||||||
| 22,964,645 | ||||||||||||||||
|
|
||||||||||||||||
| Wisconsin - 1.2% | ||||||||||||||||
| County of Dane GO Bonds Series 2020 A (NR/AAA) |
| |||||||||||||||
| 3,290,000 | 2.000 | 04/01/2026 | 3,142,636 | |||||||||||||
| Oak Creek-Franklin Joint School District GO School Building Bonds Series 2015A (Aa2/AA) |
| |||||||||||||||
| 5,745,000 | 3.750 | (a) | 04/01/2025 | 5,766,099 | ||||||||||||
| Public Finance Authority Pollution Control Revenue Refunding Bonds for Duke Energy Progress Project Series 2022A (NON-AMT) (Aa3/A) |
| |||||||||||||||
| 5,145,000 | 3.300 | (b)(c) | 10/01/2046 | 5,091,434 | ||||||||||||
| Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) |
| |||||||||||||||
| 1,925,000 | 4.000 | 01/01/2026 | 1,905,393 | |||||||||||||
| 2,000,000 | 4.000 | 01/01/2027 | 1,971,273 | |||||||||||||
| 1,720,000 | 4.000 | 01/01/2028 | 1,689,389 | |||||||||||||
| 1,790,000 | 4.000 | 01/01/2029 | 1,748,288 | |||||||||||||
| Public Finance Authority Student Housing RB Series 2020A (AGM) (A1/AA) |
| |||||||||||||||
| 160,000 | 4.000 | 07/01/2024 | 159,869 | |||||||||||||
| State of Wisconsin GO Bonds of Series 2024 A (Aa1/AA+) |
| |||||||||||||||
| 2,220,000 | 5.000 | 05/01/2027 | 2,356,913 | |||||||||||||
| Waushara County Note Anticipation Notes Series 2022A (NR/A+) |
| |||||||||||||||
| 5,260,000 | 4.500 | 06/01/2027 | 5,336,824 | |||||||||||||
| Wisconsin Health & Educational Facilities Authority RB for Advocate Aurora Health Credit Group Series 2018C-3 (Aa3/ AA) |
| |||||||||||||||
| 625,000 | 5.000 | (b)(c) | 08/15/2054 | 642,985 | ||||||||||||
| Wisconsin Health & Educational Facilities Authority RB for Marshfield Clinic Health System, Inc. Series 2020B-1 (NR/ BBB) |
| |||||||||||||||
| 10,690,000 | 5.000 | (b)(c) | 02/15/2052 | 10,691,518 | ||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Municipal Bonds – (continued) | ||||||||||||||||
| Wisconsin – (continued) | ||||||||||||||||
| Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (Aa3/AA) |
| |||||||||||||||
| $ | 3,400,000 | 5.000 | %(b)(c) | 08/15/2054 | $ | 3,715,351 | ||||||||||
| Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (NR/BBB) |
| |||||||||||||||
| 125,000 | 4.000 | 03/15/2025 | 123,893 | |||||||||||||
| Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) |
| |||||||||||||||
| 4,250,000 | 5.000 | (e) | 08/01/2027 | 4,346,005 | ||||||||||||
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.18%) | ||||||||||||||||
| 3,315,000 | 3.820 | (b)(d) | 08/15/2054 | 3,267,927 | ||||||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (Aa2/AA+) |
| |||||||||||||||
| (SIFMA Municipal Swap Index Yield + 0.15%) | ||||||||||||||||
| 6,755,000 | 3.790 | (b)(c) | 03/01/2042 | 6,736,140 | ||||||||||||
|
|
|
|||||||||||||||
| 58,691,937 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL BONDS (Cost $4,928,130,134) |
4,914,610,651 | |||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Asset-Backed Securities - 0.4% | ||||||||||||||||
| Municipal - 0.4% | ||||||||||||||||
| Texas Natural Gas Securitization Finance Corporation Customer Rate Relief Bonds Taxable Series 2023 |
| |||||||||||||||
| 20,000,000 | 5.102 | % | 04/01/35 | 20,150,232 | ||||||||||||
| (Cost $20,304,957) | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS - 99.1% (Cost $4,948,435,091) |
$ | 4,934,760,883 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
46,112,884 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS - 100.0% | $ | 4,980,873,767 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| * | Security is currently in default and/or non-income producing. |
| (a) | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (d) | Variable or floating 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 March 31, 2024. |
| (e) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (f) | When-issued security. |
| 226 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| (g) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (h) | Zero coupon bond until next reset date. |
| (i) | Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan. |
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.
|
| ||
| Investment Abbreviations: | ||
| AGC-ICC | - American General Contractors-Interstate Commerce Commission | |
| AGM | - Insured by Assured Guaranty Municipal Corp. | |
| AGM-CR | - Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts | |
| AMBAC | - Insured by American Municipal Bond Assurance Corp. | |
| AMT | - Alternative Minimum Tax (subject to) | |
| BAM | - Build America Mutual Assurance Co. | |
| CFD | - Community Facilities District | |
| COPS | - Certificates of Participation | |
| ETM | - Escrowed to Maturity | |
| FGIC | - Insured by Financial Guaranty Insurance Co. | |
| FHA | - Federal Housing Administration | |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. | |
| FNMA | - Insured by Federal National Mortgage Association | |
| GNMA | - Insured by Government National Mortgage Association | |
| GO | - General Obligation | |
| HUD SECT 8 | - Hud Section 8 | |
| IDA | - Industrial Development Agency | |
| LIBOR | - London Interbank Offered Rates | |
| LP | - Limited Partnership | |
| LT | - Limited Tax | |
| NATL | - National Public Finance Guarantee Corp. | |
| NR | - Not Rated | |
| PCRB | - Pollution Control Revenue Bond | |
| PSF-GTD | - Guaranteed by Permanent School Fund | |
| RB | - Revenue Bond | |
| REMIC | - Real Estate Mortgage Investment Conduit | |
| RMKT | - Remarketed | |
| RR | - Revenue Refunding | |
| SCH BD | - | |
| GTY | School Bond Guaranty | |
| SD CRED | - | |
| PROG | School District Credit Program | |
| SIFMA | - Securities Industry and Financial Markets Association | |
| SOFR | - Secured Overnight Financing Rate | |
| SONYMA | - State of New York Mortgage Agency | |
| ST AID | - | |
| WITHHLDG | State Aid Withholding | |
| ST APPROP | - State Appropriation | |
| UPMC | - University of Pittsburgh Medical Center | |
| USD | - United States Dollar | |
| UT | - Unlimited Tax | |
| WR | - Withdrawn Rating | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 227 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Dynamic Municipal Income Fund |
High Yield Municipal Fund |
Municipal Income Completion Fund |
Short Duration Tax-Free Fund |
|||||||||||||||||
| Assets: | ||||||||||||||||||||
| Investments, at value (cost $9,306,810,466, $10,868,686,840, $192,849,538 and $4,948,435,091, respectively) |
$ | 9,197,932,153 | $ | 10,655,183,449 | $ | 186,860,360 | $ | 4,934,760,883 | ||||||||||||
| Cash |
94,924,692 | 102,485,517 | 2,114,703 | 52,065,553 | ||||||||||||||||
| Receivables: |
||||||||||||||||||||
| Interest |
110,991,197 | 148,676,748 | 2,514,635 | 51,931,072 | ||||||||||||||||
| Fund shares sold |
15,725,127 | 11,771,704 | 143,380 | 1,968,176 | ||||||||||||||||
| Collateral on certain derivative contracts(a) |
14,867,571 | — | 300,355 | — | ||||||||||||||||
| Investments sold on an extended-settlement basis |
1,334,270 | 1,524,880 | — | — | ||||||||||||||||
| Investments sold |
478,016 | 1,324,642 | — | — | ||||||||||||||||
| Reimbursement from investment adviser |
308,020 | 304,866 | 33,798 | 120,396 | ||||||||||||||||
| Other assets |
308,320 | 427,214 | 22,452 | 107,207 | ||||||||||||||||
|
| ||||||||||||||||||||
| Total assets |
9,436,869,366 | 10,921,699,020 | 191,989,683 | 5,040,953,287 | ||||||||||||||||
|
| ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Payables: |
||||||||||||||||||||
| Investments purchased on an extended-settlement basis |
48,066,755 | 93,053,417 | 580,000 | 42,124,834 | ||||||||||||||||
| Fund shares redeemed |
25,154,664 | 21,882,662 | 506,356 | 14,531,195 | ||||||||||||||||
| Investments purchased |
12,915,562 | 35,846,903 | 500,000 | — | ||||||||||||||||
| Management fees |
2,728,799 | 4,480,577 | — | 1,468,914 | ||||||||||||||||
| Income distribution |
2,461,264 | 1,112,358 | 1,709 | 1,503,804 | ||||||||||||||||
| Distribution and Service fees and Transfer Agency fees |
761,145 | 500,164 | — | 166,805 | ||||||||||||||||
| Accrued expenses |
483,105 | 392,208 | 113,389 | 283,968 | ||||||||||||||||
|
| ||||||||||||||||||||
| Total liabilities |
92,571,294 | 157,268,289 | 1,701,454 | 60,079,520 | ||||||||||||||||
|
| ||||||||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Paid-in capital |
10,008,704,432 | 11,513,166,820 | 210,553,587 | 5,468,309,409 | ||||||||||||||||
| Total distributable earnings (loss) |
(664,406,360 | ) | (748,736,089 | ) | (20,265,358 | ) | (487,435,642 | ) | ||||||||||||
|
| ||||||||||||||||||||
| NET ASSETS
|
$
|
9,344,298,072
|
|
$
|
10,764,430,731
|
|
$
|
190,288,229
|
|
$
|
4,980,873,767
|
|
||||||||
| Net Assets: |
||||||||||||||||||||
| Class A |
$ | 943,689,385 | $ | 426,407,040 | $ | — | $ | 111,980,458 | ||||||||||||
| Class C |
97,076,504 | 60,811,941 | — | 6,626,714 | ||||||||||||||||
| Institutional |
4,602,374,931 | 2,023,817,412 | — | 719,617,916 | ||||||||||||||||
| Separate Account Institutional |
— | — | 190,288,229 | — | ||||||||||||||||
| Service |
23,804 | — | — | 93,486 | ||||||||||||||||
| Investor |
1,646,800,773 | 714,738,067 | — | 81,764,685 | ||||||||||||||||
| Class R6 |
153,353,226 | 19,294,519 | — | 477,340,398 | ||||||||||||||||
| Class P |
1,900,979,449 | 7,519,361,752 | — | 3,583,450,110 | ||||||||||||||||
| Total Net Assets |
$ | 9,344,298,072 | $ | 10,764,430,731 | $ | 190,288,229 | $ | 4,980,873,767 | ||||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||||||||||||||
| Class A |
61,514,136 | 46,218,990 | — | 10,845,164 | ||||||||||||||||
| Class C |
6,325,329 | 6,589,547 | — | 642,507 | ||||||||||||||||
| Institutional |
300,146,328 | 219,319,036 | — | 69,805,479 | ||||||||||||||||
| Separate Account Institutional |
— | — | 19,586,889 | — | ||||||||||||||||
| Service |
1,545 | — | — | 9,065 | ||||||||||||||||
| Investor |
107,464,169 | 77,382,793 | — | 7,928,721 | ||||||||||||||||
| Class R6 |
9,997,077 | 2,093,032 | — | 46,339,903 | ||||||||||||||||
| Class P |
123,915,921 | 815,600,405 | — | 347,710,731 | ||||||||||||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||||||||||||||
| Class A |
$ | 15.34 | $ | 9.23 | $ | — | $ | 10.33 | ||||||||||||
| Class C |
15.35 | 9.23 | — | 10.31 | ||||||||||||||||
| Institutional |
15.33 | 9.23 | — | 10.31 | ||||||||||||||||
| Separate Account Institutional |
— | — | 9.72 | — | ||||||||||||||||
| Service |
15.41 | — | — | 10.31 | ||||||||||||||||
| Investor |
15.32 | 9.24 | — | 10.31 | ||||||||||||||||
| Class R6 |
15.34 | 9.22 | — | 10.30 | ||||||||||||||||
| Class P |
15.34 | 9.22 | — | 10.31 | ||||||||||||||||
| 228 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL FUNDS
| Statements of Assets and Liabilities (continued)
March 31, 2024
|
| (a) | Segregated for initial margin and/or collateral as follows: |
| Fund | Futures | |||||
| Dynamic Municipal Income Fund |
$14,867,571 | |||||
| Municipal Income Completion Fund |
300,355 | |||||
| (b) | Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income Fund, High Yield Municipal Fund and Short Duration Tax-Free Fund is $15.94, $9.66 and $10.49, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| The accompanying notes are an integral part of these financial statements. | 229 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Statements of Operations
For the Fiscal Year Ended March 31, 2024
|
| Dynamic Municipal Income Fund |
High Yield Municipal Fund |
Municipal Income Completion Fund |
Short Duration Tax- Free Fund |
|||||||||||||||||
| Investment income: | ||||||||||||||||||||
| Interest |
$ | 339,834,135 | $ | 490,700,726 | $ | 7,827,073 | $ | 188,557,565 | ||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees |
28,392,106 | 47,848,103 | — | 18,223,658 | ||||||||||||||||
| Transfer Agency fees(a) |
5,216,145 | 4,008,667 | 34,704 | 1,974,686 | ||||||||||||||||
| Distribution and/or Service (12b-1) fees(a) |
3,151,383 | 1,490,342 | — | 379,925 | ||||||||||||||||
| Registration fees |
912,595 | 685,384 | 66,389 | 442,122 | ||||||||||||||||
| Custody, accounting and administrative services |
814,567 | 962,789 | 57,599 | 556,117 | ||||||||||||||||
| Service fees — Class C |
260,689 | 144,078 | — | 20,153 | ||||||||||||||||
| Printing and mailing costs |
248,330 | 175,615 | 43,860 | 95,892 | ||||||||||||||||
| Professional fees |
199,533 | 274,010 | 79,583 | 100,368 | ||||||||||||||||
| Shareholder meeting expense |
65,576 | 39,895 | 3,431 | 17,841 | ||||||||||||||||
| Trustee fees |
22,206 | 15,906 | 13,959 | 22,446 | ||||||||||||||||
| Shareholder Administration fees — Service Shares |
58 | — | — | 265 | ||||||||||||||||
| Other |
155,549 | 130,946 | 21,956 | 124,041 | ||||||||||||||||
|
| ||||||||||||||||||||
| Total expenses |
39,438,737 | 55,775,735 | 321,481 | 21,957,514 | ||||||||||||||||
|
| ||||||||||||||||||||
| Less — expense reductions |
(2,020,981 | ) | (2,078,959 | ) | (318,050 | ) | (1,290,584 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net expenses |
37,417,756 | 53,696,776 | 3,431 | 20,666,930 | ||||||||||||||||
|
| ||||||||||||||||||||
| NET INVESTMENT INCOME |
302,416,379 | 437,003,950 | 7,823,642 | 167,890,635 | ||||||||||||||||
|
| ||||||||||||||||||||
| Realized and Unrealized gain (loss): | ||||||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||||||
| Investments — unaffiliated issuers |
(94,371,826 | ) | (88,485,285 | ) | (4,434,173 | ) | (43,548,076 | ) | ||||||||||||
| Futures contracts |
38,262,037 | — | 600,727 | — | ||||||||||||||||
| Swap Contracts |
— | 338,448 | — | — | ||||||||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||||||||
| Investments — unaffiliated issuers |
188,022,778 | 247,338,778 | 8,171,905 | 20,995,401 | ||||||||||||||||
| Futures contracts |
(4,311,360 | ) | — | (93,226 | ) | — | ||||||||||||||
| Swap Contracts |
— | (224,752 | ) | — | — | |||||||||||||||
|
| ||||||||||||||||||||
| Net realized and unrealized gain (loss) |
127,601,629 | 158,967,189 | 4,245,233 | (22,552,675 | ) | |||||||||||||||
|
| ||||||||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 430,018,008 | $ | 595,971,139 | $ | 12,068,875 | $ | 145,337,960 | ||||||||||||
|
| ||||||||||||||||||||
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: | |||||||||||||||||||
| Distribution and/or Service (12b-1) Fees |
Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||
| Fund | Class A |
Class C |
Service |
Class A |
Class C |
Institutional |
Separate Account Institutional |
Service |
Investor |
Class R6 |
Class P |
|||||||||||||||||||||||||||||||||
| Dynamic Municipal Income Fund |
$2,369,259 | $782,066 | $58 | $1,137,244 | $125,131 | $1,622,178 | $– | $10 | $1,767,353 | $40,938 | $523,291 | |||||||||||||||||||||||||||||||||
| High Yield Municipal Fund |
1,058,109 | 432,233 | – | 507,892 | 69,157 | 696,525 | – | – | 701,817 | 5,399 | 2,027,877 | |||||||||||||||||||||||||||||||||
| Municipal Income Completion Fund |
– | – | – | – | – | – | 34,704 | – | – | – | – | |||||||||||||||||||||||||||||||||
| Short Duration Tax-Free Fund |
319,200 | 60,460 | 265 | 153,216 | 9,673 | 322,221 | – | 42 | 113,845 | 150,728 | 1,224,961 | |||||||||||||||||||||||||||||||||
| 230 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL FUNDS
| Statements of Changes in Net Assets
|
| Dynamic Municipal Income Fund | High Yield Municipal Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 302,416,379 | $ | 251,769,182 | $ | 437,003,950 | $ | 387,566,484 | ||||||||||||
| Net realized loss |
(56,109,789 | ) | (254,022,000 | ) | (88,146,837 | ) | (270,712,961 | ) | ||||||||||||
| Net change in unrealized gain (loss) |
183,711,418 | (183,020,733 | ) | 247,114,026 | (661,782,854 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 430,018,008 | (185,273,551 | ) | 595,971,139 | (544,929,331 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
(30,616,901 | ) | (29,970,028 | ) | (17,450,025 | ) | (17,777,603 | ) | ||||||||||||
| Class C Shares |
(2,584,365 | ) | (2,387,779 | ) | (1,943,911 | ) | (1,918,122 | ) | ||||||||||||
| Institutional Shares |
(144,470,756 | ) | (114,789,480 | ) | (77,211,457 | ) | (64,209,280 | ) | ||||||||||||
| Service Shares |
(712 | ) | (581 | ) | – | – | ||||||||||||||
| Investor Shares |
(51,316,908 | ) | (38,483,397 | ) | (25,560,338 | ) | (19,586,679 | ) | ||||||||||||
| Class R6 Shares |
(4,874,461 | ) | (4,166,568 | ) | (799,901 | ) | (572,565 | ) | ||||||||||||
| Class P Shares |
(62,334,954 | ) | (57,591,591 | ) | (300,219,129 | ) | (263,304,062 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(296,199,057 | ) | (247,389,424 | ) | (423,184,761 | ) | (367,368,311 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
4,219,774,814 | 5,724,000,765 | 4,757,816,591 | 6,064,725,416 | ||||||||||||||||
| Reinvestment of distributions |
270,851,293 | 225,030,094 | 411,210,758 | 354,863,680 | ||||||||||||||||
| Cost of shares redeemed |
(3,429,045,991 | ) | (7,785,605,546 | ) | (3,741,552,858 | ) | (7,005,285,490 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 1,061,580,116 | (1,836,574,687 | ) | 1,427,474,491 | (585,696,394 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
1,195,399,067 | (2,269,237,662 | ) | 1,600,260,869 | (1,497,994,036 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of year |
$ | 8,148,899,005 | $ | 10,418,136,667 | $ | 9,164,169,862 | $ | 10,662,163,898 | ||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 9,344,298,072 | $ | 8,148,899,005 | $ | 10,764,430,731 | $ | 9,164,169,862 | ||||||||||||
|
| ||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 231 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Statements of Changes in Net Assets (continued)
|
| Municipal Income Completion Fund | Short Duration Tax-Free Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 7,823,642 | $ | 7,105,858 | $ | 167,890,635 | $ | 157,280,457 | ||||||||||||
| Net realized loss |
(3,833,446 | ) | (10,066,038 | ) | (43,548,076 | ) | (350,359,470 | ) | ||||||||||||
| Net change in unrealized gain (loss) |
8,078,679 | (2,848,772 | ) | 20,995,401 | 211,225,265 | |||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 12,068,875 | (5,808,952 | ) | 145,337,960 | 18,146,252 | |||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
– | – | (3,398,672 | ) | (2,848,102 | ) | ||||||||||||||
| Class C Shares |
– | – | (182,097 | ) | (127,249 | ) | ||||||||||||||
| Institutional Shares |
– | – | (23,509,984 | ) | (31,343,923 | ) | ||||||||||||||
| Separate Account Institutional Shares |
(7,654,619 | ) | (7,194,386 | ) | – | – | ||||||||||||||
| Service Shares |
– | – | (2,575 | ) | (1,796 | ) | ||||||||||||||
| Investor Shares |
– | – | (2,758,657 | ) | (2,626,180 | ) | ||||||||||||||
| Class R6 Shares |
– | – | (14,869,573 | ) | (4,941,962 | ) | ||||||||||||||
| Class P Shares |
– | – | (120,184,597 | ) | (110,070,875 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(7,654,619 | ) | (7,194,386 | ) | (164,906,155 | ) | (151,960,087 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
51,813,634 | 59,312,133 | 1,689,226,305 | 3,374,866,913 | ||||||||||||||||
| Reinvestment of distributions |
7,572,492 | 7,069,325 | 145,624,551 | 132,553,673 | ||||||||||||||||
| Cost of shares redeemed |
(57,257,131 | ) | (74,547,652 | ) | (3,319,182,111 | ) | (8,625,972,295 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 2,128,995 | (8,166,194 | ) | (1,484,331,255 | ) | (5,118,551,709 | ) | |||||||||||||
|
| ||||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
6,543,251 | (21,169,532 | ) | (1,503,899,450 | ) | (5,252,365,544 | ) | |||||||||||||
|
| ||||||||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of year |
$ | 183,744,978 | $ | 204,914,510 | $ | 6,484,773,217 | $ | 11,737,138,761 | ||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 190,288,229 | $ | 183,744,978 | $ | 4,980,873,767 | $ | 6,484,773,217 | ||||||||||||
|
| ||||||||||||||||||||
| 232 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 233 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Dynamic Municipal Income Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.10 | $ | 15.72 | $ | 16.64 | $ | 15.60 | $ | 16.03 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.38 | 0.30 | 0.20 | 0.24 | 0.24 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.24 | (0.63 | ) | (0.93 | ) | 1.03 | (0.42) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.62 | (0.33 | ) | (0.73 | ) | 1.27 | (0.18) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.37 | ) | (0.29 | ) | (0.19 | ) | (0.23 | ) | (0.25) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 15.35 | $ | 15.10 | $ | 15.72 | $ | 16.64 | $ | 15.60 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
4.20 | % | (2.06 | )% | (4.44 | )% | 8.19 | % | (1.17)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 97,077 | $ | 112,468 | $ | 144,456 | $ | 153,277 | $ | 141,952 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.47 | % | 1.48 | % | 1.47 | % | 1.47 | % | 1.48% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.50 | % | 1.50 | % | 1.49 | % | 1.50 | % | 1.51% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.55 | % | 1.97 | % | 1.22 | % | 1.46 | % | 1.50% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 33 | % | 15 | % | 6 | % | 23% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 234 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Dynamic Municipal Income Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.09 | $ | 15.71 | $ | 16.62 | $ | 15.58 | $ | 16.02 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.55 | 0.46 | 0.38 | 0.41 | 0.42 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.22 | (0.63 | ) | (0.92 | ) | 1.03 | (0.43) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.77 | (0.17 | ) | (0.54 | ) | 1.44 | (0.01) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.53 | ) | (0.45 | ) | (0.37 | ) | (0.40 | ) | (0.43) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 15.33 | $ | 15.09 | $ | 15.71 | $ | 16.62 | $ | 15.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
5.26 | % | (1.00 | )% | (3.35 | )% | 9.37 | % | (0.16)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 4,602,375 | $ | 3,860,842 | $ | 4,492,546 | $ | 4,188,941 | $ | 3,206,615 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.39 | % | 0.40 | % | 0.39 | % | 0.39 | % | 0.39% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.42 | % | 0.42 | % | 0.41 | % | 0.42 | % | 0.42% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.64 | % | 3.06 | % | 2.30 | % | 2.54 | % | 2.59% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 33 | % | 15 | % | 6 | % | 23% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 235 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Dynamic Municipal Income Fund | |||||||||||||||||||||||||||
| Service Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.17 | $ | 15.79 | $ | 16.71 | $ | 15.67 | $ | 16.10 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.47 | 0.39 | 0.30 | 0.34 | 0.34 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.23 | (0.63 | ) | (0.93 | ) | 1.03 | (0.42) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.70 | (0.24 | ) | (0.63 | ) | 1.37 | (0.08) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.46 | ) | (0.38 | ) | (0.29 | ) | (0.33 | ) | (0.35) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 15.41 | $ | 15.17 | $ | 15.79 | $ | 16.71 | $ | 15.67 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
4.72 | % | (1.48 | )% | (3.87 | )% | 8.79 | % | (0.58)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 24 | $ | 23 | $ | 24 | $ | 26 | $ | 203 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.90 | % | 0.91 | % | 0.90 | % | 0.89 | % | 0.89% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.92 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.92% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.13 | % | 2.56 | % | 1.79 | % | 2.06 | % | 2.09% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 33 | % | 15 | % | 6 | % | 23% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 236 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Dynamic Municipal Income Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.08 | $ | 15.70 | $ | 16.61 | $ | 15.57 | $ | 16.00 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.53 | 0.45 | 0.37 | 0.40 | 0.41 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.23 | (0.63 | ) | (0.92 | ) | 1.03 | (0.43) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.76 | (0.18 | ) | (0.55 | ) | 1.43 | (0.02) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.52 | ) | (0.44 | ) | (0.36 | ) | (0.39 | ) | (0.41) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 15.32 | $ | 15.08 | $ | 15.70 | $ | 16.61 | $ | 15.57 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
5.17 | % | (1.08 | )% | (3.43 | )% | 9.28 | % | (0.19)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,646,801 | $ | 1,353,998 | $ | 1,469,286 | $ | 1,193,082 | $ | 904,160 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.47 | % | 0.48 | % | 0.47 | % | 0.47 | % | 0.48% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.50 | % | 0.50 | % | 0.49 | % | 0.50 | % | 0.51% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.56 | % | 2.98 | % | 2.22 | % | 2.46 | % | 2.50% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 33 | % | 15 | % | 6 | % | 23% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 237 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Dynamic Municipal Income Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.10 | $ | 15.72 | $ | 16.63 | $ | 15.59 | $ | 16.02 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.55 | 0.46 | 0.38 | 0.41 | 0.42 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.23 | (0.63 | ) | (0.92 | ) | 1.04 | (0.42) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.78 | (0.17 | ) | (0.54 | ) | 1.45 | –(b) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.54 | ) | (0.45 | ) | (0.37 | ) | (0.41 | ) | (0.43) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 15.34 | $ | 15.10 | $ | 15.72 | $ | 16.63 | $ | 15.59 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(c) |
5.26 | % | (0.93 | )% | (3.39 | )% | 9.37 | % | (0.08)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 153,353 | $ | 129,990 | $ | 163,855 | $ | 97,337 | $ | 69,532 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.38 | % | 0.39 | % | 0.38 | % | 0.38 | % | 0.38% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.41 | % | 0.41 | % | 0.40 | % | 0.41 | % | 0.41% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.65 | % | 3.06 | % | 2.31 | % | 2.55 | % | 2.61% | ||||||||||||||||||
| Portfolio turnover rate(d) |
38 | % | 33 | % | 15 | % | 6 | % | 23% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 238 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Dynamic Municipal Income Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.10 | $ | 15.72 | $ | 16.63 | $ | 15.59 | $ | 16.02 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.55 | 0.46 | 0.38 | 0.41 | 0.43 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.23 | (0.63 | ) | (0.92 | ) | 1.04 | (0.43) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.78 | (0.17 | ) | (0.54 | ) | 1.45 | –(b) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.54 | ) | (0.45 | ) | (0.37 | ) | (0.41 | ) | (0.43) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 15.34 | $ | 15.10 | $ | 15.72 | $ | 16.63 | $ | 15.59 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(c) |
5.26 | % | (0.99 | )% | (3.33 | )% | 9.37 | % | (0.08)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,900,979 | $ | 1,704,487 | $ | 2,758,800 | $ | 2,195,715 | $ | 1,683,366 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.38 | % | 0.39 | % | 0.38 | % | 0.38 | % | 0.38% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.41 | % | 0.41 | % | 0.40 | % | 0.41 | % | 0.41% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.65 | % | 3.05 | % | 2.31 | % | 2.55 | % | 2.61% | ||||||||||||||||||
| Portfolio turnover rate(d) |
38 | % | 33 | % | 15 | % | 6 | % | 23% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 239 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 240 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Municipal Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.03 | $ | 9.86 | $ | 10.49 | $ | 9.59 | $ | 9.91 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.30 | 0.23 | 0.25 | 0.29 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.85 | ) | (0.65 | ) | 0.89 | (0.34) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.50 | (0.55 | ) | (0.42 | ) | 1.14 | (0.05) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.28 | ) | (0.21 | ) | (0.24 | ) | (0.27) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.23 | $ | 9.03 | $ | 9.86 | $ | 10.49 | $ | 9.59 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
5.70 | % | (5.55 | )% | (4.09 | )% | 12.03 | % | (0.62)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 60,812 | $ | 57,853 | $ | 76,559 | $ | 80,215 | $ | 77,387 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.60 | % | 1.61 | % | 1.60 | % | 1.60 | % | 1.60% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.64 | % | 1.64 | % | 1.63 | % | 1.64 | % | 1.66% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.52 | % | 3.27 | % | 2.15 | % | 2.50 | % | 2.85% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 32 | % | 13 | % | 7 | % | 20% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 241 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Municipal Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.03 | $ | 9.86 | $ | 10.49 | $ | 9.59 | $ | 9.91 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.41 | 0.40 | 0.34 | 0.36 | 0.40 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.85 | ) | (0.64 | ) | 0.89 | (0.34) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.60 | (0.45 | ) | (0.30 | ) | 1.25 | 0.06 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.40 | ) | (0.38 | ) | (0.33 | ) | (0.35 | ) | (0.38) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.23 | $ | 9.03 | $ | 9.86 | $ | 10.49 | $ | 9.59 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
6.82 | % | (4.55 | )% | (3.06 | )% | 13.22 | % | 0.43% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 2,023,817 | $ | 1,641,484 | $ | 1,808,838 | $ | 1,416,246 | $ | 894,702 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.55% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.56 | % | 0.56 | % | 0.55 | % | 0.56 | % | 0.57% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.58 | % | 4.34 | % | 3.21 | % | 3.54 | % | 3.91% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 32 | % | 13 | % | 7 | % | 20% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 242 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Municipal Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.04 | $ | 9.87 | $ | 10.50 | $ | 9.60 | $ | 9.92 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.41 | 0.39 | 0.33 | 0.35 | 0.39 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.85 | ) | (0.64 | ) | 0.89 | (0.34) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.59 | (0.46 | ) | (0.31 | ) | 1.24 | 0.05 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.39 | ) | (0.37 | ) | (0.32 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.24 | $ | 9.04 | $ | 9.87 | $ | 10.50 | $ | 9.60 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
6.76 | % | (4.60 | )% | (3.12 | )% | 13.14 | % | 0.38% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 714,738 | $ | 514,972 | $ | 565,860 | $ | 496,140 | $ | 331,991 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.64 | % | 0.64 | % | 0.63 | % | 0.65 | % | 0.66% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.52 | % | 4.27 | % | 3.15 | % | 3.48 | % | 3.85% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 32 | % | 13 | % | 7 | % | 20% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 243 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Municipal Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.03 | $ | 9.85 | $ | 10.48 | $ | 9.58 | $ | 9.91 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.41 | 0.40 | 0.34 | 0.35 | 0.40 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.84 | ) | (0.64 | ) | 0.90 | (0.35) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.59 | (0.44 | ) | (0.30 | ) | 1.25 | 0.05 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.40 | ) | (0.38 | ) | (0.33 | ) | (0.35 | ) | (0.38) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.22 | $ | 9.03 | $ | 9.85 | $ | 10.48 | $ | 9.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
6.72 | % | (4.44 | )% | (3.06 | )% | 13.24 | % | 0.32% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 19,295 | $ | 15,465 | $ | 10,354 | $ | 11,001 | $ | 11 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.55 | % | 0.55 | % | 0.54 | % | 0.55 | % | 0.57% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.59 | % | 4.37 | % | 3.22 | % | 3.44 | % | 3.92% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 32 | % | 13 | % | 7 | % | 20% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 244 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Municipal Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.03 | $ | 9.85 | $ | 10.48 | $ | 9.58 | $ | 9.90 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.41 | 0.40 | 0.34 | 0.36 | 0.40 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.84 | ) | (0.64 | ) | 0.89 | (0.34) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.59 | (0.44 | ) | (0.30 | ) | 1.25 | 0.06 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.40 | ) | (0.38 | ) | (0.33 | ) | (0.35 | ) | (0.38) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.22 | $ | 9.03 | $ | 9.85 | $ | 10.48 | $ | 9.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
6.72 | % | (4.44 | )% | (3.06 | )% | 13.24 | % | 0.44% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 7,519,362 | $ | 6,490,733 | $ | 7,661,350 | $ | 7,762,203 | $ | 6,139,055 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.54% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.55 | % | 0.55 | % | 0.54 | % | 0.55 | % | 0.56% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.58 | % | 4.35 | % | 3.22 | % | 3.56 | % | 3.93% | ||||||||||||||||||
| Portfolio turnover rate(c) |
38 | % | 32 | % | 13 | % | 7 | % | 20% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 245 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
| (a) | Commenced operations on April 1, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Amount is less than 0.005%. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 246 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 247 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Tax-Free Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.32 | $ | 10.42 | $ | 10.82 | $ | 10.62 | $ | 10.65 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.24 | 0.14 | 0.03 | 0.08 | 0.11 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.02 | ) | (0.11 | ) | (0.41 | ) | 0.19 | (0.03) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.22 | 0.03 | (0.38 | ) | 0.27 | 0.08 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.23 | ) | (0.13 | ) | (0.02 | ) | (0.07 | ) | (0.11) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.31 | $ | 10.32 | $ | 10.42 | $ | 10.82 | $ | 10.62 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
2.19 | % | 0.29 | % | (3.47 | )% | 2.51 | % | 0.78% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 6,627 | $ | 9,855 | $ | 10,700 | $ | 12,988 | $ | 17,180 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.06 | % | 1.07 | % | 1.08 | % | 1.08 | % | 1.08% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.49 | % | 1.49 | % | 1.47 | % | 1.48 | % | 1.50% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.31 | % | 1.32 | % | 0.26 | % | 0.70 | % | 1.04% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 74 | % | 41 | % | 20 | % | 29% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 248 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Tax-Free Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.32 | $ | 10.41 | $ | 10.82 | $ | 10.62 | $ | 10.64 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.30 | 0.20 | 0.10 | 0.15 | 0.19 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.01 | ) | (0.09 | ) | (0.41 | ) | 0.19 | (0.02) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.29 | 0.11 | (0.31 | ) | 0.34 | 0.17 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.20 | ) | (0.10 | ) | (0.14 | ) | (0.19) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.31 | $ | 10.32 | $ | 10.41 | $ | 10.82 | $ | 10.62 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
2.87 | % | 1.08 | % | (2.89 | )% | 3.23 | % | 1.58% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 719,618 | $ | 1,304,120 | $ | 2,223,538 | $ | 2,424,423 | $ | 1,646,398 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.39 | % | 0.39 | % | 0.38 | % | 0.38 | % | 0.38% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.41 | % | 0.42 | % | 0.39 | % | 0.40 | % | 0.40% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.97 | % | 1.91 | % | 0.96 | % | 1.36 | % | 1.75% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 74 | % | 41 | % | 20 | % | 29% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 249 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Tax-Free Fund | |||||||||||||||||||||||||||
| Service Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.32 | $ | 10.42 | $ | 10.82 | $ | 10.62 | $ | 10.64 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.26 | 0.15 | 0.05 | 0.10 | 0.14 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.02 | ) | (0.10 | ) | (0.40 | ) | 0.19 | (0.02) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.24 | 0.05 | (0.35 | ) | 0.29 | 0.12 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.25 | ) | (0.15 | ) | (0.05 | ) | (0.09 | ) | (0.14) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.31 | $ | 10.32 | $ | 10.42 | $ | 10.82 | $ | 10.62 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
2.36 | % | 0.47 | % | (3.28 | )% | 2.71 | % | 1.07% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 93 | $ | 126 | $ | 126 | $ | 133 | $ | 179 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.89 | % | 0.89 | % | 0.88 | % | 0.88 | % | 0.88% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.91 | % | 0.91 | % | 0.89 | % | 0.90 | % | 0.91% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.49 | % | 1.50 | % | 0.46 | % | 0.91 | % | 1.27% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 74 | % | 41 | % | 20 | % | 29% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 250 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Tax-Free Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.32 | $ | 10.41 | $ | 10.82 | $ | 10.62 | $ | 10.64 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.30 | 0.20 | 0.10 | 0.14 | 0.18 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.01 | ) | (0.09 | ) | (0.42 | ) | 0.20 | (0.02) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.29 | 0.11 | (0.32 | ) | 0.34 | 0.16 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.20 | ) | (0.09 | ) | (0.14 | ) | (0.18) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.31 | $ | 10.32 | $ | 10.41 | $ | 10.82 | $ | 10.62 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
2.85 | % | 1.04 | % | (2.94 | )% | 3.18 | % | 1.53% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 81,765 | $ | 121,439 | $ | 154,004 | $ | 175,488 | $ | 111,743 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.41 | % | 0.42 | % | 0.43 | % | 0.43 | % | 0.43% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.49 | % | 0.49 | % | 0.47 | % | 0.48 | % | 0.49% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.96 | % | 1.93 | % | 0.91 | % | 1.31 | % | 1.69% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 74 | % | 41 | % | 20 | % | 29% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 251 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Tax-Free Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.31 | $ | 10.41 | $ | 10.81 | $ | 10.61 | $ | 10.64 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.20 | 0.10 | 0.15 | 0.19 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.02 | ) | (0.10 | ) | (0.40 | ) | 0.19 | (0.03) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.29 | 0.10 | (0.30 | ) | 0.34 | 0.16 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.20 | ) | (0.10 | ) | (0.14 | ) | (0.19) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.30 | $ | 10.31 | $ | 10.41 | $ | 10.81 | $ | 10.61 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
2.88 | % | 0.99 | % | (2.79 | )% | 3.24 | % | 1.50% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 477,340 | $ | 217,303 | $ | 303,269 | $ | 8,393 | $ | 5,992 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.37 | % | 0.38 | % | 0.37 | % | 0.37 | % | 0.37% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.39 | % | 0.40 | % | 0.39 | % | 0.39 | % | 0.39% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.01 | % | 1.96 | % | 0.97 | % | 1.37 | % | 1.75% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 74 | % | 41 | % | 20 | % | 29% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 252 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Tax-Free Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.32 | $ | 10.41 | $ | 10.81 | $ | 10.61 | $ | 10.64 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.20 | 0.10 | 0.15 | 0.19 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.02 | ) | (0.09 | ) | (0.40 | ) | 0.19 | (0.03) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.29 | 0.11 | (0.30 | ) | 0.34 | 0.16 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.20 | ) | (0.10 | ) | (0.14 | ) | (0.19) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.31 | $ | 10.32 | $ | 10.41 | $ | 10.81 | $ | 10.61 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total Return(b) |
2.88 | % | 1.09 | % | (2.79 | )% | 3.24 | % | 1.50% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000’s) |
$ | 3,583,450 | $ | 4,684,309 | $ | 8,839,327 | $ | 9,108,224 | $ | 5,572,014 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.38 | % | 0.38 | % | 0.37 | % | 0.37 | % | 0.37% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.40 | % | 0.41 | % | 0.38 | % | 0.39 | % | 0.39% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.00 | % | 1.92 | % | 0.97 | % | 1.36 | % | 1.75% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 74 | % | 41 | % | 20 | % | 29% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 253 |
GOLDMAN SACHS MUNICIPAL FUNDS
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| Fund | Share Classes Offered | Diversified/ Non-Diversified | ||
| Dynamic Municipal Income Fund | A, C, Institutional, Service, Investor, R6 and P |
Diversified | ||
| High Yield Municipal Fund | A, C, Institutional, Investor, R6 and P |
Diversified | ||
| Municipal Income Completion Fund | Separate Account Institutional |
Diversified | ||
| Short Duration Tax-Free Fund | A, C, Institutional, Service, Investor, R6 and P |
Diversified | ||
Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class P and Separate Account Institutional Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement”) with the Trust.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend
| 254 |
GOLDMAN SACHS MUNICIPAL FUNDS
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
date. Income distributions, if any, are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). The Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, the Funds have the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and
| 255 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
only upon receipt by the Lender of the payments from the borrower. The Funds generally have no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in the Funds having a direct contractual relationship with the borrower, and the Funds may be permitted to enforce compliance by the borrower with the terms of the loan agreement.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
ii. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the
| 256 |
GOLDMAN SACHS MUNICIPAL FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.
The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2024:
| Dynamic Municipal Income Fund | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Bank Loans |
$ | — | $ | — | $ | 13,724,999 | ||||||
| Corporate Bond |
— | 9,391,427 | 30,961,052 | |||||||||
| Municipal Bond |
— | 9,143,854,675 | — | |||||||||
|
|
||||||||||||
| Total |
$ | — | $ | 9,153,246,102 | $ | 44,686,051 | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Futures Contracts(a) |
$ | (4,311,360 | ) | $ | — | $ | — | |||||
|
|
||||||||||||
| High Yield Municipal Fund | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Bank Loans |
$ | — | $ | — | $ | 44,639,999 | ||||||
| Corporate Bond |
— | 26,368,839 | 58,648,315 | |||||||||
| 257 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| Municipal Bond |
$ | — | $ | 10,525,526,296 | $ | — | ||||||
|
|
||||||||||||
| Total |
$ | — | $ | 10,551,895,135 | $ | 103,288,314 | ||||||
|
|
||||||||||||
| Municipal Income Completion Fund | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Bond |
$ | — | $ | 94,165 | $ | 1,376,018 | ||||||
| Municipal Bond |
— | 185,390,177 | — | |||||||||
|
|
||||||||||||
| Total |
$ | — | $ | 185,484,342 | $ | 1,376,018 | ||||||
|
|
||||||||||||
| Derivative Type |
||||||||||||
|
|
||||||||||||
| Liabilities | ||||||||||||
| Futures Contracts(a) |
$ | (93,226 | ) | $ | — | $ | — | |||||
|
|
||||||||||||
| Short Duration Tax-Free Fund | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Asset-Backed Securities |
$ | — | $ | 20,150,232 | $ | — | ||||||
| Municipal Bond |
— | 4,914,610,651 | — | |||||||||
|
|
||||||||||||
| Total |
$ | — | $ | 4,934,760,883 | $ | — | ||||||
|
|
||||||||||||
| (a) | Amount shown represents unrealized gain (loss) at fiscal year end. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
| Dynamic Municipal Income Fund | ||||||||||||
| Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
| Interest Rate | $ | — | Variation margin on futures contracts | $ | (4,311,360) | |||||||
| Municipal Income Completion Fund | ||||||||||||
| Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
| Interest Rate | $ | — | Variation margin on futures contracts | $ | (93,226) | |||||||
| 1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of March 31, 2024 is reported within the Statement of Assets and Liabilities. |
| 258 |
GOLDMAN SACHS MUNICIPAL FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| Dynamic Municipal Income Fund | ||||||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Gain (Loss) |
|||||||||||
| Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | $ | 38,262,037 | $ | (4,311,360) | |||||||||
| High Yield Municipal Fund | ||||||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Gain (Loss) |
|||||||||||
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 338,448 | (224,752) | |||||||||||
| Municipal Income Completion Fund | ||||||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Gain (Loss) |
|||||||||||
| Interest Rate |
Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | 600,727 | (93,226) | |||||||||||
For the fiscal year ended March 31, 2024, the relevant values for each derivative type were as follows:
| Average number of Contracts or Notional Amounts(a) |
||||||||
| Fund | Futures Contracts | Swap Contracts | ||||||
| Dynamic Municipal Income Fund |
1,542 | – | ||||||
| High Yield Municipal Fund |
— | 29,375,000 | ||||||
| Municipal Income Completion Fund |
34 | – | ||||||
| (a) | Amounts disclosed represent average number of contracts for futures contracts or notional amounts for swap agreements, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended March 31, 2024. |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
With the exception of the Municipal Income Completion Fund, as compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets. The Municipal Income Completion Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain “wrap-fee” programs.
For the fiscal year ended March 31, 2024, contractual and effective net management fees with GSAM were at the following rates:
| 259 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| Contractual Management Rate
|
Effective Net Management
|
|||||||||||||||||||||||||||
| Fund |
First |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
Effective |
||||||||||||||||||||||
| Dynamic Municipal Income Fund |
0.40 | % | 0.36 | % | 0.34 | % | 0.34 | % | 0.33 | % | 0.35 | % | 0.35 | % | ||||||||||||||
| High Yield Municipal Fund |
0.55 | 0.55 | 0.50 | 0.48 | 0.47 | 0.50 | 0.50 | |||||||||||||||||||||
| Short Duration Tax-Free Fund |
0.39 | 0.35 | 0.33 | 0.33 | 0.32 | 0.34 | 0.34 | |||||||||||||||||||||
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| Distribution and/or Service Plan Rates | ||||||
| Class A* | Class C | Service | ||||
| Distribution and/or Service Plan |
0.25% | 0.75% | 0.25% | |||
|
| ||||||
| * | With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
For the fiscal year ended March 31, 2024, Goldman Sachs agreed to waive a portion of the distribution and/or service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 28, 2024. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2024, Goldman Sachs retained the following amounts:
| Front End Sales Charge |
Contingent Deferred Sales Charge |
|||||||||||
| Fund | Class A | Class C | ||||||||||
|
|
||||||||||||
| Dynamic Municipal Income Fund |
$ 26,091 | $ — | ||||||||||
|
|
||||||||||||
| High Yield Municipal Fund |
39,447 | — | ||||||||||
|
|
||||||||||||
| Short Duration Tax-Free Fund |
1,303 | — | ||||||||||
|
|
||||||||||||
D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.
| 260 |
GOLDMAN SACHS MUNICIPAL FUNDS
|
|
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; 0.04% of the average daily net assets of Institutional and Service Shares; and 0.02% of the average daily net assets of Separate Account Institutional Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.02% and 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively. Goldman Sachs also agreed to reduce or limit its transfer agency fee to 0.00% as an annual percentage rate of the average daily net assets attributable to Separate Account Institutional Shares of the Municipal Income Completion Fund. These arrangements will remain in effect through at least July 28, 2024, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees.
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets is 0.004% for Dynamic Municipal Income, High Yield Municipal, Short Duration Tax-Free Funds and 0.00% for Municipal Income Completion Fund. These Other Expense limitations will remain in place through at least July 28, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended March 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| Fund | Transfer Agency Waiver/Credits |
Class C Distribution and Service Fee Waiver |
Other Expense Reimbursements |
Total Expense Reductions |
||||||||||||||||
|
|
||||||||||||||||||||
| Dynamic Municipal Income Fund |
$ | – | $ | – | $ | 2,020,981 | $ | 2,020,981 | ||||||||||||
|
|
||||||||||||||||||||
| High Yield Municipal Fund |
213,144 | (a) | – | 1,865,815 | 2,078,959 | |||||||||||||||
|
|
||||||||||||||||||||
| Municipal Income Completion Fund |
34,704 | – | 283,346 | 318,050 | ||||||||||||||||
|
|
||||||||||||||||||||
| Short Duration Tax-Free Fund |
138,368 | (a) | 28,214 | 1,124,002 | 1,290,584 | |||||||||||||||
|
|
||||||||||||||||||||
| (a) | Applicable to Class A, Class C and Investor Shares. |
G. Line of Credit Facility — As of March 31, 2024, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000. The facility was changed to $1,150,000,000 effective April 16, 2024.
H. Other Transactions with Affiliates — As of March 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:
| Fund | Service | |||
|
|
||||
| Dynamic Municipal Income Fund |
17% | |||
|
|
||||
A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees.
For the fiscal year ended March 31, 2024, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:
| 261 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| Fund | Purchases | Sales | Net Realized Gain/(Loss) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Dynamic Municipal Income Fund |
$ | 813,946,055 | $ | 542,197,288 | $ | (23,543,744) | ||||||||||||||||||
|
|
||||||||||||||||||||||||
| High Yield Municipal Fund |
316,233,090 | 450,051,798 | (17,973,522) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Municipal Income Completion Fund |
9,262,535 | 36,216,495 | (2,909,053) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Short Duration Tax-Free Fund |
432,020,243 | 542,996,340 | (10,977,233) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2024, were as follows:
| Fund | Purchase of U.S. Government and Agency Obligations |
Purchases (Excluding U.S. Government and Agency Obligations) |
Sales and Maturities of U.S. Government and Agency Obligations |
Sales and Maturities (Excluding U.S. Government and Agency Obligations) |
||||||||||||||||||
|
|
||||||||||||||||||||||
| Dynamic Municipal Income Fund |
$ 21,769,452 | $ 4,330,781,808 | $ 21,688,126 | $ 3,170,006,511 | ||||||||||||||||||
|
|
||||||||||||||||||||||
| High Yield Municipal Fund |
19,768,830 | 5,074,897,237 | 19,627,264 | 3,590,553,573 | ||||||||||||||||||
|
|
||||||||||||||||||||||
| Municipal Income Completion Fund |
— | 85,080,704 | — | 80,962,801 | ||||||||||||||||||
|
|
||||||||||||||||||||||
| Short Duration Tax-Free Fund |
35,287,780 | 2,670,247,724 | 35,090,027 | 4,054,465,800 | ||||||||||||||||||
|
|
||||||||||||||||||||||
| 7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended March 31, 2024 were as follows:
| Dynamic Municipal Income Fund |
|
High Yield Municipal Fund |
|
Municipal Income Completion Fund |
|
Short Duration Tax- Free Fund |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||||||||||
| Ordinary Income |
$ 14,508,849 | $ 28,757,775 | $ 509,248 | $ 3,863,738 | ||||||||||||||||||||||||||||
| Tax-Exempt income |
281,690,208 | 394,426,986 | 7,145,371 | 161,042,417 | ||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Total distributions |
$ 296,199,057 | $ 423,184,761 | $ 7,654,619 | $ 164,906,155 | ||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| The tax character of distributions paid during the fiscal year ended March 31, 2023 were as follows: |
| |||||||||||||||||||||||||||||||
| Dynamic Municipal Income Fund |
High Yield Municipal Fund |
Municipal Income Completion Fund |
Short Duration Tax- Free Fund |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||||||||||
| Ordinary Income |
$ 14,878,864 | $ 29,466,262 | $ 534,680 | $ 5,814,722 | ||||||||||||||||||||||||||||
| Long-term capital gains |
— | — | 266,029 | — | ||||||||||||||||||||||||||||
| Tax-Exempt income |
232,510,560 | 337,902,049 | 6,393,677 | 146,145,365 | ||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Total distributions |
$ 247,389,424 | $ 367,368,311 | $ 7,194,386 | $ 151,960,087 | ||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
As of March 31, 2024, the components of accumulated earnings (losses) on a tax-basis were as follow:
| 262 |
GOLDMAN SACHS MUNICIPAL FUNDS
| 7. TAX INFORMATION (continued) |
| Dynamic Municipal Income Fund |
High Yield Municipal Fund |
Municipal Income Completion Fund |
Short Duration Tax-Free Fund |
|||||||||||||||||
|
|
||||||||||||||||||||
| Undistributed Tax Exempt income — net |
$ | 27,767,919 | $ | 180,647,510 | $ | 228,803 | $ | 23,476,927 | ||||||||||||
|
|
||||||||||||||||||||
| Total undistributed earnings |
$ | 27,767,919 | $ | 180,647,510 | $ | 228,803 | $ | 23,476,927 | ||||||||||||
|
|
||||||||||||||||||||
| Capital loss carryforwards: |
||||||||||||||||||||
| Perpetual Short-Term |
(334,195,885 | ) | (369,218,494 | ) | (3,217,247 | ) | (258,302,980 | ) | ||||||||||||
| Perpetual Long-Term |
(218,094,214 | ) | (356,919,797 | ) | (10,734,985 | ) | (235,117,199 | ) | ||||||||||||
|
|
||||||||||||||||||||
| Total capital loss carryforwards |
(552,290,099 | ) | (726,138,291 | ) | (13,952,232 | ) | (493,420,179 | ) | ||||||||||||
|
|
||||||||||||||||||||
| Timing differences — (Post October Loss Deferral, Defaulted Bond Income, and Distributions Payable) |
(34,207,165 | ) | (22,811,912 | ) | (538,481 | ) | (11,596,408 | ) | ||||||||||||
| Unrealized gains (losses) — net |
(105,677,015 | ) | (180,433,396 | ) | (6,003,448 | ) | (5,895,982 | ) | ||||||||||||
|
|
||||||||||||||||||||
| Total accumulated earnings (losses) — net |
$ | (664,406,360 | ) | $ | (748,736,089 | ) | $ | (20,265,358 | ) | $ | (487,435,642 | ) | ||||||||
|
|
||||||||||||||||||||
As of March 31, 2024, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Dynamic Municipal Income Fund |
High Yield Municipal Fund |
Municipal Income Completion Fund |
Short Duration Tax- Free Fund |
|||||||||||||||
|
|
||||||||||||||||||
| Tax Cost |
$ 9,299,297,808 | $10,835,616,845 | $ 192,770,582 | $ 4,940,656,865 | ||||||||||||||
|
|
||||||||||||||||||
| Gross unrealized gain |
181,231,718 | 404,568,180 | 4,063,611 | 56,447,908 | ||||||||||||||
| Gross unrealized loss |
(286,908,733) | (585,001,576) | (10,067,059) | (62,343,890) | ||||||||||||||
|
|
||||||||||||||||||
| Net unrealized gain (loss) |
$ (105,677,015) | $ (180,433,396) | $ (6,003,448) | $ (5,895,982) | ||||||||||||||
|
|
||||||||||||||||||
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and market discount accretion and premium amortization.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
| 263 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 8. OTHER RISKS (continued) |
Geographic and Sector Risk — If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund’s performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.
Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due
| 264 |
GOLDMAN SACHS MUNICIPAL FUNDS
| 8. OTHER RISKS (continued) |
to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Fund may purchase the securities of issuers that are in default.
State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.
Tax Risk — Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.
| 9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 10. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
| 11. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| Dynamic Municipal Income Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
16,340,497 | $ | 245,887,137 | 22,072,557 | $ | 331,771,300 | ||||||||||
| Reinvestment of distributions |
1,825,986 | 27,420,890 | 1,786,114 | 26,784,408 | ||||||||||||
| Shares redeemed |
(22,029,752 | ) | (330,947,216 | ) | (46,862,904 | ) | (704,097,040) | |||||||||
|
|
||||||||||||||||
| (3,863,269 | ) | (57,639,189 | ) | (23,004,233 | ) | (345,541,332) | ||||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
1,029,038 | 15,509,811 | 1,433,521 | 21,489,634 | ||||||||||||
| Reinvestment of distributions |
147,417 | 2,214,055 | 132,693 | 1,989,760 | ||||||||||||
| Shares redeemed |
(2,297,080 | ) | (34,482,948 | ) | (3,307,207 | ) | (49,563,152) | |||||||||
|
|
||||||||||||||||
| (1,120,625 | ) | (16,759,082 | ) | (1,740,993 | ) | (26,083,758) | ||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
148,083,809 | 2,222,365,511 | 207,449,449 | 3,115,644,394 | ||||||||||||
| Reinvestment of distributions |
8,229,201 | 123,580,623 | 6,467,052 | 96,909,201 | ||||||||||||
| Shares redeemed |
(112,005,205 | ) | (1,662,472,754 | ) | (244,048,441 | ) | (3,657,756,713) | |||||||||
|
|
||||||||||||||||
| 44,307,805 | 683,473,380 | (30,131,940 | ) | (445,203,118) | ||||||||||||
|
|
||||||||||||||||
| 265 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Dynamic Municipal Income Fund
|
||||||||||||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
| Service Shares |
||||||||||||||||||||||||||||
| Shares sold |
— | $ | — | — | $ | — | ||||||||||||||||||||||
| Reinvestment of distributions |
8 | 118 | 7 | 94 | ||||||||||||||||||||||||
| Shares redeemed |
— | — | — | — | ||||||||||||||||||||||||
| 8 | 118 | 7 | 94 | |||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||
| Shares sold |
55,441,884 | 832,197,935 | 74,666,658 | 1,119,912,763 | ||||||||||||||||||||||||
| Reinvestment of distributions |
3,420,000 | 51,311,349 | 2,569,585 | 38,477,927 | ||||||||||||||||||||||||
| Shares redeemed |
(41,176,939 | ) | (614,386,158 | ) | (81,041,680 | ) | (1,214,262,037 | ) | ||||||||||||||||||||
| 17,684,945 | 269,123,126 | (3,805,437 | ) | (55,871,347 | ) | |||||||||||||||||||||||
| Class R6 Shares |
||||||||||||||||||||||||||||
| Shares sold |
4,657,742 | 70,056,696 | 4,687,923 | 70,501,060 | ||||||||||||||||||||||||
| Reinvestment of distributions |
265,648 | 3,989,732 | 218,284 | 3,272,691 | ||||||||||||||||||||||||
| Shares redeemed |
(3,536,650 | ) | (52,874,929 | ) | (6,721,751 | ) | (100,933,565 | ) | ||||||||||||||||||||
| 1,386,740 | 21,171,499 | (1,815,544 | ) | (27,159,814 | ) | |||||||||||||||||||||||
| Class P Shares |
||||||||||||||||||||||||||||
| Shares sold |
55,801,641 | 833,757,724 | 71,024,708 | 1,064,681,614 | ||||||||||||||||||||||||
| Reinvestment of distributions |
4,148,010 | 62,334,526 | 3,837,555 | 57,596,013 | ||||||||||||||||||||||||
| Shares redeemed |
(48,926,470 | ) | (733,881,986 | ) | (137,487,665 | ) | (2,058,993,039 | ) | ||||||||||||||||||||
| 11,023,181 | 162,210,264 | (62,625,402 | ) | (936,715,412 | ) | |||||||||||||||||||||||
| NET INCREASE (DECREASE) IN SHARES |
69,418,785 | $ | 1,061,580,116 | (123,123,542 | ) | $ | (1,836,574,687 | ) | ||||||||||||||||||||
| High Yield Municipal Fund
|
||||||||||||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
| Class A Shares |
||||||||||||||||||||||||||||
| Shares sold |
13,436,266 | $ | 120,078,219 | 23,397,802 | $ | 214,118,542 | ||||||||||||||||||||||
| Reinvestment of distributions |
1,708,357 | 15,271,578 | 1,673,864 | 15,162,368 | ||||||||||||||||||||||||
| Shares redeemed |
(18,046,488 | ) | (161,369,349 | ) | (30,661,756 | ) | (278,935,117 | ) | ||||||||||||||||||||
| (2,901,865 | ) | (26,019,552 | ) | (5,590,090 | ) | (49,654,207 | ) | |||||||||||||||||||||
| Class C Shares |
||||||||||||||||||||||||||||
| Shares sold |
1,796,698 | 15,945,956 | 1,821,271 | 16,510,132 | ||||||||||||||||||||||||
| Reinvestment of distributions |
199,523 | 1,784,211 | 193,714 | 1,755,104 | ||||||||||||||||||||||||
| Shares redeemed |
(1,810,204 | ) | (16,094,652 | ) | (3,377,649 | ) | (30,598,586 | ) | ||||||||||||||||||||
| 186,017 | 1,635,515 | (1,362,664 | ) | (12,333,350 | ) | |||||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||
| Shares sold |
119,482,294 | 1,064,639,555 | 185,201,785 | 1,687,185,009 | ||||||||||||||||||||||||
| Reinvestment of distributions |
7,571,120 | 67,713,713 | 6,039,516 | 54,715,972 | ||||||||||||||||||||||||
| Shares redeemed |
(89,438,341 | ) | (785,187,139 | ) | (193,041,307 | ) | (1,754,570,943 | ) | ||||||||||||||||||||
| 37,615,073 | 347,166,129 | (1,800,006 | ) | (12,669,962 | ) | |||||||||||||||||||||||
| 266 |
GOLDMAN SACHS MUNICIPAL FUNDS
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| High Yield Municipal Fund
|
||||||||||||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||
| Shares sold |
48,629,342 | $ | 432,937,780 | 49,221,207 | $ | 448,137,143 | ||||||||||||||||||||||
| Reinvestment of distributions |
2,852,522 | 25,559,484 | 2,158,093 | 19,570,133 | ||||||||||||||||||||||||
| Shares redeemed |
(31,051,748 | ) | (274,592,364 | ) | (51,781,131 | ) | (470,127,402 | ) | ||||||||||||||||||||
| 20,430,116 | 183,904,900 | (401,831 | ) | (2,420,126 | ) | |||||||||||||||||||||||
| Class R6 Shares |
||||||||||||||||||||||||||||
| Shares sold |
937,452 | 8,434,294 | 1,380,919 | 12,685,279 | ||||||||||||||||||||||||
| Reinvestment of distributions |
84,140 | 751,132 | 52,792 | 476,401 | ||||||||||||||||||||||||
| Shares redeemed |
(641,905 | ) | (5,746,092 | ) | (771,642 | ) | (6,845,853 | ) | ||||||||||||||||||||
| 379,687 | 3,439,334 | 662,069 | 6,315,827 | |||||||||||||||||||||||||
| Class P Shares |
||||||||||||||||||||||||||||
| Shares sold |
347,781,337 | 3,115,780,787 | 407,334,320 | 3,686,089,311 | ||||||||||||||||||||||||
| Reinvestment of distributions |
33,610,141 | 300,130,640 | 29,063,961 | 263,183,702 | ||||||||||||||||||||||||
| Shares redeemed |
(284,936,374 | ) | (2,498,563,262 | ) | (495,179,133 | ) | (4,464,207,589 | ) | ||||||||||||||||||||
| 96,455,104 | 917,348,165 | (58,780,852 | ) | (514,934,576 | ) | |||||||||||||||||||||||
| NET INCREASE (DECREASE) IN SHARES |
152,164,132 | $ | 1,427,474,491 | (67,273,374 | ) | $ | (585,696,394 | ) | ||||||||||||||||||||
| Municipal Income Completion Fund
|
||||||||||||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
| Separate Account Institutional Shares |
||||||||||||||||||||||||||||
| Shares sold |
5,423,228 | $ | 51,813,634 | 6,227,429 | $ | 59,312,133 | ||||||||||||||||||||||
| Reinvestment of distributions |
803,990 | 7,572,492 | 750,974 | 7,069,325 | ||||||||||||||||||||||||
| Shares redeemed |
(6,078,833 | ) | (57,257,131 | ) | (7,863,092 | ) | (74,547,652 | ) | ||||||||||||||||||||
| NET INCREASE (DECREASE) IN SHARES |
148,385 | $ | 2,128,995 | (884,689 | ) | $ | (8,166,194 | ) | ||||||||||||||||||||
| Short Duration Tax-Free Fund
|
||||||||||||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
| Class A Shares |
||||||||||||||||||||||||||||
| Shares sold |
1,611,226 | $ | 16,529,789 | 7,062,309 | $ | 72,620,960 | ||||||||||||||||||||||
| Reinvestment of distributions |
270,644 | 2,777,769 | 220,893 | 2,270,032 | ||||||||||||||||||||||||
| Shares redeemed |
(5,318,734 | ) | (54,618,840 | ) | (12,771,327 | ) | (131,302,287 | ) | ||||||||||||||||||||
| (3,436,864 | ) | (35,311,282 | ) | (5,488,125 | ) | (56,411,295 | ) | |||||||||||||||||||||
| Class C Shares |
||||||||||||||||||||||||||||
| Shares sold |
105,733 | 1,082,327 | 403,942 | 4,138,812 | ||||||||||||||||||||||||
| Reinvestment of distributions |
15,935 | 163,368 | 10,539 | 108,163 | ||||||||||||||||||||||||
| Shares redeemed |
(433,724 | ) | (4,449,068 | ) | (487,051 | ) | (5,004,278 | ) | ||||||||||||||||||||
| (312,056 | ) | (3,203,373 | ) | (72,570 | ) | (757,303 | ) | |||||||||||||||||||||
| 267 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Short Duration Tax-Free Fund
|
||||||||||||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||
| Shares sold |
22,877,510 | $ | 234,681,518 | 93,561,437 | $ | 961,961,018 | ||||||||||||||||||||||
| Reinvestment of distributions |
1,858,352 | 19,045,388 | 1,648,791 | 16,918,760 | ||||||||||||||||||||||||
| Shares redeemed |
(81,302,364 | ) | (834,773,208 | ) | (182,387,244 | ) | (1,872,456,915 | ) | ||||||||||||||||||||
| (56,566,502 | ) | (581,046,302 | ) | (87,177,016 | ) | (893,577,137 | ) | |||||||||||||||||||||
| Service Shares |
||||||||||||||||||||||||||||
| Shares sold |
— | — | — | — | ||||||||||||||||||||||||
| Reinvestment of distributions |
251 | 2,575 | 175 | 1,796 | ||||||||||||||||||||||||
| Shares redeemed |
(3,421 | ) | (35,177 | ) | (48 | ) | (500 | ) | ||||||||||||||||||||
| (3,170 | ) | (32,602 | ) | 127 | 1,296 | |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||
| Shares sold |
3,203,546 | 32,689,848 | 14,183,523 | 145,714,572 | ||||||||||||||||||||||||
| Reinvestment of distributions |
269,027 | 2,758,414 | 255,801 | 2,625,669 | ||||||||||||||||||||||||
| Shares redeemed |
(7,307,732 | ) | (74,969,651 | ) | (17,461,788 | ) | (179,527,698 | ) | ||||||||||||||||||||
| (3,835,159 | ) | (39,521,389 | ) | (3,022,464 | ) | (31,187,457 | ) | |||||||||||||||||||||
| Class R6 Shares |
||||||||||||||||||||||||||||
| Shares sold |
46,754,456 | 480,331,210 | 13,417,696 | 137,850,360 | ||||||||||||||||||||||||
| Reinvestment of distributions |
67,517 | 691,470 | 53,630 | 549,794 | ||||||||||||||||||||||||
| Shares redeemed |
(21,549,514 | ) | (220,518,430 | ) | (21,543,788 | ) | (220,729,702 | ) | ||||||||||||||||||||
| 25,272,459 | 260,504,250 | (8,072,462 | ) | (82,329,548 | ) | |||||||||||||||||||||||
| Class P Shares |
||||||||||||||||||||||||||||
| Shares sold |
90,003,854 | 923,911,613 | 199,615,745 | 2,052,581,191 | ||||||||||||||||||||||||
| Reinvestment of distributions |
11,733,147 | 120,185,567 | 10,729,457 | 110,079,459 | ||||||||||||||||||||||||
| Shares redeemed |
(208,095,841 | ) | (2,129,817,737 | ) | (605,482,757 | ) | (6,216,950,915 | ) | ||||||||||||||||||||
| (106,358,840 | ) | (1,085,720,557 | ) | (395,137,555 | ) | (4,054,290,265 | ) | |||||||||||||||||||||
| NET DECREASE IN SHARES |
(145,240,132 | ) | $ | (1,484,331,255 | ) | (498,970,065 | ) | $ | (5,118,551,709 | ) | ||||||||||||||||||
| 268 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
May 24, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
| 269 |
GOLDMAN SACHS MUNICIPAL FUNDS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:
| Proposal Election of Trustees |
For |
Withheld | ||
| Cheryl K. Beebe |
169,452,067,796 | 5,900,273,020 | ||
| John G. Chou |
173,279,757,273 | 2,072,583,543 | ||
| Eileen H. Dowling |
173,287,456,218 | 2,064,884,598 | ||
| Lawrence Hughes |
173,486,691,901 | 1,865,648,915 | ||
| John F. Killian |
173,511,167,174 | 1,841,173,642 | ||
| Steven D. Krichmar |
173,484,256,228 | 1,868,084,588 | ||
| Michael Latham |
173,498,020,286 | 1,854,320,530 | ||
| Lawrence W. Stranghoener |
173,455,949,165 | 1,896,391,651 | ||
| Paul C. Wirth |
173,324,070,424 | 2,028,270,391 | ||
| 270 |
GOLDMAN SACHS MUNICIPAL FUNDS
| Liquidity Risk Management Program (Unaudited)
March 31, 2024 |
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
271
GOLDMAN SACHS MUNICIPAL FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Separate Account Institutional, Service, Investor, Class R6, or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and redemption fees (with respect to Class A, Class C, Institutional, Investor and Class R6 Shares, if any); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Separate Account Institutional, Service, Investor, Class R6, or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024, which represents a period of 183 days of a 366 day year. This projection assumes that annualized expense ratios were in effect during the period.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher:
| Dynamic Municipal Income Fund | High Yield Municipal Fund | Municipal Income Completion Fund | Short Duration Tax-Free Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Class |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
Beginning 10/1/23 |
Ending 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
Beginning 10/1/23 |
Ending 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
$1,000.00 | $1,075.60 | $3.63 | $1,000.00 | $1,108.70 | $4.48 | $N/A | $N/A | $N/A | $1,000.00 | $1,034.90 | $3.15 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.50 | + | 3.54 | 1,000.00 | 1,020.75 | + | 4.29 | N/A | N/A | N/A | 1,000.00 | 1,021.90 | + | 3.13 | |||||||||||||||||||||||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,071.60 | 7.46 | 1,000.00 | 1,104.60 | 8.42 | N/A | N/A | N/A | 1,000.00 | 1,031.80 | 5.13 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,017.80 | + | 7.26 | 1,000.00 | 1,017.00 | + | 8.07 | N/A | N/A | N/A | 1,000.00 | 1,019.95 | + | 5.10 | |||||||||||||||||||||||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,077.40 | 1.92 | 1,000.00 | 1,110.40 | 2.85 | N/A | N/A | N/A | 1,000.00 | 1,035.30 | 1.73 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,023.15 | + | 1.87 | 1,000.00 | 1,022.30 | + | 2.73 | N/A | N/A | N/A | 1,000.00 | 1,023.30 | + | 1.72 | |||||||||||||||||||||||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,074.50 | 4.51 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,032.70 | 4.32 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.65 | + | 4.39 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,020.75 | + | 4.29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 923.00 | 2.16 | 1,000.00 | 1,110.00 | 3.16 | N/A | N/A | N/A | 1,000.00 | 1,035.20 | 1.88 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.75 | + | 2.28 | 1,000.00 | 1,022.00 | + | 3.03 | N/A | N/A | N/A | 1,000.00 | 1,023.15 | + | 1.87 | |||||||||||||||||||||||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,077.40 | 1.87 | 1,000.00 | 1,110.60 | 2.80 | N/A | N/A | N/A | 1,000.00 | 1,035.30 | 1.73 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,023.20 | + | 1.82 | 1,000.00 | 1,022.35 | + | 2.68 | N/A | N/A | N/A | 1,000.00 | 1,023.30 | + | 1.72 | |||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,077.40 | 1.87 | 1,000.00 | 1,110.60 | 2.80 | N/A | N/A | N/A | 1,000.00 | 1,036.30 | 1.73 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,023.20 | + | 1.82 | 1,000.00 | 1,022.35 | + | 2.68 | N/A | N/A | N/A | 1,000.00 | 1,023.30 | + | 1.72 | |||||||||||||||||||||||||||||||||||||||||||||
| Separate Account Institutional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,102.00 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,025.00 | + | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
| * | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. |
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
272
GOLDMAN SACHS MUNICIPAL FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited) (continued)
The annualized net expense ratios for the period were as follows:
| Fund | Class A
|
Class C
|
Institutional
|
Service
|
Investor
|
Class R6
|
Class P
|
Separate Account Institutional |
||||||||||||||||||||||||||||||||||||||||||||||||
| Dynamic Municipal Income Fund |
0.70 | % | 1.44 | % | 0.37 | % | 0.87 | % | 0.45 | % | 0.36 | % | 0.36 | % | N/A | |||||||||||||||||||||||||||||||||||||||||
| High Yield Municipal Fund |
0.85 | 1.60 | 0.54 | N/A | 0.60 | 0.53 | 0.53 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Municipal Income Completion Fund |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Short Duration Tax-Free Fund |
0.62 | 1.01 | 0.34 | 0.85 | 0.37 | 0.34 | 0.34 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
273
GOLDMAN SACHS MUNICIPAL FUNDS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Gregory G. Weaver Age: 72 |
Chair of the Board of Trustees |
Since 2023 (Trustee since 2015) | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Chair of the Board of Trustees—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | Verizon Communications Inc. | |||||
| Cheryl K. Beebe Age: 68 |
Trustee |
Since 2024 | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008–Present); Director, The Mosaic Company (2019–Present); Director, HanesBrands Inc. (2020–Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015–2018); and formerly held the position of Executive Vice President, (2010– 2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004–2014). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
| Dwight L. Bush Age: 67 |
Trustee |
Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014- 2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | MoneyLion, Inc. (an operator of a data- driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 70 |
Trustee |
Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021–Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014– December 2014); and Senior Vice President and Treasurer (2008–2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| 274 |
GOLDMAN SACHS MUNICIPAL FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| John G. Chou Age: 67 |
Trustee |
Since 2022 | Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company.) Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| Joaquin Delgado Age: 64 |
Trustee |
Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | Stepan Company (a specialty chemical manufacturer) | |||||
| 275 |
GOLDMAN SACHS MUNICIPAL FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Eileen H. Dowling Age: 61 |
Trustee |
Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013- 2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock. Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| Lawrence Hughes Age: 65 |
Trustee |
Since 2024 | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991–2015), most recently as Chief Executive Officer (2010–2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016 – April 2016). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| John F. Killian Age: 69 |
Trustee |
Since 2024 | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007–Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011–2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009– 2010); and President, Verizon Business, Verizon Communications, Inc. (2005–2009). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | Consolidated Edison, Inc. (a utility holding company) | |||||
| Steven D. Krichmar Age: 65 |
Trustee |
Since 2024 | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001–2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990 – 2001). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| 276 |
GOLDMAN SACHS MUNICIPAL FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Michael Latham Age: 58 |
Trustee |
Since 2024 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011–2014); Global Head (2010–2011); U.S. Head (2007–2010); and Chief Operating Officer (2003–2007). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Real Estate Diversified Income Fund; and Goldman Sachs Credit Income Fund. |
182 | None | |||||
| Lawrence W. Stranghoener Age: 69 |
Trustee |
Since 2024 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003–Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011–2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004–2014), Mosaic Company (a fertilizer manufacturing company). Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees—Goldman Sachs Credit Income Fund. |
182 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
| Paul C. Wirth Age: 66 |
Trustee |
Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023 – Present) Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| 277 |
GOLDMAN SACHS MUNICIPAL FUNDS
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| James A. McNamara* Age: 61 |
President and Trustee |
Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998). President and Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
182 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” of the Trust because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of March 31, 2024. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of March 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2024, Goldman Sachs Trust consisted of 88 portfolios (85 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 68 portfolios (36 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public and has been deregistered as an investment company. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
| Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384. |
| 278 |
GOLDMAN SACHS MUNICIPAL FUNDS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 61 |
Trustee and President |
Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer |
Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Robert Griffith 200 West Street New York, NY 10282 Age: 49 |
Secretary |
Since 2023 | Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010). Secretary—Goldman Sachs Trust (previously Assistant Secretary (2022)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II; (previously Assistant Secretary (2022)); and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)). | |||
| * Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.
1 Information is provided as of March 31, 2024.
2 Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
|
Goldman Sachs Municipal Fixed Income Funds — Tax Information (Unaudited)
During the period ended March 31, 2024, 95.10%, 93.20%, 93.35%, and 97.66% of the distributions from net investment income paid by the Dynamic Municipal Income Fund, High Yield Municipal Fund, Municipal Income Completion Fund and Short Duration Tax-Free Fund, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.
| 279 |
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FUNDS PROFILE
Goldman Sachs Funds
March 31, 2024
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
| ∎ | Financial Square Treasury Solutions Fund1 |
| ∎ | Financial Square Government Fund1 |
| ∎ | Financial Square Money Market Fund2 |
| ∎ | Financial Square Prime Obligations Fund2 |
| ∎ | Financial Square Treasury Instruments Fund1 |
| ∎ | Financial Square Treasury Obligations Fund1 |
| ∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
| ∎ | Investor Money Market Fund3 |
| ∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
| ∎ | Enhanced Income Fund |
| ∎ | Short-Term Conservative Income Fund |
| ∎ | Short Duration Government Fund |
| ∎ | Short Duration Bond Fund |
| ∎ | Government Income Fund |
| ∎ | Inflation Protected Securities Fund |
| ∎ | U.S. Mortgages Fund |
Multi-Sector
| ∎ | Bond Fund |
| ∎ | Core Fixed Income Fund |
| ∎ | Global Core Fixed Income Fund |
∎ Income Fund
∎ Strategic Income Fund
Municipal and Tax-Free
| ∎ | High Yield Municipal Fund |
| ∎ | Dynamic Municipal Income Fund |
| ∎ | Short Duration Tax-Free Fund |
| ∎ | Municipal Income Completion Fund |
Single Sector
| ∎ | Investment Grade Credit Fund |
| ∎ | High Yield Fund |
| ∎ | High Yield Floating Rate Fund |
| ∎ | Emerging Markets Debt Fund |
| ∎ | Emerging Markets Credit Fund4 |
Fixed Income Alternatives
| ∎ | Short Duration High Yield Fund5 |
Fundamental Equity
| ∎ | Equity Income Fund |
| ∎ | Small Cap Growth Fund |
| ∎ | Small Cap Value Fund |
| ∎ | Small/Mid Cap Value Fund |
| ∎ | Mid Cap Value Fund |
| ∎ | Large Cap Value Fund |
| ∎ | Focused Value Fund |
| ∎ | Large Cap Core Fund |
| ∎ | Strategic Growth Fund |
| ∎ | Small/Mid Cap Growth Fund |
| ∎ | Enhanced Core Equity Fund6 |
| ∎ | Technology Opportunities Fund |
| ∎ | Mid Cap Growth Fund |
| ∎ | Rising Dividend Growth Fund |
| ∎ | U.S. Equity ESG Fund |
| ∎ | Income Builder Fund |
Tax-Advantaged Equity
| ∎ | U.S. Tax-Managed Equity Fund |
| ∎ | International Tax-Managed Equity Fund |
| ∎ | U.S. Equity Dividend and Premium Fund |
| ∎ | International Equity Dividend and Premium Fund |
Equity Insights
| ∎ | Small Cap Equity Insights Fund |
| ∎ | U.S. Equity Insights Fund |
| ∎ | Small Cap Growth Insights Fund |
| ∎ | Large Cap Growth Insights Fund |
| ∎ | Large Cap Value Insights Fund |
| ∎ | Small Cap Value Insights Fund |
| ∎ | International Small Cap Insights Fund |
| ∎ | International Equity Insights Fund |
| ∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| ∎ | International Equity Income Fund |
| ∎ | International Equity ESG Fund |
| ∎ | China Equity Fund |
| ∎ | Emerging Markets Equity Fund |
| ∎ | Emerging Markets Equity ex. China Fund |
| ∎ | ESG Emerging Markets Equity Fund |
Alternative
| ∎ | Clean Energy Income Fund |
| ∎ | Real Estate Securities Fund |
| ∎ | Commodity Strategy Fund |
| ∎ | Global Real Estate Securities Fund |
| ∎ | Absolute Return Tracker Fund |
| ∎ | Managed Futures Strategy Fund |
| ∎ | MLP Energy Infrastructure Fund |
| ∎ | Energy Infrastructure Fund |
| ∎ | Multi-Strategy Alternatives Fund7 |
| ∎ | Global Infrastructure Fund |
Total Portfolio Solutions
| ∎ | Global Managed Beta Fund |
| ∎ | Multi-Manager Non-Core Fixed Income Fund |
| ∎ | Multi-Manager Global Equity Fund |
| ∎ | Multi-Manager International Equity Fund |
| ∎ | Tactical Tilt Overlay Fund |
| ∎ | Balanced Strategy Portfolio |
| ∎ | Multi-Manager U.S. Small Cap Equity Fund |
| ∎ | Multi-Manager Real Assets Strategy Fund |
| ∎ | Growth and Income Strategy Portfolio |
| ∎ | Growth Strategy Portfolio |
| ∎ | Dynamic Global Equity Fund |
| ∎ | Enhanced Dividend Global Equity Portfolio |
| ∎ | Tax-Advantaged Global Equity Portfolio |
| ∎ | Strategic Factor Allocation Fund |
| ∎ | Strategic Volatility Premium Fund |
| ∎ | GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or deposit of a bank and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or deposit of a bank and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 4 | Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund. |
| 5 | Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
| 6 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
| 7 | Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund. |
| Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
| * | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
| 283 |
TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham TRUSTEES (continued) James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov/. The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov/. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of March 31, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 370247-OTU-05/2024 TFFIAR-24
Goldman Sachs Fund Annual Report March 31, 2024 Short Duration and Government Fixed Income Funds
Goldman Sachs Short Duration and Government Fixed Income Funds
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ENHANCED INCOME |
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GOVERNMENT INCOME |
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INFLATION PROTECTED SECURITIES |
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SHORT DURATION BOND |
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SHORT DURATION GOVERNMENT |
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SHORT-TERM CONSERVATIVE INCOME |
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U.S. MORTGAGES |
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Effective January 24, 2023, open-end mutual funds and exchange traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||||
Goldman Sachs Short Duration and Government Fixed Income Funds
During the 12 months ended March 31, 2024 (the “Reporting Period”), the performance of the global fixed income markets was broadly influenced by central bank monetary policies, interest rate volatility, inflation and other macroeconomic data, resilient corporate balance sheets and optimism about a soft landing1 for the U.S. economy.
In April 2023, when the Reporting Period began, global bond yields fluctuated in response to sticky inflation data, signs of moderating economic growth, developments in the banking sector and concerns over tightening credit conditions. The performance of spread, or non-government bond, sectors was rather flat overall, with better than consensus expected earnings and robust supply and demand providing support for investment grade and high yield corporate bonds. In May, spread sectors broadly weakened on concerns surrounding U.S. debt ceiling negotiations and banking sector stress. Heightened U.S./China geopolitical tensions, speculation about U.S. Federal Reserve (“Fed”) policy, the outlook for corporate earnings and growing focus on the rise of artificial intelligence also fueled market volatility. At their May policy meetings, the Fed, European Central Bank (“ECB”) and Bank of England (“BoE”) raised short-term interest rates. The Bank of Japan (“BoJ”) made no changes to its monetary policy. Market conditions improved in June, as investors priced in the view the U.S. would avoid recession. The Fed opted for a hawkish pause. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In other words, the Fed halted monetary policy action for the first time in more than a year but still maintained higher-for-longer messaging on interest rates.
July 2023 was a mixed month for global fixed income overall, as spread sectors delivered strong performance but sovereign government bonds faltered amid continued central bank tightening. The Fed, ECB and BoE each raised their policy rates during the month and stated that incoming data would determine upcoming monetary policy actions. In contrast, the BoJ relaxed its “yield curve control.”2 (Yield curve indicates a spectrum of maturities.)
During August, global fixed income sectors broadly weakened amidst deteriorating risk sentiment, driven in part by investor concerns about China’s property market and worries about softening economic growth in Europe. Investors also remained wary of inflation, as data indicated it might be stickier than consensus expected. Overall, developed markets’ central banks maintained a tightening bias. Yields rose, especially among developed markets sovereign bonds. The 10-year U.S. Treasury yield hit 4.36% on August 22nd, its highest level since 2007. Also in August, Fitch Ratings downgraded long-term U.S. sovereign debt from AAA to AA+, reflecting U.S. governance and medium-term fiscal challenges. September was a weak month for global fixed income. Although the Fed left short-term interest rates unchanged, policymakers suggested there would likely be one more rate hike in 2023. Global bond yields broadly rose, with the 10-year U.S. Treasury yield climbing above 4.5% for the first time since 2007. Meanwhile, investor concerns around China’s economy persisted. Weaker than consensus expected data reflected a short-lived service sector rebound, while exports remained soft and the country’s property sector slump continued.
Global fixed income assets broadly sold off during October 2023, as global bond yields rose to multi-year highs. In the U.S., the 10-year U.S. Treasury yield briefly breached 5% for the first time since 2007. The increase was driven, in our view, by better than previously anticipated U.S. economic growth prospects, which dampened market expectations for Fed interest rate cuts in 2024. November 2023 then saw the greatest easing of U.S. financial conditions in any month during the previous 40 years. Factors behind the easing included ongoing disinflation, soft landing optimism and expectations of a dovish Fed pivot. (Dovish suggests lower interest rates; opposite of hawkish.) Global bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points in November. (One basis point is 1/100th of a percentage point.) At both their November and December meetings, Fed policymakers left the targeted federal funds rate unchanged in a range between 5.25% and 5.50%. In December, the Fed signaled it may have reached the peak of its current monetary policy tightening cycle, with its median dot plot projection showing 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) Following the Fed meeting, U.S. financial conditions eased further, and the 10-year U.S. Treasury yield fell below 4% for the first time since August 2023. During the fourth quarter overall, the ECB, BoE and BoJ left monetary policy unchanged, though the BoJ further increased the flexibility of its yield curve control.
| 1 | A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. |
| 2 | The BoJ had introduced the yield curve control in 2016 to steepen Japan’s government bond yield curve and alleviate the impact on financial institutions of low longer-term rates. A steepening yield curve is one wherein yields on longer-term maturities become increasingly greater than yields on shorter-term maturities. |
| 1 |
Global bond yields continued to fluctuate during January 2024. They were, by turns, pushed up by hawkish Fed commentary and optimism about a soft landing and pushed down by progress on disinflation and expectations about potential central bank rate cuts. Although developed markets’ central banks maintained their policy stance during the month and indicated interest rate cuts were unlikely in the first calendar quarter, they generally removed their hiking biases from policy statements and signaled they expected policy rates to be lower at the end of 2024. In February, ongoing strength in the U.S. economy and improving investor sentiment in Europe boosted the performance of risk assets overall. Markets pulled back their expectations for the timing of central bank rate cuts, which sent government bond yields lower. However, in March, global government bond yields rose overall. Signals of strong U.S. economic growth and bumpy inflation led investors to anticipate the Fed would further delay its plan to cut interest rates. In fact, at its March policy meeting, the Fed opted to keep interest rates unchanged and delivered relatively dovish commentary. The ECB and BoE also remained on hold. In contrast, the Swiss National Bank cut interest rates, reflecting Switzerland’s disinflation progress. Lastly, and momentously, the BoJ raised interest rates—for the first time since 2007—and ended its yield curve control.
During the Reporting Period overall, spread sectors broadly produced positive absolute returns, with virtually all outperforming U.S. Treasury securities. Bank loans, high yield corporate bonds and sovereign emerging markets debt performed best. Investment grade corporate bonds, commercial mortgage-backed securities, asset backed securities, mortgage-backed securities and agency securities also delivered positive returns, albeit to a more modest degree. U.S. Treasury inflation protected securities (“TIPS”) generated only a slightly positive return during the Reporting Period but still outperformed U.S. Treasury securities. Lower quality securities generally outperformed those of higher quality during the Reporting Period.
U.S. Treasury yields rose across the yield curve, with intermediate and longer-term U.S. Treasury yields increasing more than shorter-term U.S. Treasury yields. The yield on the bellwether 10-year U.S. Treasury rose approximately 72 basis points to end the Reporting Period at 4.20%.
Looking Ahead
At the end of the Reporting Period, we noted growing normalization in economic data trends. In our view, low unemployment and disinflation were bolstering real wage growth, which, along with rising consumer confidence, should sustain consumer spending—a crucial driver of growth in major economies. Manufacturing activity appeared to be set for gradual recovery, supported by steady global economic growth as well as by anticipated central bank interest rate reductions. That said, we thought the range of potential outcomes was wide, amplified by uncertainties, including the lingering impact of higher interest rates and geopolitical instability.
Despite a bump in inflation early in 2024, we believed disinflationary conditions persisted at the end of the Reporting Period. In developed economies, consensus inflation expectations were stable, and the breadth of inflation had fallen, with extreme price rises in the U.S. and Europe becoming less common. Developed markets’ central banks, despite maintaining unchanged monetary policies in the first quarter of 2024, were signaling a dovish turn, provided inflation data did not surprise to the upside. Within emerging markets, we noted the pace of disinflation was accelerating, particularly in Central and Eastern Europe and Latin America—regions that had previously experienced the highest inflation rates. Overall, we thought emerging markets’ central banks would likely continue cutting interest rates. In our view, this trend would be helped if developed markets’ central banks cut their policy rates, as it would reduce the risk of emerging markets seeing currency depreciation.
Regarding the fixed income markets, at the end of the Reporting Period we thought the easing of central bank monetary policy, combined with solid private sector balance sheets and steady economic growth, should continue to support strong performance in spread sectors. That said, the landscape was not without its challenges. Downside risks to economic growth and upside risks to inflation and geopolitical instability underscored the importance of active security selection and the strategic role of government bonds and relatively safe-haven currencies, such as the U.S. dollar, in mitigating risks, in our opinion.
| 2 |
FUND RESULTS
Goldman Sachs Enhanced Income Fund
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Investment Objective
The Fund seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Enhanced Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Administration, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 5.65%, 5.62%, 5.78%, 5.37%, 5.81%, 5.90% and 5.79%, respectively. These returns compare to the 4.29% average annual total return of the ICE BofAML One-Year U.S. Treasury Note Index (“BofAML One-Year U.S. Treasury Note Index”) during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed most positively to returns during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Conversely, our duration and yield curve positioning strategy detracted from results during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) |
| Bottom-up individual issue selection overall contributed positively, with selection amongst and corporate credit and securitized sectors being the major contributors. |
| The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Within our cross-sector strategy, the Fund’s overweights to investment grade corporate bonds and to AAA-rated collateralized loan obligations (“CLOs”) contributed positively to its performance during the Reporting Period. These securities generally benefited from earning spread carry during the Reporting Period. (Spread is the differential in yield to duration-equivalent U.S. Treasuries. Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative.) Bottom-up individual issue selection within the corporate credit and securitized sectors further contributed to Fund returns. |
| There were no significant detractors from a sector perspective during the Reporting Period. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | Tactical management of the Fund’s duration and yield curve positioning detracted from the Fund’s performance during the Reporting Period, driven primarily by our positioning and exposure to the U.S. yield curve. The Fund generally held a modestly longer duration than that of the BofAML One-Year U.S. Treasury Note Index during the Reporting Period, a stance driven by our view of broad macroeconomic conditions as well as by selection trades. However, as the broad macroeconomic backdrop remained volatile during the Reporting Period and as interest rates moved higher as the Fed hiked its targeted federal funds rate 50 basis points during the Reporting Period, such duration positioning detracted. (A basis point is 1/100th of a percentage point.) |
| 3 |
FUND RESULTS
| The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used both interest rate swaps and Treasury futures during the Reporting Period for both hedging and active exposure and for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund used CLOs, collateralized mortgage obligations (“CMOs”) and swaptions to implement various investment views. The Fund used forward foreign currency exchange contracts for hedging purposes and to take active views in the currency market. During the Reporting Period, the use of CLOs, CMOs and Treasury futures had a positive effect on the Fund’s performance. The use of interest rate swaps had a negative effect on the Fund’s performance. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | During the Reporting Period, we increased the Fund’s weighting in U.S. Treasuries but maintained an underweighted allocation overall. We increased the Fund’s already overweighted allocation to asset-backed securities. We decreased the Fund’s allocation to corporate credit, both investment grade and high yield, but maintained an overweighted exposure overall. We also increased the Fund’s position in cash during the Reporting Period. |
| Additionally, as mentioned already, we made adjustments in duration positioning as market conditions shifted. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | While the Fund’s benchmark is a U.S. Treasury index, the Fund continued to hold a portion of its assets in non-Treasury sectors not represented in the BofAML One-Year U.S. Treasury Note Index. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably investment grade corporate bonds and asset-backed securities. The Fund also maintained exposures, albeit more modestly, to quasi-government securities, commercial mortgage-backed securities, residential mortgage-backed securities, high yield corporate bonds and emerging markets debt. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. The Fund also had a position in cash at the end of the Reporting Period. |
| Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, duration management and duration positioning continued to play key roles in the management of the Fund. That said, regardless of the interest rate environment, we intended to continue to utilize an active management approach to provide the best possible return within the framework of the Fund’s guidelines and objectives. Also, as always, we intended to continue to closely monitor economic data, inflation expectations, yield differentials across sectors, Fed policy and any shifts in the yield curve, as we strive to navigate the market environment. Our expectation at the end of the Reporting Period was that the Fed is likely to cut its policy rate in 2024, albeit later than it initially expected. In addition, we believed the recent rise in U.S. Treasury yields, driven by resilient economic data and Fed pushback of early rate cuts, is likely temporary. Our view was that U.S. Treasury yields are likely to fall even as the Fed cutting cycle begins, although perhaps at higher levels than anticipated at the beginning of 2024. |
| 4 |
Enhanced Income Fund
as of March 31, 2024
| FUND COMPOSITION* |
| Percentage of Net Assets |
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ~ | “Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 5 |
GOLDMAN SACHS ENHANCED INCOME FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the ICE BofAML One-Year U.S. Treasury Note Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Enhanced Income Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
5.65% | 1.91% | 1.38% | — | ||||||||
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| Administration |
5.62% | 1.89% | 1.40% | — | ||||||||
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| Institutional |
5.78% | 2.14% | 1.65% | — | ||||||||
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| Service (Commenced December 10, 2021) |
5.37% | N/A | N/A | 2.13% | ||||||||
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| Investor |
5.81% | 2.08% | 1.57% | — | ||||||||
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| Class R6 (Commenced July 31, 2015) |
5.90% | 2.17% | N/A | 1.94% | ||||||||
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| Class P (Commenced April 20, 2018) |
5.79% | 2.15% | N/A | 2.21% | ||||||||
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| * These returns assume reinvestment of all distributions at NAV. |
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| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 6 |
FUND RESULTS
Goldman Sachs Government Income Fund
March 31, 2024
|
Investment Objective
The Fund seeks a high level of current income, consistent with safety of principal. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Government Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 0.56%, -0.18%, 0.87%, 0.37%, 0.81%, 0.88%, 0.31% and 0.88%, respectively. These returns compare to the 0.61% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Government/Mortgage Index (the “Bloomberg Index”), during the same time period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy overall contributed most positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration strategy also added to the Fund’s relative performance during the Reporting Period. The duration strategy is typically implemented via interest rate swaps and/or futures. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) Bottom-up individual issue selection overall, which are strategies that reflect any active views we take within particular sectors, contributed positively during the Reporting Period as well. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Within our cross-sector strategy, the Fund’s positioning in agency securities and commercial mortgage-backed securities contributed most positively. Positioning in asset-backed securities and mortgage-backed securities credit |
| boosted Fund results as well, albeit to a lesser degree. This was only partially offset by positioning in mortgage-backed securities, which detracted. |
| Individual issue selection overall in the government/swaps sector contributed positively to the Fund’s relative results during the Reporting Period. |
| Individual issue selection within the securitized sector overall detracted from performance. Selection of asset-backed securities, commercial mortgage-backed securities and non-agency mortgage-backed securities contributed positively. However, selection among agency mortgage-backed securities materially detracted. Among mortgage-backed securities, a factor known as moneyness, which describes how exposure to different coupons of agency mortgage-backed securities affected performance, added value. However, this was more than offset by exposure to Ginnie Maes over conventional agency mortgage-backed securities, such as Fannies Maes and Freddie Macs, and by selection of specified mortgage-backed securities pools, which dampened relative performance. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | The Fund’s duration and yield curve positioning overall helped the Fund’s relative results during the Reporting Period. The Fund’s duration positioning remained rather consistent during the Reporting Period with a modestly longer duration than that of the Bloomberg Index, though we tactically adjusted its duration slightly shorter and slightly longer as market conditions shifted. (Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) |
| 7 |
FUND RESULTS
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used Treasury futures, federal funds futures and bond exchange traded futures contracts to hedge interest rate exposure, i.e., to manage exposure to fluctuations in interest rates, and to facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express an outright duration and term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund also used swaptions as part of the Fund’s regular investment process as we sought to enhance return. During the Reporting Period, the use of futures, especially Treasury futures, contributed positively. The use of interest rate swaps and swaptions had a negative impact on Fund performance overall. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period. |
| Overall, we employ derivatives for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | During the Reporting Period, we reduced the Fund’s allocation to agency mortgage-backed securities. For the majority of 2023, the Fund maintained an overweighted allocation to agency mortgage-backed securities, driven by what we considered to be attractive relative valuations, a positive forward outlook for contained interest rate volatility, and positive technical (i.e., supply/demand) dynamics, driven by low organic supply. We reduced this overweight and ended the Reporting Period with a rather neutral weighting relative to the Bloomberg Index, as spreads, or yield differentials to duration-equivalent U.S. Treasury securities, became tighter from a historical perspective, rate volatility increased, and supply picked up in light of spring housing market seasonal factors, wherein we traditionally see an uptick in daily mortgage origination as the housing market thaws from its winter lows. |
| We increased the Fund’s allocation to commercial mortgage-backed securities during the Reporting Period. More specifically, we added to the Fund’s exposure to |
| commercial mortgage-backed securities in the first quarter of 2024, as we believed fundamentals within the sector had improved and strong economic growth data and mostly steady demand bolstered fixed income risk assets’ performance during these months. We maintained a mostly consistent allocation to asset-backed securities during the Reporting Period. |
| Additionally, as mentioned earlier, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed though maintained a modestly longer duration overall relative to that of the Bloomberg Index. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | At the end of March 2024, the Fund had overweighted allocations relative to the Bloomberg Index on a market-value weighted basis in quasi-government securities and, to a lesser extent, commercial mortgage-backed securities, asset-backed securities and mortgage-backed securities, especially non-agency collateralized mortgage obligations and agency collateralized mortgage obligations. Within the mortgage-backed securities sector, the Fund had an underweight to pass-through mortgage-backed securities. The Fund was underweight relative to the Bloomberg Index in U.S. Treasury securities at the end of the Reporting Period. The Fund had a modestly longer duration than that of the Bloomberg Index at the end of the Reporting Period. |
| 8 |
FUND BASICS
Government Income Fund
as of March 31, 2024
| FUND COMPOSITION* |
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| ~ | “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 9 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Government/Mortgage Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Government Income Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||
| Class A |
||||||||||||||||||||
| Excluding sales charges |
0.56% | -0.63% | 0.47% | — | ||||||||||||||||
| Including sales charges | -3.19% | -1.39% | 0.09% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class C |
||||||||||||||||||||
| Excluding contingent deferred sales charges |
-0.18% | -1.37% | -0.27% | — | ||||||||||||||||
| Including contingent deferred sales charges |
-1.18% | -1.37% | -0.27% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Institutional |
0.87% | -0.31% | 0.81% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Service |
0.37% | -0.81% | 0.30% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Investor |
0.81% | -0.37% | 0.73% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) |
0.88% | -0.30% | N/A | 0.52% | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R |
0.31% | -0.87% | 0.23% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class P (Commenced April 20, 2018) |
0.88% | -0.30% | N/A | 0.49% | ||||||||||||||||
|
|
||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 10 |
FUND RESULTS
Goldman Sachs Inflation Protected Securities Fund
March 31, 2024
Investment Objective
The Fund seeks real return consistent with preservation of capital.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Inflation Protected Securities Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -0.17%, -0.86%, 0.16%, 0.17%, 0.17%, -0.41% and 0.27%, respectively. These returns compare to the 0.45% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index (“Bloomberg U.S. TIPS Index”), during the same time period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Bottom-up individual issue selection of various maturity U.S. Treasury inflation protected securities (“TIPS”) contributed most positively to the Fund’s relative performance during the Reporting Period. |
| The Fund’s cross-sector strategy also added value, albeit modestly, to its results during the Reporting Period. The cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark, including interest rate swaps and/or futures. |
| Overall, the Fund’s duration strategy detracted from its results during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) The duration strategy for the Fund is primarily implemented via interest rate swaps and/or futures. Furthermore, derivatives are used in combination with cash securities to implement our views in the Fund. Yield curve positioning, which indicates a spectrum of interest rates within a particular sector based on maturities of varying lengths, also detracted from Fund performance during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Our specific selection of TIPS contributed most positively to the Fund’s relative performance during the Reporting Period. This was offset somewhat by the Fund’s allocation positioning along the maturity spectrum of TIPS, i.e., overweights and underweights to shorter-dated versus longer-dated segments of the TIPS market, which detracted. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | The Fund’s duration strategy detracted, but modestly, from its relative results during the Reporting Period. The Fund’s duration positioning remained largely neutral to that of the Bloomberg U.S. TIPS Index during the Reporting Period, though we tactically adjusted its duration slightly shorter and slightly longer as market conditions shifted. |
| Yield curve positioning, primarily implemented via interest rate swaps and swap options, also hurt the Fund’s results during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used Treasury futures and federal funds futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. Interest rate swaps, basis swaps and swaptions were similarly used to manage interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Inflation-linked swaps were used to help grant us greater precision and versatility in the management of active strategies. During the Reporting Period, the use of futures, especially Treasury futures, contributed positively overall to the Fund’s performance as |
| 11 |
FUND RESULTS
| did the use of basis swaps and inflation-linked swaps. The use of swaptions and interest rate swaps detracted overall from performance. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | We tactically managed our views on inflation in the Fund via varying allocations to TIPS throughout the Reporting Period, adjusting positioning according to changes in realized inflation. That said, overall, we increased the Fund’s allocation to TIPS going into 2024, as inflation expectations remained more anchored than they had been in 2023, driven by three consecutive months of strong Consumer Price Index data. Within the Fund’s allocation to TIPS, we increased the Fund’s exposure to longer-dated TIPS, i.e., those with a maturity of greater than seven years, and decreased its exposure to shorter-dated TIPS, i.e., those with a maturity of less than seven years, during the Reporting Period. |
| Overall, the Fund’s duration positioning shifted modestly during the Reporting Period as market conditions changed, though we did extend the Fund’s duration to a slightly longer position relative to that of the Bloomberg U.S. TIPS Index in the last four months of the Reporting Period before bringing it back to a neutral position at the end of the Reporting Period. |
| In our view at the end of the Reporting Period, despite our inflationary pressures indicators showing disinflation, inflation and activity strength in the last months of the Reporting Period suggested that yields may increase further as market expectations shifted towards a slower pace of rate cuts. As a result, we turned cautious on rates and intend to maintain this approach until we gain stronger conviction in disinflation or if the market’s policy expectations appear excessively hawkish. Instead, we expect divergence in the pace of rate cutting cycles to present greater opportunities for cross-market views going forward. For instance, rates in the U.K., Sweden and Canada may outperform due to quicker disinflation progress and sharper monetary easing. We also favored an overweight stance on a cross-market basis in Europe, as disinflation pointed, in our opinion, to the European Central Bank easing its monetary policy this summer despite diminishing downside growth risks. Conversely, the Fund was underweight intermediate Japanese government bonds, anticipating underperformance, as we believed Japan’s inflation outlook may lead to further moderate rate hikes by the Bank of Japan. We also saw merit in positioning for a steepening of yield curves. In our view, |
| rate cuts in the coming months would lower short-end yields, while resilient growth, high debt issuance, and a re-evaluation of the neutral rate would likely keep long-end yields higher. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | At the end of March 2024, the Fund had most of its total net assets invested in TIPS, with the remainder in cash and derivatives. The Fund had a rather neutral duration relative to that of the Bloomberg U.S. TIPS Index at the end of the Reporting Period. |
| Going forward, we intend to continue to closely monitor macro developments for the potential impact on inflation expectations as we position the Fund’s portfolio. |
| 12 |
FUND BASICS
Inflation Protected Securities Fund
as of March 31, 2024
| FUND COMPOSITION* |
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ** | “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 10.07% and 9.92% years, at March 31, 2024 and March 31, 2023, respectively. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 13 |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Treasury Inflation- Protected Securities (TIPS) Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Inflation Protected Securities Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||
| Class A |
||||||||||||||||||||
| Excluding sales charges |
-0.17% | 1.83% | 1.62% | — | ||||||||||||||||
| Including sales charges | -3.88% | 1.07% | 1.23% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class C |
||||||||||||||||||||
| Excluding contingent deferred sales charges |
-0.86% | 1.10% | 0.87% | — | ||||||||||||||||
| Including contingent deferred sales charges |
-1.85% | 1.10% | 0.87% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Institutional |
0.16% | 2.18% | 1.96% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Investor |
0.17% | 2.10% | 1.87% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) |
0.17% | 2.20% | N/A | 2.10% | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R |
-0.41% | 1.60% | 1.36% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class P (Commenced April 20, 2018) |
0.27% | 2.22% | N/A | 2.33% | ||||||||||||||||
|
|
||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 14 |
FUND RESULTS
Goldman Sachs Short Duration Bond Fund
March 31, 2024
|
Investment Objective
The Fund seeks total return consisting of income and capital appreciation. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Liquidity Management Team discusses Goldman Sachs Short Duration Bond Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 4.55%, 4.03%, 4.76%, 4.70%, 4.88%, 4.30% and 4.77%, respectively. These returns compare to the 3.98% average annual total return of the Goldman Sachs Short Duration Bond Fund Composite Index (the “Short Duration Bond Composite”) during the same period. The Short Duration Bond Composite is comprised 50% of the Bloomberg U.S. 1-3 Year Corporate Bond Index and 50% of the Bloomberg U.S. 1-3 Year Government Bond Index, which generated average annual total returns of 4.99% and 2.97%, respectively, over the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed most positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Conversely, our duration and yield curve positioning strategy detracted from Fund performance during the Reporting Period. (Duration is a measure of the fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) The duration strategy is primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund. |
| Bottom-up individual issue selection overall contributed positively to the Fund’s relative performance during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Within our cross-sector strategy, the Fund’s overweights to high yield corporate bonds and to AAA-rated collateralized loan obligations (“CLOs”) contributed positively to its performance during the Reporting Period. The better than consensus expected trajectory of disinflation during the second half of 2023, coupled with robust economic growth, was supportive of a strengthening in the soft landing narrative. (A soft landing, in economics, is a cyclical slowdown in economic growth that avoids recession.) This scenario also resulted in a dovish shift in Federal Reserve (“Fed”) policymakers’ sentiment in December 2023 from “higher for longer” to a sooner than consensus expected timing of Fed rate cuts. Together, these factors led to a broad rally in risk assets. |
| Individual issue selection within our corporate credit selection strategy added to the Fund’s performance during the Reporting Period. More specifically, within corporate credit, the Fund’s emphasis on lower quality credits within the investment grade corporate bond sector and bias toward higher quality credits within the high yield corporate bond sector especially helped. Issue selection within our securitized sector strategy also proved beneficial. |
| There were no significant detractors from a sector perspective during the Reporting Period. |
| Government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | Tactical management of the Fund’s duration and yield curve positioning overall detracted from the Fund’s performance during the Reporting Period. While positioning along and |
| 15 |
FUND RESULTS
| exposure to the U.S. yield curve generally added value, especially during the months when the Fed was still actively hiking the federal funds rate, targeted duration trades within the Fund’s cross-sector strategy detracted. The Fund was positioned with a duration shorter than that of the Short Duration Bond Composite during the Reporting Period. |
| The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through both volatile markets and shifting narratives as to when the Fed may begin to cut interest rates. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used Treasury futures, federal funds futures, interest rate swaps and basis swaps during the Reporting Period for both hedging and active exposure and for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed credit default swaps to manage the credit profile of the Fund. Additionally, the Fund used forward foreign currency exchange contracts to hedge its exposure to foreign currency exposure and increase total return. The Fund also used collateralized loan obligations (“CLOs”), collateralized mortgage obligations (“CMOs”), swaptions and TBAs (“to be announced”) to implement various investment views. |
| The use of CLOs, CMOs, credit default swaps, interest rate swaps and TBAs had a positive impact, on a net basis, on the Fund’s performance during the Reporting Period. The use of forward foreign currency exchange contracts and Treasury futures had a negative impact, on a net basis, on the Fund’s performance during the Reporting Period, while the use of basis swaps, federal funds futures and swaptions had a rather neutral effect. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. During the Reporting Period, we decreased the Fund’s allocation to U.S. Treasuries, deepening the already underweighted allocation. We also decreased the Fund’s exposure to high yield corporate bonds. |
| We increased the Fund’s allocations to asset-backed securities, commercial mortgage-backed securities and investment grade corporate bonds, but we maintained an underweighted exposure to the latter-mentioned sector relative to the Short Duration Bond Composite. We reduced the Fund’s position in cash during the Reporting Period. |
| Additionally, as mentioned already, we made adjustments in duration positioning as market conditions shifted. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | While the Fund is benchmarked to an equally-balanced composite of the Bloomberg U.S. 1-3 Year Corporate Bond Index and the Bloomberg U.S. 1-3 Year Government Bond Index, it held a portion of its assets in non-Treasury sectors not represented in the Short Duration Bond Composite. Indeed, in addition to investment grade corporate bonds, the Fund maintained exposure to several other spread, or non-Treasury, sectors throughout the Reporting Period, most notably asset-backed securities, high yield corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities and emerging markets debt. The Fund also had modest exposure to quasi-government bonds at the end of the Reporting Period. The Fund also maintained a position in cash and cash equivalents1 at the end of the Reporting Period. The Fund maintained a slightly shorter U.S. duration position compared to that of the Short Duration Bond Composite at the end of the Reporting Period. |
| From a country perspective, the Fund held more than 80% of its net assets in U.S. securities, on a market-value weighted basis. The Fund also held modest exposure to European, Canadian, U.K., Australian, Japanese and emerging markets securities at the end of the Reporting Period. |
| 1 | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages. |
| 16 |
FUND RESULTS
| At the end of the Reporting Period, duration management and duration positioning continued to play key roles in the management of the Fund. That said, regardless of the interest rate environment, we intended to continue to utilize an active management approach to provide the best possible return within the framework of the Fund’s guidelines and objectives. Also, as always, we intended to continue to closely monitor economic data, inflation expectations, yield differentials across sectors, Fed policy and any shifts in the yield curve, as we strive to navigate the market environment. Our expectation at the end of the Reporting Period was that the Fed is likely to cut its policy rate in 2024, albeit later than it initially expected. In addition, we believed the recent rise in U.S. Treasury yields, driven by resilient economic data and Fed pushback of early rate cuts, was likely temporary. Our view was that U.S. Treasury yields are likely to fall even as the Fed cutting cycle begins, although perhaps at higher levels than anticipated at the beginning of 2024. |
| 17 |
FUND BASICS
Short Duration Bond Fund
as of March 31, 2024
| FUND COMPOSITION* |
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 18 |
GOLDMAN SACHS SHORT DURATION BOND FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs Short Duration Bond Fund Composite Index, which is comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Short Duration Bond Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||
| Class A |
||||||||||||||||||||
| Excluding sales charges |
4.55% | 1.69% | 1.43% | — | ||||||||||||||||
| Including sales charges | 3.02% | 1.38% | 1.28% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class C |
||||||||||||||||||||
| Excluding contingent deferred sales charges |
4.03% | 1.24% | 1.02% | — | ||||||||||||||||
| Including contingent deferred sales charges |
3.36% | 1.24% | 1.02% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Institutional |
4.76% | 1.99% | 1.77% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Investor |
4.70% | 1.92% | 1.68% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) |
4.88% | 2.00% | N/A | 1.90% | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R |
4.30% | 1.44% | 1.19% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class P (Commenced April 20, 2018) |
4.77% | 2.00% | N/A | 2.27% | ||||||||||||||||
|
|
||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 19 |
FUND RESULTS
Goldman Sachs Short Duration Government Fund
as of March 31, 2024
|
Investment Objective
The Fund seeks a high level of current income and secondarily, in seeking current income, may also consider the potential for capital appreciation. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Government Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 2.26%, 1.85%, 2.48%, 2.08%, 2.51%, 2.60% and 2.60%, respectively. These returns compare to the 2.25% average annual total return of the Fund’s benchmark, the ICE BofAML Two-Year U.S. Treasury Note Index (“BofAML Two-Year U.S. Treasury Note Index”), during the same time period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed most positively to relative performance. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy also contributed positively to relative performance. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) Bottom-up individual issue selection overall also added to the Fund’s performance during the Reporting Period. There were no significant detractors from the Fund’s results during the Reporting Period. |
| The Fund’s government/swaps selection and duration strategies are primarily implemented via interest rates swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Within our cross-sector strategy, the Fund’s overweights to mortgage-backed securities and agency securities contributed most positively to the Fund’s performance. |
| Overall, our government/swaps selection strategy also contributed positively to the Fund’s results during the Reporting Period. Selection of specific U.S. Treasury securities within the government/swaps sector helped most. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, driven primarily by our positioning and exposure to the U.S. yield curve, especially during the months when the Fed was still actively hiking the federal funds rate. More specifically, the Fund’s underweight exposure to the two-year segment of the U.S. yield curve added to performance most within our strategy through much of the Reporting Period. |
| The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through both volatile markets and shifting narratives as to when the Fed may begin to cut interest rates. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used Treasury futures, federal funds futures, interest rate swaps, basis swaps and swaptions during the Reporting Period for both hedging and active exposure and for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is |
| 20 |
FUND RESULTS
| the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund also used collateralized mortgage obligations (“CMOs”) and TBAs (“to be announced”) to implement certain investment views. Overall, during the Reporting Period, the use of CMOs, interest rate swaps, Treasury futures and TBAs had a positive impact, on a net basis, on the Fund’s performance. The use of swaptions had a negative impact, on a net basis, on the Fund’s performance during the Reporting Period, while the use of basis swaps and federal funds futures had a rather neutral effect. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | During the Reporting Period, we increased the Fund’s exposure to U.S. Treasuries, though we maintained the Fund’s sector underweight relative to the BofAML Two-Year U.S. Treasury Note Index. We reduced the Fund’s position in cash during the Reporting Period. Additionally, as mentioned already, we made modest adjustments in the Fund’s duration positioning as market conditions shifted during the Reporting Period. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | While the Fund’s benchmark is comprised of a U.S. Treasury index, the Fund continued to hold a portion of its assets in non-Treasury sectors not represented in the benchmark index. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably mortgage-backed securities and quasi-government securities. The Fund also maintained a position in cash and cash equivalents1 at the end of the Reporting Period. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. Further, at the end of the Reporting Period, the Fund had a modestly longer duration position than that of the BofAML Two-Year U.S. Treasury Note Index. |
| Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, duration management and duration positioning continued to play key roles in the management of the Fund. That said, regardless of the interest rate environment, we intended to continue to utilize an active management approach to provide the best possible return within the framework of the Fund’s guidelines and objectives. Also, as always, we intended to continue to closely monitor economic data, inflation expectations, yield differentials across sectors, Fed policy and any shifts in the yield curve, as we strive to navigate the market environment. Our expectation at the end of the Reporting Period was that the Fed is likely to cut its policy rate in 2024, albeit later than it initially expected. In addition, we believed the recent rise in U.S. Treasury yields, driven by resilient economic data and Fed pushback of early rate cuts, was likely temporary. Our view was that U.S. Treasury yields are likely to fall even as the Fed cutting cycle begins, although perhaps at higher levels than anticipated at the beginning of 2024. |
| 1 | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages. |
| 21 |
FUND BASICS
Short Duration Government Fund
as of March 31, 2024
| FUND COMPOSITION* |
| Percentage of Net Assets |
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| ~ | “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 22 |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the ICE BofAML Two-Year U.S. Treasury Note Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Short Duration Government Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||
| Class A |
||||||||||||||||||||
| Excluding sales charges |
2.26% | 0.35% | 0.47% | — | ||||||||||||||||
| Including sales charges | 0.74% | 0.05% | 0.33% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class C |
||||||||||||||||||||
| Excluding contingent deferred sales charges |
1.85% | -0.05% | 0.07% | — | ||||||||||||||||
| Including contingent deferred sales charges |
1.19% | -0.05% | 0.07% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Institutional |
2.48% | 0.66% | 0.80% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Service |
2.08% | 0.18% | 0.30% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Investor |
2.51% | 0.61% | 0.73% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) |
2.60% | 0.69% | N/A | 0.83% | ||||||||||||||||
|
|
||||||||||||||||||||
| Class P (Commenced April 20, 2018) |
2.60% | 0.69% | N/A | 0.98% | ||||||||||||||||
|
|
||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 23 |
FUND RESULTS
Goldman Sachs Short-Term Conservative Income Fund
March 31, 2024
|
Investment Objective
The Fund seeks to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short-Term Conservative Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 5.68%, 5.92%, 5.94%, 6.03% and 5.93%, respectively. These returns compare to the 5.17% average annual total return of the Fund’s benchmark, the Bloomberg Short-Term Government/Corporate Index (“Bloomberg Index”), during the same time period. The Fund’s secondary benchmark, the ICE BofAML 3-6 Month U.S. Treasury Bill Index, had an average annual total return of 5.23% during the same time period. |
| Effective January 12, 2024, Administrative and Preferred Shares of the Fund were terminated, per approval of the Board of Trustees of Goldman Sachs Trust. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Bottom-up individual issue selection overall contributed most positively to the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy added value to the Fund’s performance. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) Our cross-sector strategy also generated positive results overall during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. There were no significant detractors from the Fund’s results during the Reporting Period. |
| Q | Which fixed income market sectors most significantly affected Fund performance? |
| A | Our individual security selection strategies overall added most to the Fund’s relative results during the Reporting Period. Gains were driven largely by our government/swaps selection strategy. Corporate credit selection also proved beneficial. |
| Within our cross-sector strategy, the Fund’s overweight to investment grade corporate bonds, including commercial paper and certificates of deposit, helped most, earning high quality carry during the Reporting Period, which drove performance. (Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative.) |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | Tactical management of the Fund’s duration and yield curve positioning contributed positively to relative results during the Reporting Period, driven primarily by our positioning and exposure to the U.S. yield curve. The Fund’s duration positioning was short relative to that of the Bloomberg Index for most of 2023, given an inverted yield curve, which helped as interest rates rose during the early months of the Reporting Period. (An inverted yield curve indicates yields on shorter-term maturities being higher than yields on longer-term maturities.) We then lengthened the Fund’s duration following the Fed’s December 2023 dovish statements. (Dovish tends to suggest lower interest rates; opposite of hawkish.) |
| The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through both volatile markets |
| 24 |
FUND RESULTS
| and shifting narratives as to when the Fed may begin to cut interest rates. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund does not use derivatives. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. During the Reporting Period, we reduced the Fund’s allocations relative to the Bloomberg Index in U.S. Treasuries and quasi-government securities and increased its exposure to investment grade corporate bonds. We reduced the Fund’s position in cash during the Reporting Period. |
| Additionally, as mentioned already, we made adjustments in duration positioning as market conditions shifted. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of March 2024? |
| A | At the end of the Reporting Period, the Fund had an emphasis on investment grade corporate bonds with lesser allocations to U.S. government securities and quasi-government securities. The Fund also maintained a position in cash and cash equivalents1 at the end of the Reporting Period. Further, the Fund maintained a modestly longer duration position compared to that of the Bloomberg Index at the end of the Reporting Period. |
| 1 | Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages. |
| At the end of the Reporting Period, duration management and duration positioning continued to play key roles in the management of the Fund. That said, regardless of the interest rate environment, we intended to continue to utilize an active management approach to provide the best possible return within the framework of the Fund’s guidelines and objectives. Also, as always, we intended to continue to closely monitor economic data, inflation expectations, yield differentials across sectors, Fed policy and any shifts in the yield curve, as we strive to navigate the market environment. Our expectation at the end of the Reporting Period was that the Fed is likely to cut its policy rate in 2024, albeit later than it initially expected. In addition, we believed the recent rise in U.S. Treasury yields, driven by resilient economic data and Fed pushback of early rate cuts, was likely temporary. Our view was that U.S. Treasury yields are likely to fall even as the Fed cutting cycle begins, although perhaps at higher levels than anticipated at the beginning of 2024. |
| 25 |
FUND BASICS
Short-Term Conservative Income Fund
as of March 31, 2024
| FUND COMPOSITION* |
Percentage of Net Assets
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent commercial paper and certificates of deposit. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 26 |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmarks, the Bloomberg Short-Term Government/ Corporate Index and ICE BofAML 3-6 Month U.S. Treasury Bill Index (with distributions reinvested), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Short-Term Conservative Income Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A (Commenced October 31, 2016) | 5.68% | 2.14% | N/A | 1.96% | ||||||||
|
|
||||||||||||
| Institutional | 5.92% | 2.37% | 1.82% | — | ||||||||
|
|
||||||||||||
| Investor (Commenced August 14, 2018) | 5.94% | 2.29% | N/A | 2.33% | ||||||||
|
|
||||||||||||
| Class R6 (Commenced November 30, 2017) | 6.03% | 2.38% | N/A | 2.39% | ||||||||
|
|
||||||||||||
| Class P (Commenced April 20, 2018) | 5.93% | 2.38% | N/A | 2.42% | ||||||||
|
|
||||||||||||
| * These returns assume reinvestment of all distributions at NAV. | ||||||||||||
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 27 |
FUND RESULTS
Goldman Sachs U.S. Mortgages Fund
March 31, 2024
|
Investment Objective
The Fund seeks a high level of total return consisting of income and capital appreciation. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs U.S. Mortgages Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Institutional, Separate Account Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 1.15%, 1.49%, 1.49%, 1.52%, 1.50% and 1.61%, respectively. These returns compare to the 1.61% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Securitized Bond Index (the “Index”), during the same time period. |
| Q | What economic and market factors most influenced the U.S. mortgage markets and the Fund during the Reporting Period? |
| A | During the second quarter of 2023, when the Reporting Period began, the performance of agency mortgage-backed securities was relatively flat. Spreads (or yield differentials versus equivalent-duration U.S. Treasury securities) tightened, as investors set aside a number of concerns, including banking sector stress, the lifting of the U.S. debt ceiling and the Federal Deposit Insurance Corporation’s selling of Silicon Valley Bank’s and Signature Bank’s mortgage-backed securities holdings. |
| Agency mortgage-backed securities then had a challenging third calendar quarter, recording negative absolute returns amid widening spreads. Long-term interest rates rose faster than short-term interest rates, resulting in what is called a “bear steepener,” as the Federal Reserve (“Fed”) suggested it might keep policy rates higher for longer. Housing market data painted a picture of an environment that was exceedingly supply constrained, with near-record high mortgage rates broadly reducing homeowners’ incentive to move. |
| In the fourth calendar quarter, agency mortgage-backed securities generated positive absolute returns. At first, the sector struggled, driven by heightened interest rate volatility |
| and an increase in secondary market supply due to a selloff in October. During November and December, agency mortgage-backed securities posted gains, as investor selling abated, interest rate volatility eased and a supportive macroeconomic backdrop emerged. During the fourth quarter overall, spreads on agency mortgage-backed securities tightened amid a growing market consensus that the Fed was at the end of its interest rate hiking cycle. Investors generally focused on the number, timing and depth of potential Fed rate cuts in 2024, while economic data was broadly supportive of a soft landing.1 |
| During the first quarter of 2024, agency mortgage-backed securities posted losses. Spreads widened as interest rate volatility increased. Meanwhile, after sending positive signals in January and February, the housing market weakened during March, with home sales recording a significant decline and mortgage interest rates rising. |
| For the Reporting Period overall, agency mortgage-backed securities, as represented by the Index, produced a positive absolute return. Fannie Mae and Freddie Mac mortgage-backed securities outperformed Ginnie Mae mortgage-backed securities during the Reporting Period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund underperformed the Index during the Reporting Period, with individual issue selection detracting from returns. Our cross-sector strategy contributed positively to relative performance. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index. Our |
| 1 | A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. |
| 28 |
FUND RESULTS
| duration positioning strategy also added modestly to results during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) |
| Q | What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period? |
| A | The Fund was hurt by its overweight versus the Index in agency mortgage-backed securities. Within individual issue selection, our preference for Ginnie Mae mortgage-backed securities over Fannie Mae and Freddie Mac mortgage-backed securities especially detracted from relative returns. In addition, the Fund’s positioning in the coupon stack (that is, across securities with different coupons) held back performance during the Reporting Period. |
| Within the cross-sector strategy, the Fund benefited from its investments in collateralized loan obligations (“CLOs”) and from an overweight relative to the Index in commercial mortgage-backed securities (“CMBS”). Conversely, our efforts to hedge the Fund’s interest rate exposure detracted from relative performance. |
| Q | Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period? |
| A | During the Reporting Period, the Fund’s duration positioning strategy added modestly to relative performance. Specifically, the Fund benefited from its slightly long duration position on the U.S. Treasury yield curve. (The duration positioning strategy is implemented via bonds as well as interest rate swaps and/or futures.) Our yield curve positioning strategy did not have a material impact on performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, the Fund invested in U.S. Treasury futures, interest rate swaps, swaptions (options on interest rate swap contracts) and credit default swaps. The Fund employed U.S. Treasury futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express a relative term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Swaptions were employed to express |
| our interest rate views and to hedge volatility and yield curve risks in the Fund. The Fund employed credit default swaps to manage the beta of the Fund on an active basis. (In this context, beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.) Derivatives may be used in combination with cash securities to implement our views in the Fund. |
| The Fund’s use of U.S. Treasury futures had a positive impact on performance during the Reporting Period. Collectively, the use of interest rate swaps and swaptions had a negative impact on the Fund’s returns. The use of credit default swaps did not have a meaningful impact on the Fund’s performance during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | During the first half of the Reporting Period, the Fund was overweight relative to the Index in agency mortgage-backed securities based on what we considered to be attractive valuations, our outlook for contained interest rate volatility and favorable market technicals (that is, supply/demand dynamics) driven by low supply. We began decreasing the size of that overweight in November 2023, continuing to do so through the first quarter of 2024, as interest rate volatility increased and supply picked up due to spring seasonal trends in the housing market. In addition, during the first quarter of 2024, we reduced the Fund’s overweight in Ginnie Mae mortgage-backed securities, as the speed of mortgage prepayments increased and we saw a decline in near-term demand catalysts. Also, we decreased the Fund’s allocation to CLOs during November 2023, as valuations became less attractive, in our view, due to significant spread tightening. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund was modestly overweight compared to the Index in agency mortgage-backed securities. The Fund was also overweight asset backed securities (“ABS”), CLOs and CMBS at the end of the Reporting Period. |
| 29 |
FUND RESULTS
| Q | What is the Fund’s tactical view and strategy for the months ahead? |
| A | At the end of the Reporting Period, the housing market continued to be supply constrained. Although there had been a modest pickup in housing inventory and turnover late in the Reporting Period, housing affordability remained stretched. In our view, house prices would likely increase modestly in 2024 driven by an ongoing supply/demand imbalance. |
| Overall, our outlook for the agency mortgage-backed securities market was mixed at the end of the Reporting Period. On the positive side, the sector continued to offer relatively high yields. Fundamentals also remained solid, in our opinion, as prepayments, especially in higher coupons, were slower than we previously expected. On the other hand, we considered market technicals less favorable. Net supply had been fairly high during the first quarter of 2024, while demand had softened. Regarding demand, we noted relative inactivity by two typical buyers of agency mortgage-backed securities—the Fed and U.S. banks. Foreign investor demand had also been tepid. That said, if the Fed cuts policy rates during 2024, we anticipate an increase in bank and overseas institutional investor demand for agency mortgage-backed securities. We thought such demand would focus initially on Ginnie Mae mortgage-backed securities given their preferable capital treatment relative to Fannie Mae and Freddie Mac mortgage-backed securities. |
| In terms of positioning at the end of the Reporting Period, the Fund maintained a modest overweight in Ginnie Mae mortgage-backed securities compared to Fannie Mae and Freddie Mac mortgage-backed securities. We may seek to increase that overweight in the near term given that we saw long-term value in the generally high quality of Ginnie Mae mortgage pools. Overall, we continued to favor production coupon mortgage-backed securities over discount coupon mortgage-backed securities2 at the end of the Reporting Period because of the strong carry3 they offered and because we believed interest rates would remain higher for longer. |
| In addition, at the end of the Reporting Period, the Fund was overweight securitized sectors broadly, with a preference for ABS and CMBS. Within ABS, we continued to favor CLOs. Although their spreads were no longer at historic wide levels at the end of the Reporting Period, we thought they still represented an attractive carry as long as fundamentals |
| 2 | Production coupon mortgage-backed securities bear a coupon rate close to prevailing interest rates for similar investments at the time of issue. Discount coupon mortgage-backed securities bear a lower coupon rate than prevailing interest rates. |
| 3 | In this context, carry refers to the expected return from holding an asset, assuming nothing changes, over a period of time. |
| remained strong and especially among those near the top of the capital structure. As a result, the Fund was overweight AAA-rated CLOs and modestly overweight the mezzanine4 part of the capital structure, with a preference for higher quality, newer issues in the latter, at the end of the Reporting Period. Within CMBS, we had a preference for AAA-rated issues and favored select industrial and office single asset, single borrower deals given what we saw as their attractive valuations. In general, we believed CMBS would continue to face headwinds from higher interest rates due both to a higher discount rate,5 which puts downward pressure on property valuations, and to funding costs for recently originated CMBS deals, which have increased because of the “front-loaded,” or impending, maturity wall,6 that presents refinancing risk for existing loans. |
| 4 | Mezzanine refers to debt issues that are subordinate to other debt issues from the same issuer. |
| 5 | The discount rate is the interest rate the Fed charges commercial banks and other financial institutions for short-term loans. |
| 6 | The front-loaded maturity wall refers to the deadline at the end of 2025 when $1.5 trillion of commercial real estate debt is scheduled to mature. |
| 30 |
FUND BASICS
U.S. Mortgages Fund
as of March 31, 2024
| FUND COMPOSITION* |
| Percentage of Net Assets |
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ‡ | “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 31 |
GOLDMAN SACHS U.S. MORTGAGES FUND
Performance Summary
March 31, 2024
| The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Separate Account Institutional at net asset value (“NAV”). For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Securitized Bond Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| U.S. Mortgages Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 20241 | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||
| Class A |
||||||||||||||||||||
| Excluding sales charges |
1.15% | -0.52% | 0.77% | — | ||||||||||||||||
| Including sales charges | -2.60% | -1.27% | 0.38% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Institutional |
1.49% | -0.20% | 1.11% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Separate Account Institutional |
1.49% | -0.20% | 1.12% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Investor |
1.52% | -0.28% | 1.02% | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) |
1.50% | -0.19% | N/A | 0.68% | ||||||||||||||||
|
|
||||||||||||||||||||
| Class P (Commenced April 20, 2018) |
1.61% | -0.19% | N/A | 0.59% | ||||||||||||||||
|
|
||||||||||||||||||||
| 1 | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares. Because Institutional, Separate Account Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 32 |
FUND BASICS
Index Definitions
The Bloomberg U.S. Government/Mortgage Index, an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Bloomberg U.S. Government/Mortgage Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of 100 million U.S. dollars. The Bloomberg U.S. TIPS Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The ICE BofAML Two-Year U.S. Treasury Note Index is a one-security index comprised of the most recently issued two-year U.S. Treasury note. The BofAML Two-Year U.S. Treasury Note Index is rebalanced monthly. In order to qualify for inclusion, a two-year note must be auctioned on or before the third business day before the last business day of the month. The BofAML Two-Year U.S. Treasury Note Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Bloomberg Short-Term Government/Corporate Index, an unmanaged index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds, and investment grade U.S. corporate bonds. The Bloomberg Short-Term Goverment/Corporate Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
ICE BofAML 3-6 Month US Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90 to 180-day maturity. The ICE BofAML 3-6 Month U.S. Treasury Bill Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
Bloomberg U.S. 1-3 Year Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market with 1-3 year maturities. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. It is not possible to invest directly in an index.
Bloomberg U.S. 1-3 Year Government Bond Index is comprised of the U.S. Treasury and U.S. Agency Indices. The U.S. Government 1-3 Year Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year and less than five years) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The U.S. Government Index is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index. It is not possible to invest directly in an unmanaged index.
The Bloomberg U.S. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgagebacked securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
Goldman Sachs Short Duration Bond Fund Composite Index is comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%). The Bloomberg U.S. 1-3 Year Government Index is comprised of the U.S. Treasury and U.S. Agency Indices. The Bloomberg U.S. 1-3 Year Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year and less than five years) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Bloomberg U.S. 1-3 Year Government Index is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index. It is not possible to invest directly in an unmanaged index.
ICE BofAML One-Year U.S. Treasury Note Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding two-year Treasury note that matures closest to, but not beyond, one year from the rebalancing date. To qualify for selection, an issue must have settled on or before the month end rebalancing date.
| 33 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 60.0% |
| |||||||||||||||
| Aerospace & Defense(a) – 0.6% |
| |||||||||||||||
| Howmet Aerospace, Inc. |
| |||||||||||||||
| $ | 160,000 | 5.125 | % | 10/01/24 | $ | 159,245 | ||||||||||
| RTX Corp. |
| |||||||||||||||
| 3,040,000 | 5.750 | 11/08/26 | 3,088,032 | |||||||||||||
|
|
|
|||||||||||||||
| 3,247,277 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive – 3.8% |
| |||||||||||||||
| Dana Financing Luxembourg SARL (a)(b) |
| |||||||||||||||
| 703,000 | 5.750 | 04/15/25 | 700,181 | |||||||||||||
| Ford Motor Credit Co. LLC (a) |
| |||||||||||||||
| 1,429,000 | 2.300 | 02/10/25 | 1,385,873 | |||||||||||||
| General Motors Financial Co., Inc. |
| |||||||||||||||
| 2,425,000 | 1.200 | 10/15/24 | 2,366,824 | |||||||||||||
| 5,415,000 | 3.800 | 04/07/25 | 5,315,689 | |||||||||||||
| Goodyear Tire & Rubber Co. (a) |
| |||||||||||||||
| 1,330,000 | 9.500 | 05/31/25 | 1,342,063 | |||||||||||||
| Hyundai Capital America (b) |
| |||||||||||||||
| 2,375,000 | 1.000 | 09/17/24 | 2,322,608 | |||||||||||||
| 980,000 | 5.800 | 06/26/25 | 981,646 | |||||||||||||
| Volkswagen Group of America Finance LLC (b) |
| |||||||||||||||
| 1,230,000 | 3.350 | 05/13/25 | 1,200,751 | |||||||||||||
| 2,775,000 | 3.950 | 06/06/25 | 2,723,135 | |||||||||||||
| 1,500,000 | 5.800 | 09/12/25 | 1,506,975 | |||||||||||||
|
|
|
|||||||||||||||
| 19,845,745 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 18.5% |
| |||||||||||||||
| Banco Santander SA |
| |||||||||||||||
| 3,400,000 | 5.147 | 08/18/25 | 3,375,962 | |||||||||||||
| Bank of America Corp. |
| |||||||||||||||
| 2,500,000 | 4.000 | 01/22/25 | 2,464,850 | |||||||||||||
| (Secured Overnight Financing Rate + 0.690%) |
| |||||||||||||||
| 3,297,000 | 0.976 | (a)(c) | 04/22/25 | 3,287,175 | ||||||||||||
| Bank of Montreal (a) |
| |||||||||||||||
| 4,440,000 | 4.700 | 09/14/27 | 4,401,372 | |||||||||||||
| Bank of New York Mellon Corp. (a)(c) (Secured Overnight Financing Rate + 1.026%) |
| |||||||||||||||
| 1,910,000 | 4.947 | 04/26/27 | 1,902,265 | |||||||||||||
| Banque Federative du Credit Mutuel SA (b) |
| |||||||||||||||
| 4,045,000 | 4.935 | 01/26/26 | 4,018,788 | |||||||||||||
| BNP Paribas SA (a)(b)(c) (Secured Overnight Financing Rate + 1.228%) |
| |||||||||||||||
| 4,345,000 | 2.591 | 01/20/28 | 4,026,207 | |||||||||||||
| Canadian Imperial Bank of Commerce |
| |||||||||||||||
| 855,000 | 5.144 | 04/28/25 | 852,529 | |||||||||||||
| 2,980,000 | 5.615 | 07/17/26 | 3,006,939 | |||||||||||||
| Citigroup, Inc. (a)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.694%) |
| |||||||||||||||
| 3,925,000 | 6.045 | 01/25/26 | 3,925,707 | |||||||||||||
| (Secured Overnight Financing Rate + 1.372%) |
| |||||||||||||||
| 3,295,000 | 4.140 | 05/24/25 | 3,285,214 | |||||||||||||
| (Secured Overnight Financing Rate + 1.546%) |
| |||||||||||||||
| 4,460,000 | 5.610 | 09/29/26 | 4,467,537 | |||||||||||||
| Citizens Bank NA (a) |
| |||||||||||||||
| 900,000 | 2.250 | 04/28/25 | 865,881 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| Credit Suisse AG |
| |||||||||||||||
| $ | 1,605,000 | 7.950 | % | 01/09/25 | $ | 1,631,466 | ||||||||||
| 4,995,000 | 3.700 | 02/21/25 | 4,909,136 | |||||||||||||
| Deutsche Bank AG |
| |||||||||||||||
| 2,105,000 | 4.162 | 05/13/25 | 2,074,309 | |||||||||||||
| Federation des Caisses Desjardins du Quebec (b) |
| |||||||||||||||
| 4,840,000 | 4.400 | 08/23/25 | 4,780,129 | |||||||||||||
| JPMorgan Chase & Co. (a)(c) (Secured Overnight Financing Rate + 1.190%) |
| |||||||||||||||
| 2,630,000 | 5.040 | 01/23/28 | 2,620,742 | |||||||||||||
| Manufacturers & Traders Trust Co. (a) |
| |||||||||||||||
| 3,955,000 | 4.650 | 01/27/26 | 3,868,702 | |||||||||||||
| Mitsubishi UFJ Financial Group, Inc. (a)(c) (1 yr. CMT + 1.550%) |
| |||||||||||||||
| 6,934,000 | 5.063 | 09/12/25 | 6,910,078 | |||||||||||||
| Morgan Stanley (a)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.745%) |
| |||||||||||||||
| 725,000 | 0.864 | 10/21/25 | 705,019 | |||||||||||||
| (Secured Overnight Financing Rate + 1.295%) |
| |||||||||||||||
| 952,000 | 5.050 | 01/28/27 | 948,668 | |||||||||||||
| (Secured Overnight Financing Rate + 1.669%) |
| |||||||||||||||
| 1,590,000 | 4.679 | 07/17/26 | 1,572,987 | |||||||||||||
| PNC Financial Services Group, Inc. (a)(c) (Secured Overnight Financing Rate + 1.322%) |
| |||||||||||||||
| 2,810,000 | 5.812 | 06/12/26 | 2,820,172 | |||||||||||||
| Royal Bank of Canada |
| |||||||||||||||
| 2,695,000 | 4.950 | 04/25/25 | 2,685,298 | |||||||||||||
| Santander Holdings USA, Inc. (a)(c) (Secured Overnight Financing Rate + 1.380%) |
| |||||||||||||||
| 1,995,000 | 4.260 | 06/09/25 | 1,982,751 | |||||||||||||
| Societe Generale SA (b) |
| |||||||||||||||
| 4,885,000 | 4.351 | 06/13/25 | 4,825,794 | |||||||||||||
| Sumitomo Mitsui Financial Group, Inc. |
| |||||||||||||||
| 725,000 | 0.948 | 01/12/26 | 673,032 | |||||||||||||
| Sumitomo Mitsui Trust Bank Ltd. (b) |
| |||||||||||||||
| 2,680,000 | 5.200 | 03/07/27 | 2,683,002 | |||||||||||||
| Toronto-Dominion Bank |
| |||||||||||||||
| 1,810,000 | 4.693 | 09/15/27 | 1,792,950 | |||||||||||||
| UBS AG |
| |||||||||||||||
| 3,528,000 | 5.800 | 09/11/25 | 3,553,225 | |||||||||||||
| UBS Group AG (b) |
| |||||||||||||||
| 2,892,000 | 4.125 | 09/24/25 | 2,833,408 | |||||||||||||
| Wells Fargo & Co. (a)(c) (Secured Overnight Financing Rate + 1.560%) |
| |||||||||||||||
| 2,390,000 | 4.540 | 08/15/26 | 2,359,934 | |||||||||||||
| Westpac New Zealand Ltd. (b) |
| |||||||||||||||
| 1,175,000 | 4.902 | 02/15/28 | 1,165,459 | |||||||||||||
|
|
|
|||||||||||||||
| 97,276,687 | ||||||||||||||||
|
|
||||||||||||||||
| Beverages – 0.8% |
| |||||||||||||||
| Constellation Brands, Inc. |
| |||||||||||||||
| 1,830,000 | 3.600 | 05/09/24 | 1,825,498 | |||||||||||||
| JDE Peet’s NV (a)(b) |
| |||||||||||||||
| 2,625,000 | 0.800 | 09/24/24 | 2,555,884 | |||||||||||||
|
|
|
|||||||||||||||
| 4,381,382 | ||||||||||||||||
|
|
||||||||||||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Biotechnology – 0.9% |
| |||||||||||||||
| Amgen, Inc. |
| |||||||||||||||
| $ | 4,900,000 | 5.250 | % | 03/02/25 | $ | 4,886,427 | ||||||||||
|
|
||||||||||||||||
| Building Materials – 0.6% |
| |||||||||||||||
| Carrier Global Corp. |
| |||||||||||||||
| 3,240,000 | 5.800 | 11/30/25 | 3,261,514 | |||||||||||||
|
|
||||||||||||||||
| Chemicals(a) – 0.2% |
| |||||||||||||||
| Celanese U.S. Holdings LLC |
| |||||||||||||||
| 309,000 | 3.500 | 05/08/24 | 308,206 | |||||||||||||
| Westlake Corp. |
| |||||||||||||||
| 975,000 | 0.875 | 08/15/24 | 957,109 | |||||||||||||
|
|
|
|||||||||||||||
| 1,265,315 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services(a) – 0.1% | ||||||||||||||||
| Global Payments, Inc. |
| |||||||||||||||
| 525,000 | 1.200 | 03/01/26 | 485,872 | |||||||||||||
|
|
||||||||||||||||
| Computers(a) – 0.5% | ||||||||||||||||
| Dell International LLC/EMC Corp. |
| |||||||||||||||
| 1,481,000 | 4.000 | 07/15/24 | 1,473,136 | |||||||||||||
| 1,075,000 | 5.850 | 07/15/25 | 1,080,482 | |||||||||||||
|
|
|
|||||||||||||||
| 2,553,618 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 3.5% | ||||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a) |
| |||||||||||||||
| 1,869,000 | 1.650 | 10/29/24 | 1,823,527 | |||||||||||||
| Air Lease Corp. (a) |
| |||||||||||||||
| 3,177,000 | 2.300 | 02/01/25 | 3,085,503 | |||||||||||||
| American Express Co. (a)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.999%) |
| |||||||||||||||
| 2,965,000 | 4.990 | 05/01/26 | 2,947,477 | |||||||||||||
| (Secured Overnight Financing Rate + 1.350%) |
| |||||||||||||||
| 2,282,000 | 6.702 | 10/30/26 | 2,307,376 | |||||||||||||
| Aviation Capital Group LLC (a)(b) |
| |||||||||||||||
| 1,200,000 | 5.500 | 12/15/24 | 1,194,372 | |||||||||||||
| 550,000 | 1.950 | 01/30/26 | 513,293 | |||||||||||||
| Avolon Holdings Funding Ltd. (a)(b) |
| |||||||||||||||
| 675,000 | 2.875 | 02/15/25 | 657,011 | |||||||||||||
| Macquarie Airfinance Holdings Ltd. (a)(b) |
| |||||||||||||||
| 110,000 | 6.400 | 03/26/29 | 111,686 | |||||||||||||
| Nomura Holdings, Inc. |
| |||||||||||||||
| 1,390,000 | 5.099 | 07/03/25 | 1,380,437 | |||||||||||||
| Synchrony Financial (a) |
| |||||||||||||||
| 3,085,000 | 4.875 | 06/13/25 | 3,039,558 | |||||||||||||
| United Wholesale Mortgage LLC (a)(b) |
| |||||||||||||||
| 1,460,000 | 5.500 | 11/15/25 | 1,446,933 | |||||||||||||
|
|
|
|||||||||||||||
| 18,507,173 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical – 6.2% | ||||||||||||||||
| Avangrid, Inc. (a) |
| |||||||||||||||
| 650,000 | 3.200 | 04/15/25 | 633,627 | |||||||||||||
| Berkshire Hathaway Energy Co. (a) |
| |||||||||||||||
| 650,000 | 4.050 | 04/15/25 | 641,557 | |||||||||||||
| CenterPoint Energy, Inc. |
| |||||||||||||||
| 2,165,000 | 5.250 | 08/10/26 | 2,169,698 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Electrical – (continued) |
| |||||||||||||||
| Dominion Energy, Inc. (a) |
| |||||||||||||||
| $ | 2,025,000 | 1.450 | % | 04/15/26 | $ | 1,875,312 | ||||||||||
| DTE Energy Co. |
| |||||||||||||||
| 4,810,000 | 4.220 | (d) | 11/01/24 | 4,766,806 | ||||||||||||
| 575,000 | 1.050 | (a) | 06/01/25 | 546,135 | ||||||||||||
| Enel Finance International NV (a)(b) |
| |||||||||||||||
| 2,575,000 | 1.375 | 07/12/26 | 2,356,073 | |||||||||||||
| Eversource Energy |
| |||||||||||||||
| 2,405,000 | 4.200 | 06/27/24 | 2,395,332 | |||||||||||||
| FirstEnergy Corp. (a) |
| |||||||||||||||
| 400,000 | 2.050 | 03/01/25 | 383,260 | |||||||||||||
| NextEra Energy Capital Holdings, Inc. |
| |||||||||||||||
| 1,960,000 | 6.051 | 03/01/25 | 1,967,566 | |||||||||||||
| 2,370,000 | 4.450 | 06/20/25 | 2,341,797 | |||||||||||||
| 2,630,000 | 4.625 | (a) | 07/15/27 | 2,596,073 | ||||||||||||
| NRG Energy, Inc. (a)(b) |
| |||||||||||||||
| 1,225,000 | 3.750 | 06/15/24 | 1,217,956 | |||||||||||||
| Public Service Enterprise Group, Inc. (a) |
| |||||||||||||||
| 675,000 | 0.800 | 08/15/25 | 634,406 | |||||||||||||
| Southern Co. (d) |
| |||||||||||||||
| 3,575,000 | 4.475 | 08/01/24 | 3,555,802 | |||||||||||||
| Southern Power Co. (a) |
| |||||||||||||||
| 500,000 | 0.900 | 01/15/26 | 462,680 | |||||||||||||
| Vistra Operations Co. LLC (a)(b) |
| |||||||||||||||
| 875,000 | 3.550 | 07/15/24 | 868,087 | |||||||||||||
| Xcel Energy, Inc. (a) |
| |||||||||||||||
| 3,325,000 | 1.750 | 03/15/27 | 2,996,124 | |||||||||||||
|
|
|
|||||||||||||||
| 32,408,291 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical Components & Equipment(a)(b) – 0.1% | ||||||||||||||||
| WESCO Distribution, Inc. |
| |||||||||||||||
| 620,000 | 6.375 | 03/15/29 | 626,516 | |||||||||||||
|
|
||||||||||||||||
| Entertainment(a)(b) – 0.1% | ||||||||||||||||
| Six Flags Theme Parks, Inc. |
| |||||||||||||||
| 610,000 | 7.000 | 07/01/25 | 611,708 | |||||||||||||
|
|
||||||||||||||||
| Environmental(a) – 0.4% | ||||||||||||||||
| GFL Environmental, Inc. (b) |
| |||||||||||||||
| 1,415,000 | 3.750 | 08/01/25 | 1,379,470 | |||||||||||||
| Waste Management, Inc. |
| |||||||||||||||
| 625,000 | 0.750 | 11/15/25 | 583,506 | |||||||||||||
|
|
|
|||||||||||||||
| 1,962,976 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing – 2.1% | ||||||||||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ |
| |||||||||||||||
| Albertsons LLC (a)(b) |
| |||||||||||||||
| 1,430,000 | 3.250 | 03/15/26 | 1,362,418 | |||||||||||||
| General Mills, Inc. (a) |
| |||||||||||||||
| 2,550,000 | 4.700 | 01/30/27 | 2,529,218 | |||||||||||||
| J M Smucker Co. (a) |
| |||||||||||||||
| 813,000 | 5.900 | 11/15/28 | 843,504 | |||||||||||||
| Mondelez International Holdings Netherlands BV (b) |
| |||||||||||||||
| 2,500,000 | 0.750 | 09/24/24 | 2,441,650 | |||||||||||||
| 3,250,000 | 4.250 | 09/15/25 | 3,198,942 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Food & Drug Retailing – (continued) |
| |||||||||||||||
| Mondelez International, Inc. (a) |
| |||||||||||||||
| $ | 525,000 | 1.500 | % | 05/04/25 | $ | 503,643 | ||||||||||
|
|
|
|||||||||||||||
| 10,879,375 | ||||||||||||||||
|
|
||||||||||||||||
| Gas(a) – 0.5% | ||||||||||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
| |||||||||||||||
| 1,290,000 | 5.875 | 08/20/26 | 1,287,639 | |||||||||||||
| East Ohio Gas Co. (b) |
| |||||||||||||||
| 250,000 | 1.300 | 06/15/25 | 237,610 | |||||||||||||
| NiSource, Inc. |
| |||||||||||||||
| 1,025,000 | 0.950 | 08/15/25 | 964,771 | |||||||||||||
|
|
|
|||||||||||||||
| 2,490,020 | ||||||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services(a) – 1.9% | ||||||||||||||||
| Aetna, Inc. |
| |||||||||||||||
| 1,250,000 | 3.500 | 11/15/24 | 1,233,037 | |||||||||||||
| HCA, Inc. |
| |||||||||||||||
| 1,500,000 | 5.625 | 09/01/28 | 1,518,255 | |||||||||||||
| Revvity, Inc. |
| |||||||||||||||
| 1,700,000 | 0.850 | 09/15/24 | 1,661,053 | |||||||||||||
| Thermo Fisher Scientific, Inc. |
| |||||||||||||||
| 2,760,000 | 5.000 | 12/05/26 | 2,771,399 | |||||||||||||
| Zimmer Biomet Holdings, Inc. |
| |||||||||||||||
| 3,000,000 | 1.450 | 11/22/24 | 2,919,810 | |||||||||||||
|
|
|
|||||||||||||||
| 10,103,554 | ||||||||||||||||
|
|
||||||||||||||||
| Insurance(b) – 0.3% | ||||||||||||||||
| Athene Global Funding |
| |||||||||||||||
| 375,000 | 2.500 | 01/14/25 | 365,396 | |||||||||||||
| 106,000 | 1.450 | 01/08/26 | 98,412 | |||||||||||||
| Equitable Financial Life Global Funding |
| |||||||||||||||
| 700,000 | 1.400 | 07/07/25 | 663,943 | |||||||||||||
| Great-West Lifeco U.S. Finance 2020 LP (a) |
| |||||||||||||||
| 425,000 | 0.904 | 08/12/25 | 400,418 | |||||||||||||
|
|
|
|||||||||||||||
| 1,528,169 | ||||||||||||||||
|
|
||||||||||||||||
| Internet(a)(b) – 0.4% | ||||||||||||||||
| Prosus NV |
| |||||||||||||||
| 2,260,000 | 3.257 | 01/19/27 | 2,084,850 | |||||||||||||
|
|
||||||||||||||||
| Iron/Steel – 0.4% |
| |||||||||||||||
| Nucor Corp. |
| |||||||||||||||
| 730,000 | 3.950 | 05/23/25 | 718,897 | |||||||||||||
| Steel Dynamics, Inc. (a) |
| |||||||||||||||
| 1,240,000 | 2.400 | 06/15/25 | 1,194,058 | |||||||||||||
|
|
|
|||||||||||||||
| 1,912,955 | ||||||||||||||||
|
|
||||||||||||||||
| Leisure Time(a)(b) – 0.2% | ||||||||||||||||
| Carnival Corp. |
| |||||||||||||||
| 905,000 | 5.750 | 03/01/27 | 895,832 | |||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 0.6% | ||||||||||||||||
| Marriott International, Inc. |
| |||||||||||||||
| 1,530,000 | 5.450 | 09/15/26 | 1,537,604 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Lodging(a) – (continued) |
| |||||||||||||||
| MGM Resorts International |
| |||||||||||||||
| $ | 1,375,000 | 6.750 | % | 05/01/25 | $ | 1,374,560 | ||||||||||
|
|
|
|||||||||||||||
| 2,912,164 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a) – 0.6% | ||||||||||||||||
| Otis Worldwide Corp. |
| |||||||||||||||
| 3,255,000 | 2.056 | 04/05/25 | 3,147,194 | |||||||||||||
|
|
||||||||||||||||
| Mining(a)(b) – 0.1% | ||||||||||||||||
| Glencore Funding LLC |
| |||||||||||||||
| 675,000 | 1.625 | 09/01/25 | 638,975 | |||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.8% | ||||||||||||||||
| Amsted Industries, Inc. (a)(b) |
| |||||||||||||||
| 522,000 | 5.625 | 07/01/27 | 514,467 | |||||||||||||
| Hillenbrand, Inc. (a) |
| |||||||||||||||
| 1,380,000 | 5.750 | 06/15/25 | 1,378,206 | |||||||||||||
| 484,000 | 6.250 | 02/15/29 | 487,780 | |||||||||||||
| Parker-Hannifin Corp. |
| |||||||||||||||
| 1,745,000 | 3.650 | 06/15/24 | 1,737,270 | |||||||||||||
|
|
|
|||||||||||||||
| 4,117,723 | ||||||||||||||||
|
|
||||||||||||||||
| Office & Business Equipment(a)(b) – 0.1% | ||||||||||||||||
| Xerox Holdings Corp. |
| |||||||||||||||
| 463,000 | 5.000 | 08/15/25 | 456,398 | |||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 1.7% | ||||||||||||||||
| Canadian Natural Resources Ltd. (a) |
| |||||||||||||||
| 825,000 | 2.050 | 07/15/25 | 789,368 | |||||||||||||
| Pioneer Natural Resources Co. |
| |||||||||||||||
| 2,825,000 | 5.100 | 03/29/26 | 2,821,949 | |||||||||||||
| QatarEnergy (a)(b) |
| |||||||||||||||
| 2,520,000 | 1.375 | 09/12/26 | 2,310,525 | |||||||||||||
| SA Global Sukuk Ltd. (a) |
| |||||||||||||||
| 2,520,000 | 1.602 | 06/17/26 | 2,334,150 | |||||||||||||
| Sunoco LP/Sunoco Finance Corp. (a)(b) |
| |||||||||||||||
| 760,000 | 7.000 | 09/15/28 | 776,659 | |||||||||||||
|
|
|
|||||||||||||||
| 9,032,651 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a) – 0.5% | ||||||||||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal |
| |||||||||||||||
| 557,000 | 6.000 | 06/15/27 | 542,067 | |||||||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (b) |
| |||||||||||||||
| 1,395,000 | 5.250 | 04/30/25 | 1,346,551 | |||||||||||||
| Berry Global, Inc. |
| |||||||||||||||
| 550,000 | 1.570 | 01/15/26 | 514,921 | |||||||||||||
|
|
|
|||||||||||||||
| 2,403,539 | ||||||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(a) – 2.4% | ||||||||||||||||
| AbbVie, Inc. |
| |||||||||||||||
| 7,400,000 | 4.800 | 03/15/27 | 7,403,996 | |||||||||||||
| CVS Health Corp. |
| |||||||||||||||
| 4,015,000 | 5.000 | 02/20/26 | 4,001,269 | |||||||||||||
|
|
||||||||||||||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pharmaceuticals(a) – (continued) |
| |||||||||||||||
| PRA Health Sciences, Inc. (b) |
| |||||||||||||||
| $ | 1,435,000 | 2.875 | % | 07/15/26 | $ | 1,337,075 | ||||||||||
|
|
|
|||||||||||||||
| 12,742,340 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines(a) – 1.5% | ||||||||||||||||
| Kinetik Holdings LP (b) |
| |||||||||||||||
| 705,000 | 6.625 | 12/15/28 | 717,055 | |||||||||||||
| NuStar Logistics LP |
| |||||||||||||||
| 285,000 | 5.750 | 10/01/25 | 283,806 | |||||||||||||
| 1,360,000 | 6.000 | 06/01/26 | 1,355,825 | |||||||||||||
| TransCanada PipeLines Ltd. |
| |||||||||||||||
| 2,275,000 | 1.000 | 10/12/24 | 2,217,943 | |||||||||||||
| Williams Cos., Inc. |
| |||||||||||||||
| 3,090,000 | 5.300 | 08/15/28 | 3,116,852 | |||||||||||||
|
|
|
|||||||||||||||
| 7,691,481 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust – 0.8% | ||||||||||||||||
| Crown Castle, Inc. (a) |
| |||||||||||||||
| 700,000 | 1.350 | 07/15/25 | 664,762 | |||||||||||||
| VICI Properties LP |
| |||||||||||||||
| 3,715,000 | 4.375 | 05/15/25 | 3,655,709 | |||||||||||||
|
|
|
|||||||||||||||
| 4,320,471 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(a) – 1.3% | ||||||||||||||||
| 7-Eleven, Inc. (b) |
| |||||||||||||||
| 400,000 | 0.950 | 02/10/26 | 369,588 | |||||||||||||
| Genuine Parts Co. |
| |||||||||||||||
| 1,375,000 | 1.750 | 02/01/25 | 1,331,138 | |||||||||||||
| Murphy Oil USA, Inc. |
| |||||||||||||||
| 1,535,000 | 5.625 | 05/01/27 | 1,520,095 | |||||||||||||
| O’Reilly Automotive, Inc. |
| |||||||||||||||
| 1,965,000 | 5.750 | 11/20/26 | 1,997,383 | |||||||||||||
| Penske Automotive Group, Inc. |
| |||||||||||||||
| 1,515,000 | 3.500 | 09/01/25 | 1,474,898 | |||||||||||||
|
|
|
|||||||||||||||
| 6,693,102 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(a) – 1.5% | ||||||||||||||||
| Broadcom, Inc. |
| |||||||||||||||
| 5,225,000 | 3.625 | 10/15/24 | 5,167,734 | |||||||||||||
| Intel Corp. |
| |||||||||||||||
| 2,300,000 | 4.875 | 02/10/28 | 2,306,992 | |||||||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
| |||||||||||||||
| 275,000 | 2.700 | 05/01/25 | 266,978 | |||||||||||||
|
|
|
|||||||||||||||
| 7,741,704 | ||||||||||||||||
|
|
||||||||||||||||
| Software – 2.8% | ||||||||||||||||
| Fidelity National Information Services, Inc. (a) |
| |||||||||||||||
| 1,050,000 | 1.150 | 03/01/26 | 971,954 | |||||||||||||
| Fiserv, Inc. (a) |
| |||||||||||||||
| 7,950,000 | 2.750 | 07/01/24 | 7,891,249 | |||||||||||||
| Oracle Corp. |
| |||||||||||||||
| 1,400,000 | 2.500 | (a) | 04/01/25 | 1,358,084 | ||||||||||||
| 1,900,000 | 5.800 | 11/10/25 | 1,915,314 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Software – (continued) |
| |||||||||||||||
| VMware LLC (a) |
| |||||||||||||||
| $ | 2,600,000 | 1.000 | % | 08/15/24 | $ | 2,553,668 | ||||||||||
|
|
|
|||||||||||||||
| 14,690,269 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services(a) – 1.9% | ||||||||||||||||
| T-Mobile USA, Inc. |
| |||||||||||||||
| 8,800,000 | 3.500 | 04/15/25 | 8,627,432 | |||||||||||||
| Verizon Communications, Inc. |
| |||||||||||||||
| 1,450,000 | 0.850 | 11/20/25 | 1,351,574 | |||||||||||||
|
|
|
|||||||||||||||
| 9,979,006 | ||||||||||||||||
|
|
||||||||||||||||
| Transportation(a) – 1.0% | ||||||||||||||||
| Canadian Pacific Railway Co. |
| |||||||||||||||
| 5,375,000 | 1.350 | 12/02/24 | 5,226,973 | |||||||||||||
|
|
||||||||||||||||
| Trucking & Leasing(a)(b) – 0.3% | ||||||||||||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
| |||||||||||||||
| 1,025,000 | 1.200 | 11/15/25 | 956,130 | |||||||||||||
| 705,000 | 5.350 | 01/12/27 | 705,903 | |||||||||||||
|
|
|
|||||||||||||||
| 1,662,033 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $319,083,574) |
$ | 314,671,279 | ||||||||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities(a) – 24.8% |
| |||||||||||||||
| Automotive – 5.8% |
| |||||||||||||||
| Exeter Automobile Receivables Trust Series 2024-2A, Class A3 |
| |||||||||||||||
| $ | 800,000 | 5.630 | % | 10/15/26 | $ | 800,035 | ||||||||||
| Ford Credit Auto Owner Trust Series 2020-1, Class A(b) |
| |||||||||||||||
| 6,835,000 | 2.040 | 08/15/31 | 6,632,744 | |||||||||||||
| Ford Credit Auto Owner Trust Series 2022-D, Class A2A |
| |||||||||||||||
| 465,475 | 5.370 | 08/15/25 | 465,215 | |||||||||||||
| Ford Credit Floorplan Master Owner Trust A Series 2019-4, Class A |
| |||||||||||||||
| 3,625,000 | 2.440 | 09/15/26 | 3,574,811 | |||||||||||||
| Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A |
| |||||||||||||||
| 3,200,000 | 1.060 | 09/15/27 | 3,007,540 | |||||||||||||
| GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b) |
| |||||||||||||||
| 1,500,000 | 2.900 | 04/15/26 | 1,498,577 | |||||||||||||
| Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3(b) |
| |||||||||||||||
| 366,010 | 1.160 | 01/15/25 | 365,405 | |||||||||||||
| Hyundai Auto Receivables Trust Series 2021-A, Class A3 |
| |||||||||||||||
| 141,917 | 0.380 | 09/15/25 | 140,712 | |||||||||||||
| Hyundai Auto Receivables Trust Series 2022-C, Class A3 |
| |||||||||||||||
| 2,975,000 | 5.390 | 06/15/27 | 2,977,476 | |||||||||||||
| Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2 |
| |||||||||||||||
| 201,785 | 5.260 | 10/15/25 | 201,629 | |||||||||||||
| NextGear Floorplan Master Owner Trust Series 2021-1A, Class A(b) |
| |||||||||||||||
| 5,500,000 | 0.850 | 07/15/26 | 5,424,565 | |||||||||||||
| Tesla Auto Lease Trust Series 2021-B, Class A3(b) |
| |||||||||||||||
| 1,352,525 | 0.600 | 09/22/25 | 1,348,864 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Automotive – (continued) |
| |||||||||||||||
| Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 |
| |||||||||||||||
| $ | 2,123,698 | 0.710 | % | 04/15/26 | $ | 2,068,133 | ||||||||||
| Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 |
| |||||||||||||||
| 2,000,000 | 5.300 | 09/15/27 | 1,999,673 | |||||||||||||
|
|
|
|||||||||||||||
| 30,505,379 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations(c) – 10.1% |
| |||||||||||||||
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR(b) (3 mo. USD Term SOFR + 1.462%) |
| |||||||||||||||
| 1,300,000 | 6.779 | 07/20/34 | 1,300,017 | |||||||||||||
| Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1(b) (3 mo. USD Term SOFR + 1.412%) |
| |||||||||||||||
| 4,000,000 | 6.726 | 04/15/34 | 3,997,564 | |||||||||||||
| Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1(b) (3 mo. USD Term SOFR + 1.402%) |
| |||||||||||||||
| 5,000,000 | 6.719 | 01/22/35 | 5,003,045 | |||||||||||||
| BSPDF Issuer Ltd. Series 2021-FL1, Class A(b) (1 mo. USD Term SOFR + 1.314%) |
| |||||||||||||||
| 933,763 | 6.640 | 10/15/36 | 917,041 | |||||||||||||
| CBAM Ltd. Series 2017-2A, Class AR(b) (3 mo. USD Term SOFR + 1.452%) |
| |||||||||||||||
| 5,000,000 | 6.768 | 07/17/34 | 5,000,120 | |||||||||||||
| Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1(b) (3 mo. USD Term SOFR + 1.262%) |
| |||||||||||||||
| 2,562,508 | 6.579 | 01/20/31 | 2,564,092 | |||||||||||||
| Clover CLO LLC Series 2021-1A, Class A(b) (3 mo. USD Term SOFR + 1.362%) |
| |||||||||||||||
| 2,100,000 | 6.679 | 04/22/34 | 2,101,266 | |||||||||||||
| Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) |
| |||||||||||||||
| EUR | 1,900,000 | 4.895 | 11/20/34 | 2,026,119 | ||||||||||||
| Madison Park Funding XXX Ltd. Series 2018-30A, Class A(b) (3 mo. USD Term SOFR + 1.012%) |
| |||||||||||||||
| $ | 4,476,131 | 6.326 | 04/15/29 | 4,476,135 | ||||||||||||
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR(b) (3 mo. USD Term SOFR + 1.332%) |
| |||||||||||||||
| 1,000,000 | 6.646 | 07/15/33 | 1,000,624 | |||||||||||||
| Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR(b) (3 mo. USD Term SOFR + 1.362%) |
| |||||||||||||||
| 5,000,000 | 6.681 | 05/20/32 | 4,988,135 | |||||||||||||
| OCP CLO Ltd. Series 2014-5A, Class A1R(b) (3 mo. USD Term SOFR + 1.342%) |
| |||||||||||||||
| 2,408,202 | 6.666 | 04/26/31 | 2,409,776 | |||||||||||||
| Octagon 54 Ltd. Series 2021-1A, Class A1(b) (3 mo. USD Term SOFR + 1.382%) |
| |||||||||||||||
| 1,000,000 | 6.696 | 07/15/34 | 1,000,183 | |||||||||||||
| OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR(b) (3 mo. USD Term SOFR + 1.402%) |
| |||||||||||||||
| 2,500,000 | 6.719 | 07/02/35 | 2,501,103 | |||||||||||||
| Pikes Peak CLO 2 Series 2018-2A, Class AR(b) (3 mo. USD Term SOFR + 1.452%) |
| |||||||||||||||
| 6,700,000 | 6.750 | 10/18/34 | 6,699,940 | |||||||||||||
| Trysail CLO Ltd. Series 2021-1A, Class A1(b) (3 mo. USD Term SOFR + 1.300%) |
| |||||||||||||||
| 1,300,000 | 6.997 | 07/20/32 | 1,298,904 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations(c) – (continued) |
| |||||||||||||||
| Wellfleet CLO Ltd. Series 2021-3A, Class A(b) (3 mo. USD Term SOFR + 1.452%) |
| |||||||||||||||
| $ | 5,000,000 | 6.766 | % | 01/15/35 | $ | 4,983,485 | ||||||||||
| Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b) (3 mo. USD Term SOFR + 1.612%) |
| |||||||||||||||
| 475,000 | 6.931 | 07/28/32 | 475,040 | |||||||||||||
|
|
|
|||||||||||||||
| 52,742,589 | ||||||||||||||||
|
|
||||||||||||||||
| Credit Card – 4.2% |
| |||||||||||||||
| Barclays Dryrock Issuance Trust Series 2021-1, Class A |
| |||||||||||||||
| 6,200,000 | 0.630 | 07/15/27 | 6,063,449 | |||||||||||||
| CARDS II Trust Series 2021-1A, Class A(b) |
| |||||||||||||||
| 4,075,000 | 0.602 | 04/15/27 | 4,068,216 | |||||||||||||
| Evergreen Credit Card Trust Series 2021-1, Class A(b) |
| |||||||||||||||
| 8,275,000 | 0.900 | 10/15/26 | 8,074,757 | |||||||||||||
| Master Credit Card Trust Series 2021-1A, Class A(b) |
| |||||||||||||||
| 3,900,000 | 0.530 | 11/21/25 | 3,873,419 | |||||||||||||
|
|
|
|||||||||||||||
| 22,079,841 | ||||||||||||||||
|
|
||||||||||||||||
| Student Loan(c) – 4.7% |
| |||||||||||||||
| Access Group, Inc. Series 2013-1, Class A(b) (1 mo. USD Term SOFR + 0.614%) |
| |||||||||||||||
| 358,785 | 5.935 | 02/25/36 | 354,384 | |||||||||||||
| Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR(b) (-1X 3 mo. USD Term SOFR + 1.420%) |
| |||||||||||||||
| 2,350,000 | 1.000 | 04/20/36 | 2,350,421 | |||||||||||||
| Contego CLO VII DAC Series 7X, Class A (3 mo. EUR EURIBOR + 0.930%) |
| |||||||||||||||
| EUR | 2,150,000 | 4.888 | 05/14/32 | 2,302,917 | ||||||||||||
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(b) (3 mo. USD Term SOFR + 1.830%) |
| |||||||||||||||
| $ | 2,100,000 | 7.144 | 01/15/37 | 2,119,744 | ||||||||||||
| ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1 mo. USD Term SOFR + 1.314%) |
| |||||||||||||||
| 1,147,562 | 6.635 | 12/27/66 | 1,146,129 | |||||||||||||
| Edsouth Indenture No. 5 LLC Series 2014-1, Class A(b) (1 mo. USD Term SOFR + 0.814%) |
| |||||||||||||||
| 774,378 | 6.135 | 02/25/39 | 765,500 | |||||||||||||
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A(b) (-1X 3 mo. USD Term SOFR + 1.520%) |
| |||||||||||||||
| 1,875,000 | 1.000 | 04/18/37 | 1,875,336 | |||||||||||||
| Goal Capital Funding Trust Series 2010-1, Class A(b) (3 mo. USD Term SOFR + 0.962%) |
| |||||||||||||||
| 6,917 | 6.320 | 08/25/48 | 6,917 | |||||||||||||
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.161%) |
| |||||||||||||||
| 724,488 | 6.523 | 07/25/45 | 724,490 | |||||||||||||
| Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) |
| |||||||||||||||
| 590,065 | 6.215 | 03/25/51 | 587,109 | |||||||||||||
| Marathon Static CLO Ltd. Series 2022-18A, Class A1R2(b) (3 mo. USD Term SOFR + 1.150%) |
| |||||||||||||||
| 2,104,806 | 6.483 | 07/20/30 | 2,104,793 | |||||||||||||
|
|
||||||||||||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Student Loan(c) – (continued) |
| |||||||||||||||
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(b) (3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| $ | 2,500,000 | 6.531 | % | 01/20/32 | $ | 2,499,955 | ||||||||||
| Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.211%) |
| |||||||||||||||
| 120,631 | 6.573 | 04/25/38 | 118,206 | |||||||||||||
| Navient Student Loan Trust Series 2017-2A, Class A(b) (1 mo. USD Term SOFR + 1.164%) |
| |||||||||||||||
| 1,748,372 | 6.485 | 12/27/66 | 1,746,935 | |||||||||||||
| Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1 mo. USD Term SOFR + 0.814%) |
| |||||||||||||||
| 1,423,240 | 6.135 | 03/26/40 | 1,413,371 | |||||||||||||
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(b) (3 mo. USD Term SOFR + 1.530%) |
| |||||||||||||||
| 1,500,000 | 6.849 | 04/20/38 | 1,503,481 | |||||||||||||
| PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1 mo. USD Term SOFR + 0.704%) |
| |||||||||||||||
| 2,038,301 | 6.025 | 08/25/40 | 2,012,168 | |||||||||||||
| Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) |
| |||||||||||||||
| 368,450 | 6.336 | 07/01/31 | 368,348 | |||||||||||||
| SLC Student Loan Trust Series 2007-1, Class A4 (3 mo. USD Term SOFR + 0.321%) |
| |||||||||||||||
| 551,428 | 5.682 | 05/15/29 | 549,861 | |||||||||||||
| SLC Student Loan Trust Series 2010-1, Class A (3 mo. USD Term SOFR + 0.136%) |
| |||||||||||||||
| 88,188 | 6.495 | 11/25/42 | 88,300 | |||||||||||||
|
|
|
|||||||||||||||
| 24,638,365 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $131,661,960) |
$ | 129,966,174 | ||||||||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
| Mortgage-Backed Obligations – 3.5% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 0.9% |
| |||||||||||||||
| Regular Floater(c) – 0.2% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| |||||||||||||||
| $ | 260,677 | 6.033 | %(a) | 09/15/37 | $ | 258,060 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| |||||||||||||||
| 29,689 | 6.283 | 06/15/39 | 29,909 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) |
| |||||||||||||||
| 32,075 | 5.733 | 04/15/37 | 31,160 | |||||||||||||
| Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 82,797 | 5.833 | 05/15/36 | 81,634 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 41,447 | 5.835 | 09/25/43 | 40,722 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) |
| |||||||||||||||
| 120,027 | 5.935 | 08/25/36 | 118,362 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Regular Floater(c) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) |
| |||||||||||||||
| $ | 220,034 | 6.585 | % | 09/25/39 | $ | 222,234 | ||||||||||
| Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) |
| |||||||||||||||
| 143,767 | 6.275 | 04/25/48 | 143,339 | |||||||||||||
|
|
|
|||||||||||||||
| 925,420 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Fixed Rate – 0.3% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM |
| |||||||||||||||
| 185,086 | 6.500 | 05/15/41 | 191,642 | |||||||||||||
| Verus Securitization Trust Series 2022-1, Class A1 |
| |||||||||||||||
| 1,709,581 | 2.724 | (a)(b)(d) | 01/25/67 | 1,556,179 | ||||||||||||
|
|
|
|||||||||||||||
| 1,747,821 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(c) – 0.4% |
| |||||||||||||||
| CSMC Trust Series 2021-NQM8, Class A1 |
| |||||||||||||||
| 272,561 | 1.841 | (a)(b) | 10/25/66 | 236,890 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS |
| |||||||||||||||
| 287,686 | 7.320 | (a)(b) | 04/25/42 | 291,533 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS |
| |||||||||||||||
| 608,153 | 6.320 | (a)(b) | 01/25/42 | 607,958 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| |||||||||||||||
| 442,000 | 6.970 | (a)(b) | 12/25/41 | 442,280 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| |||||||||||||||
| 309,531 | 7.220 | (a)(b) | 04/25/42 | 311,541 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 122,772 | 9.220 | (a)(b) | 04/25/43 | 130,895 | ||||||||||||
| Federal National Mortgage Association REMICS Series 1997-20, Class F |
| |||||||||||||||
| 138 | 3.436 | 03/25/27 | 138 | |||||||||||||
| Verus Securitization Trust Series 2021-8, Class A1 |
| |||||||||||||||
| 190,597 | 1.824 | (a)(b) | 11/25/66 | 166,088 | ||||||||||||
|
|
|
|||||||||||||||
| 2,187,323 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 4,860,564 | |||||||||||||||
|
|
||||||||||||||||
| Commercial Mortgage-Backed Securities – 2.6% |
| |||||||||||||||
| Sequential Fixed Rate(a) – 0.8% |
| |||||||||||||||
| Bank Series 2017-BNK6, Class A3 |
| |||||||||||||||
| $ | 1,357,233 | 3.125 | % | 07/15/60 | $ | 1,347,078 | ||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Fixed Rate(a) – (continued) |
| |||||||||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4 |
| |||||||||||||||
| $ | 3,000,000 | 3.249 | % | 02/15/48 | $ | 2,940,535 | ||||||||||
|
|
|
|||||||||||||||
| 4,287,613 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(c) – 1.8% |
| |||||||||||||||
| BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%) |
| |||||||||||||||
| 1,100,000 | 6.339 | (b) | 10/15/36 | 1,088,224 | ||||||||||||
| BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%) |
| |||||||||||||||
| 76,626 | 6.140 | (b) | 01/15/34 | 76,188 | ||||||||||||
| BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) |
| |||||||||||||||
| 656,926 | 6.075 | (b) | 10/15/26 | 650,382 | ||||||||||||
| ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) |
| |||||||||||||||
| 3,695,698 | 6.142 | (b) | 11/15/38 | 3,663,192 | ||||||||||||
| EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 0.869%) |
| |||||||||||||||
| 549,989 | 6.195 | (a)(b) | 10/15/38 | 546,362 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%) |
| |||||||||||||||
| 594,830 | 5.935 | (a) | 01/25/26 | 594,500 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) |
| |||||||||||||||
| 403,042 | 5.925 | (a) | 02/25/26 | 402,071 | ||||||||||||
| Great Wolf Trust Series 2019-WOLF, Class A (1 mo. USD Term SOFR + 1.348%) |
| |||||||||||||||
| 176,509 | 6.674 | (b) | 12/15/36 | 176,182 | ||||||||||||
| ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) |
| |||||||||||||||
| 919,000 | 6.140 | (b) | 03/15/36 | 896,217 | ||||||||||||
| STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%) |
| |||||||||||||||
| 1,300,000 | 6.016 | (b) | 07/15/36 | 1,287,042 | ||||||||||||
|
|
|
|||||||||||||||
| 9,380,360 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ | 13,667,973 | ||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 0.0% |
| |||||||||||||||
| Government National Mortgage Association – 0.0% |
| |||||||||||||||
| $ | 1,997 | 7.000 | % | 04/15/26 | $ | 2,001 | ||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $19,111,949) |
$ | 18,530,538 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – 1.2% |
| |||||||||||||||
| United States Dollar – 1.2% |
| |||||||||||||||
| Indonesia Government International Bonds |
| |||||||||||||||
| $ | 1,745,000 | 4.750 | % | 01/08/26 | $ | 1,739,002 | ||||||||||
| Perusahaan Penerbit SBSN Indonesia III |
| |||||||||||||||
| 2,260,000 | 4.325 | 05/28/25 | 2,245,388 | |||||||||||||
| Saudi Government International Bonds |
| |||||||||||||||
| 2,320,000 | 3.250 | 10/26/26 | 2,225,025 | |||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $6,588,195) |
$ | 6,209,415 | ||||||||||||||
|
|
||||||||||||||||
| Agency Debentures – 0.6% |
| |||||||||||||||
| Sovereign – 0.6% |
| |||||||||||||||
| Federal Home Loan Bank Discount Notes |
| |||||||||||||||
| $ | 2,748,000 | 0.000 | %(e) | 04/25/24 | $ | 2,736,535 | ||||||||||
| Federal Home Loan Banks |
| |||||||||||||||
| 380,000 | 5.340 | (a) | 04/23/24 | 379,966 | ||||||||||||
|
|
||||||||||||||||
| TOTAL AGENCY DEBENTURES (Cost $3,118,444) |
$ | 3,116,501 | ||||||||||||||
|
|
||||||||||||||||
| Municipal Debt Obligations – 0.1% |
| |||||||||||||||
| Florida – 0.1% |
| |||||||||||||||
| County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B |
| |||||||||||||||
| $ | 635,000 | 0.500 | % | 12/01/24 | $ | 615,470 | ||||||||||
|
|
||||||||||||||||
| Rhode Island(a)(c) – 0.0% |
| |||||||||||||||
| Rhode Island Student Loan Authority RB Series 2014-1 (1 mo. USD Term SOFR + 0.700%) |
| |||||||||||||||
| 50,132 | 6.134 | 10/02/28 | 49,428 | |||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $684,958) |
$ | 664,898 | ||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations(e) – 1.8% |
| |||||||||||||||
| U.S. Treasury Bills |
| |||||||||||||||
| $ | 8,064,500 | 0.000 | %(f) | 04/25/24 | $ | 8,036,286 | ||||||||||
| 1,034,100 | 0.000 | 04/30/24 | 1,029,729 | |||||||||||||
| 78,400 | 0.000 | 05/02/24 | 78,045 | |||||||||||||
| 70,200 | 0.000 | 05/07/24 | 69,833 | |||||||||||||
| 21,500 | 0.000 | 05/09/24 | 21,381 | |||||||||||||
| 700 | 0.000 | 05/16/24 | 695 | |||||||||||||
| 147,700 | 0.000 | 05/21/24 | 146,623 | |||||||||||||
| 14,500 | 0.000 | 05/23/24 | 14,390 | |||||||||||||
| 51,200 | 0.000 | 05/28/24 | 50,775 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,447,408) |
$ | 9,447,757 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 92.0% (Cost $489,696,488) |
$ | 482,606,562 | ||||||||||||||
|
|
||||||||||||||||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – 7.0% |
| |||||||||||||||
| Certificates of Deposit – 1.5% |
| |||||||||||||||
| JP Morgan Securities LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.660%) |
| |||||||||||||||
| $ | 265,000 | 5.990 | % | 08/02/24 | $ | 265,123 | ||||||||||
| Kookmin Bank(c) (Secured Overnight Financing Rate + 0.600%) |
| |||||||||||||||
| 4,208,000 | 5.930 | 03/20/25 | 4,208,435 | |||||||||||||
| National Bank of Kuwait |
| |||||||||||||||
| 2,624,000 | 5.720 | 05/16/24 | 2,624,592 | |||||||||||||
| Toronto-Dominion Bank |
| |||||||||||||||
| 644,000 | 5.820 | 05/23/24 | 644,194 | |||||||||||||
|
|
|
|||||||||||||||
| 7,742,344 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Paper(e) – 5.5% |
| |||||||||||||||
| Dominion Energy, Inc.(b) |
| |||||||||||||||
| 2,635,000 | 0.000 | 04/10/24 | 2,629,820 | |||||||||||||
| Duke Energy Corp.(b) |
| |||||||||||||||
| 1,100,000 | 0.000 | 06/18/24 | 1,085,976 | |||||||||||||
| Enbridge U.S., Inc.(b) |
| |||||||||||||||
| 2,285,000 | 0.000 | 04/15/24 | 2,278,617 | |||||||||||||
| Entergy Corp.(b) |
| |||||||||||||||
| 1,354,000 | 0.000 | 06/14/24 | 1,337,965 | |||||||||||||
| General Motors Financial Co., Inc.(b) |
| |||||||||||||||
| 2,652,000 | 0.000 | 04/02/24 | 2,649,991 | |||||||||||||
| 809,000 | 0.000 | 02/03/25 | 770,848 | |||||||||||||
| Glencore Funding LLC(b) |
| |||||||||||||||
| 2,680,000 | 0.000 | 06/04/24 | 2,651,473 | |||||||||||||
| 1,505,000 | 0.000 | 07/31/24 | 1,476,141 | |||||||||||||
| HSBC USA, Inc.(b) |
| |||||||||||||||
| 704,000 | 0.000 | 05/24/24 | 697,903 | |||||||||||||
| 815,000 | 0.000 | 09/09/24 | 794,436 | |||||||||||||
| Hyundai Capital America(b) |
| |||||||||||||||
| 2,500,000 | 0.000 | 04/22/24 | 2,490,396 | |||||||||||||
| Intesa Sanpaolo Funding LLC |
| |||||||||||||||
| 3,000,000 | 0.000 | 04/03/24 | 2,997,136 | |||||||||||||
| 2,667,000 | 0.000 | 05/14/24 | 2,646,979 | |||||||||||||
| NextEra Energy Capital Holdings, Inc.(b) |
| |||||||||||||||
| 1,500,000 | 0.000 | 04/05/24 | 1,498,185 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Commercial Paper(e) – (continued) |
| |||||||||||||||
| Nutrien Ltd.(b) |
| |||||||||||||||
| $ | 352,000 | 0.000 | % | 05/07/24 | $ | 349,820 | ||||||||||
| 2,458,000 | 0.000 | 05/14/24 | 2,440,102 | |||||||||||||
| VW Credit, Inc.(b) |
| |||||||||||||||
| 250,000 | 0.000 | 04/17/24 | 249,236 | |||||||||||||
|
|
|
|||||||||||||||
| 29,045,024 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $36,803,004) |
$ | 36,787,368 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 99.0% (Cost $526,499,492) |
$ | 519,393,930 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
5,071,323 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 524,465,253 | ||||||||||||||
|
|
||||||||||||||||
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 March 31, 2024. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (f) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||
|
|
||||||||||
| BNP Paribas SA |
USD 4,372,516 | EUR 4,016,900 | 05/08/24 | $32,267 | ||||||
|
|
||||||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
|
||||||||||||
| Long position contracts: |
||||||||||||
| 2 Year U.S. Treasury Notes |
195 | 06/28/24 | $ | 39,874,453 | $(57,643) | |||||||
|
|
||||||||||||
| Short position contracts: |
||||||||||||
| 5 Year U.S. Treasury Notes |
(128) | 06/28/24 | (13,698,000 | ) | (32,221) | |||||||
|
|
||||||||||||
| TOTAL FUTURES CONTRACTS |
$(89,864) | |||||||||||
|
|
||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||||
| 12M SOFR(b) |
4.500%(b) | 06/20/25 | $ 173,360 | $ | (507,910 | ) | $ | (521,884 | ) | $ 13,974 | ||||||||
| 4.000%(c) |
12M SOFR(c) | 06/20/27 | 56,460 | 180,819 | 265,168 | (84,349) | ||||||||||||
|
|
||||||||||||||||||
| TOTAL | $ | (327,091 | ) | $ | (256,716 | ) | $(70,375) | |||||||||||
|
|
||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b) | Payments made at maturity. |
| (c) | Payments made annually. |
|
| ||
| Currency Abbreviations: | ||
| EUR | —Euro | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CLO | —Collateralized Loan Obligation | |
| CMT | —Constant Maturity Treasury Indexes | |
| EURIBOR | —Euro Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| PLC | —Public Limited Company | |
| RB | —Revenue Bond | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| SOFR | —Secured Overnight Financing Rate | |
| STACR | —Structured Agency Credit Risk | |
| STRIPS | —Separate Trading of Registered Interest and Principal of Securities | |
|
| ||
|
| ||
| Abbreviation: | ||
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – 59.4% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 3.3% |
| |||||||||||||||
| Regular Floater(a)(b) – 0.0% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 1760, Class ZB (10 yr. CMT - 0.600%) |
| |||||||||||||||
| $ | 145 | 3.660 | % | 05/15/24 | $ | 145 | ||||||||||
|
|
||||||||||||||||
| Sequential Fixed Rate – 1.5% |
| |||||||||||||||
| Arroyo Mortgage Trust Series 2022-1, Class A1A |
| |||||||||||||||
| 181,524 | 2.495 | (a)(c)(d) | 12/25/56 | 169,107 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA |
| |||||||||||||||
| 96,924 | 6.500 | 06/15/31 | 98,001 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| |||||||||||||||
| 38,888 | 6.500 | 02/15/36 | 40,138 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| |||||||||||||||
| 191,672 | 5.000 | 10/25/41 | 190,314 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| |||||||||||||||
| 27,648 | 7.000 | 10/25/42 | 29,192 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| |||||||||||||||
| 117,892 | 7.000 | 07/25/42 | 126,748 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| |||||||||||||||
| 203,704 | 5.000 | 06/25/41 | 202,384 | |||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 1,253,041 | 2.000 | (a) | 08/20/51 | 1,006,304 | ||||||||||||
|
|
|
|||||||||||||||
| 1,862,188 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(a) – 1.8% |
| |||||||||||||||
| Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| |||||||||||||||
| 66,255 | 1.458 | (b)(c) | 09/25/66 | 53,647 | ||||||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| |||||||||||||||
| 100,000 | 5.500 | (b)(c) | 02/25/55 | 98,982 | ||||||||||||
| CSMC Trust Series 2021-NQM8, Class A1 |
| |||||||||||||||
| 90,854 | 1.841 | (b)(c) | 10/25/66 | 78,963 | ||||||||||||
| CSMC Trust Series 2022-NQM1, Class A1 |
| |||||||||||||||
| 254,529 | 2.265 | (b)(c) | 11/25/66 | 220,793 | ||||||||||||
| JP Morgan Mortgage Trust Series 2021-6, Class A3 |
| |||||||||||||||
| 345,629 | 2.500 | (b)(c) | 10/25/51 | 277,854 | ||||||||||||
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| |||||||||||||||
| 509,841 | 2.520 | (b)(c) | 05/25/52 | 419,502 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| |||||||||||||||
| 250,000 | 5.990 | (b)(c) | 07/25/64 | 250,281 | ||||||||||||
| JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| |||||||||||||||
| 400,000 | 3.000 | (b)(c) | 05/25/54 | 353,119 | ||||||||||||
| Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) |
| |||||||||||||||
| 32,277 | 6.394 | (b) | 11/25/29 | 31,068 | ||||||||||||
| OBX Trust Series 2022-J2, Class A1 |
| |||||||||||||||
| 226,767 | 3.500 | (b)(c) | 08/25/52 | 197,278 | ||||||||||||
| OBX Trust Series 2024-NQM4, Class A1 |
| |||||||||||||||
| 248,813 | 6.067 | (c)(d) | 01/25/64 | 248,784 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(a) – (continued) |
| |||||||||||||||
| Verus Securitization Trust Series 2021-8, Class A1 |
| |||||||||||||||
| $ | 72,918 | 1.824 | %(b)(c) | 11/25/66 | $ | 63,541 | ||||||||||
|
|
|
|||||||||||||||
| 2,293,812 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 4,156,145 | |||||||||||||||
|
|
||||||||||||||||
| Commercial Mortgage-Backed Securities – 7.5% |
| |||||||||||||||
| Sequential Fixed Rate – 3.3% |
| |||||||||||||||
| Bank Series 2019-BN24, Class A3 |
| |||||||||||||||
| $ | 600,000 | 2.960 | %(a) | 11/15/62 | $ | 537,259 | ||||||||||
| Bank Series 2020-BN29, Class A4 |
| |||||||||||||||
| 600,000 | 1.997 | (a) | 11/15/53 | 483,885 | ||||||||||||
| Bank of America Merrill Lynch Commercial Mortgage Trust |
| |||||||||||||||
| 150,000 | 3.574 | (a) | 02/15/50 | 142,754 | ||||||||||||
| BBCMS Mortgage Trust Series 2021-C12, Class A5 |
| |||||||||||||||
| 475,000 | 2.689 | 11/15/54 | 405,202 | |||||||||||||
| BBCMS Mortgage Trust Series 2024-5C25, Class A3 |
| |||||||||||||||
| 100,000 | 5.946 | (a) | 03/15/57 | 103,663 | ||||||||||||
| BBCMS Mortgage Trust Series 2024-C24, Class A5 |
| |||||||||||||||
| 175,000 | 5.419 | (a) | 02/15/57 | 179,812 | ||||||||||||
| BBCMS Mortgage Trust Series 2024-C24, Class AS |
| |||||||||||||||
| 125,000 | 5.867 | (a) | 02/15/57 | 129,410 | ||||||||||||
| Benchmark Mortgage Trust Series 2021-B31, Class A5 |
| |||||||||||||||
| 250,000 | 2.669 | (a) | 12/15/54 | 211,470 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class A5 |
| |||||||||||||||
| 300,000 | 6.160 | (a) | 12/15/56 | 324,046 | ||||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
| |||||||||||||||
| 125,000 | 3.024 | (c) | 01/05/39 | 110,712 | ||||||||||||
| Manhattan West Mortgage Trust Series 2020-1MW, Class A |
| |||||||||||||||
| 275,000 | 2.130 | (c) | 09/10/39 | 244,324 | ||||||||||||
| Morgan Stanley Capital I Trust Series 2021-L7, Class A5 |
| |||||||||||||||
| 250,000 | 2.574 | (a) | 10/15/54 | 209,751 | ||||||||||||
| One Bryant Park Trust Series 2019-OBP, Class A |
| |||||||||||||||
| 230,000 | 2.516 | (c) | 09/15/54 | 196,506 | ||||||||||||
| SLG Office Trust Series 2021-OVA, Class A |
| |||||||||||||||
| 225,000 | 2.585 | (c) | 07/15/41 | 185,775 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 |
| |||||||||||||||
| 200,000 | 3.418 | (a) | 09/15/50 | 187,752 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| |||||||||||||||
| 500,000 | 2.626 | (a) | 04/15/54 | 425,621 | ||||||||||||
|
|
|
|||||||||||||||
| 4,077,942 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(b) – 4.2% |
| |||||||||||||||
| Bank Series 2021-BN37, Class A5 |
| |||||||||||||||
| 600,000 | 2.618 | (a) | 11/15/64 | 505,213 | ||||||||||||
| Bank Series 2021-BN31, Class AS |
| |||||||||||||||
| 250,000 | 2.211 | (a) | 02/15/54 | 205,489 | ||||||||||||
| Bank5 Series 2023-5YR4, Class AS |
| |||||||||||||||
| 100,000 | 7.274 | (a) | 12/15/56 | 107,138 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-5C23, Class A3 |
| |||||||||||||||
| 400,000 | 6.675 | (a) | 12/15/56 | 424,894 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-5C23, Class AS |
| |||||||||||||||
| 150,000 | 7.455 | (a) | 12/15/56 | 162,228 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(b) – (continued) |
| |||||||||||||||
| Benchmark Mortgage Trust Series 2022-B37, Class A5 |
| |||||||||||||||
| $ | 100,000 | 5.751 | %(a) | 11/15/55 | $ | 105,337 | ||||||||||
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| |||||||||||||||
| 225,000 | 6.668 | (c) | 03/15/41 | 225,070 | ||||||||||||
| BMO Mortgage Trust Series 2023-C4, Class A5 |
| |||||||||||||||
| 225,000 | 5.117 | (a) | 02/15/56 | 225,521 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| |||||||||||||||
| 425,000 | 6.767 | (c) | 02/15/39 | 425,664 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 225,000 | 6.692 | (c) | 03/15/41 | 225,028 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-WPT, Class A (1 mo. USD Term SOFR + 1.541%) |
| |||||||||||||||
| 225,000 | 6.891 | (c) | 03/15/34 | 224,437 | ||||||||||||
| BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%) |
| |||||||||||||||
| 500,000 | 6.339 | (c) | 10/15/36 | 494,647 | ||||||||||||
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| |||||||||||||||
| 425,000 | 6.967 | (c) | 02/15/41 | 425,604 | ||||||||||||
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| |||||||||||||||
| 150,000 | 7.340 | (c) | 03/15/26 | 149,932 | ||||||||||||
| DC Trust Series 2024-HLTN, Class A |
| |||||||||||||||
| 150,000 | 5.727 | (c) | 04/13/28 | 150,491 | ||||||||||||
| MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
| |||||||||||||||
| 200,000 | 6.014 | (a) | 12/15/56 | 214,006 | ||||||||||||
| SCG Mortgage Trust Series 2024-MSP, Class A (1 mo. USD Term SOFR + 1.741%) |
| |||||||||||||||
| 200,000 | 7.041 | (c) | 04/15/41 | 199,533 | ||||||||||||
| TYSN Mortgage Trust Series 2023-CRNR, Class A |
| |||||||||||||||
| 280,000 | 6.580 | (c) | 12/10/33 | 292,410 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4 |
| |||||||||||||||
| 600,000 | 4.000 | (a) | 04/15/55 | 556,265 | ||||||||||||
|
|
|
|||||||||||||||
| 5,318,907 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ | 9,396,849 | ||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 48.6% |
| |||||||||||||||
| Adjustable Rate Federal Home Loan Mortgage Corp. – 0.1% |
| |||||||||||||||
| (1 yr. CMT + 2.250%) |
| |||||||||||||||
| $ | 116,005 | 6.320 | % | 09/01/33 | $ | 116,849 | ||||||||||
|
|
||||||||||||||||
| Adjustable Rate Federal National Mortgage Association – 0.4% |
| |||||||||||||||
| (RFUCC 1 yr. Treasury + 1.670%)(b) |
| |||||||||||||||
| 12,732 | 5.920 | 11/01/32 | 12,920 | |||||||||||||
| 111,010 | 5.920 | 10/01/33 | 113,007 | |||||||||||||
| (RFUCC 6 mo. Treasury + 1.413%)(b) |
| |||||||||||||||
| 182,372 | 5.538 | % | 05/01/33 | 183,804 | ||||||||||||
| (1 yr. CMT + 2.170%)(b) |
| |||||||||||||||
| 2,913 | 5.461 | % | 06/01/33 | 2,949 | ||||||||||||
| (1 yr. CMT + 2.194%)(b) |
| |||||||||||||||
| 82,247 | 6.329 | % | 02/01/35 | 83,020 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Adjustable Rate Federal National Mortgage Association – (continued) |
| |||||||||||||||
| (RFUCC 1 yr. Treasury + 1.389%)(b) |
| |||||||||||||||
| $ | 69,787 | 5.639 | % | 09/01/35 | $ | 70,751 | ||||||||||
|
|
|
|||||||||||||||
| 466,451 | ||||||||||||||||
|
|
||||||||||||||||
| Adjustable Rate Government National Mortgage Association – 0.3% |
| |||||||||||||||
| 161 | 3.875 | % | 04/20/24 | 160 | ||||||||||||
| (1 yr. CMT + 1.500%)(b) |
| |||||||||||||||
| 60 | 3.875 | 05/20/24 | 60 | |||||||||||||
| 1,024 | 3.875 | 06/20/24 | 1,019 | |||||||||||||
| 240 | 4.000 | 06/20/24 | 239 | |||||||||||||
| 415 | 3.625 | 07/20/24 | 413 | |||||||||||||
| 714 | 4.000 | 07/20/24 | 710 | |||||||||||||
| 1,187 | 3.625 | 08/20/24 | 1,180 | |||||||||||||
| 927 | 4.000 | 08/20/24 | 922 | |||||||||||||
| 711 | 3.625 | 09/20/24 | 707 | |||||||||||||
| 1,160 | 4.000 | 11/20/24 | 1,151 | |||||||||||||
| 537 | 4.000 | 12/20/24 | 532 | |||||||||||||
| 1,469 | 4.500 | 12/20/24 | 1,458 | |||||||||||||
| 1,000 | 3.625 | 01/20/25 | 993 | |||||||||||||
| 919 | 3.625 | 02/20/25 | 912 | |||||||||||||
| 4,036 | 4.000 | 05/20/25 | 3,997 | |||||||||||||
| 4,571 | 4.000 | 07/20/25 | 4,516 | |||||||||||||
| 3,024 | 3.625 | 02/20/26 | 2,988 | |||||||||||||
| 137 | 3.625 | 07/20/26 | 134 | |||||||||||||
| 9,652 | 3.625 | 01/20/27 | 9,525 | |||||||||||||
| 2,518 | 3.625 | 02/20/27 | 2,485 | |||||||||||||
| 29,782 | 3.875 | 04/20/27 | 29,354 | |||||||||||||
| 2,869 | 3.875 | 05/20/27 | 2,828 | |||||||||||||
| 5,966 | 3.875 | 06/20/27 | 5,880 | |||||||||||||
| 1,819 | 3.750 | 11/20/27 | 1,777 | |||||||||||||
| 18 | 4.000 | 11/20/27 | 18 | |||||||||||||
| 5,155 | 3.750 | 12/20/27 | 5,038 | |||||||||||||
| 12,312 | 3.625 | 01/20/28 | 12,155 | |||||||||||||
| 4,347 | 3.625 | 02/20/28 | 4,292 | |||||||||||||
| 3,819 | 3.625 | 03/20/28 | 3,771 | |||||||||||||
| 25,399 | 3.625 | 07/20/29 | 24,878 | |||||||||||||
| 9,753 | 3.625 | 08/20/29 | 9,554 | |||||||||||||
| 2,485 | 3.625 | 09/20/29 | 2,434 | |||||||||||||
| 12,803 | 3.750 | 10/20/29 | 12,512 | |||||||||||||
| 16,167 | 3.750 | 11/20/29 | 15,800 | |||||||||||||
| 3,035 | 3.750 | 12/20/29 | 2,966 | |||||||||||||
| 5,238 | 3.625 | 01/20/30 | 5,181 | |||||||||||||
| 1,319 | 3.625 | 02/20/30 | 1,305 | |||||||||||||
| 9,907 | 3.625 | 03/20/30 | 9,802 | |||||||||||||
| 14,236 | 3.875 | 04/20/30 | 14,065 | |||||||||||||
| 22,129 | 3.875 | 05/20/30 | 21,865 | |||||||||||||
| 17,364 | 4.000 | 05/20/30 | 17,177 | |||||||||||||
| 4,095 | 3.875 | 06/20/30 | 4,045 | |||||||||||||
| 34,334 | 4.000 | 07/20/30 | 33,825 | |||||||||||||
| 6,833 | 4.000 | 09/20/30 | 6,733 | |||||||||||||
| 12,179 | 3.750 | 10/20/30 | 11,909 | |||||||||||||
| 22,437 | 3.625 | 03/20/32 | 22,247 | |||||||||||||
|
|
|
|||||||||||||||
| 315,512 | ||||||||||||||||
|
|
||||||||||||||||
| Federal Home Loan Mortgage Corp. – 0.3% |
| |||||||||||||||
| 10,096 | 6.500 | 07/01/28 | 10,146 | |||||||||||||
| 70,426 | 4.500 | 03/01/29 | 69,527 | |||||||||||||
|
|
||||||||||||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. – (continued) |
| |||||||||||||||
| $ | 2,549 | 8.000 | % | 07/01/30 | $ | 2,616 | ||||||||||
| 5,604 | 5.000 | 08/01/33 | 5,616 | |||||||||||||
| 888 | 5.000 | 09/01/33 | 889 | |||||||||||||
| 2,065 | 5.000 | 10/01/33 | 2,070 | |||||||||||||
| 1,310 | 5.000 | 11/01/34 | 1,313 | |||||||||||||
| 50,991 | 5.000 | 12/01/34 | 51,098 | |||||||||||||
| 3,434 | 5.000 | 07/01/35 | 3,441 | |||||||||||||
| 2 | 5.000 | 11/01/35 | 2 | |||||||||||||
| 7,109 | 5.000 | 12/01/35 | 7,147 | |||||||||||||
| 12,978 | 5.000 | 02/01/37 | 13,040 | |||||||||||||
| 898 | 5.000 | 03/01/38 | 902 | |||||||||||||
| 31,273 | 5.000 | 07/01/39 | 31,557 | |||||||||||||
| 5,469 | 4.000 | 06/01/40 | 5,230 | |||||||||||||
| 2,075 | 5.000 | 08/01/40 | 2,094 | |||||||||||||
| 622 | 4.500 | 11/01/40 | 611 | |||||||||||||
| 35,772 | 4.000 | 02/01/41 | 34,197 | |||||||||||||
| 2,097 | 5.000 | 06/01/41 | 2,114 | |||||||||||||
| 88,774 | 5.000 | 07/01/41 | 89,150 | |||||||||||||
| 3,038 | 4.000 | 11/01/41 | 2,908 | |||||||||||||
| 3,859 | 3.000 | 05/01/42 | 3,461 | |||||||||||||
| 5,287 | 3.000 | 08/01/42 | 4,743 | |||||||||||||
| 7,073 | 3.000 | 01/01/43 | 6,374 | |||||||||||||
| 30,646 | 3.000 | 02/01/43 | 27,611 | |||||||||||||
|
|
|
|||||||||||||||
| 377,857 | ||||||||||||||||
|
|
||||||||||||||||
| Federal National Mortgage Association – 0.8% |
| |||||||||||||||
| 1,519 | 6.500 | 11/01/28 | 1,529 | |||||||||||||
| 23,340 | 7.000 | 07/01/31 | 24,392 | |||||||||||||
| 173,181 | 5.500 | 07/01/33 | 176,018 | |||||||||||||
| 952,896 | 3.500 | 09/01/62 | 827,683 | |||||||||||||
|
|
|
|||||||||||||||
| 1,029,622 | ||||||||||||||||
|
|
||||||||||||||||
| Government National Mortgage Association – 19.4% |
| |||||||||||||||
| 8,780 | 7.000 | 12/15/27 | 8,842 | |||||||||||||
| 3,437 | 6.500 | 08/15/28 | 3,464 | |||||||||||||
| 18,245 | 6.000 | 01/15/29 | 18,387 | |||||||||||||
| 41,053 | 7.000 | 10/15/29 | 42,054 | |||||||||||||
| 11,493 | 5.500 | 11/15/32 | 11,666 | |||||||||||||
| 292,765 | 5.500 | 12/15/32 | 298,420 | |||||||||||||
| 3,586 | 5.500 | 01/15/33 | 3,626 | |||||||||||||
| 16,984 | 5.500 | 02/15/33 | 17,333 | |||||||||||||
| 18,284 | 5.500 | 03/15/33 | 18,643 | |||||||||||||
| 22,104 | 5.500 | 07/15/33 | 22,393 | |||||||||||||
| 8,278 | 5.500 | 08/15/33 | 8,426 | |||||||||||||
| 3,488 | 5.500 | 09/15/33 | 3,534 | |||||||||||||
| 8,527 | 5.500 | 04/15/34 | 8,677 | |||||||||||||
| 7,175 | 5.500 | 05/15/34 | 7,297 | |||||||||||||
| 115,726 | 5.500 | 06/15/34 | 118,556 | |||||||||||||
| 85,873 | 5.500 | 09/15/34 | 88,084 | |||||||||||||
| 86,903 | 5.500 | 12/15/34 | 89,264 | |||||||||||||
| 66,353 | 5.500 | 01/15/35 | 68,192 | |||||||||||||
| 28,100 | 5.000 | 03/15/38 | 28,324 | |||||||||||||
| 2,492 | 4.000 | 02/20/41 | 2,380 | |||||||||||||
| 3,977 | 4.000 | 11/20/41 | 3,793 | |||||||||||||
| 665 | 4.000 | 01/20/42 | 635 | |||||||||||||
| 2,115 | 4.000 | 04/20/42 | 2,016 | |||||||||||||
| 1,334 | 4.000 | 10/20/42 | 1,271 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 144,640 | 4.000 | % | 08/20/43 | $ | 137,677 | ||||||||||
| 1,882 | 4.000 | 03/20/44 | 1,790 | |||||||||||||
| 2,325 | 4.000 | 05/20/44 | 2,211 | |||||||||||||
| 161,374 | 4.000 | 11/20/44 | 153,705 | |||||||||||||
| 725,903 | 4.000 | 06/20/45 | 690,501 | |||||||||||||
| 160,743 | 4.000 | 01/20/46 | 152,703 | |||||||||||||
| 1,095,069 | 3.500 | 04/20/47 | 1,007,091 | |||||||||||||
| 644,818 | 3.500 | 12/20/47 | 593,013 | |||||||||||||
| 110,606 | 4.500 | 02/20/48 | 108,040 | |||||||||||||
| 58,230 | 5.000 | 08/20/48 | 57,917 | |||||||||||||
| 486,473 | 5.000 | 10/20/48 | 483,250 | |||||||||||||
| 270,585 | 5.000 | 11/20/48 | 268,792 | |||||||||||||
| 421,323 | 5.000 | 12/20/48 | 418,531 | |||||||||||||
| 583,307 | 5.000 | 01/20/49 | 579,260 | |||||||||||||
| 720,980 | 4.000 | 02/20/49 | 681,537 | |||||||||||||
| 368,428 | 5.000 | 03/20/49 | 365,987 | |||||||||||||
| 1,896,764 | 3.000 | 11/20/49 | 1,687,537 | |||||||||||||
| 1,220,970 | 3.000 | 02/20/50 | 1,084,539 | |||||||||||||
| 402,047 | 3.000 | 03/20/50 | 357,393 | |||||||||||||
| 128,990 | 3.500 | 01/20/51 | 117,993 | |||||||||||||
| 495,506 | 3.500 | 02/20/51 | 455,022 | |||||||||||||
| 551,598 | 2.500 | 11/20/51 | 463,953 | |||||||||||||
| 819,417 | 3.000 | 12/20/51 | 723,090 | |||||||||||||
| 315,913 | 2.500 | 12/20/51 | 265,716 | |||||||||||||
| 920,880 | 3.500 | 02/20/53 | 841,378 | |||||||||||||
| 3,000,000 | 2.000 | TBA-30yr(e) | 2,457,961 | |||||||||||||
| 2,000,000 | 4.500 | TBA-30yr(e) | 1,921,617 | |||||||||||||
| 4,000,000 | 2.500 | TBA-30yr(e) | 3,406,683 | |||||||||||||
| 3,000,000 | 5.500 | TBA-30yr(e) | 2,998,234 | |||||||||||||
| 1,000,000 | 7.000 | TBA-30yr(e) | 1,021,523 | |||||||||||||
|
|
|
|||||||||||||||
| 24,379,921 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 27.3% |
| |||||||||||||||
| 640 | 4.500 | 07/01/36 | 626 | |||||||||||||
| 719 | 4.500 | 04/01/39 | 706 | |||||||||||||
| 3,561 | 4.500 | 05/01/39 | 3,488 | |||||||||||||
| 1,474 | 4.000 | 08/01/39 | 1,407 | |||||||||||||
| 7,081 | 4.500 | 08/01/39 | 6,935 | |||||||||||||
| 121,318 | 4.500 | 12/01/39 | 118,813 | |||||||||||||
| 7,101 | 4.500 | 01/01/41 | 6,961 | |||||||||||||
| 6,917 | 4.500 | 05/01/41 | 6,773 | |||||||||||||
| 39,204 | 4.500 | 08/01/41 | 38,354 | |||||||||||||
| 64,006 | 4.500 | 08/01/42 | 62,580 | |||||||||||||
| 6,070 | 3.000 | 11/01/42 | 5,464 | |||||||||||||
| 81,024 | 3.000 | 12/01/42 | 73,408 | |||||||||||||
| 207,915 | 3.000 | 01/01/43 | 187,938 | |||||||||||||
| 39,088 | 3.000 | 02/01/43 | 35,322 | |||||||||||||
| 271,476 | 3.000 | 03/01/43 | 244,511 | |||||||||||||
| 451,684 | 3.000 | 04/01/43 | 406,527 | |||||||||||||
| 287,366 | 3.000 | 05/01/43 | 258,421 | |||||||||||||
| 54,388 | 3.000 | 06/01/43 | 48,834 | |||||||||||||
| 447,826 | 3.000 | 07/01/43 | 402,475 | |||||||||||||
| 349,593 | 4.500 | 10/01/44 | 341,331 | |||||||||||||
| 261,257 | 4.000 | 12/01/44 | 249,099 | |||||||||||||
| 437,478 | 4.500 | 04/01/45 | 427,746 | |||||||||||||
| 55,176 | 4.500 | 05/01/45 | 53,897 | |||||||||||||
| 199,508 | 4.500 | 06/01/45 | 194,807 | |||||||||||||
| 530,361 | 4.000 | 08/01/45 | 502,701 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 174,352 | 4.000 | % | 11/01/45 | $ | 164,892 | ||||||||||
| 58,654 | 4.000 | 03/01/46 | 55,419 | |||||||||||||
| 4,414 | 4.500 | 05/01/46 | 4,294 | |||||||||||||
| 32,348 | 4.000 | 06/01/46 | 30,539 | |||||||||||||
| 48,209 | 4.500 | 08/01/46 | 46,896 | |||||||||||||
| 9,572 | 4.000 | 08/01/46 | 9,037 | |||||||||||||
| 78,556 | 4.000 | 10/01/46 | 74,164 | |||||||||||||
| 16,308 | 4.500 | 06/01/47 | 15,889 | |||||||||||||
| 527,695 | 4.500 | 11/01/47 | 512,328 | |||||||||||||
| 185,233 | 4.000 | 12/01/47 | 175,341 | |||||||||||||
| 172,697 | 4.000 | 01/01/48 | 163,420 | |||||||||||||
| 654,420 | 4.000 | 02/01/48 | 618,627 | |||||||||||||
| 452,731 | 4.000 | 03/01/48 | 427,281 | |||||||||||||
| 533,323 | 4.000 | 06/01/48 | 504,341 | |||||||||||||
| 170,064 | 4.000 | 08/01/48 | 160,451 | |||||||||||||
| 743,514 | 5.000 | 11/01/48 | 742,784 | |||||||||||||
| 933,299 | 4.500 | 01/01/49 | 900,871 | |||||||||||||
| 261,463 | 4.500 | 03/01/49 | 252,379 | |||||||||||||
| 661,476 | 4.500 | 04/01/49 | 638,783 | |||||||||||||
| 495,131 | 3.500 | 07/01/49 | 451,857 | |||||||||||||
| 319,665 | 3.500 | 08/01/49 | 291,627 | |||||||||||||
| 1,101,701 | 3.000 | 09/01/49 | 967,570 | |||||||||||||
| 1,628,387 | 4.500 | 03/01/50 | 1,576,975 | |||||||||||||
| 2,608,376 | 2.500 | 09/01/50 | 2,202,660 | |||||||||||||
| 2,820,260 | 2.000 | 10/01/50 | 2,250,246 | |||||||||||||
| 2,821,159 | 2.000 | 11/01/50 | 2,253,690 | |||||||||||||
| 960,683 | 2.500 | 11/01/50 | 807,052 | |||||||||||||
| 1,840,998 | 2.500 | 02/01/51 | 1,532,091 | |||||||||||||
| 2,614,718 | 2.500 | 05/01/51 | 2,197,394 | |||||||||||||
| 6,087 | 4.500 | 05/01/51 | 5,868 | |||||||||||||
| 809,242 | 2.000 | 05/01/51 | 643,411 | |||||||||||||
| 4,450,539 | 2.000 | 12/01/51 | 3,536,524 | |||||||||||||
| 2,794,336 | 2.000 | 02/01/52 | 2,219,592 | |||||||||||||
| 207,444 | 4.500 | 04/01/52 | 198,020 | |||||||||||||
| 909,819 | 5.500 | 09/01/52 | 916,443 | |||||||||||||
| 1,054,769 | 6.000 | 11/01/52 | 1,078,849 | |||||||||||||
| 188,926 | 6.000 | 12/01/52 | 193,829 | |||||||||||||
| 960,726 | 4.500 | 05/01/53 | 928,246 | |||||||||||||
| 1,000,000 | 2.500 | TBA-30yr(e) | 826,602 | |||||||||||||
|
|
|
|||||||||||||||
| 34,255,406 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES | $ | 60,941,618 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $78,524,238) |
$ | 74,494,612 | ||||||||||||||
|
|
||||||||||||||||
| Agency Debentures – 23.9% |
| |||||||||||||||
| Sovereign – 23.9% |
| |||||||||||||||
| Federal Farm Credit Banks Funding Corp. |
| |||||||||||||||
| $ | 2,180,000 | 3.430 | % | 12/06/28 | $ | 2,096,201 | ||||||||||
| 720,000 | 5.270 | 05/01/29 | 749,361 | |||||||||||||
| Federal Home Loan Banks |
| |||||||||||||||
| 3,620,000 | 3.500 | 06/11/32 | 3,355,016 | |||||||||||||
| Federal National Mortgage Association |
| |||||||||||||||
| 4,000,000 | 6.625 | 11/15/30 | 4,521,520 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Agency Debentures – (continued) |
| |||||||||||||||
| Sovereign – (continued) |
| |||||||||||||||
| Tennessee Valley Authority |
| |||||||||||||||
| $ | 20,150,000 | 0.750 | % | 05/15/25 | $ | 19,219,876 | ||||||||||
|
|
||||||||||||||||
| TOTAL AGENCY DEBENTURES (Cost $31,790,216) |
$ | 29,941,974 | ||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities(a)(c) – 2.4% |
| |||||||||||||||
| Automotive – 0.3% |
| |||||||||||||||
| Ford Credit Auto Owner Trust Series 2024-1, Class A |
| |||||||||||||||
| $ | 325,000 | 4.870 | % | 08/15/36 | $ | 324,092 | ||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations(b) – 0.7% |
| |||||||||||||||
| Towd Point Mortgage Trust Series 2017-4, Class A2 |
| |||||||||||||||
| 1,030,153 | 3.000 | 06/25/57 | 935,089 | |||||||||||||
|
|
||||||||||||||||
| Student Loan(b) – 1.4% |
| |||||||||||||||
| ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo. USD Term SOFR + 0.914%) |
| |||||||||||||||
| 812,336 | 6.235 | 09/25/68 | 803,206 | |||||||||||||
| Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) |
| |||||||||||||||
| 911,756 | 6.086 | 01/30/45 | 898,747 | |||||||||||||
|
|
|
|||||||||||||||
| 1,701,953 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $3,087,936) |
$ | 2,961,134 | ||||||||||||||
|
|
||||||||||||||||
| Municipal Debt Obligations – 1.7% |
| |||||||||||||||
| New Jersey–1.7% |
| |||||||||||||||
| New Jersey Economic Development Authority |
| |||||||||||||||
| $ | 2,000,000 | 7.425 | % | 02/15/29 | $ | 2,143,690 | ||||||||||
| (Cost $2,000,000) | ||||||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations(f) – 0.5% |
| |||||||||||||||
| United States Dollar – 0.5% |
| |||||||||||||||
| Israel Government AID Bonds |
| |||||||||||||||
| $ | 700,000 | 5.500 | % | 04/26/24 | $ | 699,860 | ||||||||||
| (Cost $701,585) | ||||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations – 21.5% |
| |||||||||||||||
| U.S. Treasury Bonds |
| |||||||||||||||
| $ | 840,000 | 4.750 | % | 02/15/41 | $ | 878,981 | ||||||||||
| 3,830,000 | 3.625 | 02/15/44 | 3,398,527 | |||||||||||||
| 7,740,000 | 3.375 | (g) | 05/15/44 | 6,605,606 | ||||||||||||
| 3,320,000 | 3.125 | 08/15/44 | 2,719,288 | |||||||||||||
| 2,380,000 | 2.875 | 11/15/46 | 1,834,088 | |||||||||||||
| 310,000 | 4.125 | 08/15/53 | 298,181 | |||||||||||||
| U.S. Treasury Inflation-Indexed Bonds |
| |||||||||||||||
| 300,837 | 1.500 | 02/15/53 | 263,039 | |||||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| 1,640,000 | 4.125 | 03/31/29 | 1,633,430 | |||||||||||||
|
|
||||||||||||||||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – (continued) |
| |||||||||||||||
| $ | 9,555,300 | 3.750 | % | 05/31/30 | $ | 9,307,459 | ||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $31,109,037) |
$ | 26,938,599 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(h) – 0.3% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — |
| |||||||||||||||
| 353,647 | 5.211% | $ | 353,647 | |||||||||||||
| (Cost $353,647) |
| |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 109.7% (Cost $147,566,659) |
$ | 137,533,516 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER |
(12,104,839 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 125,428,677 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (e) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $12,632,620 which represents approximately 10.1% of net assets as of March 31, 2024. |
| (f) | Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $699,860, which represents approximately 0.5% of the Fund’s net assets as of March 31, 2024 |
| (g) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (h) | Represents an Affiliated Issuer. |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||
|
|
||||||||||||||
| Government National Mortgage Association |
3.500% | TBA - 30yr | 04/18/24 | $ | (2,000,000 | ) | $ | (1,819,767 | ) | |||||
| Government National Mortgage Association |
4.000 | TBA - 30yr | 04/18/24 | (1,000,000 | ) | (935,862 | ) | |||||||
| Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 04/11/24 | (6,000,000 | ) | (5,713,360 | ) | |||||||
| Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 04/11/24 | (2,000,000 | ) | (1,852,031 | ) | |||||||
| Uniform Mortgage-Backed Security |
2.000 | TBA - 30yr | 04/11/24 | (6,000,000 | ) | (4,746,879 | ) | |||||||
|
|
||||||||||||||
| (PROCEEDS RECEIVED: $(15,163,086)) | $ | (15,067,899 | ) | |||||||||||
|
|
||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
47 | 06/18/24 | $ | 5,207,453 | $ 3,326 | |||||||||||
| 2 Year U.S. Treasury Notes |
57 | 06/28/24 | 11,655,610 | (10,487 | ) | |||||||||||
| 5 Year U.S. Treasury Notes |
117 | 06/28/24 | 12,520,828 | 15,392 | ||||||||||||
|
|
||||||||||||||||
| Total | $ 8,231 | |||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Schedule of Investments (continued)
March 31, 2024
|
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS (continued)
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| Short position contracts: |
||||||||||||||||||||
| 20 Year U.S. Treasury Bonds |
(12) | 06/18/24 | $ | (1,445,250 | ) | $ | 8,027 | |||||||||||||
| Ultra 10-Year U.S. Treasury Note |
(29) | 06/18/24 | (3,323,672 | ) | (20,584 | ) | ||||||||||||||
| Ultra Long U.S. Treasury Bonds |
(4) | 06/18/24 | (516,000 | ) | (112 | ) | ||||||||||||||
| Total | $ | (12,669 | ) | |||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | (4,438 | ) | |||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund(a) | Payments Received by Fund(a) |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
| 12M SOFR |
4.430% | 12/31/24 | $ | 10 | $ | (79 | ) | $ | (1 | ) | $ | (78 | ) | |||||||||||
| 3.490% |
12M SOFR | 05/28/27 | 10 | (28 | ) | (24 | ) | (4 | ) | |||||||||||||||
| 12M SOFR |
3.730 | 11/28/27 | 850 | (b) | 1,387 | 3,102 | (1,715 | ) | ||||||||||||||||
| 3.975 |
12M SOFR | 08/31/28 | 6,100 | (b) | (581 | ) | (1,561 | ) | 980 | |||||||||||||||
| 2.680 |
12M SOFR | 07/28/32 | 2,240 | (b) | 82,228 | 13,760 | 68,468 | |||||||||||||||||
| 12M SOFR |
4.306 | 10/05/33 | 1,720 | (b) | 43,328 | (10,961 | ) | 54,289 | ||||||||||||||||
| 12M SOFR |
3.849 | 11/15/33 | 1,710 | (b) | 5,991 | 1,623 | 4,368 | |||||||||||||||||
| 12M SOFR |
2.910 | 07/28/37 | 5,690 | (b) | (165,816 | ) | (93,958 | ) | (71,858 | ) | ||||||||||||||
| 12M SOFR |
3.391 | 05/10/38 | 5,990 | (b) | (81,905 | ) | (41,295 | ) | (40,610 | ) | ||||||||||||||
| 2.080 |
12M SOFR | 07/28/47 | 5,870 | (b) | 166,255 | 75,408 | 90,847 | |||||||||||||||||
| 2.564 |
12M SOFR | 05/11/53 | 5,050 | (b) | 104,850 | 25,697 | 79,153 | |||||||||||||||||
| 3.613 |
12M SOFR | 11/15/53 | 1,120 | (b) | (25,339 | ) | (8,757 | ) | (16,582 | ) | ||||||||||||||
| 3.512 |
12M SOFR | 11/29/53 | 290 | (b) | (4,639 | ) | (5,590 | ) | 951 | |||||||||||||||
| TOTAL | $ | 125,652 | $ | (42,557 | ) | $ | 168,209 | |||||||||||||||||
| (a) | Payments made annually. |
| (b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
|
| ||
| Currency Abbreviations: | ||
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
|
| ||
| Abbreviation: | ||
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – 99.0% |
| |||||||||||||||
| U.S. Treasury Inflation-Indexed Bonds |
||||||||||||||||
| $ | 11,670,324 | 2.125 | % | 02/15/40 | $ | 11,820,415 | ||||||||||
| 11,691,988 | 1.000 | 02/15/48 | 9,219,514 | |||||||||||||
| 25,132,840 | 1.500 | 02/15/53 | 21,975,088 | |||||||||||||
| 1,728,373 | 2.125 | 02/15/54 | 1,750,228 | |||||||||||||
| U.S. Treasury Inflation-Indexed Notes |
| |||||||||||||||
| 667,454 | 0.375 | (a) | 07/15/25 | 652,845 | ||||||||||||
| 62,079,414 | 0.125 | 07/15/26 | 59,495,236 | |||||||||||||
| 13,620,789 | 0.375 | 01/15/27 | 12,992,483 | |||||||||||||
| 52,300,121 | 1.625 | 10/15/27 | 51,812,310 | |||||||||||||
| 10,802,535 | 2.375 | 10/15/28 | 11,061,944 | |||||||||||||
| 2,206,083 | 0.250 | 07/15/29 | 2,035,419 | |||||||||||||
| 27,133,201 | 0.125 | 01/15/30 | 24,574,775 | |||||||||||||
| 9,042,361 | 0.625 | 07/15/32 | 8,208,319 | |||||||||||||
| 14,489,470 | 1.375 | 07/15/33 | 13,919,857 | |||||||||||||
| 14,429,554 | 1.750 | 01/15/34 | 14,264,295 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $246,591,523) |
$ | 243,782,728 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 99.0% (Cost $246,591,523) |
$ | 243,782,728 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
2,385,056 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 246,167,784 | ||||||||||||||
|
|
||||||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. | |
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| Long position contracts: |
||||||||||||||||||||
| 10 Year U.S. Treasury Notes |
282 | 06/18/24 | $ | 31,244,719 | $ | 153,119 | ||||||||||||||
| 5 Year U.S. Treasury Notes |
254 | 06/28/24 | 27,181,969 | 50,103 | ||||||||||||||||
| Total | $ | 203,222 | ||||||||||||||||||
| Short position contracts: |
||||||||||||||||||||
| 2 Year U.S. Treasury Notes |
(50) | 06/28/24 | (10,224,219 | ) | 22,109 | |||||||||||||||
| 20 Year U.S. Treasury Bonds |
(54) | 06/18/24 | (6,503,625 | ) | (72,190 | ) | ||||||||||||||
| Ultra 10-Year U.S. Treasury Note |
(64) | 06/18/24 | (7,335,000 | ) | (44,899 | ) | ||||||||||||||
| Ultra Long U.S. Treasury Bonds |
(84) | 06/18/24 | (10,836,000 | ) | (146,459 | ) | ||||||||||||||
| Total | $ | (241,439 | ) | |||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | (38,217 | ) | |||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
|
|
||||||||||||||||||||||||
| 2.103%(a) |
1T CPI-U(a) | 12/14/24 | $10,000 | $1,178,581 | $13 | $1,178,568 | ||||||||||||||||||
| 4.430(b) |
12M SOFR(b) | 12/31/24 | 10 | 96 | (20 | ) | 116 | |||||||||||||||||
| 2.007(a) |
1T CPI-U(a) | 02/07/26 | 6,300 | 760,316 | 22 | 760,294 | ||||||||||||||||||
| 12M SOFR(b) |
3.490%(b) | 05/31/27 | 10 | (266 | ) | (24 | ) | (242 | ) | |||||||||||||||
| 12M SOFR(b) |
3.730(b) | 11/28/27 | 3,650 | (c) | 5,954 | 14,962 | (9,008 | ) | ||||||||||||||||
| 3.975(b) |
12M SOFR(b) | 08/31/28 | 26,600 | (c) | (2,532 | ) | (6,806 | ) | 4,274 | |||||||||||||||
| 1T CPI-U(a) |
2.103(a) | 02/07/29 | 6,300 | (773,213 | ) | 46 | (773,259 | ) | ||||||||||||||||
| 2.680(b) |
12M SOFR(b) | 07/28/32 | 9,220 | (c) | 338,457 | 66,686 | 271,771 | |||||||||||||||||
| 12M SOFR(b) |
4.306(b) | 10/05/33 | 7,530 | (c) | 189,686 | (50,254 | ) | 239,940 | ||||||||||||||||
| 12M SOFR(b) |
3.849(b) | 11/15/33 | 9,020 | (c) | 31,604 | 8,563 | 23,041 | |||||||||||||||||
| 12M SOFR(b) |
2.910(b) | 07/28/37 | 25,130 | (c) | (732,331 | ) | (445,134 | ) | (287,197 | ) | ||||||||||||||
| 12M SOFR(b) |
3.391(b) | 05/10/38 | 24,140 | (c) | (330,080 | ) | (250,344 | ) | (79,736 | ) | ||||||||||||||
| 2.080(b) |
12M SOFR(b) | 07/28/47 | 25,380 | (c) | 718,830 | 320,869 | 397,961 | |||||||||||||||||
| 2.564(b) |
12M SOFR(b) | 05/11/53 | 21,260 | (c) | 441,411 | 113,358 | 328,053 | |||||||||||||||||
| 3.613(b) |
12M SOFR(b) | 11/15/53 | 4,900 | (c) | (110,859 | ) | (38,296 | ) | (72,563 | ) | ||||||||||||||
| 3.512(b) |
12M SOFR(b) | 11/29/53 | 1,240 | (c) | (19,836 | ) | (24,824 | ) | 4,988 | |||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL | $1,695,818 | $(291,183 | ) | $1,987,001 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||
| (a) | Payments made at maturity. |
| (b) | Payments made annually. |
| (c) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
|
| ||
| Abbreviations: | ||
| CPI U | —Consumer Price Index For All Urban Consumers | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 56.8% |
| |||||||||||||||
| Aerospace & Defense(a) – 2.4% |
| |||||||||||||||
| Boeing Co. |
||||||||||||||||
| $ | 10,068,000 | 4.875 | % | 05/01/25 | $ | 9,956,346 | ||||||||||
| 5,400,000 | 2.600 | 10/30/25 | 5,139,882 | |||||||||||||
| 6,455,000 | 5.150 | 05/01/30 | 6,246,826 | |||||||||||||
| Howmet Aerospace, Inc. |
||||||||||||||||
| 1,265,000 | 6.875 | 05/01/25 | 1,278,877 | |||||||||||||
| RTX Corp. |
||||||||||||||||
| 6,820,000 | 5.750 | 11/08/26 | 6,927,756 | |||||||||||||
|
|
|
|||||||||||||||
| 29,549,687 | ||||||||||||||||
|
|
||||||||||||||||
| Agriculture(a) – 0.6% |
| |||||||||||||||
| BAT International Finance PLC |
||||||||||||||||
| 8,000,000 | 1.668 | 03/25/26 | 7,449,920 | |||||||||||||
|
|
||||||||||||||||
| Automotive – 2.3% |
| |||||||||||||||
| Ford Motor Credit Co. LLC (a) |
||||||||||||||||
| 5,639,000 | 2.300 | 02/10/25 | 5,468,815 | |||||||||||||
| 250,000 | 4.687 | 06/09/25 | 246,798 | |||||||||||||
| General Motors Financial Co., Inc. (a) |
||||||||||||||||
| 8,800,000 | 1.500 | 06/10/26 | 8,098,024 | |||||||||||||
| Goodyear Tire & Rubber Co. (a) |
||||||||||||||||
| 3,235,000 | 9.500 | 05/31/25 | 3,264,341 | |||||||||||||
| Hyundai Capital America (b) |
||||||||||||||||
| 2,350,000 | 5.800 | 06/26/25 | 2,353,948 | |||||||||||||
| Volkswagen Group of America Finance LLC (b) |
||||||||||||||||
| 2,955,000 | 3.350 | 05/13/25 | 2,884,730 | |||||||||||||
| 5,800,000 | 3.950 | 06/06/25 | 5,691,598 | |||||||||||||
| ZF North America Capital, Inc. (b) |
||||||||||||||||
| 900,000 | 4.750 | 04/29/25 | 889,083 | |||||||||||||
|
|
|
|||||||||||||||
| 28,897,337 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 22.7% |
| |||||||||||||||
| Banco Santander SA |
||||||||||||||||
| 1,600,000 | 2.746 | 05/28/25 | 1,546,592 | |||||||||||||
| Bank of America Corp. |
||||||||||||||||
| 23,950,000 | 3.950 | 04/21/25 | 23,556,023 | |||||||||||||
| (Secured Overnight Financing Rate + 1.990%) |
||||||||||||||||
| 7,000,000 | 6.204 | (a)(c) | 11/10/28 | 7,241,640 | ||||||||||||
| (Secured Overnight Financing Rate + 2.040%) |
||||||||||||||||
| 7,000,000 | 4.948 | (a)(c) | 07/22/28 | 6,944,770 | ||||||||||||
| Bank of New York Mellon Corp. (a)(c)
(Secured Overnight |
| |||||||||||||||
| 4,600,000 | 4.947 | 04/26/27 | 4,581,370 | |||||||||||||
| Barclays PLC (a)(c) |
||||||||||||||||
| (Secured Overnight Financing Rate + 1.490%) |
||||||||||||||||
| 3,115,000 | 5.674 | 03/12/28 | 3,125,747 | |||||||||||||
| (Secured Overnight Financing Rate + 2.714%) |
||||||||||||||||
| 3,600,000 | 2.852 | 05/07/26 | 3,489,876 | |||||||||||||
| BNP Paribas SA (b) |
||||||||||||||||
| 10,000,000 | 4.375 | 09/28/25 | 9,821,100 | |||||||||||||
| (Secured Overnight Financing Rate + 2.074%) |
||||||||||||||||
| 3,275,000 | 2.219 | (a)(c) | 06/09/26 | 3,149,109 | ||||||||||||
| BPCE SA (a)(b)(c) (Secured Overnight Financing Rate + 1.520%) |
| |||||||||||||||
| 3,675,000 | 1.652 | 10/06/26 | 3,451,229 | |||||||||||||
| Canadian Imperial Bank of Commerce |
||||||||||||||||
| 3,860,000 | 5.615 | 07/17/26 | 3,894,894 | |||||||||||||
| Citigroup, Inc. |
||||||||||||||||
| 1,800,000 | 4.600 | 03/09/26 | 1,772,136 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.694%) |
||||||||||||||||
| $ | 15,075,000 | 2.014 | %(a)(c) | 01/25/26 | $ | 14,614,157 | ||||||||||
| (Secured Overnight Financing Rate + 1.280%) |
||||||||||||||||
| 7,000,000 | 3.070 | (a)(c) | 02/24/28 | 6,585,320 | ||||||||||||
| (Secured Overnight Financing Rate + 1.887%) |
||||||||||||||||
| 7,000,000 | 4.658 | (a)(c) | 05/24/28 | 6,894,230 | ||||||||||||
| (Secured Overnight Financing Rate + 2.842%) |
||||||||||||||||
| 14,275,000 | 3.106 | (a)(c) | 04/08/26 | 13,917,126 | ||||||||||||
| Credit Agricole SA |
||||||||||||||||
| 5,700,000 | 4.375 | 03/17/25 | 5,613,018 | |||||||||||||
| Credit Suisse AG |
||||||||||||||||
| 11,225,000 | 3.700 | 02/21/25 | 11,032,042 | |||||||||||||
| 675,000 | 2.950 | 04/09/25 | 657,018 | |||||||||||||
| Deutsche Bank AG (a)(c)
(Secured Overnight Financing Rate + |
| |||||||||||||||
| 3,135,000 | 5.706 | 02/08/28 | 3,132,210 | |||||||||||||
| Fifth Third Bancorp (a) |
||||||||||||||||
| 690,000 | 2.375 | 01/28/25 | 671,453 | |||||||||||||
| First Horizon Corp. (a) |
||||||||||||||||
| 1,500,000 | 4.000 | 05/26/25 | 1,461,405 | |||||||||||||
| First-Citizens Bank & Trust Co. (a)(c) (3 mo. USD Term SOFR + |
| |||||||||||||||
| 1,050,000 | 2.969 | 09/27/25 | 1,025,808 | |||||||||||||
| HSBC Holdings PLC (a)(c) |
||||||||||||||||
| (Secured Overnight Financing Rate + 1.538%) |
||||||||||||||||
| 8,675,000 | 1.645 | 04/18/26 | 8,311,865 | |||||||||||||
| (Secured Overnight Financing Rate + 3.350%) |
||||||||||||||||
| 2,945,000 | 7.390 | 11/03/28 | 3,132,773 | |||||||||||||
| ING Groep NV (b) |
||||||||||||||||
| 5,000,000 | 4.625 | 01/06/26 | 4,943,650 | |||||||||||||
| (1 yr. CMT + 1.100%) |
||||||||||||||||
| 4,750,000 | 1.400 | (a)(c) | 07/01/26 | 4,509,840 | ||||||||||||
| JPMorgan Chase & Co. (a)(c) |
||||||||||||||||
| (3 mo. USD Term SOFR + 1.585%) |
||||||||||||||||
| 22,175,000 | 2.005 | 03/13/26 | 21,436,794 | |||||||||||||
| (Secured Overnight Financing Rate + 0.605%) |
||||||||||||||||
| 3,446,000 | 1.561 | 12/10/25 | 3,350,580 | |||||||||||||
| (Secured Overnight Financing Rate + 0.800%) |
||||||||||||||||
| 9,200,000 | 1.045 | 11/19/26 | 8,581,576 | |||||||||||||
| (Secured Overnight Financing Rate + 1.850%) |
||||||||||||||||
| 6,360,000 | 2.083 | 04/22/26 | 6,130,404 | |||||||||||||
| Lloyds Banking Group PLC |
||||||||||||||||
| 1,525,000 | 4.500 | 11/04/24 | 1,509,094 | |||||||||||||
| Macquarie Group Ltd. (a)(b)(c)
(Secured Overnight Financing Rate + |
| |||||||||||||||
| 2,100,000 | 1.340 | 01/12/27 | 1,948,149 | |||||||||||||
| Mitsubishi UFJ Financial Group, Inc. |
||||||||||||||||
| 1,279,000 | 1.412 | 07/17/25 | 1,216,444 | |||||||||||||
| Morgan Stanley (a)(c) |
||||||||||||||||
| (Secured Overnight Financing Rate + 0.525%) |
||||||||||||||||
| 2,200,000 | 0.790 | 05/30/25 | 2,179,342 | |||||||||||||
| (Secured Overnight Financing Rate + 0.720%) |
||||||||||||||||
| 4,025,000 | 0.985 | 12/10/26 | 3,729,485 | |||||||||||||
| (Secured Overnight Financing Rate + 0.745%) |
||||||||||||||||
| 2,125,000 | 0.864 | 10/21/25 | 2,066,435 | |||||||||||||
| (Secured Overnight Financing Rate + 1.990%) |
||||||||||||||||
| 20,275,000 | 2.188 | 04/28/26 | 19,563,956 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| Santander Holdings USA, Inc. (a)(c)
(Secured Overnight Financing |
| |||||||||||||||
| $ |
4,171,000 | 4.260 | % | 06/09/25 | $ | 4,145,390 | ||||||||||
| Societe Generale SA (a)(b)(c) (1 yr. CMT + 1.500%) |
||||||||||||||||
| 3,155,000 | 5.519 | 01/19/28 | 3,135,439 | |||||||||||||
| UBS Group AG (a)(b)(c)
(Secured Overnight Financing Rate + |
| |||||||||||||||
| 9,600,000 | 2.193 | 06/05/26 | 9,208,224 | |||||||||||||
| Wells Fargo & Co. (a)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 1.510%) |
||||||||||||||||
|
|
7,000,000 | 3.526 | 03/24/28 | 6,663,090 | ||||||||||||
| (Secured Overnight Financing Rate + 1.560%) |
||||||||||||||||
| 9,910,000 | 4.540 | 08/15/26 | 9,785,332 | |||||||||||||
| (Secured Overnight Financing Rate + 1.980%) |
||||||||||||||||
| 7,000,000 | 4.808 | 07/25/28 | 6,897,730 | |||||||||||||
| (Secured Overnight Financing Rate + 2.000%) |
||||||||||||||||
| 7,200,000 | 2.188 | 04/30/26 | 6,935,760 | |||||||||||||
| Westpac New Zealand Ltd. (b) |
||||||||||||||||
| 2,265,000 | 4.902 | 02/15/28 | 2,246,608 | |||||||||||||
|
|
|
|||||||||||||||
| 279,806,233 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials – 0.2% |
| |||||||||||||||
| Carrier Global Corp. |
||||||||||||||||
| 1,805,000 | 5.800 | 11/30/25 | 1,816,985 | |||||||||||||
| JELD-WEN, Inc. (a)(b) |
||||||||||||||||
| 125,000 | 4.875 | 12/15/27 | 119,626 | |||||||||||||
| Summit Materials LLC/Summit Materials Finance Corp. (a)(b) |
| |||||||||||||||
| 115,000 | 6.500 | 03/15/27 | 114,959 | |||||||||||||
|
|
|
|||||||||||||||
| 2,051,570 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(a) – 0.9% |
| |||||||||||||||
| Celanese U.S. Holdings LLC |
||||||||||||||||
| 3,665,000 | 6.165 | 07/15/27 | 3,733,059 | |||||||||||||
| International Flavors & Fragrances, Inc. (b) |
||||||||||||||||
| 5,225,000 | 1.230 | 10/01/25 | 4,893,160 | |||||||||||||
| OCI NV (b) |
||||||||||||||||
| 1,043,000 | 4.625 | 10/15/25 | 1,021,806 | |||||||||||||
| SNF Group SACA (b) |
||||||||||||||||
| 1,650,000 | 3.125 | 03/15/27 | 1,523,957 | |||||||||||||
|
|
|
|||||||||||||||
| 11,171,982 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services – 0.3% |
| |||||||||||||||
| Global Payments, Inc. (a) |
| |||||||||||||||
| 3,175,000 | 1.200 | 03/01/26 | 2,938,367 | |||||||||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |
| |||||||||||||||
| 987,000 | 5.250 | 04/15/24 | 985,401 | |||||||||||||
|
|
|
|||||||||||||||
| 3,923,768 | ||||||||||||||||
|
|
||||||||||||||||
| Computers(a) – 0.1% |
| |||||||||||||||
| NetApp, Inc. |
| |||||||||||||||
| 1,300,000 | 1.875 | 06/22/25 | 1,243,541 | |||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 3.6% |
| |||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a) |
| |||||||||||||||
| 5,925,000 | 3.500 | 01/15/25 | 5,828,600 | |||||||||||||
| 640,000 | 6.500 | 07/15/25 | 646,573 | |||||||||||||
| Air Lease Corp. (a) |
| |||||||||||||||
| 7,038,000 | 2.300 | 02/01/25 | 6,835,306 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Diversified Financial Services – (continued) |
| |||||||||||||||
| $ | 1,100,000 | 3.375% | 07/01/25 | $ | 1,071,917 | |||||||||||
| 5,175,000 | 1.875 | 08/15/26 | 4,771,919 | |||||||||||||
| Aviation Capital Group LLC (a)(b) |
||||||||||||||||
| 1,725,000 | 1.950 | 01/30/26 | 1,609,874 | |||||||||||||
| Avolon Holdings Funding Ltd. (a)(b) |
||||||||||||||||
| 2,075,000 | 2.875 | 02/15/25 | 2,019,701 | |||||||||||||
| Capital One Financial Corp. (a) |
||||||||||||||||
| 4,491,000 | 3.200 | 02/05/25 | 4,397,408 | |||||||||||||
| Macquarie Airfinance Holdings Ltd. (a)(b) |
||||||||||||||||
| 260,000 | 6.400 | 03/26/29 | 263,986 | |||||||||||||
| Nomura Holdings, Inc. |
||||||||||||||||
| 2,695,000 | 5.099 | 07/03/25 | 2,676,458 | |||||||||||||
| Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. (a)(b) |
| |||||||||||||||
| 10,460,000 | 2.875 | 10/15/26 | 9,664,726 | |||||||||||||
| Synchrony Financial (a) |
||||||||||||||||
| 4,260,000 | 4.875 | 06/13/25 | 4,197,250 | |||||||||||||
|
|
|
|||||||||||||||
| 43,983,718 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical(a) – 1.9% |
| |||||||||||||||
| Avangrid, Inc. |
||||||||||||||||
| 1,375,000 | 3.200 | 04/15/25 | 1,340,364 | |||||||||||||
| DTE Energy Co. |
||||||||||||||||
| 2,375,000 | 1.050 | 06/01/25 | 2,255,775 | |||||||||||||
| Enel Finance International NV (b) |
||||||||||||||||
| 7,875,000 | 1.375 | 07/12/26 | 7,205,467 | |||||||||||||
| Entergy Corp. |
||||||||||||||||
| 2,800,000 | 0.900 | 09/15/25 | 2,626,260 | |||||||||||||
| NRG Energy, Inc. (b) |
||||||||||||||||
| 4,525,000 | 3.750 | 06/15/24 | 4,498,981 | |||||||||||||
| Vistra Operations Co. LLC (b) |
||||||||||||||||
| 2,325,000 | 3.550 | 07/15/24 | 2,306,633 | |||||||||||||
| 2,965,000 | 5.000 | 07/31/27 | 2,872,996 | |||||||||||||
|
|
|
|||||||||||||||
| 23,106,476 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical Components & Equipment(a)(b) – 0.1% |
| |||||||||||||||
| WESCO Distribution, Inc. |
| |||||||||||||||
| 1,485,000 | 6.375 | 03/15/29 | 1,500,607 | |||||||||||||
|
|
||||||||||||||||
| Electronics(b) – 0.2% |
| |||||||||||||||
| Sensata Technologies BV |
| |||||||||||||||
| 3,000,000 | 5.000 | 10/01/25 | 2,962,860 | |||||||||||||
|
|
||||||||||||||||
| Energy-Alternate Sources(a)(b) – 0.0% |
| |||||||||||||||
| Greenko Dutch BV |
| |||||||||||||||
| 185,000 | 3.850 | 03/29/26 | 173,671 | |||||||||||||
| Greenko Wind Projects Mauritius Ltd. |
| |||||||||||||||
| 200,000 | 5.500 | 04/06/25 | 196,500 | |||||||||||||
|
|
|
|||||||||||||||
| 370,171 | ||||||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(a) – 0.2% |
| |||||||||||||||
| AECOM |
| |||||||||||||||
| 2,750,000 | 5.125 | 03/15/27 | 2,703,663 | |||||||||||||
|
|
||||||||||||||||
| Entertainment – 0.4% |
| |||||||||||||||
| Six Flags Theme Parks, Inc. (a)(b) |
| |||||||||||||||
| 1,125,000 | 7.000 | 07/01/25 | 1,128,150 | |||||||||||||
|
|
||||||||||||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Entertainment – (continued) |
| |||||||||||||||
| Warnermedia Holdings, Inc. |
||||||||||||||||
| $ | 3,735,000 | 3.638 | % | 03/15/25 | $ | 3,661,196 | ||||||||||
|
|
|
|||||||||||||||
| 4,789,346 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(a)(b) – 1.0% |
| |||||||||||||||
| GFL Environmental, Inc. |
||||||||||||||||
| 3,880,000 | 3.750 | 08/01/25 | 3,782,573 | |||||||||||||
| 4,860,000 | 5.125 | 12/15/26 | 4,773,930 | |||||||||||||
| Veralto Corp. |
||||||||||||||||
| 3,650,000 | 5.500 | 09/18/26 | 3,663,505 | |||||||||||||
|
|
|
|||||||||||||||
| 12,220,008 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing(a) – 1.0% |
| |||||||||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ |
| |||||||||||||||
| 3,630,000 | 3.250 | 03/15/26 | 3,458,446 | |||||||||||||
| 110,000 | 7.500 | 03/15/26 | 111,945 | |||||||||||||
| General Mills, Inc. |
||||||||||||||||
| 6,115,000 | 4.700 | 01/30/27 | 6,065,163 | |||||||||||||
| Performance Food Group, Inc. (b) |
||||||||||||||||
| 3,020,000 | 6.875 | 05/01/25 | 3,020,755 | |||||||||||||
|
|
|
|||||||||||||||
| 12,656,309 | ||||||||||||||||
|
|
||||||||||||||||
| Gaming(a) – 0.3% |
| |||||||||||||||
| MGM Resorts International |
||||||||||||||||
| 3,511,000 | 5.750 | 06/15/25 | 3,507,103 | |||||||||||||
|
|
||||||||||||||||
| Gas(a) – 0.8% |
| |||||||||||||||
| NiSource, Inc. |
||||||||||||||||
| 10,050,000 | 0.950 | 08/15/25 | 9,459,462 | |||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services – 2.2% |
| |||||||||||||||
| Centene Corp. (a) |
||||||||||||||||
| 1,900,000 | 4.250 | 12/15/27 | 1,811,840 | |||||||||||||
| 8,410,000 | 2.450 | 07/15/28 | 7,462,866 | |||||||||||||
| HCA, Inc. |
||||||||||||||||
| 7,810,000 | 5.375 | 02/01/25 | 7,788,757 | |||||||||||||
| 6,000,000 | 5.875 | (a) | 02/15/26 | 6,025,620 | ||||||||||||
| 3,650,000 | 5.625 | (a) | 09/01/28 | 3,694,420 | ||||||||||||
|
|
|
|||||||||||||||
| 26,783,503 | ||||||||||||||||
|
|
||||||||||||||||
| Housewares(a) – 0.2% |
| |||||||||||||||
| Newell Brands, Inc. |
| |||||||||||||||
| 2,770,000 | 4.875 | 06/01/25 | 2,730,527 | |||||||||||||
|
|
||||||||||||||||
| Insurance(b) – 0.3% |
| |||||||||||||||
| Athene Global Funding |
| |||||||||||||||
| 305,000 | 1.450 | 01/08/26 | 283,165 | |||||||||||||
| Equitable Financial Life Global Funding |
| |||||||||||||||
| 1,550,000 | 1.400 | 07/07/25 | 1,470,160 | |||||||||||||
| Great-West Lifeco U.S. Finance 2020 LP (a) |
| |||||||||||||||
| 2,000,000 | 0.904 | 08/12/25 | 1,884,320 | |||||||||||||
|
|
|
|||||||||||||||
| 3,637,645 | ||||||||||||||||
|
|
||||||||||||||||
| Internet(a)(b) – 0.9% |
| |||||||||||||||
| Gen Digital, Inc. |
| |||||||||||||||
| 3,110,000 | 6.750 | 09/30/27 | 3,155,997 | |||||||||||||
| Netflix, Inc. |
| |||||||||||||||
| 2,189,000 | 3.625 | 06/15/25 | 2,143,097 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Internet(a)(b) – (continued) |
| |||||||||||||||
| Prosus NV |
| |||||||||||||||
| $ | 7,030,000 | 3.257 | % | 01/19/27 | $ | 6,485,175 | ||||||||||
|
|
|
|||||||||||||||
| 11,784,269 | ||||||||||||||||
|
|
||||||||||||||||
| Investment Companies – 0.5% |
| |||||||||||||||
| Blackstone Private Credit Fund |
||||||||||||||||
| 6,000,000 | 4.700 | 03/24/25 | 5,921,100 | |||||||||||||
|
|
||||||||||||||||
| Iron/Steel – 0.0% |
| |||||||||||||||
| POSCO (b) |
||||||||||||||||
| 310,000 | 5.750 | 01/17/28 | 314,165 | |||||||||||||
| Steel Dynamics, Inc. (a) |
||||||||||||||||
| 345,000 | 2.400 | 06/15/25 | 332,218 | |||||||||||||
|
|
|
|||||||||||||||
| 646,383 | ||||||||||||||||
|
|
||||||||||||||||
| Leisure Time(a)(b) – 0.2% |
| |||||||||||||||
| Carnival Corp. |
||||||||||||||||
| 2,280,000 | 5.750 | 03/01/27 | 2,256,904 | |||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 0.2% |
| |||||||||||||||
| MGM Resorts International |
||||||||||||||||
| 2,040,000 | 6.750 | 05/01/25 | 2,039,347 | |||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a)(b)(d) – 0.1% |
| |||||||||||||||
| Husky III Holding Ltd. (PIK 13.750%, Cash 13.000%) |
| |||||||||||||||
| 1,104,000 | 13.000 | 02/15/25 | 1,104,585 | |||||||||||||
|
|
||||||||||||||||
| Media(a) – 0.7% |
| |||||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
| |||||||||||||||
| 8,925,000 | 4.908 | 07/23/25 | 8,819,239 | |||||||||||||
|
|
||||||||||||||||
| Mining(a)(b) – 0.3% |
| |||||||||||||||
| Glencore Funding LLC |
| |||||||||||||||
| 4,200,000 | 1.625 | 09/01/25 | 3,975,846 | |||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing(a) – 1.1% |
| |||||||||||||||
| Amsted Industries, Inc. (b) |
| |||||||||||||||
| 2,754,000 | 5.625 | 07/01/27 | 2,714,260 | |||||||||||||
| Hillenbrand, Inc. |
| |||||||||||||||
| 890,000 | 5.750 | 06/15/25 | 888,843 | |||||||||||||
| 1,191,000 | 6.250 | 02/15/29 | 1,200,301 | |||||||||||||
| Teledyne Technologies, Inc. |
| |||||||||||||||
| 9,375,000 | 1.600 | 04/01/26 | 8,728,875 | |||||||||||||
|
|
|
|||||||||||||||
| 13,532,279 | ||||||||||||||||
|
|
||||||||||||||||
| Multi-National(a)(b) – 0.2% |
| |||||||||||||||
| African Export-Import Bank |
| |||||||||||||||
| 1,050,000 | 2.634 | 05/17/26 | 980,479 | |||||||||||||
| 1,130,000 | 3.798 | 05/17/31 | 962,003 | |||||||||||||
|
|
|
|||||||||||||||
| 1,942,482 | ||||||||||||||||
|
|
||||||||||||||||
| Office & Business Equipment(a)(b) – 0.1% |
| |||||||||||||||
| Xerox Holdings Corp. |
| |||||||||||||||
| 1,501,000 | 5.000 | 08/15/25 | 1,479,596 | |||||||||||||
|
|
||||||||||||||||
| Oil Field Services(a) – 0.9% |
| |||||||||||||||
| Canadian Natural Resources Ltd. |
| |||||||||||||||
| 1,875,000 | 2.050 | 07/15/25 | 1,794,019 | |||||||||||||
| EQT Corp. |
| |||||||||||||||
| 2,625,000 | 6.125 | 02/01/25 | 2,630,985 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Oil Field Services(a) – (continued) |
| |||||||||||||||
| Petroleos Mexicanos |
| |||||||||||||||
| $ | 210,000 | 6.875 | % | 10/16/25 | $ | 207,644 | ||||||||||
| QatarEnergy |
||||||||||||||||
| 2,160,000 | 1.375 | 09/12/26 | 1,980,450 | |||||||||||||
| Saudi Arabian Oil Co. |
||||||||||||||||
| 2,130,000 | 1.625 | 11/24/25 | 2,004,197 | |||||||||||||
| Sunoco LP/Sunoco Finance Corp. (b) |
||||||||||||||||
| 2,300,000 | 7.000 | 09/15/28 | 2,350,416 | |||||||||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
| |||||||||||||||
| 120,000 | 6.875 | 04/01/26 | 120,000 | |||||||||||||
|
|
|
|||||||||||||||
| 11,087,711 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a) – 0.5% |
| |||||||||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal |
| |||||||||||||||
| 1,165,000 | 6.000 | 06/15/27 | 1,133,766 | |||||||||||||
| Berry Global, Inc. |
||||||||||||||||
| 3,200,000 | 1.570 | 01/15/26 | 2,995,904 | |||||||||||||
| Silgan Holdings, Inc. (b) |
||||||||||||||||
| 1,925,000 | 1.400 | 04/01/26 | 1,763,281 | |||||||||||||
|
|
|
|||||||||||||||
| 5,892,951 | ||||||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(a) – 1.8% |
| |||||||||||||||
| AbbVie, Inc. |
||||||||||||||||
| 18,000,000 | 4.800 | 03/15/27 | 18,009,720 | |||||||||||||
| Perrigo Finance Unlimited Co. |
||||||||||||||||
| 1,184,000 | 3.900 | 12/15/24 | 1,163,493 | |||||||||||||
| PRA Health Sciences, Inc. (b) |
||||||||||||||||
| 3,144,000 | 2.875 | 07/15/26 | 2,929,454 | |||||||||||||
|
|
|
|||||||||||||||
| 22,102,667 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines – 2.3% |
| |||||||||||||||
| Cheniere Energy Partners LP |
||||||||||||||||
| 2,835,000 | 4.500 | 10/01/29 | 2,698,778 | |||||||||||||
| DCP Midstream Operating LP (a) |
||||||||||||||||
| 2,956,000 | 5.375 | 07/15/25 | 2,948,048 | |||||||||||||
| 2,690,000 | 5.625 | 07/15/27 | 2,709,449 | |||||||||||||
| Kinetik Holdings LP (a)(b) |
||||||||||||||||
| 1,700,000 | 6.625 | 12/15/28 | 1,729,070 | |||||||||||||
| MPLX LP (a) |
||||||||||||||||
| 8,300,000 | 1.750 | 03/01/26 | 7,762,326 | |||||||||||||
| NGPL PipeCo LLC (a)(b) |
| |||||||||||||||
| 410,000 | 4.875 | 08/15/27 | 399,713 | |||||||||||||
| NuStar Logistics LP (a) |
| |||||||||||||||
| 7,500,000 | 5.750 | 10/01/25 | 7,468,575 | |||||||||||||
| Targa Resources Partners LP/Targa Resources Partners Finance |
| |||||||||||||||
| 2,720,000 | 6.875 | 01/15/29 | 2,796,432 | |||||||||||||
|
|
|
|||||||||||||||
| 28,512,391 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate(a)(b) – 0.0% |
| |||||||||||||||
| Sunac China Holdings Ltd. |
| |||||||||||||||
| 14,949 | 0.000 | (e) | 09/30/28 | 3,027 | ||||||||||||
| (PIK 6.000%, Cash 5.000%) |
| |||||||||||||||
| 12,187 | 6.000 | (d) | 09/30/26 | 1,371 | ||||||||||||
| (PIK 6.000%, Cash 5.000%) |
| |||||||||||||||
| 36,562 | 7.000 | (d) | 09/30/29 | 2,468 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Real Estate(a)(b) – (continued) |
| |||||||||||||||
| (PIK 6.250%, Cash 5.250%) |
| |||||||||||||||
| $ | 12,187 | 6.250 | %(d) | 09/30/27 | $ | 1,213 | ||||||||||
| (PIK 6.500%, Cash 5.500%) |
| |||||||||||||||
| 24,374 | 6.500 | (d) | 09/30/27 | 2,120 | ||||||||||||
| (PIK 6.750%, Cash 5.750%) |
| |||||||||||||||
| 36,562 | 6.750 | (d) | 09/30/28 | 2,815 | ||||||||||||
| (PIK 7.250%, Cash 6.250%) |
| |||||||||||||||
| 17,177 | 7.250 | (d) | 09/30/30 | 1,022 | ||||||||||||
| (PIK 7.800%, Cash 1.000%) |
| |||||||||||||||
| 21,848 | 1.000 | (d) | 09/30/32 | 1,311 | ||||||||||||
|
|
|
|||||||||||||||
| 15,347 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(a) – 1.6% |
| |||||||||||||||
| American Tower Corp. |
| |||||||||||||||
| 1,150,000 | 2.400 | 03/15/25 | 1,115,293 | |||||||||||||
| 1,400,000 | 1.300 | 09/15/25 | 1,320,158 | |||||||||||||
| Crown Castle, Inc. |
| |||||||||||||||
| 1,750,000 | 1.350 | 07/15/25 | 1,661,905 | |||||||||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
| |||||||||||||||
| 7,785,000 | 5.250 | 08/01/26 | 7,123,664 | |||||||||||||
| Retail Opportunity Investments Partnership LP |
| |||||||||||||||
| 3,250,000 | 6.750 | 10/15/28 | 3,367,065 | |||||||||||||
| VICI Properties LP/VICI Note Co., Inc. (b) |
| |||||||||||||||
| 4,590,000 | 3.500 | 02/15/25 | 4,491,361 | |||||||||||||
| WP Carey, Inc. |
| |||||||||||||||
| 230,000 | 4.000 | 02/01/25 | 226,635 | |||||||||||||
|
|
|
|||||||||||||||
| 19,306,081 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(a) – 0.5% |
| |||||||||||||||
| Murphy Oil USA, Inc. |
| |||||||||||||||
| 3,670,000 | 5.625 | 05/01/27 | 3,634,365 | |||||||||||||
| Penske Automotive Group, Inc. |
| |||||||||||||||
| 3,310,000 | 3.500 | 09/01/25 | 3,222,384 | |||||||||||||
|
|
|
|||||||||||||||
| 6,856,749 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(a) – 0.2% |
| |||||||||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
| |||||||||||||||
| 250,000 | 2.700 | 05/01/25 | 242,708 | |||||||||||||
| Skyworks Solutions, Inc. |
| |||||||||||||||
| 2,425,000 | 1.800 | 06/01/26 | 2,250,545 | |||||||||||||
|
|
|
|||||||||||||||
| 2,493,253 | ||||||||||||||||
|
|
||||||||||||||||
| Software – 0.8% |
| |||||||||||||||
| Fair Isaac Corp. (a)(b) |
| |||||||||||||||
| 2,705,000 | 5.250 | 05/15/26 | 2,673,595 | |||||||||||||
| Infor, Inc. (a)(b) |
| |||||||||||||||
| 1,075,000 | 1.750 | 07/15/25 | 1,017,391 | |||||||||||||
| Oracle Corp. |
| |||||||||||||||
| 3,575,000 | 5.800 | 11/10/25 | 3,603,814 | |||||||||||||
| PTC, Inc. (a)(b) |
| |||||||||||||||
| 2,085,000 | 3.625 | 02/15/25 | 2,040,110 | |||||||||||||
|
|
|
|||||||||||||||
| 9,334,910 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services – 1.5% |
| |||||||||||||||
| Telecom Italia SpA (b) |
| |||||||||||||||
| 5,615,000 | 5.303 | 05/30/24 | 5,592,540 | |||||||||||||
|
|
||||||||||||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Telecommunication Services – (continued) |
| |||||||||||||||
| T-Mobile USA, Inc. (a) |
| |||||||||||||||
| $ | 12,865,000 | 3.500 | % | 04/15/25 | $ | 12,612,717 | ||||||||||
|
|
|
|||||||||||||||
| 18,205,257 | ||||||||||||||||
|
|
||||||||||||||||
| Toys/Games/Hobbies(a)(b) – 0.2% |
| |||||||||||||||
| Mattel, Inc. |
| |||||||||||||||
| 2,815,000 | 5.875 | 12/15/27 | 2,824,261 | |||||||||||||
|
|
||||||||||||||||
| Trucking & Leasing(a)(b) – 0.5% |
| |||||||||||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
| |||||||||||||||
| 4,950,000 | 1.200 | 11/15/25 | 4,617,410 | |||||||||||||
| 1,690,000 | 5.350 | 01/12/27 | 1,692,163 | |||||||||||||
|
|
|
|||||||||||||||
| 6,309,573 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $722,826,159) | $ | 700,948,617 | ||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities(a) – 19.0% |
| |||||||||||||||
| Automotive – 3.3% |
| |||||||||||||||
| Bank of America Auto Trust Series 2023-2A, Class A2(b) |
| |||||||||||||||
| $ | 2,500,000 | 5.850 | % | 08/17/26 | $ | 2,505,112 | ||||||||||
| Exeter Automobile Receivables Trust Series 2024-2A, Class A3 |
| |||||||||||||||
| 1,900,000 | 5.630 | 10/15/26 | 1,900,083 | |||||||||||||
| Ford Credit Auto Lease Trust Series 2024-A, Class A2A |
| |||||||||||||||
| 7,000,000 | 5.240 | 07/15/26 | 6,988,019 | |||||||||||||
| Ford Credit Auto Owner Trust Series 2024-1, Class A(b) |
| |||||||||||||||
| 3,200,000 | 4.870 | 08/15/36 | 3,191,059 | |||||||||||||
| Nissan Auto Lease Trust Series 2024-A, Class A2A |
| |||||||||||||||
| 6,350,000 | 5.110 | 10/15/26 | 6,331,796 | |||||||||||||
| Nissan Auto Receivables Owner Trust Series 2023-A, Class A2A |
| |||||||||||||||
| 2,740,361 | 5.340 | 02/17/26 | 2,737,441 | |||||||||||||
| Santander Drive Auto Receivables Trust Series 2023-6, Class A2 |
| |||||||||||||||
| 3,744,439 | 6.080 | 05/17/27 | 3,752,861 | |||||||||||||
| Santander Drive Auto Receivables Trust Series 2024-1, Class A2 |
| |||||||||||||||
| 2,925,000 | 5.710 | 02/16/27 | 2,926,262 | |||||||||||||
| Tesla Auto Lease Trust Series 2021-B, Class A3(b) |
| |||||||||||||||
| 2,602,972 | 0.600 | 09/22/25 | 2,595,926 | |||||||||||||
| Toyota Auto Receivables Owner Trust Series 2021-D, Class A3 |
| |||||||||||||||
| 5,365,133 | 0.710 | 04/15/26 | 5,224,756 | |||||||||||||
| World Omni Auto Receivables Trust Series 2023-B, Class A2A |
| |||||||||||||||
| 2,376,687 | 5.250 | 11/16/26 | 2,373,219 | |||||||||||||
|
|
|
|||||||||||||||
| 40,526,534 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations – 9.3% |
| |||||||||||||||
| 37 Capital CLO 1 Ltd. Series 2021-1A,
Class A(b)(c) (3 mo. USD |
| |||||||||||||||
| 3,700,000 | 6.776 | 10/15/34 | 3,699,834 | |||||||||||||
| AMMC CLO XI Ltd. Series 2012-11A,
Class A1R2(b)(c) (3 mo. |
| |||||||||||||||
| 2,691,269 | 6.589 | 04/30/31 | 2,692,763 | |||||||||||||
| Anchorage Capital CLO 15 Ltd. Series
2020-15A, Class AR(b)(c) |
| |||||||||||||||
| 7,600,000 | 6.779 | 07/20/34 | 7,600,099 | |||||||||||||
| Atlas Senior Loan Fund XVII Ltd. Series
2021-17A, Class A(b)(c) |
| |||||||||||||||
| 8,200,000 | 6.779 | 10/20/34 | 8,200,508 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations – (continued) |
| |||||||||||||||
| CIFC Funding Ltd. Series 2018-2A,
Class A1(b)(c) (3 mo. USD |
| |||||||||||||||
| $ | 2,709,854 | 6.619 | % | 04/20/31 | $ | 2,711,169 | ||||||||||
| CIFC Funding Ltd. Series 2023-3A,
Class E(b)(c) (3 mo. USD |
| |||||||||||||||
| 2,025,000 | 12.966 | 01/20/37 | 2,051,343 | |||||||||||||
| CQS U.S. CLO Ltd. Series 2021-1A,
Class A(b)(c) (3 mo. USD |
| |||||||||||||||
| 4,500,000 | 6.799 | 01/20/35 | 4,498,344 | |||||||||||||
| Crown City CLO I Series 2020-1A,
Class A1AR(b)(c) (3 mo. USD |
| |||||||||||||||
| 2,500,000 | 6.769 | 07/20/34 | 2,500,278 | |||||||||||||
| Dunedin Park CLO DAC Series 1X, Class AR(c) (3 mo. EUR EURIBOR + 0.980%) |
| |||||||||||||||
| EUR | 4,750,000 | 4.895 | 11/20/34 | 5,065,297 | ||||||||||||
| HalseyPoint CLO 3 Ltd. Series 2020-3A,
Class A1A(b)(c) (3 mo. |
| |||||||||||||||
| $ | 5,775,000 | 7.029 | 11/30/32 | 5,775,335 | ||||||||||||
| HalseyPoint CLO I Ltd. Series 2019-1A,
Class A1A1(b)(c) (3 mo. |
| |||||||||||||||
| 3,500,000 | 6.929 | 01/20/33 | 3,500,403 | |||||||||||||
| Helios Issuer LLC Series 2023-GRID1, Class 1A(b) |
| |||||||||||||||
| 366,268 | 5.750 | 12/20/50 | 369,874 | |||||||||||||
| Invesco CLO Ltd. Series 2021-2A, Class A(b)(c) (3 mo. USD Term SOFR + 1.382%) |
| |||||||||||||||
| 4,300,000 | 6.696 | 07/15/34 | 4,299,940 | |||||||||||||
| Jamestown CLO XVI Ltd. Series 2021-16A,
Class A(b)(c) (3 mo. |
| |||||||||||||||
| 3,000,000 | 6.786 | 07/25/34 | 3,000,405 | |||||||||||||
| LCM 26 Ltd. Series 26A,
Class A1(b)(c) (3 mo. USD Term SOFR |
| |||||||||||||||
| 5,553,896 | 6.649 | 01/20/31 | 5,556,701 | |||||||||||||
| Marble Point CLO XVII Ltd. Series 2020-1A, Class A(b)(c) (3 mo. USD Term SOFR + 1.562%) |
| |||||||||||||||
| 6,000,000 | 6.879 | 04/20/33 | 5,999,940 | |||||||||||||
| MJX Venture Management II LLC Series 2017-28RR, Class A1(b)(c) (3 mo. USD Term SOFR + 1.542%) |
| |||||||||||||||
| 3,496,726 | 6.859 | 07/22/30 | 3,487,875 | |||||||||||||
| Newark BSL CLO 1 Ltd. Series 2016-1A,
Class A1R(b)(c) (3 mo. |
| |||||||||||||||
| 2,070,634 | 6.681 | 12/21/29 | 2,070,578 | |||||||||||||
| Northwoods Capital XVIII Ltd. Series
2019-18A, Class AR(b)(c) |
| |||||||||||||||
| 10,600,000 | 6.681 | 05/20/32 | 10,574,846 | |||||||||||||
| Pikes Peak CLO 3 Series 2019-3A,
Class ARR(b)(c) (3 mo. USD |
| |||||||||||||||
| 4,000,000 | 6.786 | 10/25/34 | 4,000,008 | |||||||||||||
| RRX 3 Ltd. Series 2021-3A, Class A2(b)(c) (3 mo. USD Term |
| |||||||||||||||
| 3,000,000 | 7.326 | 04/15/34 | 3,001,647 | |||||||||||||
| Sycamore Tree CLO Ltd. Series 2023-2A,
Class AR(b)(c) (3 mo. |
| |||||||||||||||
| 2,200,000 | 7.003 | 01/20/37 | 2,208,670 | |||||||||||||
| TCW CLO Ltd. Series 2022-1A, Class A1(b)(c) (3 mo. USD Term SOFR + 1.340%) |
| |||||||||||||||
| 7,900,000 | 6.658 | 04/22/33 | 7,895,639 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Collateralized Loan Obligations – (continued) |
| |||||||||||||||
| TICP CLO XIV Ltd. Series 2019-14A,
Class A1R(b)(c) (3 mo. |
| |||||||||||||||
| $ | 8,000,000 | 6.659 | % | 10/20/32 | $ | 8,003,088 | ||||||||||
| Venture 36 CLO Ltd. Series 2019-36A,
Class D(b)(c) (3 mo. USD |
| |||||||||||||||
| 2,500,000 | 9.729 | 04/20/32 | 2,481,065 | |||||||||||||
| Zais CLO 13 Ltd. Series 2019-13A,
Class A1A(b)(c) (3 mo. USD |
| |||||||||||||||
| 2,997,202 | 7.066 | 07/15/32 | 2,999,237 | |||||||||||||
|
|
|
|||||||||||||||
| 114,244,886 | ||||||||||||||||
|
|
||||||||||||||||
| Credit Card – 1.1% |
| |||||||||||||||
| Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| |||||||||||||||
| 7,300,000 | 4.720 | 02/15/29 | 7,250,375 | |||||||||||||
| Barclays Dryrock Issuance Trust Series
2023-2, Class A(c) (1 mo. |
| |||||||||||||||
| 2,425,000 | 6.219 | 08/15/28 | 2,441,318 | |||||||||||||
| Discover Card Execution Note Trust Series 2023-A1, Class A |
| |||||||||||||||
| 3,800,000 | 4.310 | 03/15/28 |
3,748,518 | |||||||||||||
|
|
|
|||||||||||||||
| 13,440,211 | ||||||||||||||||
|
|
||||||||||||||||
| Student Loan(c) – 5.3% |
| |||||||||||||||
| Apidos CLO XV Ltd. Series 2013-15A,
Class A1RR(b) (3 mo. |
| |||||||||||||||
| 5,035,977 | 6.589 | 04/20/31 | 5,037,679 | |||||||||||||
| Bain Capital Credit CLO Ltd. Series
2023-3A, Class A(b) (3 mo. |
| |||||||||||||||
| 3,600,000 | 7.119 | 07/24/36 | 3,625,322 | |||||||||||||
| Balboa Bay Loan Funding Ltd. Series
2023-1A, Class AR(b) (-1X |
| |||||||||||||||
| 5,600,000 | 1.000 | 04/20/36 | 5,601,002 | |||||||||||||
| CIFC Falcon Ltd. Series 2019-FAL, Class A(b) (3 mo. USD Term SOFR + 1.262%) |
| |||||||||||||||
| 4,000,000 | 6.579 | 01/20/33 | 4,001,884 | |||||||||||||
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(b) (3 mo. USD Term SOFR + 1.830%) |
| |||||||||||||||
| 5,500,000 | 7.144 | 01/15/37 | 5,551,711 | |||||||||||||
| Edsouth Indenture No. 5 LLC Series
2014-1, Class A(b) (1 mo. |
| |||||||||||||||
| 172,957 | 6.135 | 02/25/39 | 170,975 | |||||||||||||
| Elmwood CLO 27 Ltd. Series 2024-3A,
Class A(b) (-1X 3 mo. |
| |||||||||||||||
| 4,500,000 | 1.000 | 04/18/37 | 4,500,805 | |||||||||||||
| Flatiron CLO 20 Ltd. Series 2020-1A,
Class AR(b) (-1X 3 mo. |
| |||||||||||||||
| 3,700,000 | 1.000 | 05/20/36 | 3,700,662 | |||||||||||||
| Illinois Student Assistance Commission Series
2010-1, Class A3 |
| |||||||||||||||
| 529,434 | 6.523 | 07/25/45 | 529,435 | |||||||||||||
| Katayma CLO II Ltd. Series 2024-2A,
Class B(b) (3 mo. USD |
| |||||||||||||||
| 2,500,000 | 7.438 | 04/20/37 | 2,500,863 | |||||||||||||
| Marathon Static CLO Ltd. Series 2022-18A, Class A1R2(b) (3 mo. USD Term SOFR + 1.150%) |
| |||||||||||||||
| 3,776,969 | 6.483 | 07/20/30 | 3,776,946 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(a) – (continued) |
| |||||||||||||||
| Student Loan(c) – (continued) |
| |||||||||||||||
| Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(b) (3 mo. USD Term SOFR + 1.200%) |
| |||||||||||||||
| $ | 6,500,000 | 6.531 | % | 01/20/32 | $ | 6,499,883 | ||||||||||
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(b) (3 mo. USD Term SOFR + 1.530%) |
| |||||||||||||||
| 3,500,000 | 6.849 | 04/20/38 | 3,508,124 | |||||||||||||
| Ocean Trails CLO XII Ltd. Series 2022-12A,
Class A1(b) (3 mo. |
| |||||||||||||||
| 4,700,000 | 6.908 | 07/20/35 | 4,699,864 | |||||||||||||
| Palmer Square Loan Funding Ltd. Series
2022-3A, Class A1BR(b) |
| |||||||||||||||
| 5,025,000 | 6.721 | 04/15/31 | 5,024,955 | |||||||||||||
| Parallel Ltd. Series 2023-1A, Class A1(b) (3 mo. USD Term SOFR + 2.200%) |
| |||||||||||||||
| 3,000,000 | 7.518 | 07/20/36 | 3,029,118 | |||||||||||||
| PHEAA Student Loan Trust Series 2016-1A,
Class A(b) (1 mo. |
| |||||||||||||||
| 513,572 | 6.585 | 09/25/65 | 514,320 | |||||||||||||
| RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. |
| |||||||||||||||
| EUR | 3,500,000 | 5.392 | 07/15/35 | 3,699,387 | ||||||||||||
|
|
|
|||||||||||||||
| 65,972,935 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $233,706,495) |
$ | 234,184,566 | ||||||||||||||
|
|
||||||||||||||||
| Mortgage-Backed Obligations – 14.4% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 2.3% |
| |||||||||||||||
| Interest Only(f) – 0.5% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4468, |
| |||||||||||||||
| $ | 334,616 | 0.667 | %(c) | 05/15/45 | $ | 31,537 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5020, |
| |||||||||||||||
| 1,518,099 | 3.000 | 08/25/50 | 252,209 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4583, |
| |||||||||||||||
| 230,574 | 0.567 | (c) | 05/15/46 | 22,610 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4314, |
| |||||||||||||||
| 200,517 | 0.617 | (c) | 03/15/44 | 17,419 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4998, |
| |||||||||||||||
| 3,584,961 | 4.000 | 08/25/50 | 728,192 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2020-60, Class NI |
| |||||||||||||||
| 540,551 | 4.000 | 09/25/50 | 110,845 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) |
| |||||||||||||||
| 314,132 | 0.715 | (c) | 02/25/46 | 31,889 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 383,681 | 0.665 | (c) | 05/25/47 | 40,759 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 2,501,015 | 0.665 | (c) | 07/25/50 | 265,498 | ||||||||||||
|
|
||||||||||||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(f) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association REMICS Series
2020-62, |
| |||||||||||||||
| $ | 2,623,242 | 4.000 | % | 06/25/48 | $ | 502,073 | ||||||||||
| Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) |
| |||||||||||||||
| 60,838 | 0.515 | (c) | 12/25/40 | 4,196 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 146,271 | 0.657 | (a)(c) | 10/20/43 | 6,119 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 136,737 | 0.217 | (a)(c) | 07/20/47 | 11,061 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 313,599 | 0.757 | (a)(c) | 09/20/48 | 32,297 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 304,471 | 0.607 | (a)(c) | 01/20/49 | 28,241 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 138,697 | 0.657 | (a)(c) | 06/20/49 | 12,862 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 1,367,299 | 4.000 | (a) | 06/20/50 | 267,336 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 3,703,879 | 2.500 | (a) | 10/20/50 | 510,388 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 218,827 | 0.607 | (a)(c) | 08/20/43 | 20,415 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 81,207 | 0.157 | (a)(c) | 11/20/44 | 5,748 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 141,901 | 0.807 | (a)(c) | 09/20/45 | 14,009 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 78,229 | 4.000 | (a) | 06/20/45 | 9,860 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 291,485 | 0.757 | (a)(c) | 09/20/48 | 29,407 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 6,961,291 | 4.000 | (a) | 12/20/49 | 1,362,763 | ||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| 7,789,661 | 0.607 | (a)(c) | 04/20/50 | 808,860 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(f) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS |
| |||||||||||||||
| $ | 1,765,534 | 5.000 | %(a) | 05/20/50 | $ | 382,990 | ||||||||||
|
|
|
|||||||||||||||
| 5,509,583 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Fixed Rate – 0.3% |
| |||||||||||||||
| Federal National Mortgage Association REMICS Series 2012-111, Class B |
| |||||||||||||||
| 9,216 | 7.000 | 10/25/42 | 9,730 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012-153, Class B |
| |||||||||||||||
| 31,024 | 7.000 | 07/25/42 | 33,355 | |||||||||||||
| Verus Securitization Trust Series 2022-1, Class A1 |
| |||||||||||||||
| 4,150,664 | 2.724 | (a)(b)(g) | 01/25/67 | 3,778,224 | ||||||||||||
|
|
|
|||||||||||||||
| 3,821,309 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(a)(b)(c) – 1.5% |
| |||||||||||||||
| Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| |||||||||||||||
| 795,061 | 1.458 | 09/25/66 | 643,768 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class B1 (1 mo. USD Term SOFR + 4.800%) |
| |||||||||||||||
| 3,231,000 | 10.120 | 10/25/50 | 3,647,037 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1, Class M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 171,191 | 7.120 | 01/25/51 | 172,473 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA2, Class M2 (1 mo. USD Term SOFR + 2.050%) |
| |||||||||||||||
| 1,143,320 | 7.370 | 12/25/33 | 1,158,486 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B1 (1 mo. USD Term SOFR + 3.400%) |
| |||||||||||||||
| 2,046,000 | 8.720 | 10/25/41 | 2,117,122 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3, Class M1A (1 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 1,585,034 | 7.320 | 04/25/42 | 1,606,227 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 1,486,598 | 6.320 | 01/25/42 | 1,486,120 | |||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| |||||||||||||||
| 1,074,000 | 8.670 | 06/25/43 | 1,136,064 | |||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1B1 (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 2,311,000 | 8.420 | 10/25/41 | 2,377,845 | |||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 298,099 | 9.220 | 04/25/43 | 317,822 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(a)(b)(c) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association Connecticut Avenue |
| |||||||||||||||
| $ | 560,000 | 8.421 | % | 06/25/43 | $ | 587,264 | ||||||||||
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| |||||||||||||||
| 4,307,957 | 2.520 | 05/25/52 | 3,544,628 | |||||||||||||
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| |||||||||||||||
| 76,980 | 3.750 | 05/28/52 | 71,742 | |||||||||||||
|
|
|
|||||||||||||||
| 18,866,598 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 28,197,490 | |||||||||||||||
|
|
||||||||||||||||
| Commercial Mortgage-Backed Securities – 4.0% |
| |||||||||||||||
| Sequential Fixed Rate – 2.0% |
| |||||||||||||||
| Bank Series 2023-BNK46, Class A4 |
| |||||||||||||||
| $ | 4,100,000 | 5.745 | %(a) | 08/15/56 | $ | 4,304,102 | ||||||||||
| Bank5 Series 2023-5YR4, Class A3 |
| |||||||||||||||
| 1,500,000 | 6.500 | (a) | 12/15/56 | 1,583,105 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C19, Class A5 |
| |||||||||||||||
| 2,900,000 | 5.451 | (a) | 04/15/56 | 2,982,065 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C19, Class ASB |
| |||||||||||||||
| 800,000 | 5.700 | (a) | 04/15/56 | 832,897 | ||||||||||||
| BMO Mortgage Trust Series 2022-C3, Class A5 |
| |||||||||||||||
| 575,000 | 5.313 | (a) | 09/15/54 | 583,809 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class A5 |
| |||||||||||||||
| 5,000,000 | 6.160 | (a) | 12/15/56 | 5,400,760 | ||||||||||||
| BX Trust Series 2022-CLS, Class A |
| |||||||||||||||
| 3,900,000 | 5.760 | (b) | 10/13/27 | 3,915,000 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| |||||||||||||||
| 1,500,000 | 3.000 | (a)(b) | 09/15/50 | 1,055,495 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 |
| |||||||||||||||
| 740,000 | 3.102 | (a) | 12/15/72 | 662,132 | ||||||||||||
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| |||||||||||||||
| 3,150,000 | 6.890 | (a) | 12/15/56 | 3,360,963 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| |||||||||||||||
| 900,000 | 3.250 | (a)(b) | 01/15/60 | 703,874 | ||||||||||||
|
|
|
|||||||||||||||
| 25,384,202 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(c) – 2.0% |
| |||||||||||||||
| Bank5 Series 2023-5YR1, Class A3 |
| |||||||||||||||
| 3,610,000 | 6.260 | (a) | 04/15/56 | 3,740,739 | ||||||||||||
| Bank5 Series 2023-5YR4, Class AS |
| |||||||||||||||
| 821,000 | 7.274 | (a) | 12/15/56 | 879,605 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD |
| |||||||||||||||
| 1,225,000 | 6.245 | (b) | 03/15/37 | 1,177,768 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C22, Class A5 |
| |||||||||||||||
| 2,850,000 | 6.804 | (a) | 11/15/56 | 3,216,301 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-5C23, Class AS |
| |||||||||||||||
| 1,450,000 | 7.455 | (a) | 12/15/56 | 1,568,200 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD |
| |||||||||||||||
| 1,150,000 | 6.494 | (b) | 03/15/37 | 1,070,287 | ||||||||||||
| BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1 mo. USD Term SOFR + 2.281%) |
| |||||||||||||||
| 1,500,000 | 7.606 | (b) | 06/15/40 | 1,506,017 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(c) – (continued) |
| |||||||||||||||
| BX Commercial Mortgage Trust Series 2023-VLT3, Class A (1 mo. USD Term SOFR + 1.940%) |
| |||||||||||||||
| $ | 2,675,000 | 7.265 | %(b) | 11/15/28 | $ | 2,674,975 | ||||||||||
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| |||||||||||||||
| 4,600,000 | 6.767 | (b) | 02/15/39 | 4,607,191 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 2,150,000 | 6.692 | (b) | 03/15/41 | 2,150,269 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2015-P1, Class C |
| |||||||||||||||
| 1,949,000 | 4.369 | (a) | 09/15/48 | 1,806,840 | ||||||||||||
|
|
|
|||||||||||||||
| 24,398,192 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES |
$ | 49,782,394 | ||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 8.1% |
| |||||||||||||||
| Government National Mortgage Association – 4.6% |
| |||||||||||||||
| $ | 1,179,225 | 4.500 | % | 08/20/47 | $ | 1,152,611 | ||||||||||
| 191,010 | 5.000 | 03/20/48 | 191,137 | |||||||||||||
| 1,831,367 | 4.000 | 05/20/48 | 1,731,751 | |||||||||||||
| 650,990 | 4.500 | 06/20/48 | 633,449 | |||||||||||||
| 659,389 | 4.500 | 07/20/48 | 641,622 | |||||||||||||
| 1,013,153 | 4.500 | 09/20/48 | 985,222 | |||||||||||||
| 703,593 | 4.500 | 10/20/48 | 683,315 | |||||||||||||
| 876,515 | 4.500 | 12/20/48 | 851,254 | |||||||||||||
| 2,148,766 | 4.500 | 01/20/49 | 2,086,169 | |||||||||||||
| 664,104 | 4.500 | 02/20/49 | 644,757 | |||||||||||||
| 894,931 | 4.500 | 03/20/49 | 868,860 | |||||||||||||
| 477,798 | 4.500 | 10/20/49 | 464,028 | |||||||||||||
| 872,716 | 5.000 | 12/20/49 | 870,487 | |||||||||||||
| 53,559 | 5.000 | 02/20/50 | 53,595 | |||||||||||||
| 4,702,634 | 3.000 | 11/20/51 | 4,116,014 | |||||||||||||
| 9,000,000 | 5.500 | TBA-30yr(h) | 8,994,702 | |||||||||||||
| 23,000,000 | 6.000 | TBA-30yr(h) | 23,205,942 | |||||||||||||
| 8,000,000 | 7.000 | TBA-30yr(h) | 8,172,187 | |||||||||||||
|
|
|
|||||||||||||||
| 56,347,102 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 3.5% |
| |||||||||||||||
| 1,691 | 5.000 | 03/01/25 | 1,676 | |||||||||||||
| 2,736 | 5.000 | 11/01/26 | 2,705 | |||||||||||||
| 4,126 | 5.000 | 07/01/27 | 4,092 | |||||||||||||
| 67,844 | 4.500 | 07/01/47 | 65,826 | |||||||||||||
| 44,156 | 4.500 | 03/01/50 | 42,638 | |||||||||||||
| 8,869,552 | 6.000 | 11/01/52 | 9,118,229 | |||||||||||||
| 1,871,083 | 5.500 | 12/01/52 | 1,881,198 | |||||||||||||
| 5,313,319 | 6.000 | 12/01/52 | 5,434,619 | |||||||||||||
| 3,594,522 | 6.000 | 01/01/53 | 3,662,614 | |||||||||||||
| 941,307 | 5.500 | 04/01/53 | 946,101 | |||||||||||||
| 2,784,189 | 6.000 | 04/01/53 | 2,850,079 | |||||||||||||
| 2,892,162 | 6.500 | 09/01/53 | 2,976,120 | |||||||||||||
| 6,802,849 | 6.500 | 11/01/53 | 7,042,849 | |||||||||||||
| 2,942,877 | 6.500 | 12/01/53 | 3,055,897 | |||||||||||||
|
|
||||||||||||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 6,000,000 | 5.500 | % | TBA-30yr(h) | $ | 5,971,172 | ||||||||||
|
|
|
|||||||||||||||
| 43,055,815 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES | $ | 99,402,917 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $177,287,600) |
$ | 177,382,801 | ||||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations – 4.0% |
| |||||||||||||||
| Euro(b) – 0.0% |
| |||||||||||||||
| Indonesia Government International Bonds |
| |||||||||||||||
| EUR | 250,000 | 2.150 | % | 07/18/24 | $ | 267,409 | ||||||||||
|
|
||||||||||||||||
| United States Dollar – 4.0% |
| |||||||||||||||
| Airport Authority (a)(b) |
| |||||||||||||||
| $ | 660,000 | 4.750 | 01/12/28 | 659,921 | ||||||||||||
| Chile Government International Bonds |
| |||||||||||||||
| 2,060,000 | 3.125 | 01/21/26 | 1,989,709 | |||||||||||||
| Export-Import Bank of Korea |
| |||||||||||||||
| 720,000 | 5.000 | 01/11/28 | 727,805 | |||||||||||||
| Indonesia Government International Bonds (a) |
| |||||||||||||||
| 8,750,000 | 4.150 | 09/20/27 | 8,520,312 | |||||||||||||
| 6,030,000 | 4.550 | 01/11/28 | 5,948,972 | |||||||||||||
| Korea Hydro & Nuclear Power Co. Ltd. (b) |
| |||||||||||||||
| 3,950,000 | 4.250 | 07/27/27 | 3,846,312 | |||||||||||||
| Mexico Government International Bonds (a) |
| |||||||||||||||
| 1,940,000 | 5.400 | 02/09/28 | 1,953,337 | |||||||||||||
| Panama Government International Bonds (a) |
| |||||||||||||||
| 2,010,000 | 3.750 | 03/16/25 | 1,954,725 | |||||||||||||
| Peru Government International Bonds (a) |
| |||||||||||||||
| 2,120,000 | 2.392 | 01/23/26 | 2,008,700 | |||||||||||||
| Perusahaan Penerbit SBSN Indonesia III |
| |||||||||||||||
| 3,530,000 | 2.300 | (b) | 06/23/25 | 3,414,515 | ||||||||||||
| 4,310,000 | 2.300 | 06/23/25 | 4,168,997 | |||||||||||||
| 7,550,000 | 1.500 | (b) | 06/09/26 | 7,000,999 | ||||||||||||
| Philippines Government International Bonds |
| |||||||||||||||
| 2,000,000 | 3.229 | 03/29/27 | 1,903,270 | |||||||||||||
| Qatar Government International Bonds (b) |
| |||||||||||||||
| 690,000 | 3.400 | 04/16/25 | 678,356 | |||||||||||||
| Republic of Poland Government International Bonds (a) |
| |||||||||||||||
| 2,600,000 | 4.625 | 03/18/29 | 2,577,016 | |||||||||||||
| Romania Government International Bonds (b) |
| |||||||||||||||
| 1,500,000 | 3.000 | 02/27/27 | 1,400,625 | |||||||||||||
| Saudi Government International Bonds (b) |
| |||||||||||||||
| 800,000 | 2.900 | 10/22/25 | 773,500 | |||||||||||||
|
|
|
|||||||||||||||
| 49,527,071 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $51,329,595) |
$ | 49,794,480 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description |
Value | ||||||||||||||
| Common Stocks – 0.0% |
| |||||||||||||||
| Real Estate Management & Development – 0.0% |
| |||||||||||||||
| 10,465 | Sunac China Holdings Ltd.(i) | $ | 1,503 | |||||||||||||
| 22,377 | Sunac Services Holdings Ltd.(b) | 5,328 | ||||||||||||||
|
|
|
|||||||||||||||
| 6,831 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMON STOCKS (Cost $57,971) |
$ | 6,831 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – 4.0% |
| |||||||||||||||
| U.S. Treasury Bills(e) |
| |||||||||||||||
| $ | 37,835,000 | 0.000 | % | 05/30/24 | $ | 37,508,957 | ||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| 3,000,000 | 3.000 | (j) | 06/30/24 | 2,982,656 | ||||||||||||
|
|
8,770,000 | 4.250 | (j) | 12/31/24 | 8,710,049 | |||||||||||
| 850,000 | 2.875 | 08/15/28 | 802,719 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $50,143,408) |
$ | 50,004,381 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 98.2% (Cost $1,235,351,228) |
$ | 1,212,321,676 | ||||||||||||||
|
|
||||||||||||||||
| Short-term Investments – 4.3% |
| |||||||||||||||
| Certificates of Deposit – 0.5% |
| |||||||||||||||
| Barclays Bank PLC(c) (Secured
Overnight Financing Rate + |
| |||||||||||||||
| $ | 3,110,000 | 5.710 | % | 02/21/25 | $ | 3,112,469 | ||||||||||
| Wells Fargo Bank NA |
| |||||||||||||||
| 2,901,000 | 5.230 | 12/13/24 | 2,897,972 | |||||||||||||
|
|
|
|||||||||||||||
| 6,010,441 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Paper(e) – 3.8% |
| |||||||||||||||
| American Honda Finance Corp. |
| |||||||||||||||
| 12,200,000 | 0.000 | 04/05/24 | 12,185,326 | |||||||||||||
| Avangrid, Inc.(b) |
| |||||||||||||||
| 5,171,000 | 0.000 | 04/09/24 | 5,161,592 | |||||||||||||
| CVS Health Corp.(b) |
| |||||||||||||||
| 6,294,000 | 0.000 | 04/01/24 | 6,290,227 | |||||||||||||
| Duke Energy Corp.(b) |
| |||||||||||||||
| 4,000,000 | 0.000 | 04/24/24 | 3,983,371 | |||||||||||||
| Enbridge U.S., Inc.(b) |
| |||||||||||||||
| 5,364,000 | 0.000 | 04/15/24 | 5,349,016 | |||||||||||||
| Entergy Corp.(b) |
| |||||||||||||||
| 4,113,000 | 0.000 | 05/29/24 | 4,074,130 | |||||||||||||
| 3,168,000 | 0.000 | 06/14/24 | 3,130,481 | |||||||||||||
| General Motors Financial Co., Inc.(b) |
| |||||||||||||||
| 1,903,000 | 0.000 | 02/03/25 | 1,813,257 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Commercial Paper(e) – (continued) |
| |||||||||||||||
| Nutrien Ltd.(b) |
| |||||||||||||||
| $ | 5,757,000 | 0.000 | % | 05/14/24 | $ | 5,715,080 | ||||||||||
|
|
|
|||||||||||||||
| 47,702,480 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $53,743,353) |
$ | 53,712,921 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 102.5% (Cost $1,289,094,581) |
$ | 1,266,034,597 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER |
(31,130,311 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 1,234,904,286 | ||||||||||||||
|
|
||||||||||||||||
| 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 March 31, 2024. | |
| (d) | Pay-in-kind securities. | |
| (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (f) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. | |
| (g) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. | |
| (h) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $46,344,003 which represents approximately 3.8% of net assets as of March 31, 2024. | |
| (i) | Security is currently in default and/or non-income producing. | |
| (j) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||
|
|
||||||||||||||||||
| MS & Co. Int. PLC |
CLP | 362,419,337 | USD | 367,662 | 06/21/24 | $ | 1,474 | |||||||||||
| COP | 4,471,109,587 | USD | 1,126,493 | 06/20/24 | 14,872 | |||||||||||||
| EUR | 1,378,000 | SEK | 15,794,292 | 06/20/24 | 11,036 | |||||||||||||
| EUR | 925,999 | USD | 1,001,234 | 06/20/24 | 1,064 | |||||||||||||
| GBP | 592,498 | USD | 746,000 | 06/20/24 | 2,141 | |||||||||||||
| MXN | 63,407,753 | USD | 3,729,282 | 06/20/24 | 36,420 | |||||||||||||
| USD | 2,643,553 | BRL | 13,197,802 | 04/02/24 | 12,659 | |||||||||||||
| USD | 751,908 | BRL | 3,753,144 | 04/15/24 | 4,736 | |||||||||||||
| USD | 757,220 | BRL | 3,786,477 | 05/03/24 | 4,730 | |||||||||||||
| USD | 3,519,219 | CAD | 4,747,424 | 06/20/24 | 10,330 | |||||||||||||
| USD | 6,780,727 | CHF | 5,917,786 | 06/20/24 | 159,712 | |||||||||||||
| USD | 751,000 | CLP | 722,837,500 | 06/21/24 | 14,767 | |||||||||||||
| USD | 7,504,228 | CNH | 53,862,099 | 06/20/24 | 59,700 | |||||||||||||
| USD | 9,460,372 | EUR | 8,693,837 | 05/08/24 | 66,705 | |||||||||||||
| USD | 2,729,995 | EUR | 2,488,326 | 06/20/24 | 36,641 | |||||||||||||
| USD | 2,708,319 | GBP | 2,120,291 | 06/20/24 | 31,053 | |||||||||||||
| USD | 757,213 | HUF | 275,577,887 | 06/20/24 | 5,675 | |||||||||||||
| USD | 4,515,000 | INR | 375,267,070 | 06/20/24 | 25,891 | |||||||||||||
| USD | 1,612,975 | JPY | 237,506,322 | 05/07/24 | 34,992 | |||||||||||||
| USD | 3,384,000 | JPY | 495,720,044 | 06/20/24 | 68,426 | |||||||||||||
| USD | 1,877,000 | KRW | 2,481,231,879 | 06/20/24 | 30,529 | |||||||||||||
| USD | 5,245,795 | NOK | 54,873,474 | 06/20/24 | 181,624 | |||||||||||||
| USD | 3,815,912 | NZD | 6,243,302 | 06/20/24 | 85,662 | |||||||||||||
| USD | 753,000 | PLN | 2,953,831 | 06/20/24 | 14,127 | |||||||||||||
| USD | 2,014,867 | SEK | 20,635,283 | 06/20/24 | 80,583 | |||||||||||||
| USD | 3,131,430 | SGD | 4,159,068 | 06/20/24 | 39,849 | |||||||||||||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||
|
|
||||||||||||||||||||
| MS & Co. Int. PLC (continued) |
USD | 1,502,300 | ZAR | 28,284,579 | 06/20/24 | $ | 18,885 | |||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | 1,054,283 | ||||||||||||||||||
|
|
||||||||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
|
|
||||||||||||||||||||
| MS & Co. Int. PLC |
AUD | 11,391,746 | USD | 7,495,170 | 06/20/24 | $ | (54,876 | ) | ||||||||||||
| BRL | 14,990,010 | USD | 3,004,027 | 04/02/24 | (15,870 | ) | ||||||||||||||
| CAD | 5,074,924 | USD | 3,762,000 | 06/20/24 | (11,051 | ) | ||||||||||||||
| CHF | 655,816 | USD | 753,000 | 06/20/24 | (19,251 | ) | ||||||||||||||
| CLP | 1,069,206,910 | USD | 1,128,338 | 06/21/24 | (39,317 | ) | ||||||||||||||
| CNH | 21,486,805 | USD | 3,000,000 | 06/20/24 | (30,210 | ) | ||||||||||||||
| CZK | 55,706,055 | USD | 2,403,751 | 06/20/24 | (28,379 | ) | ||||||||||||||
| EUR | 1,368,105 | JPY | 223,220,714 | 06/20/24 | (12,159 | ) | ||||||||||||||
| EUR | 2,749,965 | USD | 3,004,000 | 06/20/24 | (27,450 | ) | ||||||||||||||
| GBP | 2,246,365 | USD | 2,863,052 | 06/20/24 | (26,593 | ) | ||||||||||||||
| INR | 375,712,308 | USD | 4,522,184 | 06/20/24 | (27,748 | ) | ||||||||||||||
| JPY | 216,792,045 | USD | 1,479,670 | 05/07/24 | (39,312 | ) | ||||||||||||||
| JPY | 1,059,551,909 | USD | 7,235,858 | 06/20/24 | (149,148 | ) | ||||||||||||||
| KRW | 5,466,902,463 | USD | 4,143,015 | 06/20/24 | (74,684 | ) | ||||||||||||||
| NOK | 15,636,546 | USD | 1,511,157 | 06/20/24 | (68,089 | ) | ||||||||||||||
| NZD | 2,470,913 | AUD | 2,286,000 | 06/20/24 | (16,733 | ) | ||||||||||||||
| PLN | 11,236,542 | USD | 2,857,391 | 06/20/24 | (46,674 | ) | ||||||||||||||
| SEK | 15,657,716 | EUR | 1,379,000 | 06/20/24 | (24,920 | ) | ||||||||||||||
| SEK | 16,512,279 | USD | 1,620,208 | 06/20/24 | (72,401 | ) | ||||||||||||||
| USD | 356,580 | BRL | 1,792,208 | 04/02/24 | (685 | ) | ||||||||||||||
| USD | 4,930,533 | CAD | 6,679,224 | 06/20/24 | (6,178 | ) | ||||||||||||||
| USD | 1,501,851 | CHF | 1,349,514 | 06/20/24 | (8,030 | ) | ||||||||||||||
| USD | 663,749 | CLP | 653,142,171 | 06/21/24 | (1,497 | ) | ||||||||||||||
| USD | 1,129,000 | COP | 4,474,283,040 | 06/20/24 | (13,175 | ) | ||||||||||||||
| USD | 1,492,000 | GBP | 1,184,710 | 06/20/24 | (3,919 | ) | ||||||||||||||
| USD | 746,000 | HUF | 275,130,917 | 06/20/24 | (4,320 | ) | ||||||||||||||
| USD | 1,495,000 | INR | 125,086,202 | 06/20/24 | (1,336 | ) | ||||||||||||||
| USD | 1,560,051 | MXN | 26,520,000 | 06/20/24 | (14,936 | ) | ||||||||||||||
| USD | 18,310 | TRY | 664,193 | 06/20/24 | (377 | ) | ||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | (839,318 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024
|
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||
|
|
||||||||||||||||||
| Government National Mortgage Association |
4.500 | % | TBA - 30yr | 04/20/24 | $ | (3,000,000 | ) | $ | (2,882,426 | ) | ||||||||
| Government National Mortgage Association |
3.000 | TBA - 30yr | 04/20/24 | (4,000,000 | ) | (3,528,074 | ) | |||||||||||
| Government National Mortgage Association |
4.000 | TBA - 30yr | 04/20/24 | (1,000,000 | ) | (935,862 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 04/01/24 | (6,000,000 | ) | (6,128,907 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
6.000 | TBA - 30yr | 04/01/24 | (6,000,000 | ) | (6,056,953 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 05/01/24 | (6,000,000 | ) | (6,126,094 | ) | |||||||||||
|
|
||||||||||||||||||
| (PROCEEDS RECEIVED: $(25,685,586)) | $ | (25,658,316 | ) | |||||||||||||||
|
|
||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.K. Long Gilt |
1 | 06/26/24 | $ | 126,139 | $ 3,065 | |||||||||||
| 2 Year U.S. Treasury Notes |
2,385 | 06/28/24 | 487,695,237 | (262,672 | ) | |||||||||||
| 30 Year German Euro-Buxl |
4 | 06/06/24 | 586,031 | 10,286 | ||||||||||||
| 5 Year German Euro-Bund |
4 | 06/06/24 | 575,588 | 4,482 | ||||||||||||
| 5 Year U.S. Treasury Notes |
505 | 06/28/24 | 54,042,891 | 21,900 | ||||||||||||
| French 10 Year Government Bonds |
3 | 06/06/24 | 414,829 | 2,520 | ||||||||||||
|
|
||||||||||||||||
| Total | $(220,419 | ) | ||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
(172 | ) | 06/18/24 | (19,057,063 | ) | (66,890 | ) | |||||||||
| 2 Year German Euro-Schatz |
(202 | ) | 06/06/24 | (23,034,956 | ) | (2,820 | ) | |||||||||
| 20 Year U.S. Treasury Bonds |
(88 | ) | 06/18/24 | (10,598,500 | ) | (13,194 | ) | |||||||||
| 5 Year German Euro-Bobl |
(112 | ) | 06/06/24 | (14,288,288 | ) | (43,122 | ) | |||||||||
| Ultra 10-Year U.S. Treasury Note |
(192 | ) | 06/18/24 | (22,005,000 | ) | (149,271 | ) | |||||||||
| Ultra Long U.S. Treasury Bonds |
(36 | ) | 06/18/24 | (4,644,000 | ) | (1,006 | ) | |||||||||
|
|
||||||||||||||||
| Total | $(276,303 | ) | ||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $(496,722 | ) | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 12M EURO(b) |
3.883%(b) | 06/12/24 | EUR | 186,336 | $ | (3,518 | ) | $ | — | $ (3,518 | ) | |||||||||||
| 12M EURO(b) |
2.250(b) | 02/17/26 | 19,970 | (54,118 | ) | (5,223 | ) | (48,895 | ) | |||||||||||||
| 3.750%(b) |
12M SOFR(b) | 02/18/26 | $ | 17,140 | 59,940 | (1,757 | ) | 61,697 | ||||||||||||||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 3.750%(c) |
12M CDOR(c) | 02/21/26 | CAD | 29,360 | $ | 7,406 | $ | (4,071 | ) | $ 11,477 | ||||||||||||
| 3M AUDOR(d) |
3.750%(d) | 02/21/26 | AUD | 41,660 | 6,347 | (11,493 | ) | 17,840 | ||||||||||||||
| 3.750(d) |
3M AUDOR(d) | 02/28/26 | 40,240 | (7,793 | ) | 28,021 | (35,814 | ) | ||||||||||||||
| 3M NZDOR(d) |
4.500(c) | 02/28/26 | NZD | 36,230 | 32,161 | (32,742 | ) | 64,903 | ||||||||||||||
| 12M EURO(e) |
2.820(e) | 03/19/26 | EUR | 21,530 | (2,407 | ) | (10,664 | ) | 8,257 | |||||||||||||
| 1.000(e) |
12M CHFOR(e) | 06/19/26 | CHF | 90,110 | (8,732 | ) | 45,040 | (53,772 | ) | |||||||||||||
| 12M EURO(e) |
3.000(e) | 06/19/26 | EUR | 5,400 | 29,213 | 30,618 | (1,405 | ) | ||||||||||||||
| 3M STIBOR(d) |
3.250(e) | 06/19/26 | SEK | 682,560 | 271,749 | 424,035 | (152,286 | ) | ||||||||||||||
| 4.000(d) |
3M AUDOR(d) | 06/19/26 | AUD | 44,600 | (83,924 | ) | (81,500 | ) | (2,424 | ) | ||||||||||||
| 12M CDOR(c) |
4.250(c) | 06/19/26 | CAD | 67,650 | 235,351 | 249,075 | (13,724 | ) | ||||||||||||||
| 6M NIBOR(c) |
4.500(e) | 06/19/26 | NOK | 601,400 | 254,580 | 442,599 | (188,019 | ) | ||||||||||||||
| 4.000(e) |
12M SOFR(e) | 06/20/26 | $ | 5,250 | 35,218 | 40,776 | (5,558 | ) | ||||||||||||||
| 4.000(c) |
12M CDOR(c) | 06/28/26 | CAD | 4,163 | (1,186 | ) | 3,348 | (4,534 | ) | |||||||||||||
| 4.250(e) |
12M SOFR(e) | 06/28/26 | $ | 7,976 | 13,461 | 20,598 | (7,137 | ) | ||||||||||||||
| 3.000(e) |
6M EURO(c) | 06/28/26 | EUR | 1,832 | (2,220 | ) | 1,048 | (3,268 | ) | |||||||||||||
| 3M AUDOR(d) |
3.750(d) | 06/29/26 | AUD | 1,000 | (1,099 | ) | (2,417 | ) | 1,318 | |||||||||||||
| 12M SOFR(e) |
3.350(e) | 10/06/27 | $ | 102,530 | (582,093 | ) | (8,981 | ) | (573,112 | ) | ||||||||||||
| 6M EURO(c) |
3.000(e) | 10/20/27 | EUR | 18,640 | 226,917 | (361,334 | ) | 588,251 | ||||||||||||||
| 12M SOFR(e) |
3.730(e) | 11/28/27 | $ | 8,060 | 13,148 | 29,413 | (16,265 | ) | ||||||||||||||
| 12M EURO(e) |
2.673(e) | 04/22/28 | EUR | 42,460 | 579,072 | 93,663 | 485,409 | |||||||||||||||
| 2.852(e) |
3M EURO(d) | 04/22/28 | 42,460 | (610,432 | ) | (77,472 | ) | (532,960 | ) | |||||||||||||
| 3.975(e) |
12M SOFR(e) | 08/31/28 | $ | 53,470 | (5,091 | ) | (13,682 | ) | 8,591 | |||||||||||||
| 12M SOFR(e) |
3.696(e) | 09/22/28 | 70,430 | 167,757 | (180,741 | ) | 348,498 | |||||||||||||||
| 12M EURO(e) |
2.470(e) | 04/12/29 | EUR | 15,190 | 55,433 | (5,789 | ) | 61,222 | ||||||||||||||
| 3.500(c) |
12M CDOR(c) | 06/19/29 | CAD | 7,490 | (12,627 | ) | (47,488 | ) | 34,861 | |||||||||||||
| 1.250(e) |
12M CHFOR(e) | 06/19/29 | CHF | 7,590 | (90,967 | ) | (83,947 | ) | (7,020 | ) | ||||||||||||
| 0.500(e) |
12M JYOR(e) | 06/19/29 | JPY | 13,177,000 | 202,991 | 145,616 | 57,375 | |||||||||||||||
| 12M GBP(e) |
3.750(e) | 06/19/29 | GBP | 2,240 | 4,314 | (8,736 | ) | 13,050 | ||||||||||||||
| 6M NIBOR(c) |
4.000(e) | 06/19/29 | NOK | 172,750 | 140,983 | 128,257 | 12,726 | |||||||||||||||
| 6M AUDOR(c) |
4.250(c) | 06/19/29 | AUD | 8,400 | 70,103 | 59,006 | 11,097 | |||||||||||||||
| 12M SOFR(e) |
3.750(e) | 06/20/29 | $ | 20,770 | (139,448 | ) | (176,317 | ) | 36,869 | |||||||||||||
| 2.680(e) |
12M SOFR(e) | 07/28/32 | 20,480 | 751,798 | 13,394 | 738,404 | ||||||||||||||||
| 1.250(e) |
12M JYOR(e) | 08/03/33 | JPY | 1,665,000 | (74,500 | ) | (91,267 | ) | 16,767 | |||||||||||||
| 12M SOFR(e) |
4.306(e) | 10/05/33 | $ | 16,420 | 413,631 | (110,812 | ) | 524,443 | ||||||||||||||
| 6M EURO(c) |
3.000(e) | 11/10/33 | EUR | 22,390 | 544,590 | 88,339 | 456,251 | |||||||||||||||
| 12M SOFR(e) |
3.849(e) | 11/15/33 | $ | 18,000 | 63,069 | 17,089 | 45,980 | |||||||||||||||
| 12M EURO(e) |
2.370(e) | 01/19/34 | EUR | 27,100 | 192,197 | (24,587 | ) | 216,784 | ||||||||||||||
| 2.535(e) |
6M EURO(c) | 01/19/34 | 27,100 | (236,909 | ) | 27,197 | (264,106 | ) | ||||||||||||||
| 12M CHFOR(e) |
1.250(e) | 06/19/34 | CHF | 3,050 | 33,824 | 15,729 | 18,095 | |||||||||||||||
| 1.000(e) |
12M JYOR(e) | 06/19/34 | JPY | 678,000 | (52,710 | ) | (53,807 | ) | 1,097 | |||||||||||||
| 12M EURO(e) |
3.000(e) | 06/19/34 | EUR | 2,500 | 144,735 | 129,008 | 15,727 | |||||||||||||||
| 6M EURO(c) |
3.000(e) | 06/19/34 | 8,660 | 372,009 | 348,379 | 23,630 | ||||||||||||||||
| 12M CDOR(c) |
3.500(c) | 06/19/34 | CAD | 3,310 | 11,596 | 31,819 | (20,223 | ) | ||||||||||||||
| 12M GBP(e) |
3.750(e) | 06/19/34 | GBP | 390 | 5,279 | 2,484 | 2,795 | |||||||||||||||
| 2.750(e) |
3M STIBOR(d) | 06/19/34 | SEK | 59,160 | (64,476 | ) | (118,643 | ) | 54,167 | |||||||||||||
| 6M AUDOR(c) |
4.500(c) | 06/19/34 | AUD | 4,730 | 70,674 | 52,055 | 18,619 | |||||||||||||||
| 3M NZDOR(d) |
4.500(c) | 06/19/34 | NZD | 2,820 | 22,005 | 8,654 | 13,351 | |||||||||||||||
| 4.000(e) |
6M NIBOR(c) | 06/19/34 | NOK | 15,590 | (41,300 | ) | (34,809 | ) | (6,491 | ) | ||||||||||||
| 12M SOFR(e) |
3.750(e) | 06/20/34 | $ | 880 | (3,325 | ) | (788 | ) | (2,537 | ) | ||||||||||||
| 3.240(e) |
12M SOFR(e) | 10/06/35 | 23,540 | 775,690 | (269,002 | ) | 1,044,692 | |||||||||||||||
| 3.781(e) |
12M SOFR(e) | 09/22/36 | 15,880 | (138,178 | ) | 258,771 | (396,949 | ) | ||||||||||||||
| 12M SOFR(e) |
2.910(e) | 07/28/37 | 51,150 | (1,490,598 | ) | (393,355 | ) | (1,097,243 | ) | |||||||||||||
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024
|
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 6M EURO(c) |
2.152%(e) | 08/09/37 | EUR | 24,870 | $ | (500,736 | ) | $ | (1,409,065 | ) | $ | 908,329 | ||||||||||
| 12M SOFR(e) |
3.391(e) | 05/10/38 | $ | 56,800 | (776,661 | ) | (539,718 | ) | (236,943 | ) | ||||||||||||
| 12M JYOR(e) |
1.500(e) | 08/03/38 | JPY | 1,806,000 | (75,906 | ) | (137,051 | ) | 61,145 | |||||||||||||
| 6M EURO(c) |
3.000(e) | 01/25/39 | EUR | 11,520 | 156,911 | 38,732 | 118,179 | |||||||||||||||
| 1.451%(e) |
6M EURO(c) | 08/10/42 | 63,600 | 2,234,663 | 241,189 | 1,993,474 | ||||||||||||||||
| 2.500(e) |
6M EURO(c) | 01/25/44 | 27,550 | (206,121 | ) | (31,583 | ) | (174,538 | ) | |||||||||||||
| 2.080(e) |
12M SOFR(e) | 07/28/47 | $ | 51,020 | 1,445,026 | 495,590 | 949,436 | |||||||||||||||
| 6M EURO(c) |
1.051(e) | 08/11/47 | EUR | 37,230 | (1,058,062 | ) | (1,368,432 | ) | 310,370 | |||||||||||||
| 6M EURO(c) |
2.000(e) | 01/25/49 | 16,410 | 83,420 | (3,164 | ) | 86,584 | |||||||||||||||
| 2.564(e) |
12M SOFR(e) | 05/11/53 | $ | 47,970 | 995,977 | 298,189 | 697,788 | |||||||||||||||
| 2.000(e) |
6M EURO(c) | 05/17/53 | EUR | 5,550 | (11,004 | ) | (8,739 | ) | (2,265 | ) | ||||||||||||
| 2.500(e) |
6M EURO(c) | 11/10/53 | 12,030 | (628,526 | ) | (477,291 | ) | (151,235 | ) | |||||||||||||
| 3.613(e) |
12M SOFR(e) | 11/15/53 | $ | 10,690 | (241,853 | ) | (84,711 | ) | (157,142 | ) | ||||||||||||
| 3.512(e) |
12M SOFR(e) | 11/29/53 | 2,740 | (43,833 | ) | (40,996 | ) | (2,837 | ) | |||||||||||||
| 2.750(e) |
6M EURO(c) | 06/19/54 | EUR | 5,480 | (560,889 | ) | (431,686 | ) | (129,203 | ) | ||||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | 2,911,996 | $ | (2,936,129 | ) | $ | 5,848,125 | |||||||||||||||
|
|
||||||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b) | Payments made at maturity. |
| (c) | Payments made semi-annually. |
| (d) | Payments made quarterly. |
| (e) | Payments made annually. |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
| Reference Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread 2024(b) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
|
| ||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||
| CMBX.NA.AAA.16 |
0.500% | 0.714% | MS & Co. Int. PLC | 04/17/65 | $5,500 | $ | (75,914 | ) | $ | (104,207 | ) | $28,293 | ||||||||||||
| CMBX.NA.AAA.17 |
3.000 | 4.968 | MS & Co. Int. PLC | 12/15/56 | 3,100 | (371,588 | ) | (432,268 | ) | 60,680 | ||||||||||||||
|
| ||||||||||||||||||||||||
| TOTAL | $ | (447,502 | ) | $ | (536,475 | ) | $88,973 | |||||||||||||||||
|
| ||||||||||||||||||||||||
| (a) | Payments made monthly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
|
|
||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||
| AT&T, Inc., 3.800%, 02/15/27 |
1.000% | 0.482% | 06/20/26 | $ | 3,475 | $ | 39,238 | $ | 28,611 | $ 10,627 | ||||||||||||||
| AT&T, Inc., 3.800%, 02/15/27 |
1.000 | 0.433 | 12/20/25 | 10,000 | 97,545 | 36,930 | 60,615 | |||||||||||||||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| 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 March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| CDX.NA.IG Index 32 |
1.000% | 0.075% | 06/20/24 | $ | 225 | $ | 549 | $ | 186 | $ | 363 | |||||||||||||||||
| CDX.NA.IG Index 40 |
1.000 | 0.403 | 06/20/28 | 19,049 | 443,773 | 260,900 | 182,873 | |||||||||||||||||||||
| General Electric Co. 6.750%, 03/15/32 |
1.000 | 0.167 | 06/20/26 | 5,225 | 94,228 | 31,591 | 62,637 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL | $ | 675,333 | $ | 358,218 | $ | 317,115 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Payments made quarterly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Fund had the following purchased and written options:
OVER-THE-COUNTER INTEREST RATE SWAPTIONS
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contract |
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.550% | 04/22/2024 | 41,910,000 | $ | 41,910,000 | $ | 132,797 | $111,828 | $20,969 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contract | 41,910,000 | $ | 41,910,000 | $ | 132,797 | $111,828 | $20,969 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.723 | 04/22/2024 | (41,910,000 | ) | (41,910,000 | ) | (59,911 | ) | (69,893 | ) | 9,982 | ||||||||||||||||||
| 3M IRS |
Barclays Bank PLC | 4.896 | 04/22/2024 | (41,910,000 | ) | (41,910,000 | ) | (14,864 | ) | (41,935 | ) | 27,071 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts | (83,820,000 | ) | $ | (83,820,000 | ) | $ | (74,775 | ) | $(111,828 | ) | $37,053 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL | (41,910,000 | ) | $ | (41,910,000 | ) | $ | 58,022 | $ — | $58,022 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Schedule of Investments (continued)
March 31, 2024
|
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Currency Abbreviations: | ||
| AUD | —Australian Dollar | |
| BRL | —Brazil Real | |
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| CLP | —Chilean Peso | |
| CNH | —Chinese Yuan Renminbi Offshore | |
| COP | —Colombia Peso | |
| CZK | —Czech Republic Koruna | |
| EUR | —Euro | |
| GBP | —British Pound | |
| HUF | —Hungarian Forint | |
| INR | —Indian Rupee | |
| JPY | —Japanese Yen | |
| KRW | —South Korean Won | |
| MXN | —Mexican Peso | |
| NOK | —Norwegian Krone | |
| NZD | —New Zealand Dollar | |
| PLN | —Polish Zloty | |
| SEK | —Swedish Krona | |
| SGD | —Singapore Dollar | |
| TRY | —Turkish Lira | |
| USD | —U.S. Dollar | |
| ZAR | —South African Rand | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CLO | —Collateralized Loan Obligation | |
| CMT | —Constant Maturity Treasury Indexes | |
| EURIBOR | —Euro Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| PIK | —Payment in kind | |
| PLC | —Public Limited Company | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| SOFR | —Secured Overnight Financing Rate | |
| STACR | —Structured Agency Credit Risk | |
|
| ||
|
| ||
| Abbreviations: | ||
| 3M IRS | —3 Months Interest Rate Swaptions | |
| AUDOR | —Australian Dollar Offered Rate | |
| CDOR | —Canadian Dollar Offered Rate | |
| CDX.NA.IG Ind 32 | —CDX North America Investment Grade Index 32 | |
| CDX.NA.IG Ind 40 | —CDX North America Investment Grade Index 40 | |
| CHFOR | —Swiss Franc Offered Rate | |
| CMBX | —Commercial Mortgage Backed Securities Index | |
| EURO | —Euro Offered Rate | |
| JYOR | —Japanese Yen Offered Rate | |
| NIBOR | —Norwegian Interbank Offered Rate | |
| NZDOR | —New Zealand Dollar Offered Rate | |
| SOFR | —Secured Overnight Financing Rate | |
| STIBOR | —Stockholm Interbank Offered Rate | |
|
| ||
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – 34.5% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 0.2% |
| |||||||||||||||
| Sequential Fixed Rate – 0.2% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z |
| |||||||||||||||
| $ | 55,713 | 7.000 | %(a) | 07/15/27 | $ | 56,667 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z |
| |||||||||||||||
| 54,645 | 6.500 | (a) | 12/15/27 | 55,448 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| |||||||||||||||
| 38,889 | 6.500 | 02/15/36 | 40,138 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
| |||||||||||||||
| 220,177 | 5.000 | 02/15/34 | 218,868 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3530, Class DB |
| |||||||||||||||
| 5,482 | 4.000 | 05/15/24 | 5,465 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| |||||||||||||||
| 140,544 | 7.000 | 10/25/42 | 148,390 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| |||||||||||||||
| 499,490 | 7.000 | 07/25/42 | 537,013 | |||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 1,061,989 | |||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 34.3% |
| |||||||||||||||
| Adjustable Rate Federal Home Loan Mortgage Corp.(b) – 0.2% |
| |||||||||||||||
| (RFUCC 1 yr. Treasury + 1.840%) |
| |||||||||||||||
| $ | 111,768 | 5.624 | % | 11/01/34 | $ | 113,983 | ||||||||||
| (1 yr. CMT + 2.250%) |
| |||||||||||||||
| 239,555 | 5.710 | % | 06/01/35 | 242,137 | ||||||||||||
| (RFUCC 1 yr. Treasury + 2.330%) |
| |||||||||||||||
| 24,774 | 5.515 | % | 05/01/36 | 25,486 | ||||||||||||
| (RFUCC 6 mo. Treasury + 2.057%) |
| |||||||||||||||
| 11,570 | 7.557 | % | 10/01/36 | 11,789 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.783%) |
| |||||||||||||||
| 74,033 | 5.692 | % | 06/01/42 | 75,644 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.639%) |
| |||||||||||||||
| 576,196 | 5.835 | % | 11/01/44 | 587,199 | ||||||||||||
|
|
|
|||||||||||||||
| 1,056,238 | ||||||||||||||||
|
|
||||||||||||||||
| Adjustable Rate Federal National Mortgage Association – 0.5% |
| |||||||||||||||
| (11th District Cost of Funds - Consumer + 1.695%)(b) |
| |||||||||||||||
| 3,266 | 4.821 | % | 08/01/29 | 3,240 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.755%)(b) |
| |||||||||||||||
| 21,186 | 6.005 | % | 07/01/32 | 21,587 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.800%)(b) |
| |||||||||||||||
| 202,698 | 5.384 | % | 05/01/33 | 207,704 | ||||||||||||
| (RFUCC 6 mo. Treasury + 2.250%)(b) |
| |||||||||||||||
| 31,456 | 6.625 | % | 08/01/33 | 32,069 | ||||||||||||
| (11th District Cost of Funds - Consumer + 1.254%)(b) |
| |||||||||||||||
| 221,949 | 4.589 | % | 08/01/33 | 222,834 | ||||||||||||
| (1 yr. CMT + 2.286%)(b) |
| |||||||||||||||
| 92,760 | 6.426 | % | 02/01/34 | 93,655 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.695%)(b) |
| |||||||||||||||
| 4,657 | 5.445 | % | 05/01/34 | 4,772 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.720%)(b) |
| |||||||||||||||
| 192,158 | 4.711 | % | 05/01/34 | 195,445 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Adjustable Rate Federal National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 15,874 | 6.220 | % | 03/01/35 | $ | 16,137 | ||||||||||
| 29,695 | 5.095 | 04/01/35 | 30,503 | |||||||||||||
| (1 yr. CMT + 2.220%)(b) |
| |||||||||||||||
| 127,668 | 5.970 | % | 06/01/34 | 129,603 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.685%)(b) |
| |||||||||||||||
| 31,969 | 5.935 | % | 10/01/34 | 32,600 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.627%)(b) |
| |||||||||||||||
| 63,188 | 5.877 | % | 10/01/34 | 64,273 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.597%)(b) |
| |||||||||||||||
| 66,921 | 4.538 | % | 03/01/35 | 67,817 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.325%)(b) |
| |||||||||||||||
| 78,940 | 4.075 | % | 04/01/35 | 79,443 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.423%)(b) |
| |||||||||||||||
| 57,479 | 4.515 | % | 05/01/35 | 58,042 | ||||||||||||
| (1 yr. CMT + 2.095%)(b) |
| |||||||||||||||
| 47,112 | 6.143 | % | 10/01/35 | 47,604 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.733%)(b) |
| |||||||||||||||
| 159,043 | 6.077 | % | 03/01/36 | 161,852 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.950%)(b) |
| |||||||||||||||
| 358,033 | 4.950 | % | 04/01/36 | 366,528 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.980%)(b) |
| |||||||||||||||
| 89,091 | 6.229 | % | 06/01/36 | 91,653 | ||||||||||||
| (1 yr. MTA + 2.195%)(b) |
| |||||||||||||||
| 262,263 | 7.274 | % | 07/01/36 | 267,196 | ||||||||||||
| 56,216 | 6.185 | 11/01/36 | 57,591 | |||||||||||||
| (RFUCC 1 yr. Treasury + 1.712%)(b) |
| |||||||||||||||
| 268,697 | 5.766 | % | 07/01/37 | 275,226 | ||||||||||||
|
|
|
|||||||||||||||
| 2,527,374 | ||||||||||||||||
|
|
||||||||||||||||
|
Adjustable Rate Government National Mortgage Association – 0.3% |
| |||||||||||||||
| (1 yr. CMT + 1.500%)(b) |
| |||||||||||||||
| 50,985 | 3.875 | 05/20/34 | 50,555 | |||||||||||||
| 125,796 | 3.625 | 07/20/34 | 123,661 | |||||||||||||
| 118,158 | 3.625 | 08/20/34 | 116,166 | |||||||||||||
| 737,385 | 3.625 | 09/20/34 | 724,965 | |||||||||||||
| 105,086 | 3.750 | 10/20/34 | 103,023 | |||||||||||||
| 114,479 | 3.750 | 12/20/34 | 112,245 | |||||||||||||
|
|
|
|||||||||||||||
| 1,230,615 | ||||||||||||||||
|
|
||||||||||||||||
| Federal Home Loan Mortgage Corp. – 0.5% |
| |||||||||||||||
| 3,491 | 7.500 | 01/01/31 | 3,664 | |||||||||||||
| 11,471 | 4.500 | 07/01/33 | 11,309 | |||||||||||||
| 319,602 | 4.500 | 08/01/33 | 315,095 | |||||||||||||
| 639,314 | 4.500 | 09/01/33 | 630,297 | |||||||||||||
| 55,223 | 4.500 | 10/01/33 | 54,444 | |||||||||||||
| 1,732 | 4.500 | 04/01/34 | 1,708 | |||||||||||||
| 1,367 | 4.500 | 04/01/35 | 1,352 | |||||||||||||
| 1,087 | 4.500 | 07/01/35 | 1,075 | |||||||||||||
| 2,457 | 4.500 | 08/01/35 | 2,430 | |||||||||||||
| 11,197 | 4.500 | 09/01/35 | 11,065 | |||||||||||||
| 3,293 | 4.500 | 10/01/35 | 3,258 | |||||||||||||
| 582 | 4.500 | 12/01/35 | 574 | |||||||||||||
| 457 | 4.500 | 05/01/36 | 452 | |||||||||||||
| 41,439 | 4.500 | 01/01/38 | 40,981 | |||||||||||||
| 575 | 4.500 | 04/01/38 | 565 | |||||||||||||
| 309 | 4.500 | 05/01/38 | 304 | |||||||||||||
| 2,655 | 4.500 | 06/01/38 | 2,625 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. – (continued) |
| |||||||||||||||
| $ | 67,212 | 4.500 | % | 09/01/38 | $ | 66,178 | ||||||||||
| 1,414 | 4.500 | 01/01/39 | 1,390 | |||||||||||||
| 34,669 | 4.500 | 02/01/39 | 34,066 | |||||||||||||
| 18,416 | 4.500 | 03/01/39 | 18,092 | |||||||||||||
| 3,673 | 4.500 | 04/01/39 | 3,608 | |||||||||||||
| 95,555 | 4.500 | 05/01/39 | 93,877 | |||||||||||||
| 302,993 | 4.500 | 06/01/39 | 297,667 | |||||||||||||
| 11,302 | 4.500 | 07/01/39 | 11,104 | |||||||||||||
| 13,567 | 4.500 | 08/01/39 | 13,329 | |||||||||||||
| 18,583 | 4.500 | 09/01/39 | 18,256 | |||||||||||||
| 3,462 | 4.500 | 10/01/39 | 3,401 | |||||||||||||
| 6,411 | 4.500 | 11/01/39 | 6,298 | |||||||||||||
| 7,272 | 4.500 | 12/01/39 | 7,144 | |||||||||||||
| 11,963 | 4.500 | 01/01/40 | 11,753 | |||||||||||||
| 2,974 | 4.500 | 02/01/40 | 2,920 | |||||||||||||
| 8,796 | 4.500 | 04/01/40 | 8,635 | |||||||||||||
| 13,143 | 4.500 | 05/01/40 | 12,902 | |||||||||||||
| 16,744 | 4.500 | 06/01/40 | 16,435 | |||||||||||||
| 11,476 | 4.500 | 07/01/40 | 11,264 | |||||||||||||
| 11,934 | 4.500 | 08/01/40 | 11,715 | |||||||||||||
| 7,295 | 4.500 | 09/01/40 | 7,160 | |||||||||||||
| 3,281 | 4.500 | 10/01/40 | 3,220 | |||||||||||||
| 3,993 | 4.500 | 02/01/41 | 3,915 | |||||||||||||
| 11,789 | 4.500 | 03/01/41 | 11,559 | |||||||||||||
| 22,648 | 4.500 | 04/01/41 | 22,205 | |||||||||||||
| 24,271 | 4.500 | 05/01/41 | 23,798 | |||||||||||||
| 41,878 | 4.500 | 06/01/41 | 41,061 | |||||||||||||
| 4,035 | 4.500 | 07/01/41 | 3,957 | |||||||||||||
| 118,451 | 4.500 | 08/01/41 | 116,144 | |||||||||||||
| 127,615 | 4.500 | 09/01/41 | 125,259 | |||||||||||||
| 7,758 | 4.500 | 12/01/41 | 7,606 | |||||||||||||
| 102,449 | 4.500 | 03/01/42 | 100,449 | |||||||||||||
|
|
|
|||||||||||||||
| 2,197,565 | ||||||||||||||||
|
|
||||||||||||||||
| Federal National Mortgage Association – 0.0% |
| |||||||||||||||
| 81,119 | 7.500 | 10/01/37 | 85,406 | |||||||||||||
|
|
||||||||||||||||
| Government National Mortgage Association – 15.3% |
| |||||||||||||||
| 929 | 6.500 | 01/15/32 | 949 | |||||||||||||
| 2,917 | 6.500 | 02/15/32 | 3,000 | |||||||||||||
| 2,306 | 6.500 | 08/15/34 | 2,406 | |||||||||||||
| 7,998 | 6.500 | 05/15/35 | 8,260 | |||||||||||||
| 2,108 | 6.500 | 06/15/35 | 2,168 | |||||||||||||
| 6,246 | 6.500 | 07/15/35 | 6,453 | |||||||||||||
| 2,356 | 6.500 | 08/15/35 | 2,435 | |||||||||||||
| 4,738 | 6.500 | 09/15/35 | 4,903 | |||||||||||||
| 7,995 | 6.500 | 11/15/35 | 8,287 | |||||||||||||
| 5,222 | 6.500 | 12/15/35 | 5,404 | |||||||||||||
| 14,128 | 6.500 | 01/15/36 | 14,590 | |||||||||||||
| 15,976 | 6.500 | 02/15/36 | 16,538 | |||||||||||||
| 9,000 | 6.500 | 03/15/36 | 9,296 | |||||||||||||
| 28,633 | 6.500 | 04/15/36 | 29,751 | |||||||||||||
| 38,576 | 6.500 | 05/15/36 | 39,933 | |||||||||||||
| 30,849 | 6.500 | 06/15/36 | 31,882 | |||||||||||||
| 104,610 | 6.500 | 07/15/36 | 109,223 | |||||||||||||
| 108,264 | 6.500 | 08/15/36 | 113,057 | |||||||||||||
| 235,209 | 6.500 | 09/15/36 | 245,907 | |||||||||||||
| 87,105 | 6.500 | 10/15/36 | 90,787 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 120,649 | 6.500 | % | 11/15/36 | $ | 127,013 | ||||||||||
| 46,080 | 6.500 | 12/15/36 | 47,922 | |||||||||||||
| 21,897 | 6.500 | 01/15/37 | 22,717 | |||||||||||||
| 13,091 | 6.500 | 02/15/37 | 13,619 | |||||||||||||
| 8,352 | 6.500 | 03/15/37 | 8,665 | |||||||||||||
| 12,156 | 6.500 | 04/15/37 | 12,641 | |||||||||||||
| 4,554 | 6.500 | 05/15/37 | 4,808 | |||||||||||||
| 22,665 | 6.500 | 09/15/37 | 23,579 | |||||||||||||
| 33,429 | 6.500 | 10/15/37 | 35,965 | |||||||||||||
| 15,328 | 6.500 | 11/15/37 | 15,967 | |||||||||||||
| 12,210 | 6.500 | 05/15/38 | 12,724 | |||||||||||||
| 30,866 | 6.000 | 11/15/38 | 31,814 | |||||||||||||
| 2,161 | 6.500 | 01/15/39 | 2,215 | |||||||||||||
| 3,516 | 6.500 | 02/15/39 | 3,625 | |||||||||||||
| 2,134,912 | 4.500 | 08/20/47 | 2,086,729 | |||||||||||||
| 46,770 | 4.500 | 02/20/48 | 45,686 | |||||||||||||
| 111,764 | 4.500 | 05/20/48 | 108,822 | |||||||||||||
| 574,312 | 4.500 | 09/20/48 | 558,478 | |||||||||||||
| 4,202,556 | 5.000 | 09/20/48 | 4,179,966 | |||||||||||||
| 159,386 | 5.000 | 10/20/48 | 158,330 | |||||||||||||
| 3,297 | 5.000 | 11/20/48 | 3,275 | |||||||||||||
| 1,562,607 | 4.500 | 12/20/48 | 1,517,574 | |||||||||||||
| 3,613,167 | 5.000 | 12/20/48 | 3,589,229 | |||||||||||||
| 315,376 | 4.500 | 01/20/49 | 306,189 | |||||||||||||
| 1,858,010 | 5.000 | 01/20/49 | 1,845,119 | |||||||||||||
| 27,103 | 5.000 | 03/20/49 | 26,923 | |||||||||||||
| 956,282 | 4.000 | 04/20/49 | 903,967 | |||||||||||||
| 11,797 | 5.000 | 05/20/49 | 11,719 | |||||||||||||
| 447,855 | 5.000 | 06/20/49 | 444,888 | |||||||||||||
| 64,052 | 5.000 | 11/20/49 | 63,828 | |||||||||||||
| 686,215 | 5.000 | 12/20/49 | 684,463 | |||||||||||||
| 190,817 | 5.000 | 07/20/50 | 190,943 | |||||||||||||
| 518,491 | 4.000 | 01/20/51 | 487,412 | |||||||||||||
| 441,880 | 2.500 | 09/20/51 | 371,392 | |||||||||||||
| 878,404 | 2.500 | 10/20/51 | 738,832 | |||||||||||||
| 4,024,558 | 3.000 | 11/20/51 | 3,552,707 | |||||||||||||
| 551,598 | 2.500 | 11/20/51 | 463,953 | |||||||||||||
| 5,735,920 | 3.000 | 12/20/51 | 5,061,632 | |||||||||||||
| 1,219,645 | 2.500 | 12/20/51 | 1,028,111 | |||||||||||||
| 2,773,132 | 4.500 | 09/20/52 | 2,664,552 | |||||||||||||
| 3,288,221 | 4.500 | 10/20/52 | 3,159,473 | |||||||||||||
| 2,993,342 | 7.000 | 01/20/54 | 3,057,607 | |||||||||||||
| 3,000,000 | 2.000 | TBA-30yr(c) | 2,457,961 | |||||||||||||
| 18,000,000 | 4.500 | TBA-30yr(c) | 17,294,557 | |||||||||||||
| 1,000,000 | 2.500 | TBA-30yr(c) | 851,671 | |||||||||||||
| 5,000,000 | 3.000 | TBA-30yr(c) | 4,410,093 | |||||||||||||
| 7,000,000 | 5.500 | TBA-30yr(c) | 6,995,879 | |||||||||||||
| 3,000,000 | 6.000 | TBA-30yr(c) | 3,026,862 | |||||||||||||
|
|
|
|||||||||||||||
| 73,457,325 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 17.5% |
| |||||||||||||||
| 131,137 | 4.500 | 11/01/36 | 128,415 | |||||||||||||
| 40,468 | 4.500 | 02/01/39 | 39,715 | |||||||||||||
| 54,222 | 4.500 | 04/01/39 | 53,202 | |||||||||||||
| 2,802 | 4.500 | 08/01/39 | 2,743 | |||||||||||||
| 156,815 | 4.500 | 08/01/41 | 153,415 | |||||||||||||
| 96,209 | 4.500 | 10/01/41 | 94,213 | |||||||||||||
| 2,873,824 | 4.000 | 12/01/44 | 2,740,093 | |||||||||||||
|
|
||||||||||||||||
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 5,380,203 | 4.000 | % | 08/01/45 | $ | 5,104,614 | ||||||||||
| 324,732 | 4.500 | 06/01/48 | 313,855 | |||||||||||||
| 2,217,218 | 4.500 | 07/01/48 | 2,142,949 | |||||||||||||
| 573,014 | 4.500 | 08/01/48 | 553,821 | |||||||||||||
| 163,781 | 4.500 | 09/01/48 | 158,142 | |||||||||||||
| 2,532,755 | 4.500 | 10/01/48 | 2,461,511 | |||||||||||||
| 1,147,075 | 4.500 | 01/01/49 | 1,107,512 | |||||||||||||
| 1,590,985 | 4.000 | 01/01/49 | 1,500,553 | |||||||||||||
| 263,028 | 4.500 | 03/01/49 | 253,889 | |||||||||||||
| 137,149 | 5.000 | 07/01/49 | 136,098 | |||||||||||||
| 400,561 | 4.000 | 03/01/50 | 376,791 | |||||||||||||
| 501,677 | 4.500 | 05/01/50 | 481,559 | |||||||||||||
| 2,820,260 | 2.000 | 10/01/50 | 2,250,246 | |||||||||||||
| 2,821,159 | 2.000 | 11/01/50 | 2,253,690 | |||||||||||||
| 11,045,985 | 2.500 | 02/01/51 | 9,192,549 | |||||||||||||
| 14,638,269 | 2.000 | 05/01/51 | 11,638,566 | |||||||||||||
| 13,540,927 | 4.500 | 06/01/52 | 13,040,795 | |||||||||||||
| 3,639,275 | 5.500 | 09/01/52 | 3,665,773 | |||||||||||||
| 3,542,466 | 6.000 | 11/01/52 | 3,641,790 | |||||||||||||
| 1,771,106 | 6.000 | 12/01/52 | 1,811,540 | |||||||||||||
| 894,412 | 6.000 | 01/01/53 | 910,080 | |||||||||||||
| 1,775,336 | 5.500 | 04/01/53 | 1,773,283 | |||||||||||||
| 980,959 | 6.500 | 12/01/53 | 1,018,632 | |||||||||||||
| 2,000,000 | 2.000 | TBA-30yr(c) | 1,582,293 | |||||||||||||
| 3,000,000 | 5.500 | TBA-30yr(c) | 2,985,586 | |||||||||||||
| 1,000,000 | 6.500 | TBA-30yr(c) | 1,021,484 | |||||||||||||
| 9,000,000 | 6.000 | TBA-30yr(c) | 9,085,430 | |||||||||||||
|
|
|
|||||||||||||||
| 83,674,827 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES | $ | 164,229,350 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $172,587,146) |
$ | 165,291,339 | ||||||||||||||
|
|
||||||||||||||||
| Agency Debentures – 16.5% |
| |||||||||||||||
| Sovereign – 16.5% |
| |||||||||||||||
| Federal Home Loan Banks |
| |||||||||||||||
| $ | 13,950,000 | 3.500 | % | 06/11/32 | $ | 12,928,860 | ||||||||||
| Federal National Mortgage Association |
| |||||||||||||||
| 16,080,000 | 7.125 | 01/15/30 | 18,393,912 | |||||||||||||
| Tennessee Valley Authority |
| |||||||||||||||
| 49,850,000 | 0.750 | 05/15/25 | 47,548,924 | |||||||||||||
|
|
||||||||||||||||
| TOTAL AGENCY DEBENTURES (Cost $83,639,502) |
$ | 78,871,696 | ||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations – 57.5% |
| |||||||||||||||
| U.S. Treasury Bills(d) |
| |||||||||||||||
| $ | 3,946,000 | 0.000 | % | 04/23/24 | $ | 3,933,317 | ||||||||||
| 8,064,500 | 0.000 | 06/20/24 | 7,971,207 | |||||||||||||
| 8,094,600 | 0.000 | 07/16/24 | 7,970,391 | |||||||||||||
| 8,168,500 | 0.000 | 09/19/24 | 7,969,921 | |||||||||||||
| U.S. Treasury Bonds |
| |||||||||||||||
| 410,000 | 3.375 | 05/15/44 | 349,909 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – (continued) |
| |||||||||||||||
| $ | 10,000 | 3.000 | % | 11/15/45 | $ | 7,941 | ||||||||||
| 200,000 | 2.875 | 11/15/46 | 154,125 | |||||||||||||
| 59,500 | 4.000 | 11/15/52 | 55,976 | |||||||||||||
| U.S. Treasury Inflation-Indexed Bonds |
| |||||||||||||||
| 1,856,892 | 1.500 | 02/15/53 | 1,623,588 | |||||||||||||
| 371,902 | 2.125 | 02/15/54 | 376,604 | |||||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| 4,965,000 | 4.375 | (e) | 10/31/24 | 4,939,593 | ||||||||||||
| 32,950,000 | 3.875 | 03/31/25 | 32,579,313 | |||||||||||||
| 23,140,000 | 2.625 | 04/15/25 | 22,585,002 | |||||||||||||
| 20,870,000 | 3.875 | 04/30/25 | 20,622,169 | |||||||||||||
| 31,947,300 | 2.750 | 05/15/25 | 31,172,328 | |||||||||||||
| 22,230,000 | 0.250 | 10/31/25 | 20,706,029 | |||||||||||||
| 11,750,000 | 0.375 | 11/30/25 | 10,931,172 | |||||||||||||
| 6,942,000 | 0.750 | 03/31/26 | 6,433,282 | |||||||||||||
| 11,760,000 | 0.750 | 05/31/26 | 10,834,819 | |||||||||||||
| 9,960,000 | 0.625 | 07/31/26 | 9,101,728 | |||||||||||||
| 4,200,000 | 1.375 | 08/31/26 | 3,899,109 | |||||||||||||
| 5,940,000 | 1.125 | 10/31/26 | 5,456,447 | |||||||||||||
| 12,630,000 | 2.250 | 11/15/27 | 11,748,860 | |||||||||||||
| 11,010,000 | 1.125 | 02/29/28 | 9,754,172 | |||||||||||||
| 11,340,000 | 1.250 | 03/31/28 | 10,077,539 | |||||||||||||
| 11,090,000 | 1.250 | 04/30/28 | 9,834,577 | |||||||||||||
| 5,680,000 | 1.250 | 05/31/28 | 5,025,913 | |||||||||||||
| 2,210,000 | 1.750 | 01/31/29 | 1,971,389 | |||||||||||||
| 5,630,000 | 2.625 | 02/15/29 | 5,231,502 | |||||||||||||
| 4,850,000 | 4.125 | 03/31/29 | 4,830,569 | |||||||||||||
| 4,910,000 | 3.500 | 04/30/30 | 4,719,354 | |||||||||||||
| 2,410,000 | 4.125 | 03/31/31 | 2,397,510 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $281,544,637) |
$ | 275,265,355 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(f) –1.1% | ||||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 5,261,845 | 5.211% | $ | 5,261,845 | |||||||||||||
| (Cost $5,261,845) | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 109.6% (Cost $543,033,130) |
$ | 524,690,235 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER |
(45,864,292 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 478,825,943 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. |
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| (c) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $49,711,816 which represents approximately 10.3% of net assets as of March 31, 2024. | |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (e) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. | |
| (f) | Represents an Affiliated Issuer. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||
|
|
||||||||||||||||||||
| Uniform Mortgage-Backed Security |
4.500% | TBA - 30yr | 04/11/24 | $ | (21,000,000 | ) | $ | (19,996,759 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
2.500 | TBA - 30yr | 04/11/24 | (7,000,000 | ) | (5,786,211 | ) | |||||||||||||
| Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 04/11/24 | (9,000,000 | ) | (8,334,140 | ) | |||||||||||||
|
|
||||||||||||||||||||
| (PROCEEDS RECEIVED: $(34,233,906)) | $ | (34,117,110 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 2 Year U.S. Treasury Notes |
1,149 | 06/28/24 | $ | 234,952,548 | $(136,797 | ) | ||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
(293) | 06/18/24 | (32,463,484 | ) | (131,993 | ) | ||||||||||
| 20 Year U.S. Treasury Bonds |
(126) | 06/18/24 | (15,175,125 | ) | (187,228 | ) | ||||||||||
| 5 Year U.S. Treasury Notes |
(335) | 06/28/24 | (35,850,234 | ) | (64,511 | ) | ||||||||||
| Ultra 10-Year U.S. Treasury Note |
(279) | 06/18/24 | (31,976,016 | ) | (202,318 | ) | ||||||||||
| Ultra Long U.S. Treasury Bonds |
(91) | 06/18/24 | (11,739,000 | ) | (154,086 | ) | ||||||||||
|
|
||||||||||||||||
| Total | $(740,136 | ) | ||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $(876,933 | ) | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund(a) |
Termination Date |
Notional Amount (000s)(b) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized |
||||||||||||||
|
|
||||||||||||||||||||
| 12M SOFR |
3.730% | 11/28/27 | $ | 2,560 | $ | 4,176 | $ | 9,342 | $ | (5,166 | ) | |||||||||
| 3.975% |
12M SOFR | 08/31/28 | 17,170 | (1,634 | ) | (4,393 | ) | 2,759 | ||||||||||||
| 2.680 |
12M SOFR | 07/28/32 | 7,390 | 271,279 | 100,850 | 170,429 | ||||||||||||||
| 12M SOFR |
4.306 | 10/05/33 | 5,220 | 131,495 | (35,914 | ) | 167,409 | |||||||||||||
| 12M SOFR |
3.849 | 11/15/33 | 5,820 | 20,392 | 5,525 | 14,867 | ||||||||||||||
| 12M SOFR |
2.910 | 07/28/37 | 18,070 | (526,590 | ) | (245,526 | ) | (281,064 | ) | |||||||||||
| 12M SOFR |
3.391 | 05/10/38 | 18,060 | (246,946 | ) | (177,011 | ) | (69,935 | ) | |||||||||||
| 2.080 |
12M SOFR | 07/28/47 | 17,930 | 507,827 | 292,032 | 215,795 | ||||||||||||||
| 2.564 |
12M SOFR | 05/11/53 | 15,290 | 317,458 | 118,830 | 198,628 | ||||||||||||||
| 3.613 |
12M SOFR | 11/15/53 | 3,400 | (76,923 | ) | (26,550 | ) | (50,373 | ) | |||||||||||
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund | Payments Received by Fund(a) |
Termination Date |
Notional Amount (000s)(b) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||
|
|
||||||||||||||||||||
| 3.512% |
12M SOFR | 11/29/53 | $ | 870 | $ | (13,918 | ) | $ | (16,897 | ) | $ | 2,979 | ||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | 386,616 | $ | 20,288 | $ | 366,328 | ||||||||||||||
|
|
||||||||||||||||||||
| (a) | Payments made annually. |
| (b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
|
| ||
| Currency Abbreviations: | ||
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| MTA | —Monthly Treasury Average | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |
|
| ||
|
| ||
| Abbreviation: | ||
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 57.8% |
| |||||||||||||||
| Agriculture(a) – 0.2% |
| |||||||||||||||
| BAT Capital Corp. |
| |||||||||||||||
| $ | 3,286,000 | 3.222 | % | 08/15/24 | $ | 3,253,074 | ||||||||||
|
|
||||||||||||||||
| Automotive – 5.2% |
| |||||||||||||||
| American Honda Finance Corp. (b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.600%) |
| |||||||||||||||
| 8,993,000 | 5.953 | 08/14/25 | 9,004,781 | |||||||||||||
| (Secured Overnight Financing Rate + 0.710%) |
| |||||||||||||||
| 4,730,000 | 6.057 | 01/09/26 | 4,739,460 | |||||||||||||
| (Secured Overnight Financing Rate + 0.790%) |
| |||||||||||||||
| 4,839,000 | 6.143 | 10/03/25 | 4,856,130 | |||||||||||||
| BMW U.S. Capital LLC (b)(c) (Secured Overnight Financing Rate + 0.550%) |
| |||||||||||||||
| 4,948,000 | 5.916 | 04/02/26 | 4,950,721 | |||||||||||||
| Daimler Truck Finance North America LLC (c) |
| |||||||||||||||
| 6,812,000 | 5.600 | 08/08/25 | 6,819,084 | |||||||||||||
| General Motors Co. (a) |
| |||||||||||||||
| 5,547,000 | 6.125 | 10/01/25 | 5,595,092 | |||||||||||||
| Hyundai Capital America (c) |
| |||||||||||||||
| 4,435,000 | 5.800 | 06/26/25 | 4,442,451 | |||||||||||||
| 12,467,000 | 6.250 | 11/03/25 | 12,602,392 | |||||||||||||
| (Secured Overnight Financing Rate + 1.500%) |
| |||||||||||||||
| 13,476,000 | 6.847 | (b) | 01/08/27 | 13,661,699 | ||||||||||||
| Mercedes-Benz Finance North America LLC (c) |
| |||||||||||||||
| 4,972,000 | 4.900 | 01/09/26 | 4,959,421 | |||||||||||||
| (Secured Overnight Financing Rate + 0.670%) |
| |||||||||||||||
| 4,649,000 | 6.016 | (b) | 01/09/26 | 4,655,137 | ||||||||||||
| Toyota Motor Credit Corp. (b) (Secured Overnight Financing Rate + 0.650%) |
| |||||||||||||||
| 7,322,000 | 5.998 | 01/05/26 | 7,348,213 | |||||||||||||
| Volkswagen Group of America Finance LLC (c) |
| |||||||||||||||
| 3,595,000 | 3.350 | 05/13/25 | 3,509,511 | |||||||||||||
| 6,163,000 | 5.400 | 03/20/26 | 6,165,219 | |||||||||||||
| (Secured Overnight Financing Rate + 0.830%) |
| |||||||||||||||
| 9,796,000 | 6.193 | (b) | 03/20/26 | 9,803,445 | ||||||||||||
|
|
|
|||||||||||||||
| 103,112,756 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 40.7% |
| |||||||||||||||
| Banco Santander SA |
| |||||||||||||||
| 2,600,000 | 3.892 | 05/24/24 | 2,593,500 | |||||||||||||
| (1 yr. CMT + 0.450%) |
| |||||||||||||||
| 8,000,000 | 5.742 | (a)(b) | 06/30/24 | 7,997,600 | ||||||||||||
| (Secured Overnight Financing Rate + 1.240%) |
| |||||||||||||||
| 16,200,000 | 6.596 | (b) | 05/24/24 | 16,222,842 | ||||||||||||
| Bank of America Corp. (a)(b) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 1.072%) |
| |||||||||||||||
| 3,982,000 | 3.366 | 01/23/26 | 3,908,572 | |||||||||||||
| (3 mo. USD Term SOFR + 1.132%) |
| |||||||||||||||
| 6,295,000 | 2.456 | 10/22/25 | 6,183,327 | |||||||||||||
| (3 mo. USD Term SOFR + 1.352%) |
| |||||||||||||||
| 8,555,000 | 3.093 | 10/01/25 | 8,442,758 | |||||||||||||
| (Secured Overnight Financing Rate + 0.650%) |
| |||||||||||||||
| 13,200,000 | 1.530 | 12/06/25 | 12,830,004 | |||||||||||||
| (Secured Overnight Financing Rate + 0.690%) |
| |||||||||||||||
| 7,289,000 | 0.976 | 04/22/25 | 7,267,279 | |||||||||||||
| (Secured Overnight Financing Rate + 1.100%) |
| |||||||||||||||
| 1,810,000 | 6.452 | 04/25/25 | 1,809,783 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| Bank of America NA (a)(b) (Secured Overnight Financing Rate + 1.020%) |
| |||||||||||||||
| $ | 8,020,000 | 6.376 | % | 08/18/26 | $ | 8,104,290 | ||||||||||
| Bank of Montreal |
| |||||||||||||||
| 5,883,000 | 5.920 | 09/25/25 | 5,943,536 | |||||||||||||
| (Secured Overnight Financing Rate + 0.950%) |
| |||||||||||||||
| 4,939,000 | 6.315 | (b) | 09/25/25 | 4,969,424 | ||||||||||||
| (Secured Overnight Financing Rate + 1.160%) |
| |||||||||||||||
| 9,755,000 | 6.521 | (b) | 12/11/26 | 9,852,550 | ||||||||||||
| Bank of Nova Scotia |
| |||||||||||||||
| 5,973,000 | 0.700 | 04/15/24 | 5,962,189 | |||||||||||||
| 22,263,000 | 5.450 | 06/12/25 | 22,281,478 | |||||||||||||
| (Secured Overnight Financing Rate + 0.900%) |
| |||||||||||||||
| 491,000 | 6.248 | (b) | 04/11/25 | 493,273 | ||||||||||||
| Banque Federative du Credit Mutuel SA (c) |
| |||||||||||||||
| 6,113,000 | 4.524 | 07/13/25 | 6,053,704 | |||||||||||||
| (Secured Overnight Financing Rate + 0.410%) |
| |||||||||||||||
| 4,984,000 | 5.763 | (b) | 02/04/25 | 4,983,751 | ||||||||||||
| (Secured Overnight Financing Rate + 1.130%) |
| |||||||||||||||
| 9,494,000 | 6.481 | (b) | 01/23/27 | 9,575,079 | ||||||||||||
| Barclays Bank PLC (b) (Secured Overnight Financing Rate + 0.200%) |
| |||||||||||||||
| 5,986,000 | 5.530 | 09/09/24 | 5,992,704 | |||||||||||||
| BPCE SA (c) |
| |||||||||||||||
| 2,621,000 | 1.000 | 01/20/26 | 2,430,427 | |||||||||||||
| 9,369,000 | 5.100 | 01/26/26 | 9,298,358 | |||||||||||||
| (Secured Overnight Financing Rate + 0.960%) |
| |||||||||||||||
| 8,995,000 | 6.323 | (b) | 09/25/25 | 9,050,409 | ||||||||||||
| Canadian Imperial Bank of Commerce (b) (Secured Overnight |
| |||||||||||||||
| Financing Rate + 1.220%) |
| |||||||||||||||
| 12,651,000 | 6.586 | 10/02/26 | 12,781,685 | |||||||||||||
| Citibank NA (a)(b) (Secured Overnight Financing Rate + 1.060%) |
| |||||||||||||||
| 9,176,000 | 6.420 | 12/04/26 | 9,283,451 | |||||||||||||
| Citigroup, Inc. (a)(b) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 1.158%) |
| |||||||||||||||
| 19,114,000 | 3.352 | 04/24/25 | 19,080,933 | |||||||||||||
| (Secured Overnight Financing Rate + 0.694%) |
| |||||||||||||||
| 4,117,000 | 2.014 | 01/25/26 | 3,991,143 | |||||||||||||
| (Secured Overnight Financing Rate + 0.694%) |
| |||||||||||||||
| 5,000,000 | 6.045 | 01/25/26 | 5,000,900 | |||||||||||||
| (Secured Overnight Financing Rate + 1.528%) |
| |||||||||||||||
| 4,350,000 | 6.891 | 03/17/26 | 4,381,494 | |||||||||||||
| Cooperatieve Rabobank UA |
| |||||||||||||||
| 3,007,000 | 5.500 | 07/18/25 | 3,018,096 | |||||||||||||
| (Secured Overnight Financing Rate + 0.900%) |
| |||||||||||||||
| 3,844,000 | 6.248 | (b) | 10/05/26 | 3,871,792 | ||||||||||||
| Credit Agricole SA (b)(c) (Secured Overnight Financing Rate + 0.870%) |
| |||||||||||||||
| 11,500,000 | 6.231 | 03/11/27 | 11,525,990 | |||||||||||||
| Credit Suisse AG |
| |||||||||||||||
| 10,297,000 | 3.625 | 09/09/24 | 10,200,002 | |||||||||||||
| 13,105,000 | 7.950 | 01/09/25 | 13,321,101 | |||||||||||||
| Deutsche Bank AG |
| |||||||||||||||
| 2,032,000 | 4.162 | 05/13/25 | 2,002,373 | |||||||||||||
| DNB Bank ASA (a)(b)(c) (1 yr. CMT + 0.330%) |
| |||||||||||||||
| 8,616,000 | 0.856 | 09/30/25 | 8,404,994 | |||||||||||||
| Federation des Caisses Desjardins du Quebec (c) |
| |||||||||||||||
| 1,126,000 | 0.700 | 05/21/24 | 1,118,445 | |||||||||||||
|
|
||||||||||||||||
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| $ | 18,117,000 | 4.400 | % | 08/23/25 | $ | 17,892,893 | ||||||||||
| (Secured Overnight Financing Rate + 1.094%) |
| |||||||||||||||
| 500,000 | 5.278 | (a)(b) | 01/23/26 | 497,655 | ||||||||||||
| HSBC Holdings PLC (a)(b) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 1.402%) |
| |||||||||||||||
| 17,828,000 | 2.633 | 11/07/25 | 17,479,819 | |||||||||||||
| (Secured Overnight Financing Rate + 0.708%) |
| |||||||||||||||
| 8,893,000 | 0.976 | 05/24/25 | 8,824,257 | |||||||||||||
| HSBC USA, Inc. |
| |||||||||||||||
| 5,133,000 | 5.625 | 03/17/25 | 5,142,393 | |||||||||||||
| (Secured Overnight Financing Rate + 0.960%) |
| |||||||||||||||
| 11,023,000 | 6.320 | (b) | 03/04/27 | 11,074,588 | ||||||||||||
| ING Groep NV |
| |||||||||||||||
| 6,548,000 | 4.625 | (c) | 01/06/26 | 6,474,204 | ||||||||||||
| (Secured Overnight Financing Rate + 1.640%) |
| |||||||||||||||
| 9,973,000 | 7.006 | (a)(b) | 03/28/26 | 10,072,431 | ||||||||||||
| Intesa Sanpaolo SpA (c) |
| |||||||||||||||
| 7,829,000 | 3.250 | 09/23/24 | 7,734,504 | |||||||||||||
| 11,359,000 | 7.000 | 11/21/25 | 11,577,206 | |||||||||||||
| JPMorgan Chase & Co. (a)(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.605%) |
| |||||||||||||||
| 34,810,000 | 1.561 | 12/10/25 | 33,846,111 | |||||||||||||
| (Secured Overnight Financing Rate + 1.070%) |
| |||||||||||||||
| 1,000,000 | 5.546 | 12/15/25 | 999,120 | |||||||||||||
| JPMorgan Chase Bank NA (a)(b) (Secured Overnight Financing Rate + 1.000%) |
| |||||||||||||||
| 8,839,000 | 6.361 | 12/08/26 | 8,970,790 | |||||||||||||
| Lloyds Banking Group PLC (a)(b) (1 yr. CMT + 3.500%) |
| |||||||||||||||
| 6,045,000 | 3.870 | 07/09/25 | 6,012,417 | |||||||||||||
| Macquarie Bank Ltd. (b)(c) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 1.200%) |
| |||||||||||||||
| 6,000,000 | 6.561 | 12/07/26 | 6,040,560 | |||||||||||||
| (Secured Overnight Financing Rate + 1.240%) |
| |||||||||||||||
| 6,867,000 | 6.603 | 06/15/26 | 6,918,022 | |||||||||||||
| Macquarie Group Ltd. (c) |
| |||||||||||||||
| 3,434,000 | 6.207 | 11/22/24 | 3,442,001 | |||||||||||||
| (Secured Overnight Financing Rate + 0.694%) |
| |||||||||||||||
| 6,354,000 | 1.201 | (a)(b) | 10/14/25 | 6,195,023 | ||||||||||||
| Mitsubishi UFJ Financial Group, Inc. |
| |||||||||||||||
| 2,268,000 | 1.412 | 07/17/25 | 2,157,072 | |||||||||||||
| (1 yr. CMT + 0.450%) |
| |||||||||||||||
| 17,942,000 | 0.962 | (a)(b) | 10/11/25 | 17,487,709 | ||||||||||||
| (1 yr. CMT + 0.550%) |
| |||||||||||||||
| 6,287,000 | 0.953 | (a)(b) | 07/19/25 | 6,194,455 | ||||||||||||
| (Secured Overnight Financing Rate + 0.940%) |
| |||||||||||||||
| 7,419,000 | 6.295 | (a)(b) | 02/20/26 | 7,438,438 | ||||||||||||
| Mizuho Bank Ltd. (b) (Secured Overnight Financing Rate + 0.560%) |
| |||||||||||||||
| 4,379,000 | 5.890 | 05/16/24 | 4,381,709 | |||||||||||||
| Mizuho Financial Group, Inc. (a)(b) (3 mo. USD Term SOFR + 1.242%) |
| |||||||||||||||
| 12,890,000 | 2.839 | 07/16/25 | 12,776,955 | |||||||||||||
| Morgan Stanley (a)(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.525%) |
| |||||||||||||||
| 3,697,000 | 0.790 | 05/30/25 | 3,662,285 | |||||||||||||
| (Secured Overnight Financing Rate + 0.560%) |
| |||||||||||||||
| 14,890,000 | 1.164 | 10/21/25 | 14,498,095 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.745%) |
| |||||||||||||||
| $ | 6,399,000 | 0.864 | % | 10/21/25 | $ | 6,222,644 | ||||||||||
| (Secured Overnight Financing Rate + 0.940%) |
| |||||||||||||||
| 6,344,000 | 2.630 | 02/18/26 | 6,175,757 | |||||||||||||
| Morgan Stanley Bank NA (a)(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.780%) |
| |||||||||||||||
| 3,408,000 | 6.130 | 07/16/25 | 3,421,496 | |||||||||||||
| (Secured Overnight Financing Rate + 1.165%) |
| |||||||||||||||
| 12,535,000 | 6.517 | 10/30/26 | 12,705,476 | |||||||||||||
| National Bank of Canada (a)(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.900%) |
| |||||||||||||||
| 20,000,000 | 6.265 | 03/25/27 | 20,026,000 | |||||||||||||
| (Secured Overnight Financing Rate + 1.009%) |
| |||||||||||||||
| 27,145,000 | 3.750 | 06/09/25 | 27,025,291 | |||||||||||||
| NatWest Markets PLC (c) |
| |||||||||||||||
| 3,419,000 | 0.800 | 08/12/24 | 3,358,415 | |||||||||||||
| 2,848,000 | 3.479 | 03/22/25 | 2,792,122 | |||||||||||||
| Nordea Bank Abp (c) |
| |||||||||||||||
| 7,075,000 | 4.750 | 09/22/25 | 7,026,536 | |||||||||||||
| Norinchukin Bank (b) (Secured Overnight Financing Rate + 0.410%) |
| |||||||||||||||
| 7,220,000 | 5.740 | 04/24/24 | 7,221,011 | |||||||||||||
| PNC Bank NA (a) |
| |||||||||||||||
| 9,022,000 | 3.300 | 10/30/24 | 8,902,639 | |||||||||||||
| 4,967,000 | 3.250 | 06/01/25 | 4,842,229 | |||||||||||||
| Royal Bank of Canada (b) (Secured Overnight Financing Rate + 1.080%) |
| |||||||||||||||
| 3,782,000 | 6.430 | 07/20/26 | 3,817,210 | |||||||||||||
| Skandinaviska Enskilda Banken AB (c) |
| |||||||||||||||
| 5,410,000 | 0.850 | 09/02/25 | 5,088,646 | |||||||||||||
| (Secured Overnight Financing Rate + 0.890%) |
| |||||||||||||||
| 11,753,000 | 6.251 | (b) | 03/05/27 | 11,778,974 | ||||||||||||
| Societe Generale SA (a)(b)(c) (1 yr. CMT + 1.050%) |
| |||||||||||||||
| 6,006,000 | 2.226 | 01/21/26 | 5,822,457 | |||||||||||||
| Standard Chartered PLC (a)(b)(c) (3 mo. USD LIBOR + 1.209%) |
| |||||||||||||||
| 10,345,000 | 2.819 | 01/30/26 | 10,081,720 | |||||||||||||
| State Street Corp. (a)(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.604%) |
| |||||||||||||||
| 1,000,000 | 4.857 | 01/26/26 | 994,220 | |||||||||||||
| (Secured Overnight Financing Rate + 0.845%) |
| |||||||||||||||
| 4,891,000 | 6.197 | 08/03/26 | 4,904,793 | |||||||||||||
| (Secured Overnight Financing Rate + 0.940%) |
| |||||||||||||||
| 6,878,000 | 2.354 | 11/01/25 | 6,747,731 | |||||||||||||
| Sumitomo Mitsui Financial Group, Inc. |
| |||||||||||||||
| 17,138,000 | 1.474 | 07/08/25 | 16,322,231 | |||||||||||||
| Sumitomo Mitsui Trust Bank Ltd. (c) |
| |||||||||||||||
| 3,181,000 | 1.050 | 09/12/25 | 2,990,299 | |||||||||||||
| Svenska Handelsbanken AB (c) |
| |||||||||||||||
| 7,178,000 | 3.650 | 06/10/25 | 7,047,360 | |||||||||||||
| (Secured Overnight Financing Rate + 1.250%) |
| |||||||||||||||
| 8,929,000 | 6.613 | (b) | 06/15/26 | 9,042,041 | ||||||||||||
| Swedbank AB (b)(c) (Secured Overnight Financing Rate + 1.380%) |
| |||||||||||||||
| 10,240,000 | 6.743 | 06/15/26 | 10,387,149 | |||||||||||||
| Toronto-Dominion Bank |
| |||||||||||||||
| 12,771,000 | 4.285 | 09/13/24 | 12,697,567 | |||||||||||||
| 4,445,000 | 1.250 | 12/13/24 | 4,316,362 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 1.080%) |
| |||||||||||||||
| $ | 10,259,000 | 6.431 | %(b) | 07/17/26 | $ | 10,354,922 | ||||||||||
| UBS AG |
| |||||||||||||||
| 5,379,000 | 5.800 | 09/11/25 | 5,417,460 | |||||||||||||
| (Secured Overnight Financing Rate + 0.930%) |
| |||||||||||||||
| 6,776,000 | 6.291 | (b) | 09/11/25 | 6,811,845 | ||||||||||||
| UBS Group AG (c) |
| |||||||||||||||
| 11,493,000 | 4.125 | 09/24/25 | 11,260,152 | |||||||||||||
| Wells Fargo Bank NA (a) |
| |||||||||||||||
| 10,683,000 | 4.811 | 01/15/26 | 10,628,837 | |||||||||||||
| (Secured Overnight Financing Rate + 1.060%) |
| |||||||||||||||
| 6,115,000 | 6.412 | (b) | 08/07/26 | 6,168,506 | ||||||||||||
| (Secured Overnight Financing Rate + 1.070%) |
| |||||||||||||||
| 10,613,000 | 6.431 | (b) | 12/11/26 | 10,738,021 | ||||||||||||
|
|
|
|||||||||||||||
| 801,158,067 | ||||||||||||||||
|
|
||||||||||||||||
| Beverages(b) – 0.6% |
| |||||||||||||||
| Keurig Dr Pepper, Inc. (Secured Overnight Financing Rate + 0.880%) |
| |||||||||||||||
| 11,500,000 | 6.245 | 03/15/27 | 11,526,565 | |||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 3.5% |
| |||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a) |
| |||||||||||||||
| 22,027,000 | 1.650 | 10/29/24 | 21,491,083 | |||||||||||||
| Air Lease Corp. (a) |
| |||||||||||||||
| 8,663,000 | 2.300 | 02/01/25 | 8,413,506 | |||||||||||||
| 1,917,000 | 3.250 | 03/01/25 | 1,874,078 | |||||||||||||
| American Express Co. (a)(b) (Secured Overnight Financing Rate + 1.350%) |
| |||||||||||||||
| 13,810,000 | 6.702 | 10/30/26 | 13,963,567 | |||||||||||||
| Charles Schwab Corp. (a)(b) (Secured Overnight Financing Rate + 0.520%) |
| |||||||||||||||
| 5,422,000 | 5.874 | 05/13/26 | 5,415,711 | |||||||||||||
| Jefferies Financial Group, Inc. (a) |
| |||||||||||||||
| 10,000,000 | 6.050 | 03/12/25 | 10,014,100 | |||||||||||||
| LeasePlan Corp. NV (c) |
| |||||||||||||||
| 6,081,000 | 2.875 | 10/24/24 | 5,979,265 | |||||||||||||
| Nuveen Finance LLC (c) |
| |||||||||||||||
| 2,214,000 | 4.125 | 11/01/24 | 2,194,140 | |||||||||||||
|
|
|
|||||||||||||||
| 69,345,450 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical – 1.9% |
| |||||||||||||||
| Avangrid, Inc. (a) |
| |||||||||||||||
| 9,292,000 | 3.150 | 12/01/24 | 9,135,616 | |||||||||||||
| Eversource Energy (a) |
| |||||||||||||||
| 949,000 | 2.900 | 10/01/24 | 935,164 | |||||||||||||
| National Rural Utilities Cooperative Finance Corp. (b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.700%) |
| |||||||||||||||
| 7,805,000 | 6.052 | 05/07/25 | 7,833,800 | |||||||||||||
| (Secured Overnight Financing Rate + 0.800%) |
| |||||||||||||||
| 8,412,000 | 6.153 | 02/05/27 | 8,453,639 | |||||||||||||
| NextEra Energy Capital Holdings, Inc. |
| |||||||||||||||
| 10,099,000 | 4.255 | 09/01/24 | 10,035,174 | |||||||||||||
|
|
|
|||||||||||||||
| 36,393,393 | ||||||||||||||||
|
|
||||||||||||||||
| Health Care Services(a) – 0.1% |
| |||||||||||||||
| Health Care Service Corp. A Mutual Legal Reserve Co. (c) |
| |||||||||||||||
| 1,779,000 | 1.500 | 06/01/25 | 1,698,251 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Health Care Services(a) – (continued) |
| |||||||||||||||
| Humana, Inc. |
| |||||||||||||||
| $ | 1,100,000 | 3.850 | % | 10/01/24 | $ | 1,089,869 | ||||||||||
|
|
|
|||||||||||||||
| 2,788,120 | ||||||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services(a) – 0.3% |
| |||||||||||||||
| Elevance Health, Inc. |
| |||||||||||||||
| 5,798,000 | 2.375 | 01/15/25 | 5,656,123 | |||||||||||||
|
|
||||||||||||||||
| Insurance(c) – 3.7% |
| |||||||||||||||
| Equitable Financial Life Global Funding |
| |||||||||||||||
| 5,318,000 | 5.500 | 12/02/25 | 5,309,757 | |||||||||||||
| 20,374,000 | 1.000 | 01/09/26 | 18,842,079 | |||||||||||||
| Great-West Lifeco U.S. Finance 2020 LP (a) |
| |||||||||||||||
| 4,978,000 | 0.904 | 08/12/25 | 4,690,072 | |||||||||||||
| Guardian Life Global Funding |
| |||||||||||||||
| 5,590,000 | 0.875 | 12/10/25 | 5,196,632 | |||||||||||||
| Jackson National Life Global Funding (b) (Secured Overnight Financing Rate + 1.150%) |
| |||||||||||||||
| 13,724,000 | 6.516 | 06/28/24 | 13,743,351 | |||||||||||||
| New York Life Global Funding (b) (Secured Overnight Financing Rate + 0.310%) |
| |||||||||||||||
| 6,073,000 | 5.662 | 04/26/24 | 6,073,486 | |||||||||||||
| Pacific Life Global Funding II (b) (Secured Overnight Financing Rate + 1.050%) |
| |||||||||||||||
| 8,324,000 | 6.402 | 07/28/26 | 8,386,680 | |||||||||||||
| Principal Life Global Funding II (b) (Secured Overnight Financing Rate + 0.900%) |
| |||||||||||||||
| 8,184,000 | 6.257 | 08/28/25 | 8,225,820 | |||||||||||||
| Protective Life Global Funding |
| |||||||||||||||
| 2,987,000 | 1.170 | 07/15/25 | 2,833,259 | |||||||||||||
|
|
|
|||||||||||||||
| 73,301,136 | ||||||||||||||||
|
|
||||||||||||||||
| Mining(c) – 0.5% |
| |||||||||||||||
| Newmont Corp./Newcrest Finance Pty. Ltd. |
| |||||||||||||||
| 10,150,000 | 5.300 | 03/15/26 | 10,178,116 | |||||||||||||
|
|
||||||||||||||||
| Oil Field Services(a) – 0.2% |
| |||||||||||||||
| Marathon Petroleum Corp. |
| |||||||||||||||
| 4,242,000 | 3.625 | 09/15/24 | 4,199,368 | |||||||||||||
|
|
||||||||||||||||
| Pipelines(a) – 0.5% |
| |||||||||||||||
| MPLX LP |
| |||||||||||||||
| 3,025,000 | 4.875 | 12/01/24 | 3,007,576 | |||||||||||||
| TransCanada PipeLines Ltd. |
| |||||||||||||||
| 2,750,000 | 1.000 | 10/12/24 | 2,681,030 | |||||||||||||
| Williams Cos., Inc. |
| |||||||||||||||
| 3,083,000 | 4.550 | 06/24/24 | 3,074,953 | |||||||||||||
|
|
|
|||||||||||||||
| 8,763,559 | ||||||||||||||||
|
|
||||||||||||||||
| Savings & Loans(c) – 0.4% |
| |||||||||||||||
| Nationwide Building Society |
| |||||||||||||||
| 8,455,000 | 3.900 | 07/21/25 | 8,318,114 | |||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $1,132,575,067) |
$ | 1,137,993,841 | ||||||||||||||
|
|
||||||||||||||||
| 74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Agency Debentures – 2.3% |
| |||||||||||||||
| Sovereign – 2.3% |
| |||||||||||||||
| Federal Farm Credit Banks Funding Corp. (Secured Overnight Financing Rate + 0.145%) |
| |||||||||||||||
| $ | 958,000 | 5.475 | %(b) | 07/30/25 | $ | 957,981 | ||||||||||
| Federal Home Loan Banks(a) |
| |||||||||||||||
| 18,550,000 | 5.340 | 04/23/24 | 18,548,330 | |||||||||||||
| 10,725,000 | 5.330 | 04/26/24 | 10,725,000 | |||||||||||||
| 15,625,000 | 5.300 | 05/22/24 | 15,620,156 | |||||||||||||
|
|
||||||||||||||||
| TOTAL AGENCY DEBENTURES (Cost $45,858,000) |
$ | 45,851,467 | ||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations – 9.5% |
| |||||||||||||||
| U.S. Treasury Bills(d) |
| |||||||||||||||
| $ | 254,500 | 0.000 | % | 04/16/24 | $ | 253,942 | ||||||||||
| 173,200 | 0.000 | 05/07/24 | 172,294 | |||||||||||||
| 245,700 | 0.000 | 05/09/24 | 244,336 | |||||||||||||
| 266,900 | 0.000 | 05/16/24 | 265,157 | |||||||||||||
| 353,500 | 0.000 | 05/21/24 | 350,921 | |||||||||||||
| 87,300 | 0.000 | 05/23/24 | 86,640 | |||||||||||||
| 104,600 | 0.000 | 05/28/24 | 103,732 | |||||||||||||
| 102,900 | 0.000 | 05/30/24 | 102,013 | |||||||||||||
| 98,900 | 0.000 | 06/18/24 | 97,789 | |||||||||||||
| 14,699,000 | 0.000 | 06/25/24 | 14,519,468 | |||||||||||||
| 1,004,800 | 0.000 | 07/02/24 | 991,433 | |||||||||||||
| 491,800 | 0.000 | 08/22/24 | 481,778 | |||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
| |||||||||||||||
| (3 mo. Treasury money market yield + 0.125%) |
| |||||||||||||||
| 47,225,700 | 5.425 | 07/31/25 | 47,198,622 | |||||||||||||
| (3 mo. Treasury money market yield + 0.170%) |
| |||||||||||||||
| 19,688,700 | 5.470 | 10/31/25 | 19,689,409 | |||||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| 5,986,100 | 4.625 | 06/30/25 | 5,964,587 | |||||||||||||
| 25,234,900 | 4.750 | 07/31/25 | 25,190,542 | |||||||||||||
| 17,180,500 | 5.000 | 10/31/25 | 17,230,834 | |||||||||||||
| 4,632,900 | 4.250 | 12/31/25 | 4,595,258 | |||||||||||||
| 37,678,700 | 4.250 | 01/31/26 | 37,385,807 | |||||||||||||
| 12,000,000 | 4.625 | 02/28/26 | 11,991,563 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $186,869,576) |
$ | 186,916,125 | ||||||||||||||
|
|
||||||||||||||||
| Shares |
Dividend Rate |
Value | ||||||||||||||
| Investment Company(e) – 5.4% | ||||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 106,239,359 | 5.211% | $ | 106,239,359 | |||||||||||||
| (Cost $106,239,359) | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 75.0% (Cost $1,471,542,002) |
$ | 1,477,000,792 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – 23.6% |
| |||||||||||||||
| Certificates of Deposit – 15.6% |
| |||||||||||||||
| Bay Square Funding LLC(d) |
| |||||||||||||||
| $ | 2,001,000 | 0.000 | % | 10/01/24 | $ | 2,001,000 | ||||||||||
| Bayerische Landesbank |
| |||||||||||||||
| 7,300,000 | 6.000 | 09/25/24 | 7,313,006 | |||||||||||||
| 4,100,000 | 5.210 | (b) | 01/10/25 | 4,092,533 | ||||||||||||
| BNP Paribas SA |
| |||||||||||||||
| 10,260,000 | 5.290 | 02/21/25 | 10,251,453 | |||||||||||||
| (Secured Overnight Financing Rate + 0.570%) |
| |||||||||||||||
| 4,205,000 | 5.900 | (b) | 10/24/24 | 4,213,401 | ||||||||||||
| Canadian Imperial Bank of Commerce |
| |||||||||||||||
| 13,857,000 | 5.950 | 09/19/24 | 13,881,351 | |||||||||||||
| Chariot Funding LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.320%) |
| |||||||||||||||
| 20,154,000 | 5.640 | 11/05/24 | 20,157,670 | |||||||||||||
| Collateralized Commercial Paper FLEX Co. LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.280%) |
| |||||||||||||||
| 4,812,000 | 5.610 | 10/15/24 | 4,811,418 | |||||||||||||
| Cooperatieve Rabobank UA |
| |||||||||||||||
| 11,600,000 | 5.750 | 06/17/24 | 11,602,858 | |||||||||||||
| 6,284,000 | 5.800 | 11/12/24 | 6,301,970 | |||||||||||||
| 1,636,000 | 5.500 | 12/16/24 | 1,637,223 | |||||||||||||
| Credit Agricole Corporate & Investment Bank SA(b) (Secured Overnight Financing Rate + 0.590%) |
| |||||||||||||||
| 7,965,000 | 5.920 | 08/28/25 | 7,973,874 | |||||||||||||
| Deutsche Bank AG |
| |||||||||||||||
| 8,664,000 | 5.800 | 12/12/24 | 8,683,959 | |||||||||||||
| HSBC Bank PLC(b)(c) (Secured Overnight Financing Rate + 0.330%) |
| |||||||||||||||
| 1,025,000 | 5.660 | 02/07/25 | 1,025,035 | |||||||||||||
| HSBC Bank USA NA |
| |||||||||||||||
| 3,954,000 | 5.980 | 09/25/24 | 3,960,637 | |||||||||||||
| ING U.S. Funding LLC(b)(c) (Secured Overnight Financing Rate + 0.590%) |
| |||||||||||||||
| 7,000,000 | 5.910 | 04/24/24 | 7,002,611 | |||||||||||||
| JP Morgan Securities LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.660%) |
| |||||||||||||||
| 2,485,000 | 5.990 | 08/02/24 | 2,486,150 | |||||||||||||
| Jupiter Securitization Co. LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.320%) |
| |||||||||||||||
| 20,883,000 | 5.650 | 11/05/24 | 20,893,024 | |||||||||||||
| Kookmin Bank(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.600%) |
| |||||||||||||||
| 11,456,000 | 5.930 | 01/08/25 | 11,467,189 | |||||||||||||
| (Secured Overnight Financing Rate + 0.600%) |
| |||||||||||||||
| 6,902,000 | 5.930 | 03/20/25 | 6,902,714 | |||||||||||||
| (Secured Overnight Financing Rate + 0.650%) |
| |||||||||||||||
| 12,398,000 | 5.980 | 01/29/25 | 12,411,362 | |||||||||||||
| Landesbank Baden-Wuerttemberg |
| |||||||||||||||
| 6,200,000 | 5.990 | 09/25/24 | 6,210,751 | |||||||||||||
| Lloyds Bank Corporate Markets PLC |
| |||||||||||||||
| 9,981,000 | 6.050 | 10/07/24 | 10,006,895 | |||||||||||||
| Macquarie Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.600%) |
| |||||||||||||||
| 10,239,000 | 5.930 | 11/07/24 | 10,261,384 | |||||||||||||
| National Bank of Kuwait |
| |||||||||||||||
| 15,293,000 | 5.720 | 05/16/24 | 15,296,451 | |||||||||||||
| Natixis SA |
| |||||||||||||||
| 2,600,000 | 5.990 | 09/17/24 | 2,605,251 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Certificates of Deposit – (continued) |
| |||||||||||||||
| Nordea Bank Abp(b) (Secured Overnight Financing Rate + 0.570%) |
| |||||||||||||||
| $ | 6,959,000 | 5.900 | % | 08/14/24 | $ | 6,969,381 | ||||||||||
| Old Line Funding LLC(a)(b)(c) (Secured Overnight Financing Rate +0.430%) |
| |||||||||||||||
| 1,375,000 | 5.760 | 06/10/24 | 1,375,884 | |||||||||||||
| Royal Bank of Canada(b) (Fed Funds Rate + 0.700%) |
| |||||||||||||||
| 4,222,000 | 6.030 | 04/04/24 | 4,222,134 | |||||||||||||
| Salisbury Receivables Co. LLC(b)(c) (Secured Overnight Financing Rate + 0.210%) |
| |||||||||||||||
| 2,983,000 | 5.540 | 08/01/24 | 2,983,716 | |||||||||||||
| Skandinaviska Enskilda Banken AB(b) (Secured Overnight Financing Rate + 0.280%) |
| |||||||||||||||
| 4,699,000 | 5.610 | 02/14/25 | 4,698,176 | |||||||||||||
| Standard Chartered Bank |
| |||||||||||||||
| 5,582,000 | 6.070 | 07/23/24 | 5,589,320 | |||||||||||||
| 17,859,000 | 6.050 | (b) | 09/05/24 | 17,892,820 | ||||||||||||
| Sumitomo Mitsui Banking Corp.(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.700%) |
| |||||||||||||||
| 11,990,000 | 6.030 | 07/12/24 | 12,010,125 | |||||||||||||
| (Secured Overnight Financing Rate + 0.700%) |
| |||||||||||||||
| 14,446,000 | 6.030 | 08/14/24 | 14,475,447 | |||||||||||||
| Swedbank AB |
| |||||||||||||||
| 6,010,000 | 5.930 | 08/15/24 | 6,017,234 | |||||||||||||
| Thunder Bay Funding LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.430%) |
| |||||||||||||||
| 1,889,000 | 5.760 | 06/10/24 | 1,890,228 | |||||||||||||
| Toronto-Dominion Bank |
| |||||||||||||||
| 860,000 | 5.510 | 04/03/24 | 860,013 | |||||||||||||
| 6,932,000 | 5.820 | 05/23/24 | 6,934,083 | |||||||||||||
| Wells Fargo Bank NA(b) (Secured Overnight Financing Rate + 0.650%) |
| |||||||||||||||
| 6,265,000 | 5.980 | 08/20/24 | 6,276,487 | |||||||||||||
|
|
|
|||||||||||||||
| 305,646,218 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Paper(d) – 8.0% |
| |||||||||||||||
| Antalis SA(c) |
| |||||||||||||||
| 18,794,000 | 0.000 | 05/02/24 | 18,695,880 | |||||||||||||
| Australia & New Zealand Banking Group Ltd.(c) |
| |||||||||||||||
| 7,639,000 | 0.000 | 08/02/24 | 7,495,615 | |||||||||||||
| Bay Square Funding LLC(c) |
| |||||||||||||||
| 6,313,000 | 0.000 | 09/19/24 | 6,149,330 | |||||||||||||
| BofA Securities, Inc. |
| |||||||||||||||
| 1,650,000 | 0.000 | 08/26/24 | 1,613,045 | |||||||||||||
| Enbridge U.S., Inc.(c) |
| |||||||||||||||
| 6,499,000 | 0.000 | 04/15/24 | 6,480,845 | |||||||||||||
| Entergy Corp.(c) |
| |||||||||||||||
| 5,789,000 | 0.000 | 04/02/24 | 5,784,661 | |||||||||||||
| 5,119,000 | 0.000 | 06/14/24 | 5,058,376 | |||||||||||||
| General Motors Financial Co., Inc.(c) |
| |||||||||||||||
| 2,258,000 | 0.000 | 05/08/24 | 2,243,610 | |||||||||||||
| 5,161,000 | 0.000 | 05/21/24 | 5,117,586 | |||||||||||||
| 2,233,000 | 0.000 | 07/16/24 | 2,194,609 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Commercial Paper(d) – (continued) |
| |||||||||||||||
| Glencore Funding LLC(c) |
| |||||||||||||||
| $ | 3,300,000 | 0.000 | % | 04/30/24 | $ | 3,282,824 | ||||||||||
| 9,678,000 | 0.000 | 06/04/24 | 9,574,982 | |||||||||||||
| 10,585,000 | 0.000 | 07/31/24 | 10,382,029 | |||||||||||||
| HSBC USA, Inc.(c) |
| |||||||||||||||
| 2,705,000 | 0.000 | 09/09/24 | 2,636,749 | |||||||||||||
| Intesa Sanpaolo Funding LLC |
| |||||||||||||||
| 4,088,000 | 0.000 | 05/14/24 | 4,057,312 | |||||||||||||
| Nutrien Ltd.(c) |
| |||||||||||||||
| 9,288,000 | 0.000 | 05/14/24 | 9,220,369 | |||||||||||||
| Philip Morris International, Inc.(c) |
| |||||||||||||||
| 14,719,000 | 0.000 | 06/04/24 | 14,567,550 | |||||||||||||
| Royal Bank of Canada(c) |
| |||||||||||||||
| 2,113,000 | 0.000 | 10/16/24 | 2,051,189 | |||||||||||||
| Societe Generale SA(c) |
| |||||||||||||||
| 7,637,000 | 0.000 | 12/09/24 | 7,355,314 | |||||||||||||
| Svenska Handelsbanken AB(c) |
| |||||||||||||||
| 10,169,000 | 0.000 | 09/20/24 | 9,907,661 | |||||||||||||
| TELUS Corp.(c) |
| |||||||||||||||
| 3,791,000 | 0.000 | 06/06/24 | 3,749,769 | |||||||||||||
| 11,956,000 | 0.000 | 09/25/24 | 11,620,640 | |||||||||||||
| Toronto-Dominion Bank(c) |
| |||||||||||||||
| 3,000,000 | 0.000 | 07/15/24 | 2,951,488 | |||||||||||||
| Westpac Banking Corp.(c) |
| |||||||||||||||
| 5,839,000 | 0.000 | 09/12/24 | 5,696,424 | |||||||||||||
|
|
|
|||||||||||||||
| 157,887,857 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $463,267,987) |
$ | 463,534,075 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 98.6% (Cost $1,934,809,989) |
$ | 1,940,534,867 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
27,394,723 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 1,967,929,590 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Represents an Affiliated Issuer. |
| 76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
|
|
| ADDITIONAL INVESTMENT INFORMATION |
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| LIBOR | —London Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| PLC | —Public Limited Company | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – 139.2% |
| |||||||||||||||
| Collateralized Mortgage Obligations – 12.1% |
| |||||||||||||||
| Interest Only(a) –1.0% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| $ | 100,385 | 0.667 | %(b) | 05/15/45 | $ | 9,461 | ||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| |||||||||||||||
| 154,455 | 4.000 | 09/25/50 | 31,672 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| |||||||||||||||
| 446,738 | 0.567 | (b) | 05/15/46 | 43,806 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 100,258 | 0.617 | (b) | 03/15/44 | 8,709 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI |
| |||||||||||||||
| 506,112 | 4.000 | 08/25/50 | 102,804 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4456, Class IO |
| |||||||||||||||
| 57,754 | 4.500 | 10/15/44 | 11,718 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2017- 104, Class SB (1 mo. USD Term SOFR + 6.036%) |
| |||||||||||||||
| 291,338 | 0.715 | (b) | 01/25/48 | 30,343 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2020-60, Class NI |
| |||||||||||||||
| 143,443 | 4.000 | 09/25/50 | 29,414 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) |
| |||||||||||||||
| 234,285 | 0.715 | (b) | 02/25/48 | 23,299 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) |
| |||||||||||||||
| 154,602 | 1.335 | (b) | 04/25/37 | 13,239 | ||||||||||||
| Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) |
| |||||||||||||||
| 195,207 | 0.865 | (b) | 03/25/38 | 13,355 | ||||||||||||
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 137,129 | 0.657 | (b)(c) | 10/20/43 | 5,737 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-129, Class IC |
| |||||||||||||||
| 207,316 | 4.500 | (c) | 09/16/45 | 37,446 | ||||||||||||
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| |||||||||||||||
| 495,671 | 0.217 | (b)(c) | 07/20/47 | 40,097 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| |||||||||||||||
| 1,084,942 | 0.257 | (b)(c) | 01/20/48 | 90,763 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 440,139 | 0.757 | (b)(c) | 05/20/48 | 43,388 | ||||||||||||
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 603,811 | 0.757 | (b)(c) | 09/20/48 | 61,186 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(a) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| $ | 154,640 | 0.607 | %(b)(c) | 01/20/49 | $ | 14,553 | ||||||||||
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 233,592 | 0.607 | (b)(c) | 01/20/49 | 21,667 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 153,365 | 0.657 | (b)(c) | 06/20/49 | 14,223 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-151, Class NI |
| |||||||||||||||
| 1,219,108 | 3.500 | (c) | 10/20/49 | 202,988 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 619,531 | 0.607 | (b)(c) | 02/20/50 | 63,671 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-78, Class DI |
| |||||||||||||||
| 623,191 | 4.000 | (c) | 06/20/50 | 121,847 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-146, Class KI |
| |||||||||||||||
| 1,494,548 | 2.500 | (c) | 10/20/50 | 205,946 | ||||||||||||
| Government National Mortgage Association REMICS Series 2020-146, Class IM |
| |||||||||||||||
| 1,096,271 | 2.500 | (c) | 10/20/50 | 149,921 | ||||||||||||
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| |||||||||||||||
| 548,172 | 0.607 | (b)(c) | 08/20/43 | 51,141 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-111, Class IM |
| |||||||||||||||
| 291,161 | 4.000 | (c) | 08/20/45 | 48,972 | ||||||||||||
| Government National Mortgage Association REMICS Series 2016-27, Class IA |
| |||||||||||||||
| 164,282 | 4.000 | (c) | 06/20/45 | 20,706 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 436,405 | 0.657 | (b)(c) | 09/20/49 | 39,474 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| |||||||||||||||
| 454,027 | 0.657 | (b)(c) | 09/20/49 | 44,974 | ||||||||||||
| Government National Mortgage Association REMICS Series 2019-153, Class EI |
| |||||||||||||||
| 1,035,054 | 4.000 | (c) | 12/20/49 | 202,625 | ||||||||||||
| Government National Mortgage Association REMICS Series 2016-138, Class DI |
| |||||||||||||||
| 70,067 | 4.000 | (c) | 10/20/46 | 12,499 | ||||||||||||
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| |||||||||||||||
| 161,741 | 0.807 | (b)(c) | 02/20/40 | 14,400 | ||||||||||||
|
|
||||||||||||||||
| 78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Interest Only(a) – (continued) |
| |||||||||||||||
| Government National Mortgage Association REMICS Series 2014-11, Class KI |
| |||||||||||||||
| $ | 15,707 | 4.500 | %(c) | 12/20/42 | $ | 420 | ||||||||||
| Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) |
| |||||||||||||||
| 225,752 | 0.807 | (b)(c) | 08/20/45 | 22,130 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-90, Class PI |
| |||||||||||||||
| 10,591 | 3.500 | (c) | 04/20/45 | 951 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-83, Class PI |
| |||||||||||||||
| 20,662 | 3.500 | (c) | 06/20/45 | 2,866 | ||||||||||||
| Government National Mortgage Association REMICS Series 2015-72, Class JI |
| |||||||||||||||
| 9,110 | 3.500 | (c) | 05/20/45 | 955 | ||||||||||||
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| |||||||||||||||
| 103,849 | 0.757 | (b)(c) | 01/20/46 | 9,622 | ||||||||||||
|
|
|
|||||||||||||||
| 1,862,988 | ||||||||||||||||
|
|
||||||||||||||||
| Regular Floater(b) – 3.2% |
| |||||||||||||||
| Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) |
| |||||||||||||||
| 1,000,225 | 5.835 | 12/25/57 | 975,009 | |||||||||||||
| Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) |
| |||||||||||||||
| 1,121,243 | 5.741 | (c) | 12/16/47 | 1,087,900 | ||||||||||||
| Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) |
| |||||||||||||||
| 968,802 | 2.500 | (c) | 06/20/51 | 794,715 | ||||||||||||
| Government National Mortgage Association REMICS Series 2021-97, Class FA (1 mo. USD Term SOFR + 0.400%) |
| |||||||||||||||
| 1,412,189 | 3.000 | (c) | 06/20/51 | 1,202,594 | ||||||||||||
| Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) |
| |||||||||||||||
| 2,567,269 | 3.000 | (c) | 07/20/51 | 2,185,012 | ||||||||||||
|
|
|
|||||||||||||||
| 6,245,230 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Fixed Rate – 4.1% |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N |
| |||||||||||||||
| 7,744 | 6.500 | (c) | 03/15/28 | 7,863 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM |
| |||||||||||||||
| 287,280 | 4.000 | (c)(d) | 12/15/50 | 269,675 | ||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5181, Class TA |
| |||||||||||||||
| 1,317,116 | 2.500 | 06/25/48 | 1,119,122 | |||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5195, Class CA |
| |||||||||||||||
| 1,021,604 | 2.500 | 12/25/47 | 886,879 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| |||||||||||||||
| 168,202 | 5.000 | 10/25/41 | 167,010 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Fixed Rate – (continued) |
| |||||||||||||||
| Federal National Mortgage Association REMICS Series 2012-111, Class B |
| |||||||||||||||
| $ | 27,648 | 7.000 | % | 10/25/42 | $ | 29,192 | ||||||||||
| Federal National Mortgage Association REMICS Series 2012-153, Class B |
| |||||||||||||||
| 105,482 | 7.000 | 07/25/42 | 113,406 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| |||||||||||||||
| 162,963 | 5.000 | 06/25/41 | 161,907 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2000-16, Class ZG |
| |||||||||||||||
| 45,460 | 8.500 | 06/25/30 | 47,761 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2017-87, Class EA |
| |||||||||||||||
| 1,682,450 | 3.000 | 04/25/44 | 1,506,469 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2005-59, Class KZ |
| |||||||||||||||
| 334,507 | 5.500 | 07/25/35 | 340,723 | |||||||||||||
| Federal National Mortgage Association REMICS Series 2021-96, Class AH |
| |||||||||||||||
| 1,544,840 | 2.500 | 03/25/49 | 1,324,824 | |||||||||||||
| Government National Mortgage Association REMICS Series 2021-135, Class A |
| |||||||||||||||
| 2,251,559 | 2.000 | (c) | 08/20/51 | 1,808,203 | ||||||||||||
|
|
|
|||||||||||||||
| 7,783,034 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(b)(c) – 3.8% |
| |||||||||||||||
| Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 |
| |||||||||||||||
| 80,145 | 5.888 | 07/25/35 | 75,904 | |||||||||||||
| CSMC Trust Series 2021-NQM8, Class A1 |
| |||||||||||||||
| 90,854 | 1.841 | (e) | 10/25/66 | 78,963 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| |||||||||||||||
| 70,073 | 6.970 | (e) | 01/25/34 | 70,426 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3, Class M1A (1 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 171,140 | 7.320 | (e) | 04/25/42 | 173,428 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M1A (1 mo. USD Term SOFR + 1.000%) |
| |||||||||||||||
| 219,611 | 6.320 | (e) | 01/25/42 | 219,540 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 286,000 | 8.820 | (e) | 03/25/42 | 298,177 | ||||||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA2, Class M1B (1 mo. USD Term SOFR + 3.350%) |
| |||||||||||||||
| 220,000 | 8.670 | (e) | 06/25/43 | 232,713 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2020-R01, Class 1M2 (1 mo. USD Term SOFR + 2.164%) |
| |||||||||||||||
| 20,495 | 7.485 | (e) | 01/25/40 | 20,799 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(b)(c) – (continued) |
| |||||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| |||||||||||||||
| $ | 162,000 | 6.870 | %(e) | 10/25/41 | $ | 162,656 | ||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| |||||||||||||||
| 142,000 | 6.970 | (e) | 12/25/41 | 142,090 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R01, Class 2M2 (1 mo. USD Term SOFR + 2.564%) |
| |||||||||||||||
| 7,353 | 7.885 | (e) | 07/25/31 | 7,375 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| |||||||||||||||
| 74,437 | 7.220 | (e) | 04/25/42 | 74,921 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 94,000 | 8.320 | (e) | 04/25/42 | 96,873 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%) |
| |||||||||||||||
| 124,000 | 9.220 | (e) | 04/25/43 | 132,204 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 90,000 | 8.421 | (e) | 06/25/43 | 94,382 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R06, Class 1M2 (1 mo. USD Term SOFR + 2.700%) |
| |||||||||||||||
| 80,000 | 8.020 | (e) | 07/25/43 | 82,709 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 125,000 | 7.120 | (e) | 01/25/44 | 125,377 | ||||||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| |||||||||||||||
| 425,000 | 7.120 | (e) | 02/25/44 | 426,980 | ||||||||||||
| Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
| |||||||||||||||
| 542,931 | 0.801 | 05/20/53 | 22,932 | |||||||||||||
| Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) |
| |||||||||||||||
| 3,092,569 | 6.319 | 07/20/53 | 3,099,680 | |||||||||||||
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
| |||||||||||||||
| 13,692 | 5.921 | 01/19/36 | 13,814 | |||||||||||||
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
| |||||||||||||||
| 7,168 | 6.164 | 10/25/34 | 6,925 | |||||||||||||
| JP Morgan Mortgage Trust Series 2021-6, Class A3 |
| |||||||||||||||
| 405,705 | 2.500 | (e) | 10/25/51 | 326,149 | ||||||||||||
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| |||||||||||||||
| 514,583 | 2.520 | (e) | 05/25/52 | 423,404 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(b)(c) – (continued) |
| |||||||||||||||
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| |||||||||||||||
| $ | 745,754 | 3.520 | %(e) | 07/25/52 | $ | 639,232 | ||||||||||
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| |||||||||||||||
| 68,427 | 3.750 | (e) | 05/28/52 | 63,770 | ||||||||||||
| Towd Point Mortgage Trust Series 2016-4, Class M1 |
| |||||||||||||||
| 100,000 | 3.250 | (e) | 07/25/56 | 96,467 | ||||||||||||
| Verus Securitization Trust Series 2021-8, Class A1 |
| |||||||||||||||
| 72,918 | 1.824 | (e) | 11/25/66 | 63,541 | ||||||||||||
| Verus Securitization Trust Series 2019-INV3, Class A1 |
| |||||||||||||||
| 48,605 | 3.692 | (e) | 11/25/59 | 46,959 | ||||||||||||
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| |||||||||||||||
| 25,554 | 3.500 | (e) | 07/25/49 | 22,778 | ||||||||||||
|
|
|
|||||||||||||||
| 7,341,168 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 23,232,420 | |||||||||||||||
|
|
||||||||||||||||
| Commercial Mortgage-Backed Securities – 6.1% |
| |||||||||||||||
| Sequential Fixed Rate – 2.2% |
| |||||||||||||||
| Bank Series 2023-BNK46, Class A4 |
| |||||||||||||||
| $ | 650,000 | 5.745 | %(c) | 08/15/56 | $ | 682,358 | ||||||||||
| Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| |||||||||||||||
| 425,000 | 5.754 | (c) | 07/15/56 | 445,479 | ||||||||||||
| Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4 |
| |||||||||||||||
| 1,900,000 | 3.006 | (c) | 01/15/53 | 1,689,315 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| |||||||||||||||
| 400,000 | 3.000 | (c)(e) | 09/15/50 | 281,465 | ||||||||||||
| DOLP Trust Series 2021-NYC, Class A |
| |||||||||||||||
| 400,000 | 2.956 | (e) | 05/10/41 | 335,806 | ||||||||||||
| GS Mortgage Securities Trust Series 2017-GS7, Class A4 |
| |||||||||||||||
| 350,000 | 3.430 | (c) | 08/10/50 | 327,191 | ||||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A |
| |||||||||||||||
| 300,000 | 3.024 | (e) | 01/05/39 | 265,709 | ||||||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D |
| |||||||||||||||
| 150,000 | 3.060 | (c)(e) | 10/15/48 | 117,849 | ||||||||||||
|
|
|
|||||||||||||||
| 4,145,172 | ||||||||||||||||
|
|
||||||||||||||||
| Sequential Floating Rate(b) – 3.9% |
| |||||||||||||||
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| |||||||||||||||
| 400,000 | 2.778 | 11/15/54 | 331,564 | |||||||||||||
| Bank Series 2022-BNK40, Class A4 |
| |||||||||||||||
| 550,000 | 3.394 | (c) | 03/15/64 | 491,926 | ||||||||||||
| Bank Series 2018-BN10, Class AS |
| |||||||||||||||
| 420,000 | 3.898 | (c) | 02/15/61 | 393,752 | ||||||||||||
| Bank5 Series 2023-5YR3, Class AS |
| |||||||||||||||
| 250,000 | 7.315 | (c) | 09/15/56 | 268,005 | ||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| |||||||||||||||
| 175,000 | 6.245 | (e) | 03/15/37 | 168,253 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C21, Class AS |
| |||||||||||||||
| 275,000 | 6.296 | (c) | 09/15/56 | 293,944 | ||||||||||||
| BBCMS Mortgage Trust Series 2023-C22, Class A5 |
| |||||||||||||||
| 175,000 | 6.804 | (c) | 11/15/56 | 197,492 | ||||||||||||
|
|
||||||||||||||||
| 80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Sequential Floating Rate(b) – (continued) |
| |||||||||||||||
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| |||||||||||||||
| $ | 125,000 | 6.494 | %(e) | 03/15/37 | $ | 116,336 | ||||||||||
| BBCMS Mortgage Trust Series 2024-5C25, Class C |
| |||||||||||||||
| 250,000 | 6.643 | (c) | 03/15/57 | 251,163 | ||||||||||||
| BMO Mortgage Trust Series 2023-C7, Class B |
| |||||||||||||||
| 300,000 | 6.674 | (c) | 12/15/56 | 320,893 | ||||||||||||
| BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1 mo. USD Term SOFR + 2.281%) |
| |||||||||||||||
| 200,000 | 7.606 | (e) | 06/15/40 | 200,802 | ||||||||||||
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| |||||||||||||||
| 325,000 | 6.692 | (e) | 03/15/41 | 325,041 | ||||||||||||
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| |||||||||||||||
| 600,000 | 6.967 | (e) | 02/15/41 | 600,853 | ||||||||||||
| Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A |
| |||||||||||||||
| 400,000 | 6.360 | (e) | 07/10/28 | 414,942 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 |
| |||||||||||||||
| 800,000 | 3.500 | (c) | 07/25/32 | 734,463 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 |
| |||||||||||||||
| 1,166,000 | 3.900 | (c) | 12/25/30 | 1,110,779 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
| |||||||||||||||
| 239,405 | 5.990 | (c) | 11/25/29 | 238,676 | ||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 |
| |||||||||||||||
| 800,000 | 3.820 | (c) | 12/25/32 | 753,688 | ||||||||||||
| TYSN Mortgage Trust Series 2023-CRNR, Class A |
| |||||||||||||||
| 350,000 | 6.580 | (e) | 12/10/33 | 365,513 | ||||||||||||
|
|
|
|||||||||||||||
| 7,578,085 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ | 11,723,257 | ||||||||||||||
|
|
||||||||||||||||
| Federal Agencies – 121.0% |
| |||||||||||||||
| Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% |
| |||||||||||||||
| (1 yr. CMT + 2.250%)(b) |
| |||||||||||||||
| $ | 6,440 | 5.325 | % | 04/01/33 | $ | 6,515 | ||||||||||
| 4,156 | 6.320 | 09/01/33 | 4,186 | |||||||||||||
| 4,840 | 6.375 | 11/01/34 | 4,876 | |||||||||||||
| 3,931 | 6.482 | 02/01/35 | 3,957 | |||||||||||||
| 12,054 | 5.710 | 06/01/35 | 12,184 | |||||||||||||
| (1 yr. CMT + 2.107%)(b) |
| |||||||||||||||
| 2,936 | 6.208 | % | 10/01/34 | 2,958 | ||||||||||||
|
|
|
|||||||||||||||
| 34,676 | ||||||||||||||||
|
|
||||||||||||||||
| Adjustable Rate Federal National Mortgage Association – 0.1% |
| |||||||||||||||
| (11th District Cost of Funds - Consumer + 1.350%)(b) |
| |||||||||||||||
| 1,852 | 4.476 | % | 07/01/27 | 1,830 | ||||||||||||
| (11th District Cost of Funds - Consumer + 1.695%)(b) |
| |||||||||||||||
| 1,777 | 5.709 | % | 11/01/27 | 1,744 | ||||||||||||
| (1 yr. MTA + 1.125%)(b) |
| |||||||||||||||
| 4,578 | 6.206 | % | 06/01/32 | 4,537 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Adjustable Rate Federal National Mortgage Association – (continued) |
| |||||||||||||||
| (11th District Cost of Funds - Consumer + 1.250%)(b) |
| |||||||||||||||
| $ | 4,531 | 4.335 | % | 08/01/32 | $ | 4,409 | ||||||||||
| 4,303 | 5.025 | 12/01/37 | 4,238 | |||||||||||||
| (11th District Cost of Funds - Consumer + 1.325%)(b) |
| |||||||||||||||
| 3,569 | 4.410 | % | 05/01/33 | 3,475 | ||||||||||||
| (1 yr. CMT + 2.250%)(b) |
| |||||||||||||||
| 30,199 | 5.828 | % | 06/01/33 | 30,615 | ||||||||||||
| (RFUCC 6 mo. Treasury + 1.412%)(b) |
| |||||||||||||||
| 1,575 | 5.450 | % | 06/01/33 | 1,586 | ||||||||||||
| (1 yr. CMT + 2.128%)(b) |
| |||||||||||||||
| 942 | 5.755 | % | 07/01/33 | 952 | ||||||||||||
| (11th District Cost of Funds - Consumer + 1.254%)(b) |
| |||||||||||||||
| 28,456 | 4.373 | % | 08/01/33 | 27,777 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.645%)(b) |
| |||||||||||||||
| 10,961 | 5.931 | % | 12/01/33 | 11,117 | ||||||||||||
| (1 yr. CMT + 2.303%)(b) |
| |||||||||||||||
| 331 | 5.991 | % | 04/01/34 | 335 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.670%)(b) |
| |||||||||||||||
| 3,976 | 5.920 | % | 11/01/34 | 4,049 | ||||||||||||
| (1 yr. CMT + 2.194%)(b) |
| |||||||||||||||
| 5,081 | 6.329 | % | 02/01/35 | 5,129 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.619%)(b) |
| |||||||||||||||
| 11,573 | 6.051 | % | 03/01/35 | 11,729 | ||||||||||||
| (RFUCC 1 yr. Treasury + 1.810%)(b) |
| |||||||||||||||
| 5,611 | 4.925 | % | 04/01/35 | 5,714 | ||||||||||||
| (RFUCC 1 yr. Treasury + 2.274%)(b) |
| |||||||||||||||
| 10,891 | 6.383 | % | 05/01/35 | 11,187 | ||||||||||||
| (11th District Cost of Funds - Consumer + 1.300%)(b) |
| |||||||||||||||
| 1,479 | 4.426 | % | 11/01/35 | 1,433 | ||||||||||||
| (1 yr. MTA + 1.150%)(b) |
| |||||||||||||||
| 1,261 | 6.231 | % | 01/01/38 | 1,253 | ||||||||||||
| (1 yr. MTA + 1.175%)(b) |
| |||||||||||||||
| 2,794 | 6.256 | % | 11/01/40 | 2,774 | ||||||||||||
|
|
|
|||||||||||||||
| 135,883 | ||||||||||||||||
|
|
||||||||||||||||
| Adjustable Rate Government National Mortgage Association – 0.1% |
| |||||||||||||||
| 69 | 3.875 | 04/20/24 | 69 | |||||||||||||
| (1 yr. CMT + 1.500%)(b) |
| |||||||||||||||
| 26 | 3.875 | 05/20/24 | 26 | |||||||||||||
| 442 | 3.875 | 06/20/24 | 440 | |||||||||||||
| 104 | 4.000 | 06/20/24 | 103 | |||||||||||||
| 185 | 3.625 | 07/20/24 | 184 | |||||||||||||
| 317 | 4.000 | 07/20/24 | 316 | |||||||||||||
| 528 | 3.625 | 08/20/24 | 525 | |||||||||||||
| 412 | 4.000 | 08/20/24 | 410 | |||||||||||||
| 317 | 3.625 | 09/20/24 | 314 | |||||||||||||
| 501 | 4.000 | 11/20/24 | 497 | |||||||||||||
| 232 | 4.000 | 12/20/24 | 230 | |||||||||||||
| 634 | 4.500 | 12/20/24 | 630 | |||||||||||||
| 432 | 3.625 | 01/20/25 | 429 | |||||||||||||
| 397 | 3.625 | 02/20/25 | 394 | |||||||||||||
| 1,743 | 4.000 | 05/20/25 | 1,726 | |||||||||||||
| 2,032 | 4.000 | 07/20/25 | 2,007 | |||||||||||||
| 1,306 | 3.625 | 02/20/26 | 1,290 | |||||||||||||
| 61 | 3.625 | 07/20/26 | 60 | |||||||||||||
| 4,168 | 3.625 | 01/20/27 | 4,113 | |||||||||||||
| 1,087 | 3.625 | 02/20/27 | 1,073 | |||||||||||||
| 12,860 | 3.875 | 04/20/27 | 12,676 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Adjustable Rate Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 1,239 | 3.875 | % | 05/20/27 | $ | 1,221 | ||||||||||
| 2,576 | 3.875 | 06/20/27 | 2,539 | |||||||||||||
| 785 | 3.750 | 11/20/27 | 767 | |||||||||||||
| 2,226 | 3.750 | 12/20/27 | 2,175 | |||||||||||||
| 5,317 | 3.625 | 01/20/28 | 5,249 | |||||||||||||
| 1,932 | 3.625 | 02/20/28 | 1,907 | |||||||||||||
| 1,649 | 3.625 | 03/20/28 | 1,628 | |||||||||||||
| 11,288 | 3.625 | 07/20/29 | 11,057 | |||||||||||||
| 4,335 | 3.625 | 08/20/29 | 4,246 | |||||||||||||
| 1,104 | 3.625 | 09/20/29 | 1,082 | |||||||||||||
| 5,529 | 3.750 | 10/20/29 | 5,403 | |||||||||||||
| 6,981 | 3.750 | 11/20/29 | 6,823 | |||||||||||||
| 1,311 | 3.750 | 12/20/29 | 1,281 | |||||||||||||
| 2,328 | 3.625 | 01/20/30 | 2,303 | |||||||||||||
| 586 | 3.625 | 02/20/30 | 580 | |||||||||||||
| 4,403 | 3.625 | 03/20/30 | 4,356 | |||||||||||||
| 6,148 | 3.875 | 04/20/30 | 6,073 | |||||||||||||
| 9,555 | 3.875 | 05/20/30 | 9,441 | |||||||||||||
| 7,498 | 4.000 | 05/20/30 | 7,417 | |||||||||||||
| 1,768 | 3.875 | 06/20/30 | 1,747 | |||||||||||||
| 15,259 | 4.000 | 07/20/30 | 15,033 | |||||||||||||
| 3,037 | 4.000 | 09/20/30 | 2,992 | |||||||||||||
| 5,259 | 3.750 | 10/20/30 | 5,143 | |||||||||||||
|
|
|
|||||||||||||||
| 127,975 | ||||||||||||||||
|
|
||||||||||||||||
| Federal Home Loan Mortgage Corp. – 6.4% |
| |||||||||||||||
| 1,125,000 | 4.450 | 12/01/32 | 1,100,103 | |||||||||||||
| 25,397 | 5.000 | 10/01/33 | 25,450 | |||||||||||||
| 1,222 | 5.000 | 07/01/35 | 1,224 | |||||||||||||
| 609 | 4.500 | 08/01/35 | 602 | |||||||||||||
| 1,335 | 4.500 | 09/01/35 | 1,321 | |||||||||||||
| 691 | 4.500 | 10/01/35 | 684 | |||||||||||||
| 30,215 | 5.000 | 12/01/35 | 30,375 | |||||||||||||
| 10,828 | 4.500 | 01/01/38 | 10,709 | |||||||||||||
| 487 | 4.500 | 06/01/38 | 482 | |||||||||||||
| 18,338 | 4.500 | 09/01/38 | 18,056 | |||||||||||||
| 90 | 4.500 | 01/01/39 | 89 | |||||||||||||
| 9,071 | 4.500 | 02/01/39 | 8,914 | |||||||||||||
| 3,403 | 4.500 | 03/01/39 | 3,343 | |||||||||||||
| 871 | 4.500 | 04/01/39 | 855 | |||||||||||||
| 25,921 | 4.500 | 05/01/39 | 25,466 | |||||||||||||
| 67,668 | 5.000 | 05/01/39 | 67,957 | |||||||||||||
| 82,445 | 4.500 | 06/01/39 | 80,996 | |||||||||||||
| 111,023 | 5.000 | 07/01/39 | 112,034 | |||||||||||||
| 2,386 | 4.500 | 07/01/39 | 2,344 | |||||||||||||
| 1,849 | 4.500 | 08/01/39 | 1,816 | |||||||||||||
| 4,091 | 4.500 | 09/01/39 | 4,019 | |||||||||||||
| 944 | 4.500 | 10/01/39 | 928 | |||||||||||||
| 649 | 4.500 | 11/01/39 | 638 | |||||||||||||
| 874 | 4.500 | 12/01/39 | 859 | |||||||||||||
| 2,896 | 4.500 | 01/01/40 | 2,845 | |||||||||||||
| 1,907 | 4.500 | 04/01/40 | 1,872 | |||||||||||||
| 2,886 | 4.500 | 05/01/40 | 2,832 | |||||||||||||
| 4,311 | 4.500 | 06/01/40 | 4,232 | |||||||||||||
| 7,292 | 4.000 | 06/01/40 | 6,973 | |||||||||||||
| 1,585 | 4.500 | 07/01/40 | 1,556 | |||||||||||||
| 439 | 4.500 | 08/01/40 | 431 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Federal Home Loan Mortgage Corp. – (continued) |
| |||||||||||||||
| $ | 2,226 | 5.000 | % | 08/01/40 | $ | 2,234 | ||||||||||
| 47,695 | 4.000 | 02/01/41 | 45,595 | |||||||||||||
| 15,127 | 4.500 | 02/01/41 | 14,833 | |||||||||||||
| 3,216 | 4.500 | 03/01/41 | 3,154 | |||||||||||||
| 5,156 | 4.500 | 04/01/41 | 5,056 | |||||||||||||
| 6,227 | 4.500 | 05/01/41 | 6,105 | |||||||||||||
| 10,863 | 4.500 | 06/01/41 | 10,649 | |||||||||||||
| 859 | 5.000 | 06/01/41 | 866 | |||||||||||||
| 31,628 | 4.500 | 08/01/41 | 31,011 | |||||||||||||
| 33,479 | 4.500 | 09/01/41 | 32,863 | |||||||||||||
| 25,880 | 4.000 | 10/01/41 | 24,756 | |||||||||||||
| 4,051 | 4.000 | 11/01/41 | 3,877 | |||||||||||||
| 2,117 | 4.500 | 12/01/41 | 2,075 | |||||||||||||
| 27,952 | 4.500 | 03/01/42 | 27,406 | |||||||||||||
| 223,422 | 4.000 | 03/01/42 | 213,267 | |||||||||||||
| 11,232 | 3.000 | 05/01/42 | 10,075 | |||||||||||||
| 174,789 | 3.500 | 06/01/42 | 161,942 | |||||||||||||
| 313,384 | 4.500 | 06/01/42 | 307,135 | |||||||||||||
| 49,613 | 3.000 | 08/01/42 | 44,732 | |||||||||||||
| 41,857 | 3.500 | 08/01/42 | 38,471 | |||||||||||||
| 120,931 | 3.500 | 10/01/42 | 111,065 | |||||||||||||
| 21,365 | 3.000 | 10/01/42 | 19,261 | |||||||||||||
| 64,580 | 3.500 | 11/01/42 | 59,319 | |||||||||||||
| 330,705 | 3.000 | 11/01/42 | 298,690 | |||||||||||||
| 556,792 | 3.000 | 12/01/42 | 503,002 | |||||||||||||
| 1,005,316 | 3.000 | 01/01/43 | 910,426 | |||||||||||||
| 89,199 | 3.000 | 02/01/43 | 80,365 | |||||||||||||
| 448,412 | 4.000 | 08/01/43 | 428,168 | |||||||||||||
| 211,082 | 4.000 | 01/01/44 | 201,544 | |||||||||||||
| 260,985 | 3.500 | 02/01/44 | 240,504 | |||||||||||||
| 262,886 | 3.500 | 06/01/44 | 244,263 | |||||||||||||
| 5,017 | 4.000 | 11/01/44 | 4,791 | |||||||||||||
| 33,628 | 3.500 | 02/01/45 | 31,054 | |||||||||||||
| 59,772 | 3.500 | 03/01/45 | 55,197 | |||||||||||||
| 7,201 | 3.500 | 08/01/45 | 6,603 | |||||||||||||
| 8,918 | 3.500 | 09/01/45 | 8,177 | |||||||||||||
| 17,756 | 3.500 | 11/01/45 | 16,275 | |||||||||||||
| 138,815 | 3.500 | 03/01/46 | 127,196 | |||||||||||||
| 230,940 | 3.500 | 05/01/46 | 211,529 | |||||||||||||
| 265,872 | 3.500 | 06/01/46 | 243,526 | |||||||||||||
| 117,462 | 3.500 | 07/01/46 | 107,589 | |||||||||||||
| 18,641 | 3.500 | 10/01/46 | 17,074 | |||||||||||||
| 15,597 | 3.500 | 12/01/46 | 14,286 | |||||||||||||
| 6,284,448 | 3.000 | 05/01/47 | 5,567,782 | |||||||||||||
| 185,118 | 3.500 | 12/01/47 | 169,964 | |||||||||||||
|
|
|
|||||||||||||||
| 12,183,757 | ||||||||||||||||
|
|
||||||||||||||||
| Federal National Mortgage Association – 6.2% |
| |||||||||||||||
| 829 | 7.000 | 08/01/31 | 866 | |||||||||||||
| 49,223 | 3.500 | 07/01/42 | 45,117 | |||||||||||||
| 46,091 | 3.500 | 08/01/42 | 42,294 | |||||||||||||
| 32,336 | 3.500 | 09/01/42 | 29,685 | |||||||||||||
| 3,892 | 3.500 | 10/01/42 | 3,571 | |||||||||||||
| 7,766 | 3.500 | 11/01/42 | 7,127 | |||||||||||||
| 4,309 | 3.500 | 01/01/43 | 3,950 | |||||||||||||
| 101,528 | 3.500 | 02/01/43 | 93,040 | |||||||||||||
| 10,913 | 3.500 | 05/01/43 | 10,012 | |||||||||||||
| 440,981 | 3.500 | 07/01/43 | 403,781 | |||||||||||||
|
|
||||||||||||||||
| 82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Federal National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 220,605 | 3.500 | % | 01/01/44 | $ | 202,252 | ||||||||||
| 10,719 | 3.500 | 12/01/44 | 9,792 | |||||||||||||
| 191,272 | 4.000 | 03/01/45 | 181,178 | |||||||||||||
| 91,078 | 4.000 | 04/01/45 | 86,271 | |||||||||||||
| 1,049,073 | 4.500 | 06/01/51 | 1,023,325 | |||||||||||||
| 2,494,381 | 4.000 | 07/01/56 | 2,304,783 | |||||||||||||
| 1,361,702 | 3.500 | 08/01/56 | 1,215,670 | |||||||||||||
| 2,523,532 | 3.500 | 10/01/56 | 2,247,775 | |||||||||||||
| 1,687,395 | 4.000 | 02/01/57 | 1,552,989 | |||||||||||||
| 2,857,748 | 3.500 | 09/01/62 | 2,482,234 | |||||||||||||
|
|
|
|||||||||||||||
| 11,945,712 | ||||||||||||||||
|
|
||||||||||||||||
| Government National Mortgage Association – 39.5% |
| |||||||||||||||
| 566 | 6.000 | 04/15/26 | 565 | |||||||||||||
| 137 | 6.500 | 01/15/32 | 140 | |||||||||||||
| 433 | 6.500 | 02/15/32 | 445 | |||||||||||||
| 131,126 | 5.500 | 04/15/33 | 133,912 | |||||||||||||
| 3,178 | 5.000 | 11/15/33 | 3,160 | |||||||||||||
| 358 | 6.500 | 08/15/34 | 374 | |||||||||||||
| 481 | 6.500 | 02/15/36 | 499 | |||||||||||||
| 1,079 | 6.500 | 03/15/36 | 1,115 | |||||||||||||
| 1,722 | 6.500 | 04/15/36 | 1,801 | |||||||||||||
| 5,337 | 6.500 | 05/15/36 | 5,526 | |||||||||||||
| 2,470 | 6.500 | 06/15/36 | 2,547 | |||||||||||||
| 13,601 | 6.500 | 07/15/36 | 14,228 | |||||||||||||
| 14,260 | 6.500 | 08/15/36 | 14,916 | |||||||||||||
| 31,101 | 6.500 | 09/15/36 | 32,575 | |||||||||||||
| 12,971 | 6.500 | 10/15/36 | 13,528 | |||||||||||||
| 19,411 | 6.500 | 11/15/36 | 20,435 | |||||||||||||
| 7,413 | 6.500 | 12/15/36 | 7,709 | |||||||||||||
| 3,515 | 6.500 | 01/15/37 | 3,647 | |||||||||||||
| 1,338 | 6.500 | 03/15/37 | 1,388 | |||||||||||||
| 1,958 | 6.500 | 04/15/37 | 2,036 | |||||||||||||
| 734 | 6.500 | 05/15/37 | 775 | |||||||||||||
| 3,651 | 6.500 | 09/15/37 | 3,799 | |||||||||||||
| 5,385 | 6.500 | 10/15/37 | 5,794 | |||||||||||||
| 2,466 | 6.500 | 11/15/37 | 2,569 | |||||||||||||
| 1,956 | 6.500 | 05/15/38 | 2,038 | |||||||||||||
| 563 | 6.500 | 02/15/39 | 581 | |||||||||||||
| 121,878 | 5.000 | 01/20/40 | 122,031 | |||||||||||||
| 114,341 | 4.500 | 05/15/40 | 112,918 | |||||||||||||
| 91,014 | 5.000 | 07/15/40 | 91,561 | |||||||||||||
| 134,351 | 3.500 | 09/15/42 | 124,838 | |||||||||||||
| 131,241 | 3.500 | 02/15/45 | 121,727 | |||||||||||||
| 26,438 | 4.000 | 05/20/45 | 25,148 | |||||||||||||
| 19,142 | 4.000 | 07/20/45 | 18,208 | |||||||||||||
| 33,789 | 4.000 | 10/20/45 | 32,142 | |||||||||||||
| 104,236 | 4.000 | 01/20/46 | 99,022 | |||||||||||||
| 432,769 | 4.500 | 03/20/46 | 424,895 | |||||||||||||
| 860,766 | 4.500 | 02/20/47 | 843,733 | |||||||||||||
| 175,581 | 4.500 | 03/20/47 | 171,948 | |||||||||||||
| 978,793 | 4.500 | 05/20/47 | 957,314 | |||||||||||||
| 167,998 | 4.500 | 06/20/47 | 164,469 | |||||||||||||
| 1,377,166 | 4.000 | 06/20/47 | 1,304,408 | |||||||||||||
| 48,692 | 4.500 | 07/20/47 | 47,624 | |||||||||||||
| 478,271 | 4.500 | 08/20/47 | 467,477 | |||||||||||||
| 528,466 | 4.500 | 09/20/48 | 513,896 | |||||||||||||
| 1,264,910 | 5.000 | 11/20/48 | 1,256,529 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Government National Mortgage Association – (continued) |
| |||||||||||||||
| $ | 630,384 | 4.500 | % | 12/20/48 | $ | 612,217 | ||||||||||
| 521,273 | 5.000 | 12/20/48 | 517,819 | |||||||||||||
| 92,018 | 4.500 | 01/20/49 | 89,337 | |||||||||||||
| 720,980 | 4.000 | 02/20/49 | 681,537 | |||||||||||||
| 299,429 | 4.500 | 02/20/49 | 290,706 | |||||||||||||
| 444,200 | 4.500 | 03/20/49 | 431,260 | |||||||||||||
| 1,311,503 | 4.000 | 04/20/49 | 1,239,754 | |||||||||||||
| 523,171 | 4.000 | 05/20/49 | 494,386 | |||||||||||||
| 318,744 | 4.500 | 10/20/49 | 309,558 | |||||||||||||
| 632,026 | 3.500 | 12/20/50 | 578,651 | |||||||||||||
| 259,245 | 4.000 | 01/20/51 | 243,706 | |||||||||||||
| 949,893 | 3.000 | 07/20/51 | 832,291 | |||||||||||||
| 771,510 | 2.500 | 09/20/51 | 648,440 | |||||||||||||
| 551,598 | 2.500 | 11/20/51 | 463,953 | |||||||||||||
| 940,527 | 3.000 | 11/20/51 | 823,203 | |||||||||||||
| 724,117 | 2.500 | 12/20/51 | 608,804 | |||||||||||||
| 2,977,660 | 7.000 | 01/20/54 | 3,041,587 | |||||||||||||
| 9,000,000 | 2.000 | TBA-30yr(f) | 7,373,882 | |||||||||||||
| 9,000,000 | 4.500 | TBA-30yr(f) | 8,647,278 | |||||||||||||
| 9,000,000 | 2.500 | TBA-30yr(f) | 7,665,036 | |||||||||||||
| 6,000,000 | 3.000 | TBA-30yr(f) | 5,292,111 | |||||||||||||
| 5,000,000 | 3.500 | TBA-30yr(f) | 4,549,418 | |||||||||||||
| 2,000,000 | 5.500 | TBA-30yr(f) | 1,998,823 | |||||||||||||
| 12,000,000 | 5.000 | TBA-30yr(f) | 11,795,528 | |||||||||||||
| 7,000,000 | 6.000 | TBA-30yr(f) | 7,062,678 | |||||||||||||
| 2,000,000 | 6.500 | TBA-30yr(f) | 2,033,242 | |||||||||||||
|
|
|
|||||||||||||||
| 75,501,195 | ||||||||||||||||
|
|
||||||||||||||||
| Uniform Mortgage-Backed Security – 68.7% |
| |||||||||||||||
| 3,446,211 | 1.500 | 05/01/32 | 3,140,219 | |||||||||||||
| 649,172 | 1.500 | 07/01/35 | 565,415 | |||||||||||||
| 153,526 | 1.500 | 08/01/35 | 133,718 | |||||||||||||
| 1,055,461 | 1.500 | 09/01/35 | 919,080 | |||||||||||||
| 1,561,249 | 1.500 | 10/01/35 | 1,359,212 | |||||||||||||
| 715,808 | 1.500 | 11/01/35 | 623,040 | |||||||||||||
| 778,480 | 1.500 | 12/01/35 | 677,438 | |||||||||||||
| 422,488 | 1.500 | 02/01/36 | 368,853 | |||||||||||||
| 110,924 | 4.500 | 07/01/36 | 108,622 | |||||||||||||
| 835,358 | 1.500 | 10/01/36 | 728,908 | |||||||||||||
| 7,173 | 4.500 | 12/01/36 | 7,024 | |||||||||||||
| 76,815 | 4.500 | 02/01/39 | 75,369 | |||||||||||||
| 2,495 | 4.500 | 03/01/39 | 2,444 | |||||||||||||
| 3,158 | 4.500 | 05/01/39 | 3,094 | |||||||||||||
| 1,535 | 4.500 | 07/01/39 | 1,503 | |||||||||||||
| 1,547 | 4.000 | 08/01/39 | 1,478 | |||||||||||||
| 3,320 | 4.500 | 09/01/39 | 3,258 | |||||||||||||
| 6,493 | 4.500 | 10/01/39 | 6,371 | |||||||||||||
| 14,650 | 4.500 | 02/01/40 | 14,349 | |||||||||||||
| 2,702 | 4.500 | 03/01/40 | 2,651 | |||||||||||||
| 33,938 | 4.500 | 04/01/40 | 33,271 | |||||||||||||
| 14,537 | 4.500 | 06/01/40 | 14,233 | |||||||||||||
| 73,868 | 4.500 | 09/01/40 | 72,414 | |||||||||||||
| 3,381 | 4.500 | 12/01/40 | 3,315 | |||||||||||||
| 30,103 | 4.500 | 01/01/41 | 29,512 | |||||||||||||
| 10,597 | 4.500 | 04/01/41 | 10,377 | |||||||||||||
| 15,381 | 4.500 | 06/01/41 | 15,062 | |||||||||||||
| 16,314 | 4.500 | 07/01/41 | 15,975 | |||||||||||||
| 78,361 | 4.500 | 08/01/41 | 76,642 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 66,040 | 4.500 | % | 09/01/41 | $ | 64,669 | ||||||||||
| 32,613 | 4.500 | 10/01/41 | 31,936 | |||||||||||||
| 58,071 | 3.500 | 10/01/41 | 53,971 | |||||||||||||
| 14,368 | 3.500 | 11/01/41 | 13,364 | |||||||||||||
| 42,998 | 4.500 | 11/01/41 | 42,105 | |||||||||||||
| 37,492 | 4.500 | 12/01/41 | 36,714 | |||||||||||||
| 31,189 | 4.500 | 01/01/42 | 30,542 | |||||||||||||
| 56,454 | 3.500 | 01/01/42 | 52,494 | |||||||||||||
| 6,328 | 3.500 | 02/01/42 | 5,860 | |||||||||||||
| 199,196 | 4.000 | 03/01/42 | 189,903 | |||||||||||||
| 2,409 | 4.500 | 03/01/42 | 2,356 | |||||||||||||
| 46,625 | 4.000 | 04/01/42 | 44,450 | |||||||||||||
| 5,283 | 4.500 | 04/01/42 | 5,164 | |||||||||||||
| 6,026 | 3.500 | 05/01/42 | 5,574 | |||||||||||||
| 22,386 | 3.500 | 06/01/42 | 20,786 | |||||||||||||
| 14,343 | 3.500 | 09/01/42 | 13,369 | |||||||||||||
| 47,419 | 3.000 | 09/01/42 | 42,769 | |||||||||||||
| 114,872 | 3.500 | 10/01/42 | 106,493 | |||||||||||||
| 251,348 | 3.000 | 12/01/42 | 226,435 | |||||||||||||
| 40,968 | 3.500 | 12/01/42 | 38,014 | |||||||||||||
| 54,642 | 3.000 | 01/01/43 | 49,387 | |||||||||||||
| 21,060 | 3.000 | 02/01/43 | 19,031 | |||||||||||||
| 158,007 | 3.500 | 02/01/43 | 146,317 | |||||||||||||
| 583,352 | 3.000 | 03/01/43 | 525,348 | |||||||||||||
| 323,534 | 3.500 | 03/01/43 | 299,739 | |||||||||||||
| 636,272 | 3.000 | 04/01/43 | 572,620 | |||||||||||||
| 758,883 | 3.000 | 05/01/43 | 682,421 | |||||||||||||
| 228,243 | 2.500 | 05/01/43 | 196,338 | |||||||||||||
| 96,670 | 3.500 | 05/01/43 | 89,335 | |||||||||||||
| 27,895 | 3.000 | 06/01/43 | 25,046 | |||||||||||||
| 424,931 | 3.500 | 06/01/43 | 392,773 | |||||||||||||
| 229,684 | 3.000 | 07/01/43 | 206,424 | |||||||||||||
| 306,140 | 3.500 | 07/01/43 | 283,459 | |||||||||||||
| 25,982 | 3.500 | 08/01/43 | 24,015 | |||||||||||||
| 21,401 | 3.500 | 09/01/43 | 19,810 | |||||||||||||
| 40,345 | 3.500 | 01/01/44 | 37,369 | |||||||||||||
| 19,034 | 3.500 | 08/01/44 | 17,474 | |||||||||||||
| 25,528 | 3.500 | 09/01/44 | 23,521 | |||||||||||||
| 58,968 | 3.500 | 10/01/44 | 54,385 | |||||||||||||
| 21,971 | 5.000 | 12/01/44 | 21,966 | |||||||||||||
| 15,270 | 3.500 | 01/01/45 | 14,083 | |||||||||||||
| 152,366 | 4.000 | 02/01/45 | 145,277 | |||||||||||||
| 75,395 | 3.500 | 03/01/45 | 69,451 | |||||||||||||
| 33,959 | 3.500 | 04/01/45 | 31,129 | |||||||||||||
| 459,305 | 3.500 | 05/01/45 | 423,611 | |||||||||||||
| 798,034 | 4.500 | 06/01/45 | 779,229 | |||||||||||||
| 47,819 | 3.500 | 07/01/45 | 43,789 | |||||||||||||
| 174,352 | 4.000 | 11/01/45 | 164,893 | |||||||||||||
| 7,604 | 3.500 | 11/01/45 | 6,961 | |||||||||||||
| 149,035 | 3.500 | 01/01/46 | 136,615 | |||||||||||||
| 54,257 | 4.000 | 03/01/46 | 51,311 | |||||||||||||
| 392,743 | 3.500 | 03/01/46 | 362,141 | |||||||||||||
| 62,270 | 3.500 | 04/01/46 | 57,431 | |||||||||||||
| 302,636 | 3.500 | 05/01/46 | 276,848 | |||||||||||||
| 64,696 | 4.000 | 06/01/46 | 61,079 | |||||||||||||
| 145,483 | 4.500 | 06/01/46 | 141,519 | |||||||||||||
| 186,472 | 3.000 | 07/01/46 | 164,542 | |||||||||||||
| 197,121 | 4.000 | 07/01/46 | 186,100 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 19,143 | 4.000 | % | 08/01/46 | $ | 18,073 | ||||||||||
| 102,451 | 3.000 | 08/01/46 | 90,402 | |||||||||||||
| 433,127 | 3.000 | 09/01/46 | 382,189 | |||||||||||||
| 135,201 | 3.000 | 10/01/46 | 119,300 | |||||||||||||
| 22,704 | 4.000 | 10/01/46 | 21,434 | |||||||||||||
| 561,521 | 3.000 | 11/01/46 | 495,477 | |||||||||||||
| 249,461 | 3.000 | 12/01/46 | 220,123 | |||||||||||||
| 1,001,121 | 3.000 | 01/01/47 | 883,385 | |||||||||||||
| 522,883 | 4.500 | 02/01/47 | 510,562 | |||||||||||||
| 49,437 | 3.000 | 02/01/47 | 43,623 | |||||||||||||
| 133,632 | 3.000 | 04/01/47 | 117,927 | |||||||||||||
| 321,160 | 3.500 | 06/01/47 | 292,468 | |||||||||||||
| 144,017 | 4.500 | 11/01/47 | 139,778 | |||||||||||||
| 4,918 | 4.500 | 02/01/48 | 4,762 | |||||||||||||
| 258,929 | 4.500 | 05/01/48 | 251,930 | |||||||||||||
| 409,336 | 3.500 | 06/01/48 | 372,766 | |||||||||||||
| 227,081 | 4.500 | 07/01/48 | 219,474 | |||||||||||||
| 786,926 | 4.500 | 08/01/48 | 760,567 | |||||||||||||
| 324,527 | 4.500 | 09/01/48 | 313,353 | |||||||||||||
| 6,399 | 4.500 | 10/01/48 | 6,225 | |||||||||||||
| 1,180,785 | 5.000 | 11/01/48 | 1,179,626 | |||||||||||||
| 551,387 | 4.500 | 11/01/48 | 532,769 | |||||||||||||
| 254,170 | 4.500 | 12/01/48 | 245,338 | |||||||||||||
| 312,062 | 4.500 | 02/01/49 | 301,222 | |||||||||||||
| 3,626 | 4.500 | 05/01/49 | 3,501 | |||||||||||||
| 1,652,551 | 3.000 | 09/01/49 | 1,451,355 | |||||||||||||
| 5,093 | 4.500 | 11/01/49 | 4,919 | |||||||||||||
| 354,345 | 4.500 | 01/01/50 | 342,033 | |||||||||||||
| 54,127 | 4.500 | 02/01/50 | 52,250 | |||||||||||||
| 610,786 | 3.000 | 03/01/50 | 534,268 | |||||||||||||
| 3,858,695 | 4.500 | 03/01/50 | 3,736,867 | |||||||||||||
| 430,096 | 4.500 | 04/01/50 | 414,379 | |||||||||||||
| 407,195 | 4.500 | 09/01/50 | 393,226 | |||||||||||||
| 3,477,834 | 2.500 | 09/01/50 | 2,936,880 | |||||||||||||
| 2,196,254 | 3.000 | 10/01/50 | 1,921,180 | |||||||||||||
| 3,794,141 | 2.000 | 10/01/50 | 3,027,292 | |||||||||||||
| 960,683 | 2.500 | 11/01/50 | 807,052 | |||||||||||||
| 3,751,458 | 2.000 | 12/01/50 | 2,992,072 | |||||||||||||
| 954,108 | 2.500 | 01/01/51 | 792,296 | |||||||||||||
| 4,525,709 | 2.000 | 02/01/51 | 3,605,380 | |||||||||||||
| 11,363,261 | 2.000 | 05/01/51 | 9,034,679 | |||||||||||||
| 7,829,324 | 2.500 | 05/01/51 | 6,563,518 | |||||||||||||
| 8,095,996 | 2.500 | 07/01/51 | 6,782,790 | |||||||||||||
| 1,690,168 | 2.500 | 09/01/51 | 1,419,351 | |||||||||||||
| 1,790,629 | 2.000 | 11/01/51 | 1,420,355 | |||||||||||||
| 5,066,812 | 2.500 | 12/01/51 | 4,239,761 | |||||||||||||
| 30,384 | 2.000 | 02/01/52 | 24,337 | |||||||||||||
| 697,808 | 6.000 | 11/01/52 | 713,739 | |||||||||||||
| 933,013 | 4.500 | 05/01/53 | 901,469 | |||||||||||||
| 1,225,341 | 6.500 | 08/01/53 | 1,261,678 | |||||||||||||
| 680,238 | 6.500 | 10/01/53 | 699,985 | |||||||||||||
| 6,456,570 | 6.500 | 11/01/53 | 6,662,374 | |||||||||||||
| 5,424,732 | 6.500 | 12/01/53 | 5,582,209 | |||||||||||||
| 2,952,668 | 6.500 | 01/01/54 | 3,086,363 | |||||||||||||
| 7,000,000 | 2.500 | TBA-30yr(f) | 5,786,211 | |||||||||||||
| 7,000,000 | 2.000 | TBA-30yr(f) | 5,916,495 | |||||||||||||
| 22,000,000 | 5.500 | TBA-30yr(f) | 22,038,655 | |||||||||||||
|
|
||||||||||||||||
| 84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Mortgage-Backed Obligations – (continued) |
| |||||||||||||||
| Uniform Mortgage-Backed Security – (continued) |
| |||||||||||||||
| $ | 2,000,000 | 7.000 | % | TBA-30yr(f) | $ | 2,058,857 | ||||||||||
|
|
|
|||||||||||||||
| 131,573,151 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL FEDERAL AGENCIES | $ | 231,502,349 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $277,865,268) |
$ | 266,458,026 | ||||||||||||||
|
|
||||||||||||||||
| Asset-Backed Securities(c) – 3.4% | ||||||||||||||||
| Automotive – 0.7% |
| |||||||||||||||
| Exeter Automobile Receivables Trust Series 2024-1A, Class A3 |
| |||||||||||||||
| $ | 350,000 | 5.310 | % | 08/16/27 | $ | 349,220 | ||||||||||
| Ford Credit Auto Owner Trust Series 2024-1, Class A(e) |
| |||||||||||||||
| 500,000 | 4.870 | 08/15/36 | 498,603 | |||||||||||||
| GM Financial Consumer Automobile Receivables Trust Series 2023-1, Class A2A |
| |||||||||||||||
| 206,648 | 5.190 | 03/16/26 | 206,338 | |||||||||||||
| Tesla Auto Lease Trust Series 2024-A, Class A3(e) |
| |||||||||||||||
| 225,000 | 5.300 | 06/21/27 | 224,558 | |||||||||||||
|
|
|
|||||||||||||||
| 1,278,719 | ||||||||||||||||
|
|
||||||||||||||||
| Collateralized Loan Obligations(e) – 2.4% |
| |||||||||||||||
| Apidos CLO XXXV Ltd. Series 2021-35A, Class D(b) (3 mo. USD Term SOFR + 2.912%) |
| |||||||||||||||
| 750,000 | 8.229 | 04/20/34 | 732,520 | |||||||||||||
| BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class B (b) (3 mo. USD Term SOFR + 1.962%) |
| |||||||||||||||
| 500,000 | 7.281 | 11/20/34 | 500,497 | |||||||||||||
| CIFC Funding Ltd. Series 2023-3A, Class D(b) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 500,000 | 9.566 | 01/20/37 | 501,819 | |||||||||||||
| Helios Issuer LLC Series 2023-GRID1, Class 1A |
| |||||||||||||||
| 97,672 | 5.750 | 12/20/50 | 98,633 | |||||||||||||
| Pikes Peak CLO 12 Ltd. Series 2023-12A, Class A(b) (3 mo. USD Term SOFR + 2.100%) |
| |||||||||||||||
| 1,200,000 | 7.418 | 04/20/36 | 1,209,880 | |||||||||||||
| TCW CLO Ltd. Series 2023-1A, Class A1N(b) (3 mo. USD Term SOFR + 2.070%) |
| |||||||||||||||
| 700,000 | 7.390 | 04/28/36 | 704,375 | |||||||||||||
| Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b) (3 mo. USD Term SOFR + 1.612%) |
| |||||||||||||||
| 925,000 | 6.931 | 07/28/32 | 925,078 | |||||||||||||
|
|
|
|||||||||||||||
| 4,672,802 | ||||||||||||||||
|
|
||||||||||||||||
| Student Loan(b)(e) – 0.3% |
| |||||||||||||||
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 600,000 | 9.823 | 01/20/37 | 607,050 | |||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $6,501,546) |
$ | 6,558,571 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations – 2.2% |
| |||||||||||||||
| U.S. Treasury Inflation-Indexed Bonds |
| |||||||||||||||
| $ | 176,353 | 1.500 | % | 02/15/53 | $ | 154,195 | ||||||||||
| U.S. Treasury Notes |
| |||||||||||||||
| 1,376,200 | 4.375 | (g) | 11/30/28 | 1,383,941 | ||||||||||||
| 1,800,000 | 4.125 | 03/31/29 | 1,792,789 | |||||||||||||
| 890,000 | 4.125 | 03/31/31 | 885,387 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,192,593) |
$ | 4,216,312 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(h) –3.0% | ||||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 5,688,152 | 5.211% | $ | 5,688,152 | |||||||||||||
| (Cost $5,688,152) |
| |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 147.8% (Cost $294,247,559) |
$ | 282,921,061 | ||||||||||||||
|
|
||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER |
(91,496,935 | ) | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 191,424,126 | ||||||||||||||
|
|
||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| (a) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (c) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (e) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $92,218,214 which represents approximately 48.3% of net assets as of March 31, 2024. |
| (g) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (h) | Represents an Affiliated Issuer. |
| The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Schedule of Investments (continued)
March 31, 2024
|
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD SALES CONTRACTS — At March 31, 2024, the Fund had the following forward sales contracts:
| Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||
|
|
||||||||||||||||||
| Government National Mortgage |
||||||||||||||||||
| Association |
4.000% | TBA - 30yr | 04/18/24 | $ | (1,000,000 | ) | $ | (935,862 | ) | |||||||||
| Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 04/11/24 | (20,000,000 | ) | (19,044,532 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
5.000 | TBA - 30yr | 04/11/24 | (14,000,000 | ) | (13,664,218 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
3.000 | TBA - 30yr | 04/11/24 | (3,000,000 | ) | (2,581,641 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
3.500 | TBA - 30yr | 04/11/24 | (4,000,000 | ) | (3,578,906 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 04/11/24 | (7,000,000 | ) | (7,150,391 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
6.000 | TBA - 30yr | 04/11/24 | (3,000,000 | ) | (3,025,428 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 05/15/24 | (8,000,000 | ) | (8,168,125 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
1.500 | TBA - 15yr | 04/16/24 | (2,000,000 | ) | (1,731,173 | ) | |||||||||||
| Uniform Mortgage-Backed Security |
7.000 | TBA - 30yr | 05/15/24 | (2,000,000 | ) | (2,058,737 | ) | |||||||||||
|
|
||||||||||||||||||
| (PROCEEDS RECEIVED: $(62,039,102)) | $ | (61,939,013 | ) | |||||||||||||||
|
|
||||||||||||||||||
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
47 | 06/18/24 | $ | 5,207,453 | $ | 19,203 | ||||||||||
| 5 Year U.S. Treasury Notes |
82 | 06/28/24 | 8,775,281 | (17,404) | ||||||||||||
|
|
||||||||||||||||
| Total | $ | 1,799 | ||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 2 Year U.S. Treasury Notes |
(49) | 06/28/24 | (10,019,734 | ) | 9,071 | |||||||||||
| 20 Year U.S. Treasury Bonds |
(2) | 06/18/24 | (240,875 | ) | (10) | |||||||||||
| Ultra 10-Year U.S. Treasury Note |
(14) | 06/18/24 | (1,604,531 | ) | (7,854) | |||||||||||
| Ultra Long U.S. Treasury Bonds |
(10) | 06/18/24 | (1,290,000 | ) | (9,147) | |||||||||||
|
|
||||||||||||||||
| Total | $ | (7,940) | ||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | (6,141) | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||
|
|
||||||||||||||||||||
| 12M CDOR(b) |
4.250%(b) | 06/19/26 | CAD | 2,490 | $ | 8,662 | $ | 10,444 | $ (1,782 | ) | ||||||||||
| 12M SOFR(c) |
3.730(c) | 11/28/27 | $ | 940 | 1,533 | 3,430 | (1,897 | ) | ||||||||||||
| 3.975%(c) |
12M SOFR(c) | 08/31/28 | 6,120 | (583 | ) | (1,566 | ) | 983 | ||||||||||||
| 2.680(c) |
12M SOFR(c) | 07/28/32 | 2,430 | 89,203 | 29,990 | 59,213 | ||||||||||||||
| 12M SOFR(c) |
4.306(c) | 10/05/33 | 1,920 | 48,366 | (12,304 | ) | 60,670 | |||||||||||||
| 12M SOFR(c) |
3.849(c) | 11/15/33 | 1,580 | 5,536 | 1,500 | 4,036 | ||||||||||||||
| 12M SOFR(c) |
2.910(c) | 07/28/37 | 5,910 | (172,227 | ) | (90,718 | ) | (81,509 | ) | |||||||||||
| 12M SOFR(c) |
3.391(c) | 05/10/38 | 6,350 | (86,827 | ) | (44,277 | ) | (42,550 | ) | |||||||||||
| 2.080(c) |
12M SOFR(c) | 07/28/47 | 5,920 | 167,670 | 101,403 | 66,267 | ||||||||||||||
| 86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||||
| 2.564%(c) |
12M SOFR(c) | 05/11/53 | $ 5,400 | $ | 112,117 | $ | 28,630 | $ 83,487 | ||||||||||
| 3.613(c) |
12M SOFR(c) | 11/15/53 | 1,250 | (28,280 | ) | (9,822 | ) | (18,458 | ) | |||||||||
| 3.512(c) |
12M SOFR(c) | 11/29/53 | 320 | (5,119 | ) | (4,788 | ) | (331 | ) | |||||||||
|
|
||||||||||||||||||
| TOTAL | $ | 140,051 | $ | 11,922 | $ 128,129 | |||||||||||||
|
|
||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b) | Payments made semi-annually. |
| (c) | Payments made annually. |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
| Reference Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||
| CMBX.NA.BBB.17 |
3.000% | 4.968% | JPMorgan Securities, Inc. | 12/15/56 | $700 | $ | (83,907 | ) | $ | (90,153 | ) | $ | 6,246 | |||||||||||
|
|
||||||||||||||||||||||||
| (a) | Payments made monthly. |
| (b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
|
| ||
| Currency Abbreviations: | ||
| CAD | —Canadian Dollar | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CLO | —Collateralized Loan Obligation | |
| CMT | —Constant Maturity Treasury Indexes | |
| IO | —Interest Only Stripped Security | |
| LLC | —Limited Liability Company | |
| MTA | —Monthly Treasury Average | |
| PI | —Private Investment | |
| REMICS | —Real Estate Mortgage Investment Conduits | |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |
| SOFR | —Secured Overnight Financing Rate | |
| STACR | —Structured Agency Credit Risk | |
|
| ||
|
| ||
| Abbreviations: | ||
| CDOR | —Canadian Dollar Offered Rate | |
| CMBX | —Commercial Mortgage Backed Securities Index | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Enhanced Income Fund |
Government Income Fund |
Inflation Fund |
||||||||||||||
| Assets: | ||||||||||||||||
| Investments in unaffiliated issuers, at value (cost $526,499,492, $147,213,012 and $246,591,523, respectively) |
$519,393,930 | $137,179,869 | $243,782,728 | |||||||||||||
| Investments in affiliated issuers, at value (cost $0, $353,647 and $0, respectively) |
— | 353,647 | — | |||||||||||||
| Cash |
5,858,784 | 1,944,510 | 2,204,508 | |||||||||||||
| Unrealized gain on forward foreign currency exchange contracts |
32,267 | — | — | |||||||||||||
| Variation margin on futures contracts |
25 | — | — | |||||||||||||
| Variation margin on swaps contracts |
3,614 | — | — | |||||||||||||
| Receivables: |
||||||||||||||||
| Interest and dividends |
3,896,907 | 753,343 | 755,706 | |||||||||||||
| Fund shares sold |
1,371,456 | 203,053 | 130,442 | |||||||||||||
| Investments sold on an extended-settlement basis |
925,356 | 25,613,175 | — | |||||||||||||
| Collateral on certain derivative contracts(a) |
495,573 | 179,976 | 811,576 | |||||||||||||
| Reimbursement from investment adviser |
16,091 | 41,480 | 34,706 | |||||||||||||
| Investments sold |
— | 842 | 14,509,938 | |||||||||||||
| Other assets |
48,981 | 54,959 | 50,221 | |||||||||||||
|
| ||||||||||||||||
| Total assets |
532,042,984 | 166,324,854 | 262,279,825 | |||||||||||||
|
| ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign currency overdraft, at value (identified cost $540, $0 and $9, respectively) |
458 | — | 9 | |||||||||||||
| Forward sale contracts, at value (proceeds received $0, $15,163,086 and $0, respectively) |
— | 15,067,899 | — | |||||||||||||
| Variation margin on futures contracts |
— | 20 | 2 | |||||||||||||
| Variation margin on swaps contracts |
— | 223 | 7,152 | |||||||||||||
| Payables: |
||||||||||||||||
| Investments purchased on an extended-settlement basis |
5,925,227 | 25,324,414 | 497,862 | |||||||||||||
| Fund shares redeemed |
1,133,916 | 143,621 | 1,041,762 | |||||||||||||
| Management fees |
110,867 | 48,367 | 54,762 | |||||||||||||
| Distribution and Service fees and Transfer Agency fees |
17,508 | 19,665 | 27,257 | |||||||||||||
| Income distributions |
14,782 | 10,691 | — | |||||||||||||
| Investments purchased |
— | 1,078 | 14,259,516 | |||||||||||||
| Accrued expenses |
374,973 | 280,199 | 223,719 | |||||||||||||
|
| ||||||||||||||||
| Total liabilities |
7,577,731 | 40,896,177 | 16,112,041 | |||||||||||||
|
| ||||||||||||||||
| Net Assets: | ||||||||||||||||
| Paid-in capital |
553,996,280 | 169,956,804 | 318,330,435 | |||||||||||||
| Total distributable loss |
(29,531,027 | ) | (44,528,127 | ) | (72,162,651 | ) | ||||||||||
|
| ||||||||||||||||
| NET ASSETS |
$524,465,253 | $125,428,677 | $246,167,784 | |||||||||||||
| Net Assets: |
||||||||||||||||
| Class A |
$ 11,648,930 | $ 39,366,303 | $ 33,181,913 | |||||||||||||
| Class C |
— | 730,700 | 1,584,156 | |||||||||||||
| Administration |
5,403,224 | — | — | |||||||||||||
| Institutional |
175,290,961 | 33,354,317 | 45,677,895 | |||||||||||||
| Service |
283,599 | 18,857,611 | — | |||||||||||||
| Investor |
3,498,854 | 2,094,598 | 17,699,444 | |||||||||||||
| Class R6 |
2,912,267 | 8,111,884 | 115,886,790 | |||||||||||||
| Class R |
— | 9,953,543 | 15,553,242 | |||||||||||||
| Class P |
325,427,418 | 12,959,721 | 16,584,344 | |||||||||||||
| Total Net Assets |
$524,465,253 | $125,428,677 | $246,167,784 | |||||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||
| Class A |
1,231,434 | 3,058,284 | 3,536,449 | |||||||||||||
| Class C |
— | 56,774 | 173,208 | |||||||||||||
| Administration |
570,546 | — | — | |||||||||||||
| Institutional |
18,561,155 | 2,594,717 | 4,792,787 | |||||||||||||
| Service |
30,026 | 1,468,991 | — | |||||||||||||
| Investor |
370,766 | 162,738 | 1,871,371 | |||||||||||||
| Class R6 |
308,275 | 631,347 | 12,172,867 | |||||||||||||
| Class R |
— | 774,229 | 1,668,475 | |||||||||||||
| Class P |
34,455,400 | 1,008,728 | 1,740,559 | |||||||||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||||||||||
| Class A |
$9.46 | $12.87 | $9.38 | |||||||||||||
| Class C |
— | 12.87 | 9.15 | |||||||||||||
| Administration |
9.47 | — | — | |||||||||||||
| Institutional |
9.44 | 12.85 | 9.53 | |||||||||||||
| Service |
9.45 | 12.84 | — | |||||||||||||
| Investor |
9.44 | 12.87 | 9.46 | |||||||||||||
| Class R6 |
9.45 | 12.85 | 9.52 | |||||||||||||
| Class R |
— | 12.86 | 9.32 | |||||||||||||
| Class P |
9.44 | 12.85 | 9.53 | |||||||||||||
| (a) | Segregated for initial margin and/or collateral as follows: |
| Fund | Swaps | |||||||||||||||
| Enhanced Income |
$ | 495,573 | ||||||||||||||
| Government Income |
179,976 | |||||||||||||||
| Inflation Protected Securities |
811,576 | |||||||||||||||
| (b) | Maximum public offering price per share for Class A Shares of the Government Income and Inflation Protected Securities Funds is $13.37 and $9.75, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
| 88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Assets and Liabilities (continued)
March 31, 2024 |
| Short Duration Bond |
Short Duration Government Fund |
Short-Term Fund |
||||||||||||||
| Assets: | ||||||||||||||||
| Investments in unaffiliated issuers, at value (cost $1,289,094,581, $537,771,285 and $1,828,570,630, respectively) |
$ | 1,266,034,597 | $ | 519,428,390 | $ | 1,834,295,508 | ||||||||||
| Investments in affiliated issuers, at value (cost $0, $5,261,845 and $106,239,359, respectively) |
— | 5,261,845 | 106,239,359 | |||||||||||||
| Purchased options, at value (premium paid $111,828, $0 and $0, respectively) |
132,797 | — | — | |||||||||||||
| Cash |
7,166,187 | 6,694,725 | 18,026,724 | |||||||||||||
| Foreign currencies, at value (cost $0, $0 and $0, respectively) |
41,135 | — | — | |||||||||||||
| Unrealized gain on swap contracts |
88,973 | — | — | |||||||||||||
| Unrealized gain on forward foreign currency exchange contracts |
1,054,283 | — | — | |||||||||||||
| Variation margin on futures contracts |
— | 12 | — | |||||||||||||
| Variation margin on swaps contracts |
208,760 | 73 | — | |||||||||||||
| Receivables: |
||||||||||||||||
| Investments sold on an extended-settlement basis |
90,900,181 | 53,009,485 | — | |||||||||||||
| Collateral on certain derivative contracts(a) |
18,982,288 | 548,194 | — | |||||||||||||
| Interest and dividends |
9,813,848 | 3,215,015 | 15,958,817 | |||||||||||||
| Fund shares sold |
617,080 | 1,437,293 | 1,604,077 | |||||||||||||
| Reimbursement from investment adviser |
39,656 | 41,757 | 70,115 | |||||||||||||
| Investments sold |
— | 40,818 | — | |||||||||||||
| Foreign tax reclaims |
— | — | 79,974 | |||||||||||||
| Other assets |
82,825 | 59,279 | 84,569 | |||||||||||||
|
| ||||||||||||||||
| Total assets |
1,395,162,610 | 589,736,886 | 1,976,359,143 | |||||||||||||
|
| ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Forward sale contracts, at value (proceeds received $25,685,586, $34,233,906 and $0, respectively) |
25,658,316 | 34,117,110 | — | |||||||||||||
| Unrealized loss on forward foreign currency exchange contracts |
839,318 | — | — | |||||||||||||
| Variation margin on futures contracts |
267 | — | — | |||||||||||||
| Written option contracts, at value (premium received $111,828, $0 and $0, respectively) |
74,775 | — | — | |||||||||||||
| Payables: |
||||||||||||||||
| Investments purchased on an extended-settlement basis |
126,876,656 | 75,551,172 | 4,948,000 | |||||||||||||
| Investments purchased |
3,072,204 | 70,276 | 645,196 | |||||||||||||
| Fund shares redeemed |
2,248,869 | 391,698 | 1,997,852 | |||||||||||||
| Upfront payments received on swap contracts |
536,475 | — | — | |||||||||||||
| Management fees |
414,452 | 176,282 | 316,378 | |||||||||||||
| Distribution and Service fees and Transfer Agency fees |
49,166 | 33,508 | 87,497 | |||||||||||||
| Due to broker — upfront payment |
48,351 | — | — | |||||||||||||
| Income distributions |
27,766 | 119,040 | 148,431 | |||||||||||||
| Due to broker |
19,000 | 130,000 | — | |||||||||||||
| Accrued expenses |
392,709 | 321,857 | 286,199 | |||||||||||||
|
| ||||||||||||||||
| Total liabilities |
160,258,324 | 110,910,943 | 8,429,553 | |||||||||||||
|
| ||||||||||||||||
| Net Assets: | ||||||||||||||||
| Paid-in capital |
1,361,202,882 | 563,197,450 | 1,984,290,761 | |||||||||||||
| Total distributable loss |
(126,298,596 | ) | (84,371,507 | ) | (16,361,171 | ) | ||||||||||
|
| ||||||||||||||||
| NET ASSETS |
$ | 1,234,904,286 | $ | 478,825,943 | $ | 1,967,929,590 | ||||||||||
| Net Assets: |
||||||||||||||||
| Class A |
$ | 47,736,726 | $ | 51,300,199 | $ | 50,594,529 | ||||||||||
| Class C |
1,922,345 | 3,782,843 | — | |||||||||||||
| Institutional |
131,634,910 | 215,245,147 | 927,495,165 | |||||||||||||
| Service |
— | 15,313,616 | — | |||||||||||||
| Investor |
40,149,188 | 28,338,819 | 247,016,608 | |||||||||||||
| Class R6 |
6,065,126 | 15,607,554 | 93,343,493 | |||||||||||||
| Class R |
24,620 | — | — | |||||||||||||
| Class P |
1,007,371,371 | 149,237,765 | 649,479,795 | |||||||||||||
| Total Net Assets |
$ | 1,234,904,286 | $ | 478,825,943 | $ | 1,967,929,590 | ||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||
| Class A |
4,988,817 | 5,573,473 | 5,023,220 | |||||||||||||
| Class C |
200,963 | 414,320 | — | |||||||||||||
| Institutional |
13,732,902 | 23,467,429 | 92,011,720 | |||||||||||||
| Service |
— | 1,671,560 | — | |||||||||||||
| Investor |
4,189,972 | 3,075,491 | 24,512,009 | |||||||||||||
| Class R6 |
633,106 | 1,701,224 | 9,263,045 | |||||||||||||
| Class R |
2,568 | — | — | |||||||||||||
| Class P |
105,144,239 | 16,271,728 | 64,508,073 | |||||||||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||||||||||
| Class A |
$9.57 | $9.20 | $10.07 | |||||||||||||
| Class C |
9.57 | 9.13 | — | |||||||||||||
| Institutional |
9.59 | 9.17 | 10.08 | |||||||||||||
| Service |
— | 9.16 | — | |||||||||||||
| Investor |
9.58 | 9.21 | 10.08 | |||||||||||||
| Class R6 |
9.58 | 9.17 | 10.08 | |||||||||||||
| Class R |
9.59 | — | — | |||||||||||||
| Class P |
9.58 | 9.17 | 10.07 | |||||||||||||
| (a) | Segregated for initial margin and/or collateral as follows: |
| Fund | Swaps | Forwards | ||||||||||||||||||
| Short Duration Bond |
$ | 17,232,288 | $ | 1,750,000 | ||||||||||||||||
| Short Duration Government |
548,194 | — | ||||||||||||||||||
| (b) | Maximum public offering price per share for Class A Shares of the Short Duration Bond and Short Duration Government Funds is $9.72 and $9.34, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
| The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Assets and Liabilities (continued)
March 31, 2024 |
| U.S. Mortgages Fund |
||||||||
| Assets: | ||||||||
| Investments in unaffiliated issuers, at value (cost $288,559,407) |
$277,232,909 | |||||||
| Investments in affiliated issuers, at value (cost $5,688,152) |
5,688,152 | |||||||
| Cash |
3,028,928 | |||||||
| Foreign currencies, at value (cost $1,418) |
1,400 | |||||||
| Unrealized gain on swap contracts |
6,246 | |||||||
| Receivables: |
||||||||
| Investments sold on an extended-settlement basis |
118,963,199 | |||||||
| Interest and dividends |
659,243 | |||||||
| Collateral on certain derivative contracts(a) |
201,979 | |||||||
| Fund shares sold |
52,849 | |||||||
| Reimbursement from investment adviser |
22,196 | |||||||
| Investments sold |
542 | |||||||
| Other assets |
51,597 | |||||||
|
| ||||||||
| Total assets |
405,909,240 | |||||||
|
| ||||||||
| Liabilities: | ||||||||
| Forward sale contracts, at value (proceeds received $62,039,102) |
61,939,013 | |||||||
| Variation margin on futures contracts |
12 | |||||||
| Variation margin on swaps contracts |
223 | |||||||
| Payables: |
||||||||
| Investments purchased on an extended-settlement basis |
151,825,175 | |||||||
| Fund shares redeemed |
163,317 | |||||||
| Upfront payments received on swap contracts |
90,153 | |||||||
| Investments purchased |
85,813 | |||||||
| Income distributions |
57,898 | |||||||
| Management fees |
54,539 | |||||||
| Distribution and Service fees and Transfer Agency fees |
11,223 | |||||||
| Accrued expenses |
257,748 | |||||||
|
| ||||||||
| Total liabilities |
214,485,114 | |||||||
|
| ||||||||
| Net Assets: | ||||||||
| Paid-in capital |
240,093,753 | |||||||
| Total distributable loss |
(48,669,627 | ) | ||||||
|
| ||||||||
| NET ASSETS |
$191,424,126 | |||||||
| Net Assets: |
||||||||
| Class A |
$ 14,053,154 | |||||||
| Institutional |
41,264,741 | |||||||
| Separate Account Institutional |
91,445,816 | |||||||
| Investor |
26,296,666 | |||||||
| Class R6 |
11,969,442 | |||||||
| Class P |
6,394,307 | |||||||
| Total Net Assets |
$191,424,126 | |||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||
| Class A |
1,589,640 | |||||||
| Institutional |
4,654,630 | |||||||
| Separate Account Institutional |
10,342,623 | |||||||
| Investor |
2,967,919 | |||||||
| Class R6 |
1,350,932 | |||||||
| Class P |
721,997 | |||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||
| Class A |
$8.84 | |||||||
| Institutional |
8.87 | |||||||
| Separate Account Institutional |
8.84 | |||||||
| Investor |
8.86 | |||||||
| Class R6 |
8.86 | |||||||
| Class P |
8.86 | |||||||
| (a) | Segregated for initial margin and/or collateral as follows: |
| Fund | Swaps | TBA | ||||||||||
| U.S. Mortgages |
$ | 181,979 | $ | 20,000 | ||||||||
| (b) | Maximum public offering price per share for Class A Shares of U.S. Mortgages Funds is $9.18. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares |
| 90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Operations
For the Fiscal Year Ended March 31, 2024 |
| Enhanced Income Fund |
Government Income Fund |
Inflation Protected Securities Fund |
||||||||||||||
| Investment Income: | ||||||||||||||||
| Interest |
$ | 21,191,957 | $ | 4,872,978 | $ | 12,803,403 | ||||||||||
| Dividends — affiliated issuers |
438,711 | 35,614 | 104,155 | |||||||||||||
| Dividends — unaffiliated issuers |
356,991 | — | — | |||||||||||||
|
| ||||||||||||||||
| Total investment income |
21,987,659 | 4,908,592 | 12,907,558 | |||||||||||||
|
| ||||||||||||||||
| Expenses: | ||||||||||||||||
| Management fees |
1,419,994 | 799,113 | 782,222 | |||||||||||||
| Transfer Agency fees(a) |
209,135 | 117,909 | 171,782 | |||||||||||||
| Custody, accounting and administrative services |
188,753 | 146,378 | 119,767 | |||||||||||||
| Professional fees |
147,262 | 142,460 | 129,529 | |||||||||||||
| Registration fees |
102,862 | 120,727 | 106,953 | |||||||||||||
| Printing and mailing costs |
86,059 | 55,620 | 77,562 | |||||||||||||
| Trustee fees |
20,844 | 20,311 | 20,489 | |||||||||||||
| Distribution and Service (12b-1) fees(a) |
19,657 | 208,471 | 193,503 | |||||||||||||
| Shareholder Administration fees — Service Class |
14,321 | 49,680 | — | |||||||||||||
| Shareholder meeting expense |
4,119 | 4,413 | 11,682 | |||||||||||||
| Service fees — Class C |
— | 1,832 | 6,720 | |||||||||||||
| Other |
46,659 | 23,277 | 21,984 | |||||||||||||
|
| ||||||||||||||||
| Total expenses |
2,259,665 | 1,690,191 | 1,642,193 | |||||||||||||
|
| ||||||||||||||||
| Less — expense reductions |
(242,774 | ) | (624,806 | ) | (347,548 | ) | ||||||||||
|
| ||||||||||||||||
| Net expenses |
2,016,891 | 1,065,385 | 1,294,645 | |||||||||||||
|
| ||||||||||||||||
| NET INVESTMENT INCOME |
19,970,768 | 3,843,207 | 11,612,913 | |||||||||||||
|
| ||||||||||||||||
| Realized and unrealized gain (loss): | ||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments — unaffiliated issuers |
(4,540,739 | ) | (15,362,674 | ) | (43,029,240 | ) | ||||||||||
| Investments — affiliated issuers |
10 | — | — | |||||||||||||
| Purchased options |
(1,867 | ) | (67,136 | ) | (190 | ) | ||||||||||
| Futures contracts |
1,266,197 | 1,003,778 | 825,933 | |||||||||||||
| Written options |
(10,885 | ) | (9,443 | ) | (241,767 | ) | ||||||||||
| Swap contracts |
(2,737,921 | ) | (337,309 | ) | 282,145 | |||||||||||
| Foreign currency transactions |
(12,354 | ) | (7 | ) | — | |||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||||
| Investments — affiliated issuers |
(9 | ) | — | — | ||||||||||||
| Investments — unaffiliated issuers |
15,923,421 | 9,710,681 | 30,340,036 | |||||||||||||
| Purchased options |
— | 57,538 | — | |||||||||||||
| Futures contracts |
1,758,611 | 492,768 | (14,529 | ) | ||||||||||||
| Written options |
— | (60,806 | ) | — | ||||||||||||
| Swap contracts |
519,397 | 128,507 | (704,995 | ) | ||||||||||||
| Forward foreign currency exchange contracts |
32,267 | — | — | |||||||||||||
| Foreign currency translation |
(122 | ) | — | — | ||||||||||||
|
| ||||||||||||||||
| Net realized and unrealized gain (loss) |
12,196,006 | (4,444,103 | ) | (12,542,607 | ) | |||||||||||
|
| ||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 32,166,774 | $ | (600,896 | ) | $ | (929,694 | ) | ||||||||
|
| ||||||||||||||||
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Adminstration |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
|||||||||||||||||||||||||||||||||||||||
| Enhanced Income |
$ | 18,957 | $ | — | $ | 700 | $ | — | $ | 15,166 | $ | — | $2,179 | $84,240 | $ 112 | $ | 7,638 | $ | 1,345 | $ | — | $ | 98,455 | |||||||||||||||||||||||||||||
| Government Income |
105,147 | 5,495 | 49,680 | 48,149 | 50,470 | 879 | — | 16,234 | 7,949 | 25,935 | 2,241 | 11,556 | 2,645 | |||||||||||||||||||||||||||||||||||||||
| Inflation Protected Securities |
89,684 | 20,161 | — | 83,658 | 43,048 | 3,226 | — | 26,793 | — | 33,418 | 39,096 | 20,078 | 6,123 | |||||||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Operations (continued)
For the Fiscal Year Ended March 31, 2024 |
| Short Duration Bond Fund |
Short Duration Government Fund |
Short-Term Conservative Income Fund |
||||||||||||||
| Investment Income: | ||||||||||||||||
| Interest |
$ | 50,572,889 | $ | 17,479,042 | $ | 105,422,935 | ||||||||||
| Dividends — affiliated issuers |
773,468 | 460,448 | 5,282,364 | |||||||||||||
|
| ||||||||||||||||
| Total investment income |
51,346,357 | 17,939,490 | 110,705,299 | |||||||||||||
|
| ||||||||||||||||
| Expenses: | ||||||||||||||||
| Management fees |
5,315,102 | 2,221,809 | 5,024,120 | |||||||||||||
| Transfer Agency fees(a) |
516,056 | 257,251 | 961,951 | |||||||||||||
| Custody, accounting and administrative services |
254,042 | 190,643 | 224,016 | |||||||||||||
| Professional fees |
169,511 | 144,453 | 127,121 | |||||||||||||
| Registration fees |
168,647 | 115,417 | 206,677 | |||||||||||||
| Distribution and Service (12b-1) fees(a) |
134,003 | 214,470 | 58,330 | |||||||||||||
| Printing and mailing costs |
62,360 | 56,538 | 100,278 | |||||||||||||
| Trustee fees |
21,849 | 20,764 | 22,523 | |||||||||||||
| Shareholder meeting expense |
8,942 | 7,856 | 14,954 | |||||||||||||
| Prime broker fees |
6,203 | — | — | |||||||||||||
| Service fees — Class C |
5,936 | 11,720 | — | |||||||||||||
| Shareholder Administration fees — Service Class |
— | 42,187 | — | |||||||||||||
| Other |
58,821 | 30,985 | 92,591 | |||||||||||||
|
| ||||||||||||||||
| Total expenses |
6,721,472 | 3,314,093 | 6,832,561 | |||||||||||||
|
| ||||||||||||||||
| Less — expense reductions |
(597,195 | ) | (569,970 | ) | (1,859,583 | ) | ||||||||||
|
| ||||||||||||||||
| Net expenses |
6,124,277 | 2,744,123 | 4,972,978 | |||||||||||||
|
| ||||||||||||||||
| NET INVESTMENT INCOME |
45,222,080 | 15,195,367 | 105,732,321 | |||||||||||||
|
| ||||||||||||||||
| Realized and unrealized gain (loss): | ||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments — unaffiliated issuers |
(25,554,167 | ) | (4,710,303 | ) | 955,271 | |||||||||||
| Investments — affiliated issuers |
(4,446,240 | ) | — | — | ||||||||||||
| Purchased options |
(502,804 | ) | — | — | ||||||||||||
| Futures contracts |
(6,153,560 | ) | 104,483 | — | ||||||||||||
| Written options |
1,048,842 | (134,913 | ) | — | ||||||||||||
| Swap contracts |
702,966 | 1,811,369 | — | |||||||||||||
| Forward foreign currency exchange contracts |
(2,430,212 | ) | — | — | ||||||||||||
| Foreign currency transactions |
(392,650 | ) | — | — | ||||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||||
| Investments — affiliated issuers |
3,810,449 | — | — | |||||||||||||
| Investments — unaffiliated issuers |
51,085,864 | 1,516,391 | 9,319,898 | |||||||||||||
| Purchased options |
932,829 | — | — | |||||||||||||
| Futures contracts |
(2,273,940 | ) | 123,299 | — | ||||||||||||
| Written options |
(1,296,937 | ) | — | — | ||||||||||||
| Swap contracts |
1,129,472 | (1,698,710 | ) | — | ||||||||||||
| Forward foreign currency exchange contracts |
1,093,441 | — | — | |||||||||||||
| Foreign currency translation |
75,721 | — | — | |||||||||||||
|
| ||||||||||||||||
| Net realized and unrealized gain (loss) |
16,829,074 | (2,988,384 | ) | 10,275,169 | ||||||||||||
|
| ||||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 62,051,154 | $ | 12,206,983 | $ | 116,007,490 | ||||||||||
|
| ||||||||||||||||
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Administration | Preferred | Institutional | Service | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||||||||||||||||||
| Short Duration |
$116,080 | $17,806 | $ | — | $117 | $55,718 | $2,849 | $— | $— | $56,244 | $ | — | $64,610 | $15,847 | $28 | $320,760 | ||||||||||||||||||||||||||||||||||||||||
| Short Duration |
137,123 | 35,160 | 42,187 | — | 65,819 | 5,626 | — | — | 86,789 | 6,750 | 38,394 | 4,471 | — | 49,402 | ||||||||||||||||||||||||||||||||||||||||||
| Short-Term |
58,330 | — | — | — | 46,664 | — | 8 | 9 | 383,246 | — | 304,325 | 22,753 | — | 204,946 | ||||||||||||||||||||||||||||||||||||||||||
| 92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Operations (continued)
For the Fiscal Year Ended March 31, 2024 |
| U.S. Mortgages Fund |
||||||||||
| Investment Income: | ||||||||||
| Interest |
$ | 8,483,225 | ||||||||
| Dividends — affiliated issuers |
32,452 | |||||||||
|
|
||||||||||
| Total investment income |
8,515,677 | |||||||||
|
|
||||||||||
| Expenses: | ||||||||||
| Management fees |
700,655 | |||||||||
| Professional fees | 144,224 | |||||||||
| Transfer Agency fees(a) | 103,503 | |||||||||
| Custody, accounting and administrative services | 102,371 | |||||||||
| Registration fees | 94,819 | |||||||||
| Distribution and Service (12b-1) fees(a) |
36,803 | |||||||||
| Printing and mailing costs |
36,106 | |||||||||
| Trustee fees | 20,411 | |||||||||
| Shareholder meeting expense | 5,265 | |||||||||
| Other |
15,995 | |||||||||
|
|
||||||||||
| Total expenses |
1,260,152 | |||||||||
|
|
||||||||||
| Less — expense reductions |
(262,474 | ) | ||||||||
|
|
||||||||||
| Net expenses |
997,678 | |||||||||
|
|
||||||||||
| NET INVESTMENT INCOME |
7,517,999 | |||||||||
|
|
||||||||||
| Realized and unrealized gain (loss): | ||||||||||
| Net realized gain (loss) from: |
||||||||||
| Investments — unaffiliated issuers |
(8,005,654 | ) | ||||||||
| Purchased options |
(483 | ) | ||||||||
| Futures contracts |
437,556 | |||||||||
| Written options |
(56,324 | ) | ||||||||
| Swap contracts |
(249,982 | ) | ||||||||
| Foreign currency transactions |
108 | |||||||||
| Net change in unrealized gain (loss) on: |
||||||||||
| Investments — unaffiliated issuers |
1,834,365 | |||||||||
| Futures contracts |
(2,176 | ) | ||||||||
| Swap contracts |
121,490 | |||||||||
| Foreign currency translation |
(142 | ) | ||||||||
|
|
||||||||||
| Net realized and unrealized loss |
(5,921,242 | ) | ||||||||
|
|
||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 1,596,757 | ||||||||
|
|
||||||||||
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||
| Fund |
Class A |
Class A |
Institutional |
Separate Account Institutional |
Investor |
Class R6 |
Class P | |||||||
| U.S. Mortgages |
$36,803 | $17,666 | $20,945 | $27,666 | $30,926 | $4,305 | $1,995 | |||||||
| The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Changes in Net Assets |
| Enhanced Income Fund | Government Income Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 19,970,768 | $ | 17,419,074 | $ | 3,843,207 | $ | 4,084,446 | ||||||||||||
| Net realized loss |
(6,037,559 | ) | (3,491,851 | ) | (14,772,791 | ) | (8,847,202 | ) | ||||||||||||
| Net change in unrealized gain (loss) |
18,233,565 | (4,718,168 | ) | 10,328,688 | (10,758,298 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
32,166,774 | 9,209,055 | (600,896 | ) | (15,521,054 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
(410,224 | ) | (392,770 | ) | (1,013,069 | ) | (821,260 | ) | ||||||||||||
| Class C Shares |
— | — | (12,155 | ) | (9,017 | ) | ||||||||||||||
| Administration Shares |
(176,355 | ) | (111,442 | ) | — | — | ||||||||||||||
| Institutional Shares |
(7,277,906 | ) | (7,284,530 | ) | (1,101,957 | ) | (1,353,053 | ) | ||||||||||||
| Service Shares |
(8,365 | ) | (2,023 | ) | (440,906 | ) | (325,481 | ) | ||||||||||||
| Investor Shares |
(212,723 | ) | (218,684 | ) | (540,896 | ) | (1,406,174 | ) | ||||||||||||
| Class R6 Shares |
(154,303 | ) | (231,298 | ) | (204,191 | ) | (149,385 | ) | ||||||||||||
| Class R Shares |
— | — | (208,378 | ) | (149,659 | ) | ||||||||||||||
| Class P Shares |
(11,463,714 | ) | (13,835,648 | ) | (241,215 | ) | (166,215 | ) | ||||||||||||
| Return of capital: |
||||||||||||||||||||
| Class A Shares |
(2,126 | ) | (23,851 | ) | — | — | ||||||||||||||
| Administration Shares |
(914 | ) | (6,767 | ) | — | — | ||||||||||||||
| Institutional Shares |
(37,707 | ) | (442,360 | ) | — | — | ||||||||||||||
| Service Shares |
(43 | ) | (123 | ) | — | — | ||||||||||||||
| Investor Shares |
(1,102 | ) | (13,280 | ) | — | — | ||||||||||||||
| Class R6 Shares |
(799 | ) | (14,046 | ) | — | — | ||||||||||||||
| Class P Shares |
(59,393 | ) | (840,183 | ) | — | — | ||||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(19,805,674 | ) | (23,417,005 | ) | (3,762,767 | ) | (4,380,244 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
144,082,050 | 425,937,344 | 38,365,122 | 60,676,594 | ||||||||||||||||
| Reinvestment of distributions |
19,636,458 | 23,034,602 | 3,622,854 | 3,991,268 | ||||||||||||||||
| Cost of shares redeemed |
(265,644,479 | ) | (878,874,291 | ) | (129,999,172 | ) | (124,294,198 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net decrease in net assets resulting from share transactions |
(101,925,971 | ) | (429,902,345 | ) | (88,011,196 | ) | (59,626,336 | ) | ||||||||||||
|
| ||||||||||||||||||||
| TOTAL DECREASE |
(89,564,871 | ) | (444,110,295 | ) | (92,374,859 | ) | (79,527,634 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
614,030,124 | 1,058,140,419 | 217,803,536 | 297,331,170 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 524,465,253 | $ | 614,030,124 | $ | 125,428,677 | $ | 217,803,536 | ||||||||||||
|
| ||||||||||||||||||||
| 94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Changes in Net Assets (continued)
|
| Inflation Protected Securities Fund | Short Duration Bond Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 11,612,913 | $ | 25,687,783 | $ | 45,222,080 | $ | 43,275,538 | ||||||||||||
| Net realized loss |
(42,163,119 | ) | (14,972,234 | ) | (37,727,825 | ) | (62,725,461 | ) | ||||||||||||
| Net change in unrealized gain (loss) |
29,620,512 | (46,303,192 | ) | 54,556,899 | (4,220,366 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
(929,694 | ) | (35,587,643 | ) | 62,051,154 | (23,670,289 | ) | |||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
(1,483,347 | ) | (3,309,853 | ) | (1,438,521 | ) | (706,406 | ) | ||||||||||||
| Class C Shares |
(85,642 | ) | (220,022 | ) | (63,734 | ) | (29,679 | ) | ||||||||||||
| Institutional Shares |
(2,797,112 | ) | (8,626,002 | ) | (4,785,815 | ) | (2,946,586 | ) | ||||||||||||
| Investor Shares |
(1,102,194 | ) | (3,915,031 | ) | (1,793,693 | ) | (659,632 | ) | ||||||||||||
| Class R6 Shares |
(5,630,780 | ) | (9,685,561 | ) | (1,760,979 | ) | (1,424,623 | ) | ||||||||||||
| Class R Shares |
(659,600 | ) | (983,407 | ) | (670 | ) | (1,633 | ) | ||||||||||||
| Class P Shares |
(863,096 | ) | (1,904,916 | ) | (36,522,465 | ) | (21,126,293 | ) | ||||||||||||
| Return of capital: |
||||||||||||||||||||
| Class A Shares |
(78,452 | ) | — | — | (511,437 | ) | ||||||||||||||
| Class C Shares |
(4,530 | ) | — | — | (21,488 | ) | ||||||||||||||
| Institutional Shares |
(147,936 | ) | — | — | (2,133,327 | ) | ||||||||||||||
| Investor Shares |
(58,294 | ) | — | — | (477,574 | ) | ||||||||||||||
| Class R6 Shares |
(297,805 | ) | — | — | (1,031,427 | ) | ||||||||||||||
| Class R Shares |
(34,886 | ) | — | — | (1,183 | ) | ||||||||||||||
| Class P Shares |
(45,648 | ) | — | — | (15,295,429 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(13,289,322 | ) | (28,644,792 | ) | (46,365,877 | ) | (46,366,717 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
73,379,253 | 155,820,265 | 320,957,618 | 747,614,580 | ||||||||||||||||
| Reinvestment of distributions |
12,034,843 | 25,355,156 | 46,004,487 | 45,970,629 | ||||||||||||||||
| Cost of shares redeemed |
(192,705,116 | ) | (267,543,187 | ) | (599,029,889 | ) | (1,741,993,575 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net decrease in net assets resulting from share transactions |
(107,291,020 | ) | (86,367,766 | ) | (232,067,784 | ) | (948,408,366 | ) | ||||||||||||
|
| ||||||||||||||||||||
| TOTAL DECREASE |
(121,510,036 | ) | (150,600,201 | ) | (216,382,507 | ) | (1,018,445,372 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
367,677,820 | 518,278,021 | 1,451,286,793 | 2,469,732,165 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 246,167,784 | $ | 367,677,820 | $ | 1,234,904,286 | $ | 1,451,286,793 | ||||||||||||
|
| ||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Changes in Net Assets (continued)
|
| Short Duration Government Fund | Short-Term Conservative Income Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 15,195,367 | $ | 10,444,745 | $ | 105,732,321 | $ | 64,518,853 | ||||||||||||
| Net realized gain (loss) |
(2,929,364 | ) | (13,906,340 | ) | 955,271 | (14,510,722 | ) | |||||||||||||
| Net change in unrealized gain (loss) |
(59,020 | ) | (2,665,043 | ) | 9,319,898 | 14,564,070 | ||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
12,206,983 | (6,126,638 | ) | 116,007,490 | 64,572,201 | |||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
(1,523,391 | ) | (1,029,039 | ) | (1,970,661 | ) | (935,460 | ) | ||||||||||||
| Class C Shares |
(111,142 | ) | (90,095 | ) | — | — | ||||||||||||||
| Administration Shares(a) |
— | — | (1,183 | ) | (732 | ) | ||||||||||||||
| Preferred Shares(b) |
— | — | (1,178 | ) | (730 | ) | ||||||||||||||
| Institutional Shares |
(6,746,262 | ) | (4,899,247 | ) | (50,546,331 | ) | (28,607,764 | ) | ||||||||||||
| Service Shares |
(440,204 | ) | (263,203 | ) | — | — | ||||||||||||||
| Investor Shares |
(967,428 | ) | (619,181 | ) | (13,192,691 | ) | (4,891,336 | ) | ||||||||||||
| Class R6 Shares |
(465,568 | ) | (264,190 | ) | (4,015,678 | ) | (2,137,945 | ) | ||||||||||||
| Class P Shares |
(5,135,551 | ) | (4,086,547 | ) | (36,065,618 | ) | (28,330,229 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(15,389,546 | ) | (11,251,502 | ) | (105,793,340 | ) | (64,904,196 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
126,501,166 | 321,204,182 | 1,210,316,473 | 1,663,425,532 | ||||||||||||||||
| Reinvestment of distributions |
13,970,147 | 10,167,502 | 102,969,697 | 62,445,973 | ||||||||||||||||
| Cost of shares redeemed |
(196,932,889 | ) | (465,354,550 | ) | (1,463,311,006 | ) | (3,632,313,743 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net decrease in net assets resulting from share transactions |
(56,461,576 | ) | (133,982,866 | ) | (150,024,836 | ) | (1,906,442,238 | ) | ||||||||||||
|
| ||||||||||||||||||||
| TOTAL DECREASE |
(59,644,139 | ) | (151,361,006 | ) | (139,810,686 | ) | (1,906,774,233 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
538,470,082 | 689,831,088 | 2,107,740,276 | 4,014,514,509 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 478,825,943 | $ | 538,470,082 | $ | 1,967,929,590 | $ | 2,107,740,276 | ||||||||||||
|
| ||||||||||||||||||||
| (a) | At the close of business on January 12, 2024, Administration Shares of the Short-Term Conservative Income Fund were liquidated. |
| (b) | At the close of business on January 12, 2024, Preferred Shares of the Short-Term Conservative Income Fund were liquidated. |
| 96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Statements of Changes in Net Assets (continued)
|
| U.S. Mortgages Fund | ||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||
| From operations: | ||||||||||||
| Net investment income |
$ 7,517,999 | $ 5,883,936 | ||||||||||
| Net realized loss |
(7,874,779 | ) | (12,227,637 | ) | ||||||||
| Net change in unrealized gain (loss) |
1,953,537 | (7,127,865 | ) | |||||||||
|
| ||||||||||||
| Net increase (decrease) in net assets resulting from operations |
1,596,757 | (13,471,566 | ) | |||||||||
|
| ||||||||||||
| Distributions to shareholders: | ||||||||||||
| From distributable earnings: |
||||||||||||
| Class A Shares |
(530,022 | ) | (622,549 | ) | ||||||||
| Institutional Shares |
(2,050,572 | ) | (1,848,185 | ) | ||||||||
| Separate Account Institutional Shares |
(3,640,075 | ) | (2,950,292 | ) | ||||||||
| Investor Shares |
(995,493 | ) | (737,892 | ) | ||||||||
| Class R6 Shares |
(564,162 | ) | (539,757 | ) | ||||||||
| Class P Shares |
(262,453 | ) | (183,718 | ) | ||||||||
|
| ||||||||||||
| Total distributions to shareholders |
(8,042,777 | ) | (6,882,393 | ) | ||||||||
|
| ||||||||||||
| From share transactions: | ||||||||||||
| Proceeds from sales of shares |
41,088,749 | 62,686,063 | ||||||||||
| Reinvestment of distributions |
7,408,891 | 6,378,164 | ||||||||||
| Cost of shares redeemed |
(83,720,968 | ) | (82,115,700 | ) | ||||||||
|
| ||||||||||||
| Net decrease in net assets resulting from share transactions |
(35,223,328 | ) | (13,051,473 | ) | ||||||||
|
| ||||||||||||
| TOTAL DECREASE |
(41,669,348 | ) | (33,405,432 | ) | ||||||||
|
| ||||||||||||
| Net assets: | ||||||||||||
| Beginning of year |
233,093,474 | 266,498,906 | ||||||||||
|
| ||||||||||||
| End of year |
$191,424,126 | $233,093,474 | ||||||||||
|
| ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS ENHANCED INCOME FUND
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Enhanced Income Fund | |||||||||||||||||||||||||||
| Administration Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.26 | $ | 9.38 | $ | 9.57 | $ | 9.23 | $ | 9.46 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.16 | 0.04 | 0.09 | 0.19 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.20 | (0.06 | ) | (0.18 | ) | 0.35 | (0.23) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.51 | 0.10 | (0.14 | ) | 0.44 | (0.04) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.16 | ) | (0.05 | ) | (0.10 | ) | (0.19) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.05 | ) | — | — | — | |||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.01 | ) | — | — | — | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.30 | ) | (0.22 | ) | (0.05 | ) | (0.10 | ) | (0.19) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.47 | $ | 9.26 | $ | 9.38 | $ | 9.57 | $ | 9.23 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.62 | % | 1.12 | % | (1.50 | )% | 4.79 | % | (0.42)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 5,403 | $ | 4,992 | $ | 4,934 | $ | 16,333 | $ | 4,254 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.59 | % | 0.60% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.65 | % | 0.63 | % | 0.60 | % | 0.63 | % | 0.64% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.28 | % | 1.74 | % | 0.39 | % | 0.97 | % | 2.02% | ||||||||||||||||||
| Portfolio turnover rate(d) |
23 | % | 25 | % | 17 | % | 58 | % | 53% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Enhanced Income Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.24 | $ | 9.36 | $ | 9.55 | $ | 9.21 | $ | 9.43 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.17 | 0.06 | 0.12 | 0.22 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.20 | (0.05 | ) | (0.16 | ) | 0.35 | (0.22) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.53 | 0.12 | (0.10 | ) | 0.47 | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.18 | ) | (0.09 | ) | (0.13 | ) | (0.22) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.05 | ) | — | — | — | |||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.01 | ) | — | — | — | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.24 | ) | (0.09 | ) | (0.13 | ) | (0.22) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.44 | $ | 9.24 | $ | 9.36 | $ | 9.55 | $ | 9.21 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.78 | % | 1.37 | % | (1.26 | )% | 5.18 | % | (0.17)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 175,291 | $ | 242,734 | $ | 408,324 | $ | 299,844 | $ | 180,477 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.35 | % | 0.35 | % | 0.34 | % | 0.34 | % | 0.35% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.40 | % | 0.37 | % | 0.35 | % | 0.38 | % | 0.39% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.50 | % | 1.83 | % | 0.68 | % | 1.25 | % | 2.30% | ||||||||||||||||||
| Portfolio turnover rate(d) |
23 | % | 25 | % | 17 | % | 58 | % | 53% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Enhanced Income Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended March 31, | Period Ended March 31, 2022(a)
|
|||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.24 | $ | 9.35 | $ | 9.49 | ||||||||||||||||
|
| ||||||||||||||||||||||
| Net investment income(b) |
0.28 | 0.18 | 0.01 | |||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.21 | (0.09 | ) | (0.15 | ) | |||||||||||||||||
|
| ||||||||||||||||||||||
| Total from investment operations |
0.49 | 0.09 | (0.14 | ) | ||||||||||||||||||
|
| ||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.15 | ) | — | (c) | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.05 | ) | — | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (d) | — | (d) | — | |||||||||||||||||
|
| ||||||||||||||||||||||
| Total distributions |
(0.28 | ) | (0.20 | ) | — | (c) | ||||||||||||||||
|
| ||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.45 | $ | 9.24 | $ | 9.35 | ||||||||||||||||
|
| ||||||||||||||||||||||
| Total return(e) |
5.37 | % | 0.87 | % | (1.23 | )% | ||||||||||||||||
|
| ||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 284 | $ | 275 | $ | 28 | ||||||||||||||||
| Ratio of net expenses to average net assets |
0.85 | % | 0.85 | % | |
0.85 |
%(f) |
|||||||||||||||
| Ratio of total expenses to average net assets |
0.90 | % | 0.89 | % | |
0.85 |
%(f) |
|||||||||||||||
| Ratio of net investment income to average net assets |
3.03 | % | 1.98 | % | |
0.22 |
%(f) |
|||||||||||||||
| Portfolio turnover rate(g) |
23 | % | 25 | % | 17 | % | ||||||||||||||||
|
| ||||||||||||||||||||||
| (a) | Commenced operations on December 10, 2021. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Amount is less than ($0.005) per share. |
| (e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (f) | Annualized. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Enhanced Income Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.23 | $ | 9.35 | $ | 9.54 | $ | 9.19 | $ | 9.42 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.17 | 0.06 | 0.11 | 0.21 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.22 | (0.05 | ) | (0.17 | ) | 0.36 | (0.23) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.53 | 0.12 | (0.11 | ) | 0.47 | (0.02) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.18 | ) | (0.08 | ) | (0.12 | ) | (0.21) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.05 | ) | — | — | — | |||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.01 | ) | — | — | — | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.32 | ) | (0.24 | ) | (0.08 | ) | (0.12 | ) | (0.21) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.44 | $ | 9.23 | $ | 9.35 | $ | 9.54 | $ | 9.19 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.81 | % | 1.29 | % | (1.34 | )% | 5.10 | % | (0.27)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 3,499 | $ | 8,894 | $ | 11,980 | $ | 9,184 | $ | 6,875 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.43 | % | 0.43 | % | 0.42 | % | 0.42 | % | 0.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.48 | % | 0.46 | % | 0.43 | % | 0.46 | % | 0.48% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.38 | % | 1.86 | % | 0.60 | % | 1.20 | % | 2.21% | ||||||||||||||||||
| Portfolio turnover rate(d) |
23 | % | 25 | % | 17 | % | 58 | % | 53% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Enhanced Income Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.24 | $ | 9.36 | $ | 9.55 | $ | 9.21 | $ | 9.43 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.17 | 0.06 | 0.13 | 0.22 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.21 | (0.04 | ) | (0.17 | ) | 0.34 | (0.22) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.54 | 0.13 | (0.11 | ) | 0.47 | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.19 | ) | (0.08 | ) | (0.13 | ) | (0.22) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.05 | ) | — | — | — | |||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.01 | ) | — | — | — | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.25 | ) | (0.08 | ) | (0.13 | ) | (0.22) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.45 | $ | 9.24 | $ | 9.36 | $ | 9.55 | $ | 9.21 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.90 | % | 1.38 | % | (1.25 | )% | 5.19 | % | (0.16)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 2,912 | $ | 6,539 | $ | 14,426 | $ | 36,558 | $ | 45,134 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.34 | % | 0.34 | % | 0.33 | % | 0.33 | % | 0.34% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.39 | % | 0.36 | % | 0.34 | % | 0.37 | % | 0.38% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.49 | % | 1.87 | % | 0.66 | % | 1.34 | % | 2.30% | ||||||||||||||||||
| Portfolio turnover rate(d) |
23 | % | 25 | % | 17 | % | 58 | % | 53% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS ENHANCED INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Enhanced Income Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.24 | $ | 9.36 | $ | 9.55 | $ | 9.21 | $ | 9.43 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.18 | 0.07 | 0.12 | 0.22 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.20 | (0.05 | ) | (0.18 | ) | 0.35 | (0.22) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.53 | 0.13 | (0.11 | ) | 0.47 | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.19 | ) | (0.08 | ) | (0.13 | ) | (0.22) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.05 | ) | — | — | — | |||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (b) | (0.01 | ) | — | — | — | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.25 | ) | (0.08 | ) | (0.13 | ) | (0.22) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.44 | $ | 9.24 | $ | 9.36 | $ | 9.55 | $ | 9.21 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.79 | % | 1.38 | % | (1.25 | )% | 5.19 | % | (0.16)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 325,427 | $ | 337,021 | $ | 593,178 | $ | 294,205 | $ | 152,713 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.34 | % | 0.34 | % | 0.33 | % | 0.33 | % | 0.34% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.38 | % | 0.37 | % | 0.34 | % | 0.37 | % | 0.38% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.54 | % | 1.97 | % | 0.71 | % | 1.23 | % | 2.31% | ||||||||||||||||||
| Portfolio turnover rate(d) |
23 | % | 25 | % | 17 | % | 58 | % | 53% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than ($0.005) per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Government Income Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.11 | $ | 14.09 | $ | 15.14 | $ | 15.57 | $ | 14.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.22 | 0.10 | (0.06 | ) | (0.05 | ) | 0.11 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.25 | ) | (0.96 | ) | (0.77 | ) | (0.34 | ) | 1.07 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
(0.03 | ) | (0.86 | ) | (0.83 | ) | (0.39 | ) | 1.18 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.21 | ) | (0.12 | ) | (0.01 | ) | (0.04 | ) | (0.19) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.21 | ) | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.21 | ) | (0.12 | ) | (0.22 | ) | (0.04 | ) | (0.19) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 12.87 | $ | 13.11 | $ | 14.09 | $ | 15.14 | $ | 15.57 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
(0.18 | )% | (6.09 | )% | (5.52 | )% | (2.53 | )% | 8.10% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 731 | $ | 840 | $ | 1,532 | $ | 2,420 | $ | 4,974 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.57 | % | 1.57 | % | 1.58 | % | 1.58 | % | 1.64% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.00 | % | 1.87 | % | 1.84 | % | 1.81 | % | 1.84% | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
1.71 | % | 0.73 | % | (0.41 | )% | (0.31 | )% | 0.77% | ||||||||||||||||||
| Portfolio turnover rate(c) |
602 | % | 709 | % | 578 | % | 820 | % | 943% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Government Income Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.09 | $ | 14.07 | $ | 15.12 | $ | 15.54 | $ | 14.55 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.35 | 0.23 | 0.10 | 0.12 | 0.27 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.24 | ) | (0.95 | ) | (0.77 | ) | (0.34 | ) | 1.06 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.11 | (0.72 | ) | (0.67 | ) | (0.22 | ) | 1.33 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.26 | ) | (0.17 | ) | (0.20 | ) | (0.34) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.21 | ) | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.26 | ) | (0.38 | ) | (0.20 | ) | (0.34) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 12.85 | $ | 13.09 | $ | 14.07 | $ | 15.12 | $ | 15.54 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.87 | % | (5.10 | )% | (4.47 | )% | (1.50 | )% | 9.26% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 33,354 | $ | 47,454 | $ | 110,854 | $ | 148,150 | $ | 178,878 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.51 | % | 0.51 | % | 0.52 | % | 0.52 | % | 0.57% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.92 | % | 0.78 | % | 0.76 | % | 0.73 | % | 0.75% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.77 | % | 1.71 | % | 0.65 | % | 0.74 | % | 1.83% | ||||||||||||||||||
| Portfolio turnover rate(c) |
602 | % | 709 | % | 578 | % | 820 | % | 943% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 107 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Government Income Fund | |||||||||||||||||||||||||||
| Service Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.08 | $ | 14.05 | $ | 15.10 | $ | 15.52 | $ | 14.54 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.29 | 0.18 | 0.02 | 0.04 | 0.20 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.25 | ) | (0.96 | ) | (0.77 | ) | (0.34 | ) | 1.05 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.04 | (0.78 | ) | (0.75 | ) | (0.30 | ) | 1.25 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.19 | ) | (0.09 | ) | (0.12 | ) | (0.27) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.21 | ) | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.28 | ) | (0.19 | ) | (0.30 | ) | (0.12 | ) | (0.27) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 12.84 | $ | 13.08 | $ | 14.05 | $ | 15.10 | $ | 15.52 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.37 | % | (5.51 | )% | (5.02 | )% | (1.93 | )% | 8.66% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 18,858 | $ | 21,311 | $ | 27,085 | $ | 32,692 | $ | 39,122 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.01 | % | 1.01 | % | 1.02 | % | 1.02 | % | 1.07% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.42 | % | 1.29 | % | 1.26 | % | 1.23 | % | 1.25% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.27 | % | 1.34 | % | 0.16 | % | 0.25 | % | 1.33% | ||||||||||||||||||
| Portfolio turnover rate(c) |
602 | % | 709 | % | 578 | % | 820 | % | 943% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Government Income Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.11 | $ | 14.09 | $ | 15.13 | $ | 15.56 | $ | 14.57 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.24 | 0.10 | 0.11 | 0.25 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.23 | ) | (0.97 | ) | (0.77 | ) | (0.35 | ) | 1.07 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.10 | (0.73 | ) | (0.67 | ) | (0.24 | ) | 1.32 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.34 | ) | (0.25 | ) | (0.16 | ) | (0.19 | ) | (0.33) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.21 | ) | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.25 | ) | (0.37 | ) | (0.19 | ) | (0.33) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 12.87 | $ | 13.11 | $ | 14.09 | $ | 15.13 | $ | 15.56 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.81 | % | (5.14 | )% | (4.52 | )% | (1.55 | )% | 9.18% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 2,095 | $ | 77,074 | $ | 72,599 | $ | 6,459 | $ | 8,383 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.56 | % | 0.57 | % | 0.58 | % | 0.58 | % | 0.62% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.91 | % | 0.87 | % | 0.85 | % | 0.81 | % | 0.83% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.56 | % | 1.82 | % | 0.67 | % | 0.71 | % | 1.68% | ||||||||||||||||||
| Portfolio turnover rate(c) |
602 | % | 709 | % | 578 | % | 820 | % | 943% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 109 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Government Income Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.09 | $ | 14.07 | $ | 15.11 | $ | 15.54 | $ | 14.55 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.36 | 0.24 | 0.10 | 0.12 | 0.27 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.25 | ) | (0.96 | ) | (0.76 | ) | (0.35 | ) | 1.07 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.11 | (0.72 | ) | (0.66 | ) | (0.23 | ) | 1.34 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.26 | ) | (0.17 | ) | (0.20 | ) | (0.35) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.21 | ) | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.26 | ) | (0.38 | ) | (0.20 | ) | (0.35) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 12.85 | $ | 13.09 | $ | 14.07 | $ | 15.11 | $ | 15.54 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.88 | % | (5.09 | )% | (4.46 | )% | (1.49 | )% | 9.27% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 8,112 | $ | 7,199 | $ | 8,722 | $ | 10,019 | $ | 9,187 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.50 | % | 0.50 | % | 0.51 | % | 0.51 | % | 0.56% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.92 | % | 0.78 | % | 0.75 | % | 0.72 | % | 0.74% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.79 | % | 1.85 | % | 0.67 | % | 0.75 | % | 1.84% | ||||||||||||||||||
| Portfolio turnover rate(c) |
602 | % | 709 | % | 578 | % | 820 | % | 943% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 110 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Government Income Fund | |||||||||||||||||||||||||||
| Class R Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.10 | $ | 14.08 | $ | 15.12 | $ | 15.55 | $ | 14.56 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.28 | 0.17 | 0.01 | 0.03 | 0.19 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.24 | ) | (0.96 | ) | (0.75 | ) | (0.35 | ) | 1.06 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.04 | (0.79 | ) | (0.74 | ) | (0.32 | ) | 1.25 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.19 | ) | (0.09 | ) | (0.11 | ) | (0.26) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.21 | ) | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.28 | ) | (0.19 | ) | (0.30 | ) | (0.11 | ) | (0.26) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 12.86 | $ | 13.10 | $ | 14.08 | $ | 15.12 | $ | 15.55 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.31 | % | (5.62 | )% | (5.00 | )% | (2.05 | )% | 8.64% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 9,954 | $ | 9,963 | $ | 10,753 | $ | 14,021 | $ | 18,424 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.07 | % | 1.07 | % | 1.08 | % | 1.08 | % | 1.14% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.51 | % | 1.37 | % | 1.34 | % | 1.32 | % | 1.34% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.22 | % | 1.29 | % | 0.10 | % | 0.19 | % | 1.27% | ||||||||||||||||||
| Portfolio turnover rate(c) |
602 | % | 709 | % | 578 | % | 820 | % | 943% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 111 |
GOLDMAN SACHS GOVERNMENT INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Government Income Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.09 | $ | 14.07 | $ | 15.11 | $ | 15.54 | $ | 14.55 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.36 | 0.25 | 0.10 | 0.12 | 0.27 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.25 | ) | (0.97 | ) | (0.76 | ) | (0.35 | ) | 1.07 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.11 | (0.72 | ) | (0.66 | ) | (0.23 | ) | 1.34 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.26 | ) | (0.17 | ) | (0.20 | ) | (0.35) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.21 | ) | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.26 | ) | (0.38 | ) | (0.20 | ) | (0.35) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 12.85 | $ | 13.09 | $ | 14.07 | $ | 15.11 | $ | 15.54 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.88 | % | (5.09 | )% | (4.46 | )% | (1.42 | )% | 9.20% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 12,960 | $ | 8,092 | $ | 9,106 | $ | 13,725 | $ | 14,227 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.49 | % | 0.50 | % | 0.52 | % | 0.51 | % | 0.56% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.92 | % | 0.78 | % | 0.75 | % | 0.72 | % | 0.74% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.79 | % | 1.86 | % | 0.66 | % | 0.75 | % | 1.83% | ||||||||||||||||||
| Portfolio turnover rate(c) |
602 | % | 709 | % | 578 | % | 820 | % | 943% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 112 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 113 |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Inflation Protected Securities Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.57 | $ | 10.89 | $ | 11.12 | $ | 10.54 | $ | 10.19 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.27 | 0.45 | 0.45 | — | (b) | 0.20 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.36 | ) | (1.23 | ) | (0.12 | ) | 0.63 | 0.32 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
(0.09 | ) | (0.78 | ) | 0.33 | 0.63 | 0.52 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.51 | ) | (0.46 | ) | (0.05 | ) | (0.17) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.03 | ) | (0.10 | ) | — | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.54 | ) | (0.56 | ) | (0.05 | ) | (0.17) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.15 | $ | 9.57 | $ | 10.89 | $ | 11.12 | $ | 10.54 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
(0.86 | )% | (7.12 | )% | 2.91 | % | 6.01 | % | 5.13% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 1,584 | $ | 3,498 | $ | 4,327 | $ | 2,374 | $ | 2,160 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.43 | % | 1.42 | % | 1.42 | % | 1.42 | % | 1.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.54 | % | 1.49 | % | 1.46 | % | 1.50 | % | 1.51% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.94 | % | 4.58 | % | 4.00 | % | 0.03 | % | 1.96% | ||||||||||||||||||
| Portfolio turnover rate(d) |
165 | % | 38 | % | 62 | % | 51 | % | 62% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 114 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Inflation Protected Securities Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.97 | $ | 11.31 | $ | 11.50 | $ | 10.86 | $ | 10.50 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.39 | 0.62 | 0.61 | 0.14 | 0.30 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.38 | ) | (1.32 | ) | (0.14 | ) | 0.63 | 0.35 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.01 | (0.70 | ) | 0.47 | 0.77 | 0.65 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.43 | ) | (0.61 | ) | (0.56 | ) | (0.13 | ) | (0.29) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.03 | ) | (0.10 | ) | — | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.45 | ) | (0.64 | ) | (0.66 | ) | (0.13 | ) | (0.29) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.53 | $ | 9.97 | $ | 11.31 | $ | 11.50 | $ | 10.86 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.16 | % | (6.05 | )% | 4.04 | % | 7.06 | % | 6.27% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 45,678 | $ | 86,504 | $ | 170,776 | $ | 194,076 | $ | 168,248 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.35 | % | 0.34 | % | 0.34 | % | 0.34 | % | 0.35% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.46 | % | 0.41 | % | 0.38 | % | 0.41 | % | 0.42% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.01 | % | 6.06 | % | 5.16 | % | 1.18 | % | 2.78% | ||||||||||||||||||
| Portfolio turnover rate(c) |
165 | % | 38 | % | 62 | % | 51 | % | 62% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 115 |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Inflation Protected Securities Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.89 | $ | 11.24 | $ | 11.43 | $ | 10.79 | $ | 10.43 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.38 | 0.61 | 0.60 | 0.14 | 0.27 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.37 | ) | (1.33 | ) | (0.14 | ) | 0.62 | 0.37 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.01 | (0.72 | ) | 0.46 | 0.76 | 0.64 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.42 | ) | (0.60 | ) | (0.55 | ) | (0.12 | ) | (0.28) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.03 | ) | (0.10 | ) | — | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.44 | ) | (0.63 | ) | (0.65 | ) | (0.12 | ) | (0.28) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.46 | $ | 9.89 | $ | 11.24 | $ | 11.43 | $ | 10.79 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.17 | % | (6.17 | )% | 3.90 | % | 7.03 | % | 6.13% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 17,699 | $ | 43,039 | $ | 77,500 | $ | 74,650 | $ | 26,970 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.43 | % | 0.42 | % | 0.42 | % | 0.42 | % | 0.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.54 | % | 0.49 | % | 0.46 | % | 0.49 | % | 0.51% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.00 | % | 5.98 | % | 5.16 | % | 1.21 | % | 2.52% | ||||||||||||||||||
| Portfolio turnover rate(c) |
165 | % | 38 | % | 62 | % | 51 | % | 62% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 116 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Inflation Protected Securities Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.96 | $ | 11.30 | $ | 11.50 | $ | 10.85 | $ | 10.49 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.37 | 0.56 | 0.60 | 0.15 | 0.29 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.36 | ) | (1.26 | ) | (0.14 | ) | 0.63 | 0.36 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.01 | (0.70 | ) | 0.46 | 0.78 | 0.65 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.43 | ) | (0.61 | ) | (0.56 | ) | (0.13 | ) | (0.29) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.03 | ) | (0.10 | ) | — | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.45 | ) | (0.64 | ) | (0.66 | ) | (0.13 | ) | (0.29) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.52 | $ | 9.96 | $ | 11.30 | $ | 11.50 | $ | 10.85 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.17 | % | (6.02 | )% | 3.96 | % | 7.17 | % | 6.29% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 115,887 | $ | 147,866 | $ | 150,116 | $ | 107,354 | $ | 50,987 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.34 | % | 0.33 | % | 0.33 | % | 0.33 | % | 0.34% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.45 | % | 0.40 | % | 0.37 | % | 0.40 | % | 0.41% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.88 | % | 5.50 | % | 5.14 | % | 1.27 | % | 2.72% | ||||||||||||||||||
| Portfolio turnover rate(c) |
165 | % | 38 | % | 62 | % | 51 | % | 62% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 117 |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Inflation Protected Securities Fund | |||||||||||||||||||||||||||
| Class R Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.76 | $ | 11.09 | $ | 11.29 | $ | 10.67 | $ | 10.32 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.49 | 0.53 | 0.06 | 0.22 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.36 | ) | (1.24 | ) | (0.13 | ) | 0.63 | 0.37 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
(0.05 | ) | (0.75 | ) | 0.40 | 0.69 | 0.59 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.37 | ) | (0.55 | ) | (0.50 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.03 | ) | (0.10 | ) | — | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.39 | ) | (0.58 | ) | (0.60 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.32 | $ | 9.76 | $ | 11.09 | $ | 11.29 | $ | 10.67 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
(0.41 | )% | (6.63 | )% | 3.45 | % | 6.43 | % | 5.71% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 15,553 | $ | 16,584 | $ | 18,525 | $ | 17,052 | $ | 17,663 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.94% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.04 | % | 0.99 | % | 0.96 | % | 1.00 | % | 1.01% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.29 | % | 4.88 | % | 4.63 | % | 0.54 | % | 2.08% | ||||||||||||||||||
| Portfolio turnover rate(c) |
165 | % | 38 | % | 62 | % | 51 | % | 62% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 118 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Inflation Protected Securities Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.96 | $ | 11.31 | $ | 11.50 | $ | 10.86 | $ | 10.49 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.39 | 0.58 | 0.60 | 0.16 | 0.32 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.37 | ) | (1.29 | ) | (0.13 | ) | 0.61 | 0.34 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.02 | (0.71 | ) | 0.47 | 0.77 | 0.66 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.43 | ) | (0.61 | ) | (0.56 | ) | (0.13 | ) | (0.29) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.03 | ) | (0.10 | ) | — | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.45 | ) | (0.64 | ) | (0.66 | ) | (0.13 | ) | (0.29) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.53 | $ | 9.96 | $ | 11.31 | $ | 11.50 | $ | 10.86 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
0.27 | % | (6.11 | )% | 4.05 | % | 7.07 | % | 6.38% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 16,584 | $ | 26,552 | $ | 35,167 | $ | 49,767 | $ | 30,975 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.34 | % | 0.33 | % | 0.33 | % | 0.33 | % | 0.34% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.45 | % | 0.40 | % | 0.37 | % | 0.40 | % | 0.40% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.01 | % | 5.69 | % | 5.15 | % | 1.36 | % | 3.01% | ||||||||||||||||||
| Portfolio turnover rate(c) |
165 | % | 38 | % | 62 | % | 51 | % | 62% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 119 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 120 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Bond Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.44 | $ | 9.72 | $ | 10.15 | $ | 9.68 | $ | 9.81 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.25 | 0.16 | 0.02 | 0.09 | 0.18 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.14 | (0.26 | ) | (0.38 | ) | 0.52 | (0.10) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.39 | (0.10 | ) | (0.36 | ) | 0.61 | 0.08 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.26 | ) | (0.10 | ) | (0.04 | ) | (0.13 | ) | (0.18) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.01 | ) | — | (b) | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.08 | ) | (0.02 | ) | (0.01 | ) | (0.03) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.26 | ) | (0.18 | ) | (0.07 | ) | (0.14 | ) | (0.21) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.57 | $ | 9.44 | $ | 9.72 | $ | 10.15 | $ | 9.68 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
4.03 | % | (1.02 | )% | (3.63 | )% | 6.22 | % | 0.91% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 1,922 | $ | 2,810 | $ | 2,895 | $ | 2,556 | $ | 1,283 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.15 | % | 1.14 | % | 1.12 | % | 1.15 | % | 1.19% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.56 | % | 1.55 | % | 1.53 | % | 1.55 | % | 1.61% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.60 | % | 1.72 | % | 0.21 | % | 0.88 | % | 1.81% | ||||||||||||||||||
| Portfolio turnover rate(d) |
286 | % | 181 | % | 240 | % | 253 | % | 192% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 121 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Bond Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.46 | $ | 9.74 | $ | 10.17 | $ | 9.70 | $ | 9.82 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.23 | 0.09 | 0.16 | 0.26 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.14 | (0.26 | ) | (0.38 | ) | 0.53 | (0.09) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.45 | (0.03 | ) | (0.29 | ) | 0.69 | 0.17 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.15 | ) | (0.09 | ) | (0.21 | ) | (0.25) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.01 | ) | — | (b) | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.10 | ) | (0.04 | ) | (0.01 | ) | (0.04) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.32 | ) | (0.25 | ) | (0.14 | ) | (0.22 | ) | (0.29) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.59 | $ | 9.46 | $ | 9.74 | $ | 10.17 | $ | 9.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
4.76 | % | (0.31 | )% | (2.92 | )% | 6.99 | % | 1.76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 131,635 | $ | 150,768 | $ | 172,910 | $ | 276,641 | $ | 48,689 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.44 | % | 0.43 | % | 0.41 | % | 0.42 | % | 0.45% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.48 | % | 0.47 | % | 0.45 | % | 0.47 | % | 0.52% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.32 | % | 2.46 | % | 0.89 | % | 1.58 | % | 2.57% | ||||||||||||||||||
| Portfolio turnover rate(d) |
286 | % | 181 | % | 240 | % | 253 | % | 192% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 122 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Bond Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.46 | $ | 9.74 | $ | 10.16 | $ | 9.70 | $ | 9.82 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.24 | 0.09 | 0.15 | 0.24 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.13 | (0.28 | ) | (0.37 | ) | 0.52 | (0.08) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.44 | (0.04 | ) | (0.28 | ) | 0.67 | 0.16 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.14 | ) | (0.09 | ) | (0.20 | ) | (0.24) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.01 | ) | — | (b) | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.10 | ) | (0.04 | ) | (0.01 | ) | (0.04) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.32 | ) | (0.24 | ) | (0.14 | ) | (0.21 | ) | (0.28) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.58 | $ | 9.46 | $ | 9.74 | $ | 10.16 | $ | 9.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
4.70 | % | (0.37 | )% | (2.89 | )% | 6.90 | % | 1.56% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 40,149 | $ | 64,060 | $ | 23,825 | $ | 25,579 | $ | 4,337 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.50 | % | 0.49 | % | 0.47 | % | 0.50 | % | 0.54% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.56 | % | 0.55 | % | 0.53 | % | 0.55 | % | 0.61% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.25 | % | 2.50 | % | 0.85 | % | 1.46 | % | 2.43% | ||||||||||||||||||
| Portfolio turnover rate(d) |
286 | % | 181 | % | 240 | % | 253 | % | 192% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 123 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Bond Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.45 | $ | 9.73 | $ | 10.16 | $ | 9.69 | $ | 9.82 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.30 | 0.23 | 0.11 | 0.16 | 0.26 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.26 | ) | (0.40 | ) | 0.53 | (0.10) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.45 | (0.03 | ) | (0.29 | ) | 0.69 | 0.16 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.15 | ) | (0.09 | ) | (0.21 | ) | (0.25) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.01 | ) | — | (b) | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.10 | ) | (0.04 | ) | (0.01 | ) | (0.04) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.32 | ) | (0.25 | ) | (0.14 | ) | (0.22 | ) | (0.29) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.58 | $ | 9.45 | $ | 9.73 | $ | 10.16 | $ | 9.69 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
4.88 | % | (0.31 | )% | (2.92 | )% | 7.00 | % | 1.66% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 6,065 | $ | 81,479 | $ | 56,824 | $ | 7,944 | $ | 1,085 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.43 | % | 0.42 | % | 0.40 | % | 0.41 | % | 0.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.47 | % | 0.46 | % | 0.44 | % | 0.46 | % | 0.51% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.24 | % | 2.47 | % | 1.07 | % | 1.57 | % | 2.56% | ||||||||||||||||||
| Portfolio turnover rate(d) |
286 | % | 181 | % | 240 | % | 253 | % | 192% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 124 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Bond Fund | |||||||||||||||||||||||||||
| Class R Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.46 | $ | 9.74 | $ | 10.16 | $ | 9.70 | $ | 9.82 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.26 | 0.17 | 0.04 | 0.11 | 0.19 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.14 | (0.26 | ) | (0.38 | ) | 0.51 | (0.08) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.40 | (0.09 | ) | (0.34 | ) | 0.62 | 0.11 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.27 | ) | (0.11 | ) | (0.05 | ) | (0.15 | ) | (0.20) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.01 | ) | — | (b) | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.08 | ) | (0.02 | ) | (0.01 | ) | (0.03) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.27 | ) | (0.19 | ) | (0.08 | ) | (0.16 | ) | (0.23) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.59 | $ | 9.46 | $ | 9.74 | $ | 10.16 | $ | 9.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
4.30 | % | (0.87 | )% | (3.38 | )% | 6.37 | % | 1.06% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 25 | $ | 30 | $ | 161 | $ | 184 | $ | 138 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.00 | % | 0.99 | % | 0.97 | % | 0.99 | % | 1.04% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.05 | % | 1.05 | % | 1.03 | % | 1.05 | % | 1.11% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
2.77 | % | 1.82 | % | 0.38 | % | 1.03 | % | 1.94% | ||||||||||||||||||
| Portfolio turnover rate(d) |
286 | % | 181 | % | 240 | % | 253 | % | 192% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 125 |
GOLDMAN SACHS SHORT DURATION BOND FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Bond Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.45 | $ | 9.74 | $ | 10.16 | $ | 9.70 | $ | 9.82 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.22 | 0.09 | 0.16 | 0.25 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.13 | (0.26 | ) | (0.37 | ) | 0.52 | (0.08) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.45 | (0.04 | ) | (0.28 | ) | 0.68 | 0.17 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.15 | ) | (0.09 | ) | (0.21 | ) | (0.25) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.01 | ) | — | (b) | — | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
— | (0.10 | ) | (0.04 | ) | (0.01 | ) | (0.04) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.32 | ) | (0.25 | ) | (0.14 | ) | (0.22 | ) | (0.29) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.58 | $ | 9.45 | $ | 9.74 | $ | 10.16 | $ | 9.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
4.77 | % | (0.30 | )% | (2.82 | )% | 7.00 | % | 1.66% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 1,007,371 | $ | 1,104,122 | $ | 2,148,459 | $ | 2,080,421 | $ | 743,258 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.43 | % | 0.42 | % | 0.40 | % | 0.41 | % | 0.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.47 | % | 0.46 | % | 0.44 | % | 0.46 | % | 0.51% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.33 | % | 2.37 | % | 0.94 | % | 1.61 | % | 2.53% | ||||||||||||||||||
| Portfolio turnover rate(d) |
286 | % | 181 | % | 240 | % | 253 | % | 192% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 126 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 127 |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Government Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.18 | $ | 9.45 | $ | 9.93 | $ | 9.90 | $ | 9.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.21 | 0.10 | (0.08 | ) | (0.02 | ) | 0.09 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.04 | ) | (0.26 | ) | (0.39 | ) | 0.10 | 0.27 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.17 | (0.16 | ) | (0.47 | ) | 0.08 | 0.36 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.22 | ) | (0.11 | ) | (0.01 | ) | (0.05 | ) | (0.16) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.13 | $ | 9.18 | $ | 9.45 | $ | 9.93 | $ | 9.90 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
1.85 | % | (1.64 | )% | (4.77 | )% | 0.77 | % | 3.76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 3,783 | $ | 6,088 | $ | 8,916 | $ | 13,685 | $ | 12,958 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.21 | % | 1.21 | % | 1.21 | % | 1.19 | % | 1.22% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.67 | % | 1.65 | % | 1.63 | % | 1.62 | % | 1.65% | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
2.33 | % | 1.06 | % | (0.78 | )% | (0.25 | )% | 0.95% | ||||||||||||||||||
| Portfolio turnover rate(c) |
782 | % | 655 | % | 466 | % | 566 | % | 479% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 128 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Government Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.23 | $ | 9.49 | $ | 9.97 | $ | 9.93 | $ | 9.74 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.28 | 0.17 | (0.01 | ) | 0.04 | 0.17 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.06 | ) | (0.25 | ) | (0.41 | ) | 0.12 | 0.26 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.22 | (0.08 | ) | (0.42 | ) | 0.16 | 0.43 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.18 | ) | (0.06 | ) | (0.12 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.17 | $ | 9.23 | $ | 9.49 | $ | 9.97 | $ | 9.93 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
2.48 | % | (0.80 | )% | (4.09 | )% | 1.51 | % | 4.41% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 215,245 | $ | 225,558 | $ | 305,174 | $ | 510,541 | $ | 348,655 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.48 | % | 0.48 | % | 0.48 | % | 0.46 | % | 0.48% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.59 | % | 0.57 | % | 0.55 | % | 0.54 | % | 0.56% | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.07 | % | 1.79 | % | (0.06 | )% | 0.44 | % | 1.69% | ||||||||||||||||||
| Portfolio turnover rate(c) |
782 | % | 655 | % | 466 | % | 566 | % | 479% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 129 |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Government Fund | |||||||||||||||||||||||||||
| Service Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.22 | $ | 9.48 | $ | 9.95 | $ | 9.92 | $ | 9.73 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.23 | 0.13 | (0.05 | ) | — | (b) | 0.11 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.05 | ) | (0.25 | ) | (0.40 | ) | 0.10 | 0.27 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.18 | (0.12 | ) | (0.45 | ) | 0.10 | 0.38 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.24 | ) | (0.14 | ) | (0.02 | ) | (0.07 | ) | (0.19) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.16 | $ | 9.22 | $ | 9.48 | $ | 9.95 | $ | 9.92 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
2.08 | % | (1.40 | )% | (4.56 | )% | 1.00 | % | 4.00% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 15,314 | $ | 18,289 | $ | 17,521 | $ | 20,016 | $ | 18,831 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.98 | % | 0.98 | % | 0.98 | % | 0.96 | % | 0.98% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.09 | % | 1.07 | % | 1.05 | % | 1.04 | % | 1.06% | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
2.57 | % | 1.36 | % | (0.53 | )% | (0.03 | )% | 1.17% | ||||||||||||||||||
| Portfolio turnover rate(d) |
782 | % | 655 | % | 466 | % | 566 | % | 479% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 130 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Government Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.27 | $ | 9.53 | $ | 10.01 | $ | 9.98 | $ | 9.78 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.27 | 0.17 | (0.01 | ) | 0.04 | 0.15 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.05 | ) | (0.25 | ) | (0.41 | ) | 0.10 | 0.28 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.22 | (0.08 | ) | (0.42 | ) | 0.14 | 0.43 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.18 | ) | (0.06 | ) | (0.11 | ) | (0.23) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.21 | $ | 9.27 | $ | 9.53 | $ | 10.01 | $ | 9.98 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
2.51 | % | (0.97 | )% | (4.15 | )% | 1.53 | % | 4.31% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 28,339 | $ | 35,606 | $ | 27,635 | $ | 38,958 | $ | 38,723 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.56 | % | 0.56 | % | 0.56 | % | 0.54 | % | 0.57% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.67 | % | 0.65 | % | 0.63 | % | 0.62 | % | 0.65% | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
2.98 | % | 1.83 | % | (0.13 | )% | 0.40 | % | 1.57% | ||||||||||||||||||
| Portfolio turnover rate(c) |
782 | % | 655 | % | 466 | % | 566 | % | 479% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 131 |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Government Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.23 | $ | 9.49 | $ | 9.97 | $ | 9.94 | $ | 9.74 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.28 | 0.17 | — | (b) | 0.05 | 0.16 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.05 | ) | (0.25 | ) | (0.41 | ) | 0.10 | 0.28 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.23 | (0.08 | ) | (0.41 | ) | 0.15 | 0.44 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.29 | ) | (0.18 | ) | (0.07 | ) | (0.12 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.17 | $ | 9.23 | $ | 9.49 | $ | 9.97 | $ | 9.94 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
2.60 | % | (0.89 | )% | (3.98 | )% | 1.52 | % | 4.42% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 15,608 | $ | 13,995 | $ | 13,385 | $ | 16,029 | $ | 11,979 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.47 | % | 0.47 | % | 0.47 | % | 0.45 | % | 0.47% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.58 | % | 0.56 | % | 0.54 | % | 0.53 | % | 0.55% | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.09 | % | 1.86 | % | (0.02 | )% | 0.48 | % | 1.65% | ||||||||||||||||||
| Portfolio turnover rate(d) |
782 | % | 655 | % | 466 | % | 566 | % | 479% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 132 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration Government Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.22 | $ | 9.49 | $ | 9.96 | $ | 9.93 | $ | 9.73 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.28 | 0.17 | — | (b) | 0.05 | 0.17 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.04 | ) | (0.26 | ) | (0.40 | ) | 0.10 | 0.27 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.24 | (0.09 | ) | (0.40 | ) | 0.15 | 0.44 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.29 | ) | (0.18 | ) | (0.07 | ) | (0.12 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.17 | $ | 9.22 | $ | 9.49 | $ | 9.96 | $ | 9.93 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
2.60 | % | (0.89 | )% | (4.08 | )% | 1.52 | % | 4.53% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 149,238 | $ | 178,078 | $ | 246,221 | $ | 337,747 | $ | 337,805 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.47 | % | 0.47 | % | 0.47 | % | 0.45 | % | 0.48% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.58 | % | 0.56 | % | 0.54 | % | 0.53 | % | 0.55% | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.08 | % | 1.83 | % | (0.03 | )% | 0.49 | % | 1.72% | ||||||||||||||||||
| Portfolio turnover rate(d) |
782 | % | 655 | % | 466 | % | 566 | % | 479% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 133 |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | Amount is less than 0.005% per share. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 134 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short-Term Conservative Income Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.03 | $ | 10.01 | $ | 10.07 | $ | 9.88 | $ | 10.04 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.53 | 0.24 | 0.02 | 0.06 | 0.23 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.05 | 0.05 | (0.05 | ) | 0.20 | (0.15) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.58 | 0.29 | (0.03 | ) | 0.26 | 0.08 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.53 | ) | (0.27 | ) | (0.03 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | — | (0.00)(b) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.53 | ) | (0.27 | ) | (0.03 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.08 | $ | 10.03 | $ | 10.01 | $ | 10.07 | $ | 9.88 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.92 | % | 2.90 | % | (0.32 | )% | 2.66 | % | 0.80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 927,495 | $ | 950,889 | $ | 1,954,768 | $ | 2,598,107 | $ | 1,466,673 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.24 | % | 0.24 | % | 0.22 | % | 0.22 | % | 0.22% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.33 | % | 0.32 | % | 0.31 | % | 0.31 | % | 0.32% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.27 | % | 2.39 | % | 0.22 | % | 0.63 | % | 2.28% | ||||||||||||||||||
| Portfolio turnover rate(d) |
180 | % | 86 | % | 102 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.01 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 135 |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short-Term Conservative Income Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.02 | $ | 10.01 | $ | 10.07 | $ | 9.88 | $ | 10.04 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.52 | 0.29 | 0.01 | 0.06 | 0.21 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.06 | (0.02 | ) | (0.05 | ) | 0.19 | (0.14) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.58 | 0.27 | (0.04 | ) | 0.25 | 0.07 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.52 | ) | (0.26 | ) | (0.02 | ) | (0.06 | ) | (0.23) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | — | (0.00)(b) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.52 | ) | (0.26 | ) | (0.02 | ) | (0.06 | ) | (0.23) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.08 | $ | 10.02 | $ | 10.01 | $ | 10.07 | $ | 9.88 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.94 | % | 2.72 | % | (0.40 | )% | 2.57 | % | 0.71% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 247,017 | $ | 248,024 | $ | 112,830 | $ | 94,682 | $ | 90,680 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.32 | % | 0.32 | % | 0.30 | % | 0.30 | % | 0.31% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.41 | % | 0.40 | % | 0.39 | % | 0.39 | % | 0.41% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.20 | % | 2.89 | % | 0.15 | % | 0.60 | % | 2.11% | ||||||||||||||||||
| Portfolio turnover rate(d) |
180 | % | 86 | % | 102 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 136 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short-Term Conservative Income Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.02 | $ | 10.01 | $ | 10.08 | $ | 9.89 | $ | 10.04 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.53 | 0.22 | 0.02 | 0.07 | 0.24 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.06 | 0.06 | (0.06 | ) | 0.19 | (0.15) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.59 | 0.28 | (0.04 | ) | 0.26 | 0.09 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.53 | ) | (0.27 | ) | (0.03 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | — | (0.00)(b) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.53 | ) | (0.27 | ) | (0.03 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.08 | $ | 10.02 | $ | 10.01 | $ | 10.08 | $ | 9.89 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
6.03 | % | 2.81 | % | (0.41 | )% | 2.66 | % | 0.91% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 93,343 | $ | 72,414 | $ | 180,045 | $ | 313,236 | $ | 278,788 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.23 | % | 0.23 | % | 0.21 | % | 0.21 | % | 0.21% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.32 | % | 0.31 | % | 0.30 | % | 0.30 | % | 0.31% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.29 | % | 2.22 | % | 0.24 | % | 0.70 | % | 2.37% | ||||||||||||||||||
| Portfolio turnover rate(d) |
180 | % | 86 | % | 102 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.01 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 137 |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short-Term Conservative Income Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.02 | $ | 10.00 | $ | 10.07 | $ | 9.87 | $ | 10.03 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.53 | 0.24 | 0.02 | 0.07 | 0.24 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.05 | 0.05 | (0.06 | ) | 0.20 | (0.16) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.58 | 0.29 | (0.04 | ) | 0.27 | 0.08 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.53 | ) | (0.27 | ) | (0.03 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | — | — | (0.00)(b) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.53 | ) | (0.27 | ) | (0.03 | ) | (0.07 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.07 | $ | 10.02 | $ | 10.00 | $ | 10.07 | $ | 9.87 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
5.93 | % | 2.91 | % | (0.41 | )% | 2.77 | % | 0.81% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 649,480 | $ | 802,487 | $ | 1,716,714 | $ | 3,136,259 | $ | 1,935,475 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.23 | % | 0.23 | % | 0.21 | % | 0.21 | % | 0.21% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.32 | % | 0.31 | % | 0.30 | % | 0.30 | % | 0.31% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.28 | % | 2.40 | % | 0.23 | % | 0.65 | % | 2.34% | ||||||||||||||||||
| Portfolio turnover rate(d) |
180 | % | 86 | % | 102 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.01 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 138 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 139 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs U.S. Mortgages Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.08 | $ | 9.89 | $ | 10.58 | $ | 10.58 | $ | 10.32 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.24 | 0.02 | 0.16 | 0.21 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.18 | ) | (0.78 | ) | (0.57 | ) | 0.14 | 0.38 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.14 | (0.54 | ) | (0.55 | ) | 0.30 | 0.59 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.27 | ) | (0.13 | ) | (0.30 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | (0.01 | ) | — | (0.01) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.27 | ) | (0.14 | ) | (0.30 | ) | (0.33) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.87 | $ | 9.08 | $ | 9.89 | $ | 10.58 | $ | 10.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
1.49 | % | (5.40 | )% | (5.24 | )% | 2.88 | % | 5.75% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 41,265 | $ | 65,787 | $ | 66,445 | $ | 89,598 | $ | 52,878 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.46 | % | 0.45 | % | 0.44 | % | 0.45 | % | 0.45% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.58 | % | 0.55 | % | 0.51 | % | 0.48 | % | 0.51% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.66 | % | 2.56 | % | 0.16 | % | 1.48 | % | 1.98% | ||||||||||||||||||
| Portfolio turnover rate(c) |
1,369 | % | 1,386 | % | 1,242 | % | 1,027 | % | 1,233% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 140 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs U.S. Mortgages Fund | |||||||||||||||||||||||||||
| Separate Account Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.06 | $ | 9.87 | $ | 10.56 | $ | 10.55 | $ | 10.30 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.23 | 0.03 | 0.15 | 0.22 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.19 | ) | (0.77 | ) | (0.58 | ) | 0.17 | 0.36 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.13 | (0.54 | ) | (0.55 | ) | 0.32 | 0.58 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.27 | ) | (0.13 | ) | (0.31 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | (0.01 | ) | — | (0.01) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.27 | ) | (0.14 | ) | (0.31 | ) | (0.33) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.84 | $ | 9.06 | $ | 9.87 | $ | 10.56 | $ | 10.55 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
1.49 | % | (5.41 | )% | (5.25 | )% | 2.99 | % | 5.67% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 91,446 | $ | 97,749 | $ | 115,063 | $ | 150,887 | $ | 207,621 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.45 | % | 0.44 | % | 0.43 | % | 0.44 | % | 0.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.57 | % | 0.54 | % | 0.50 | % | 0.47 | % | 0.49% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.69 | % | 2.54 | % | 0.25 | % | 1.44 | % | 2.13% | ||||||||||||||||||
| Portfolio turnover rate(c) |
1,369 | % | 1,386 | % | 1,242 | % | 1,027 | % | 1,233% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 141 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs U.S. Mortgages Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.08 | $ | 9.89 | $ | 10.58 | $ | 10.58 | $ | 10.32 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.23 | 0.01 | 0.16 | 0.22 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.20 | ) | (0.77 | ) | (0.57 | ) | 0.14 | 0.36 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.12 | (0.54 | ) | (0.56 | ) | 0.30 | 0.58 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.34 | ) | (0.27 | ) | (0.12 | ) | (0.30 | ) | (0.31) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | (0.01 | ) | — | (0.01) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.27 | ) | (0.13 | ) | (0.30 | ) | (0.32) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.86 | $ | 9.08 | $ | 9.89 | $ | 10.58 | $ | 10.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
1.52 | % | (5.58 | )% | (5.32 | )% | 2.79 | % | 5.66% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 26,297 | $ | 25,775 | $ | 30,695 | $ | 57,023 | $ | 114,242 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.54 | % | 0.53 | % | 0.52 | % | 0.53 | % | 0.54% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.66 | % | 0.63 | % | 0.59 | % | 0.57 | % | 0.59% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.60 | % | 2.45 | % | 0.10 | % | 1.47 | % | 2.09% | ||||||||||||||||||
| Portfolio turnover rate(c) |
1,369 | % | 1,386 | % | 1,242 | % | 1,027 | % | 1,233% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 142 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs U.S. Mortgages Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.08 | $ | 9.89 | $ | 10.58 | $ | 10.58 | $ | 10.32 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.24 | 0.05 | 0.17 | 0.22 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.20 | ) | (0.78 | ) | (0.60 | ) | 0.14 | 0.37 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.13 | (0.54 | ) | (0.55 | ) | 0.31 | 0.59 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.27 | ) | (0.13 | ) | (0.31 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | (0.01 | ) | — | (0.01) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.27 | ) | (0.14 | ) | (0.31 | ) | (0.33) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.86 | $ | 9.08 | $ | 9.89 | $ | 10.58 | $ | 10.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
1.50 | % | (5.39 | )% | (5.23 | )% | 2.89 | % | 5.77% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 11,969 | $ | 17,665 | $ | 19,337 | $ | 8,245 | $ | 20,349 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.45 | % | 0.44 | % | 0.43 | % | 0.44 | % | 0.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.57 | % | 0.54 | % | 0.50 | % | 0.49 | % | 0.50% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.68 | % | 2.56 | % | 0.47 | % | 1.55 | % | 2.11% | ||||||||||||||||||
| Portfolio turnover rate(c) |
1,369 | % | 1,386 | % | 1,242 | % | 1,027 | % | 1,233% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 143 |
GOLDMAN SACHS U.S. MORTGAGES FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs U.S. Mortgages Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.07 | $ | 9.89 | $ | 10.58 | $ | 10.58 | $ | 10.32 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.25 | 0.02 | 0.14 | 0.23 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(0.19 | ) | (0.80 | ) | (0.57 | ) | 0.17 | 0.36 | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.14 | (0.55 | ) | (0.55 | ) | 0.31 | 0.59 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.35 | ) | (0.27 | ) | (0.13 | ) | (0.31 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | (0.01 | ) | — | (0.01) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.27 | ) | (0.14 | ) | (0.31 | ) | (0.33) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.86 | $ | 9.07 | $ | 9.89 | $ | 10.58 | $ | 10.58 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
1.61 | % | (5.50 | )% | (5.23 | )% | 2.89 | % | 5.77% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 6,394 | $ | 6,959 | $ | 4,471 | $ | 12,382 | $ | 4,971 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.45 | % | 0.44 | % | 0.43 | % | 0.44 | % | 0.44% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.57 | % | 0.55 | % | 0.50 | % | 0.46 | % | 0.49% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.69 | % | 2.78 | % | 0.17 | % | 1.30 | % | 2.17% | ||||||||||||||||||
| Portfolio turnover rate(c) |
1,369 | % | 1,386 | % | 1,242 | % | 1,027 | % | 1,233% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 144 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| Fund | Share Classes Offered | Diversified/ Non-diversified | ||
| Enhanced Income | A, Administration, Institutional, Service, Investor, R6 and P |
Diversified | ||
| Government Income | A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
| Inflation Protected Securities | A, C, Institutional, Investor, R6, R and P |
Diversified | ||
| Short Duration Bond | A, C, Institutional, Investor, R6, R and P |
Diversified | ||
| Short Duration Government | A, C, Institutional, Service, Investor, R6 and P |
Diversified | ||
| Short-Term Conservative Income | A, Institutional, Investor, R6 and P |
Diversified | ||
| U.S. Mortgages | A, Institutional, Separate Account Institutional, Investor, R6 and P |
Diversified | ||
Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government and U.S. Mortgages Funds are sold with a front-end sales charge of up to 3.75%, 3.75%, 1.50%, 1.50% and 3.75%, respectively. Class C Shares are generally sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Bond and Short Duration Government Funds), which is imposed on redemptions made within 12 months of purchase. Class A Shares of the Enhanced Income and Short-Term Conservative Income Funds are not subject to a sales charge. Similarly, Administration, Institutional, Service, Separate Account Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.
At the close of business on January 12, 2024, Administration and Preferred Shares of the Short-Term Conservative Income Fund were liquidated.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is
| 145 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| Investment Income Dividends
|
|
Capital Gains Distributions
| ||||
| Fund | Declared/Paid | Declared/Paid | ||||
| Enhanced Income | Daily/Monthly | Annually | ||||
| Government Income | Daily/Monthly | Annually | ||||
| Inflation Protected Securities | Quarterly/Quarterly | Annually | ||||
| Short Duration Bond | Daily/Monthly | Annually | ||||
| Short Duration Government | Daily/Monthly | Annually | ||||
| Short-Term Conservative Income | Daily/Monthly | Annually | ||||
| U.S. Mortgages | Daily/Monthly | Annually | ||||
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
| 146 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Shares class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
| 147 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
ii. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.
iii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.
iv. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.
v. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
| 148 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
iii. Options Contracts — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty
| 149 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.
The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
| 150 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2024:
| ENHANCED INCOME | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 314,671,279 | $ | — | ||||||
| Asset-Backed Securities |
— | 129,966,174 | — | |||||||||
| Mortgage-Backed Obligations |
— | 18,530,538 | — | |||||||||
| U.S. Treasury Obligations |
9,447,757 | — | — | |||||||||
| Sovereign Debt Obligations |
— | 6,209,415 | — | |||||||||
| Agency Debentures |
— | 3,116,501 | — | |||||||||
| Municipal Debt Obligations |
— | 664,898 | — | |||||||||
| Short-term Investments |
— | 36,787,368 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 9,447,757 | $ | 509,946,173 | $ | — | ||||||
|
|
||||||||||||
| Derivative Type |
||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 32,267 | $ | — | ||||||
| Interest Rate Swap Contracts |
— | 13,974 | — | |||||||||
|
|
||||||||||||
| Total |
$ | — | $ | 46,241 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Futures Contracts |
$ | (89,864 | ) | $ | — | $ | — | |||||
| Interest Rate Swap Contracts |
— | (84,349 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (89,864 | ) | $ | (84,349 | ) | $ | — | ||||
|
|
||||||||||||
| GOVERNMENT INCOME | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations |
$ | — | $ | 74,494,612 | $ | — | ||||||
| Agency Debentures |
— | 29,941,974 | — | |||||||||
| U.S. Treasury Obligations |
26,938,599 | — | — | |||||||||
| Asset-Backed Securities |
— | 2,961,134 | — | |||||||||
| Municipal Debt Obligations |
— | 2,143,690 | — | |||||||||
| Sovereign Debt Obligations |
— | 699,860 | — | |||||||||
| Investment Company |
353,647 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 27,292,246 | $ | 110,241,270 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (15,067,899 | ) | $ | — | |||||
|
|
||||||||||||
| 151 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| GOVERNMENT INCOME (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Futures Contracts |
$ | 26,745 | $ | — | $ | — | ||||||
| Interest Rate Swap Contracts |
— | 299,056 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 26,745 | $ | 299,056 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Futures Contracts |
$ | (31,183 | ) | $ | — | $ | — | |||||
| Interest Rate Swap Contracts |
— | (130,847 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (31,183 | ) | $ | (130,847 | ) | $ | — | ||||
|
|
||||||||||||
| INFLATION PROTECTED SECURITIES | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| U.S. Treasury Obligations |
$ | 243,782,728 | $ | — | $ | — | ||||||
|
|
||||||||||||
| Total |
$ | 243,782,728 | $ | — | $ | — | ||||||
|
|
||||||||||||
| Derivative Type |
||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Futures Contracts |
$ | 225,331 | $ | — | $ | — | ||||||
| Interest Rate Swap Contracts |
— | 3,209,006 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 225,331 | $ | 3,209,006 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Futures Contracts |
$ | (263,548 | ) | $ | — | $ | — | |||||
| Interest Rate Swap Contracts |
— | (1,222,005 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (263,548 | ) | $ | (1,222,005 | ) | $ | — | ||||
|
|
||||||||||||
| 152 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| SHORT DURATION BOND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 700,948,617 | $ | — | ||||||
| Asset-Backed Securities |
— | 234,184,566 | — | |||||||||
| Mortgage-Backed Obligations |
— | 177,382,801 | — | |||||||||
| U.S. Treasury Obligations |
50,004,381 | — | — | |||||||||
| Sovereign Debt Obligations |
— | 49,794,480 | — | |||||||||
| Common Stock and/or Other Equity Investments(b) |
||||||||||||
| Asia |
— | 6,831 | — | |||||||||
| Short-term Investments |
— | 53,712,921 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 50,004,381 | $ | 1,216,030,216 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (25,658,316 | ) | $ | — | |||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | 1,054,283 | $ | — | ||||||
| Futures Contracts(a) |
42,253 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 10,139,548 | — | |||||||||
| Credit Default Swap Contracts(a) |
— | 406,088 | — | |||||||||
| Purchased Option Contracts |
— | 132,797 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 42,253 | $ | 11,732,716 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | (839,318 | ) | $ | — | |||||
| Futures Contracts(a) |
(538,975 | ) | — | — | ||||||||
| Interest Rate Swap Contracts(a) |
— | (4,291,423 | ) | — | ||||||||
| Written Option Contracts |
— | (74,775 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (538,975 | ) | $ | (5,205,516 | ) | $ | — | ||||
|
|
||||||||||||
| SHORT DURATION GOVERNMENT | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| U.S. Treasury Obligations |
$ | 275,265,355 | $ | — | $ | — | ||||||
| Mortgage-Backed Obligations |
— | 165,291,339 | — | |||||||||
| Agency Debentures |
— | 78,871,696 | — | |||||||||
| Investment Company |
5,261,845 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 280,527,200 | $ | 244,163,035 | $ | — | ||||||
|
|
||||||||||||
| 153 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| SHORT DURATION GOVERNMENT (continued) | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (34,117,110 | ) | $ | — | |||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Interest Rate Swap Contracts |
$ | — | $ | 772,866 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Futures Contracts |
$ | (876,933 | ) | $ | — | $ | — | |||||
| Interest Rate Swap Contracts |
— | (406,538 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (876,933 | ) | $ | (406,538 | ) | $ | — | ||||
|
|
||||||||||||
| SHORT-TERM CONSERVATIVE INCOME | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 1,137,993,841 | $ | — | ||||||
| U.S. Treasury Obligations |
186,916,125 | — | — | |||||||||
| Agency Debentures |
— | 45,851,467 | — | |||||||||
| Investment Company |
106,239,359 | — | — | |||||||||
| Short-term Investments |
— | 463,534,075 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 293,155,484 | $ | 1,647,379,383 | $ | — | ||||||
|
|
||||||||||||
| U.S. MORTGAGES | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations |
$ | — | $ | 266,458,026 | $ | — | ||||||
| Asset-Backed Securities |
— | 6,558,571 | — | |||||||||
| U.S. Treasury Obligations |
4,216,312 | — | — | |||||||||
| Investment Company |
5,688,152 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 9,904,464 | $ | 273,016,597 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Fixed Income |
||||||||||||
| Mortgage-Backed Obligations — Forward Sales Contracts |
$ | — | $ | (61,939,013 | ) | $ | — | |||||
|
|
||||||||||||
| 154 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| U.S. MORTGAGES (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Futures Contracts |
$ | 28,274 | $ | — | $ | — | ||||||
| Interest Rate Swap Contracts |
— | 274,656 | — | |||||||||
| Credit Default Swap Contracts |
— | 6,246 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 28,274 | $ | 280,902 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Futures Contracts |
$ | (34,415 | ) | $ | — | $ | — | |||||
| Interest Rate Swap Contracts |
— | (146,527 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (34,415 | ) | $ | (146,527 | ) | $ | — | ||||
|
|
||||||||||||
| (a) | Amount shown represents unrealized gain (loss) at period end. |
| (b) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
| Enhanced Income | ||||||||||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||||||||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts |
$ | 32,267 | $ | — | |||||||||||||||
| Interest rate | Variation margin on swap contracts | 13,974 | Variation margin on futures contracts; Variation margin on swap contracts |
(174,213 | ) | |||||||||||||||
| Total |
$ | 46,241 | $ | (174,213 | ) | |||||||||||||||
| Government Income | ||||||||||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||||||||||
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts |
$ | 325,801 | (a) | Variation margin on futures contracts; Variation margin on swap contracts |
$ | (162,030 | )(a) | ||||||||||||
| Inflation Protected Securities | ||||||||||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||||||||||
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts |
$ | 3,434,337 | (a) | Variation margin on futures contracts; Variation margin on swap contracts |
$ | (1,485,553 | )(a) | ||||||||||||
| 155 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Short Duration Bond | ||||||||||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||||||||||
| Credit | Variation margin on swap contracts | $ | 406,088 | (a) | $ | — | ||||||||||||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts |
1,054,283 | Payable for unrealized loss on forward foreign currency exchange contracts |
(839,318 | ) | |||||||||||||||
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value |
10,314,598 | (a) | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value |
(4,905,173 | )(a) | ||||||||||||||
| Total |
$ | 11,774,969 | $ | (5,744,491 | ) | |||||||||||||||
| Short Duration Government | ||||||||||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||||||||||
| Interest rate | Variation margin on swap contracts | $ | 772,866 | (a) | Variation margin on futures contracts; Variation margin on swap contracts |
$ | (1,283,471 | )(a) | ||||||||||||
| U.S. Mortgages | ||||||||||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||||||||||
| Credit | Receivable for unrealized gain on swap contracts | $ | 6,246 | — | $ | — | ||||||||||||||
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value |
302,930 | (a) | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value |
(180,942 | )(a) | ||||||||||||||
| Total |
$ | 309,176 | $ | (180,942 | ) | |||||||||||||||
| (a) | Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| Enhanced Income | ||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $ | — | $ | 32,267 | |||||||
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts/Net Change in unrealized gain (loss) on futures contracts, swap contracts, purchased option contracts and written option contracts | (1,484,476 | ) | 2,278,008 | ||||||||
| Total |
$ | (1,484,476 | ) | $ | 2,310,275 | |||||||
| 156 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Government Income | ||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Interest rate | Net realized gain (loss) from purchased option contracts, futures contracts, swap contracts and written option contracts / Net change in unrealized gain (loss) on purchased option contracts, futures contracts, swap contracts and written option contracts | $ | 589,890 | $ | 618,007 | |||||||
| Inflation Protected Securities | ||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased option contracts and written option contracts | $ | 866,121 | $ | (719,524 | ) | ||||||
| Short Duration Bond | ||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | 280,644 | $ | 375,584 | |||||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (2,430,212 | ) | 1,093,441 | ||||||||
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts, swap contract, purchased options contracts and written options contracts | (5,185,200 | ) | (1,884,160 | ) | |||||||
| Total |
$ | (7,334,768 | ) | $ | (415,135 | ) | ||||||
| Short Duration Government | ||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Interest rate | Net realized gain (loss) from futures contracts, written option contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | $ | 1,780,939 | $ | (1,575,411 | ) | ||||||
| U.S. Mortgages | ||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | (408 | ) | $ | 6,246 | ||||||
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | 131,175 | 113,068 | |||||||||
| Total |
$ | 130,767 | $ | 119,314 | ||||||||
| 157 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended March 31, 2024, the relevant values for each derivative type were as follows:
| Average Number of Contracts, Notional Amounts, or Shares/Units(a) | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Fund | Futures Contracts |
Forward Contracts |
Swap Agreements |
Purchased Options |
Purchased Swaptions |
Written Options |
Written Swaptions |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Enhanced Income |
462 | $ | 4,372,516 | $ | 352,719,167 | — | $ | 31,188,333 | — | $ | 33,936,667 | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Government Income |
294 | — | 41,060,000 | — | 12,591,667 | — | 24,535,833 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Inflation Protected Securities |
402 | — | 192,570,000 | — | 45,466,667 | — | 86,585,000 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short Duration Bond |
3,208 | 229,574,418 | 1,655,753,622 | 159,555,939 | 110,487,184 | 159,555,939 | 270,050,039 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short Duration Government |
2,706 | — | 123,267,500 | — | — | — | 48,400,000 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| U.S. Mortgages |
161 | — | 35,608,187 | — | 11,321,667 | — | 20,937,500 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2024. |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the fiscal year ended March 31, 2024, contractual and effective net management fees with GSAM were at the following rates:
| Contractual Management Rate
|
Effective |
Effective Net Management Rate^ |
||||||||||||||||||||||||||
| Fund | First $1 billion |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Enhanced Income |
0.25 | % | 0.23 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.25 | % | 0.25% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| Government Income |
0.53 | 0.48 | 0.45 | 0.44 | 0.44 | 0.53 | 0.46+ | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Inflation Protected Securities |
0.26 | 0.23 | 0.22 | 0.22 | 0.21 | 0.26 | 0.26 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short Duration Bond |
0.40 | 0.36 | 0.34 | 0.33 | 0.32 | 0.39 | 0.39 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short Duration Government |
0.44 | 0.40 | 0.38 | 0.37 | 0.36 | 0.44 | 0.44 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short-Term Conservative Income |
0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.19* | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| U.S. Mortgages |
0.34 | 0.31 | 0.29 | 0.28 | 0.28 | 0.34 | 0.34 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| ^ | The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
| + | The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.46% as an annual percentage of the Fund’s average daily net assets of the Government Income Fund. This arrangement will remain in effect through at least July 28, 2024. |
| * | The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 28, 2024. |
| 158 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Funds invest in Institutional Shares of the Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Financial Square Government Fund and Goldman Sachs Financial Square Money Market Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest. For the fiscal year ended March 31, 2024, the management fee waived by GSAM for each Fund was as follows:
| Fund | Management Fee Waived |
|||
|
|
||||
| Enhanced Income |
$ | 13,753 | ||
|
|
||||
| Government Income |
1,156 | |||
|
|
||||
| Inflation Protected Securities |
3,168 | |||
|
|
||||
| Short Duration Bond |
23,923 | |||
|
|
||||
| Short Duration Government |
14,585 | |||
|
|
||||
| Short-Term Conservative Income |
161,362 | |||
|
|
||||
| U.S. Mortgages |
881 | |||
|
|
||||
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| 159 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| Distribution and/or Service Plan Rates
|
||||||||||||||||
| Fund | Class A* | Class C | Service | Class R* | ||||||||||||
|
|
||||||||||||||||
| Enhanced Income |
0.15% | —% | 0.25% | —% | ||||||||||||
|
|
||||||||||||||||
| Government Income |
0.25 | 0.75 | 0.25 | 0.50 | ||||||||||||
|
|
||||||||||||||||
| Inflation Protected Securities |
0.25 | 0.75 | — | 0.50 | ||||||||||||
|
|
||||||||||||||||
| Short Duration Bond |
0.25 | 0.75 | — | 0.50 | ||||||||||||
|
|
||||||||||||||||
| Short Duration Government |
0.25 | 0.75 | 0.25 | — | ||||||||||||
|
|
||||||||||||||||
| Short-Term Conservative Income |
0.15 | — | — | — | ||||||||||||
|
|
||||||||||||||||
| U.S. Mortgages |
0.25 | — | — | — | ||||||||||||
|
|
||||||||||||||||
| * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund’s and Short Duration Bond Fund’s Class C Shares in an amount equal to 0.35% of the average daily net assets. These arrangements will remain in place through at least July 28, 2024, and prior to such date Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. These fee waivers may be modified or terminated by Goldman Sachs at its discretion and without shareholder approval after such date, although Goldman Sachs does not presently intend to do so.
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2024, Goldman Sachs retained the following amounts:
| Front End Sales Charge
|
||||
| Fund | Class A | |||
|
|
||||
| Government Income |
$ 694 | |||
|
|
||||
| Inflation Protected Securities |
147 | |||
|
|
||||
| Short Duration Bond |
1,034 | |||
|
|
||||
| Short Duration Government |
172 | |||
|
|
||||
| U.S. Mortgages |
45 | |||
|
|
||||
During the fiscal year ended March 31, 2024, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.
D. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.25% and 0.25% of the average daily net assets attributable to Administration, Class C and Service Shares of the Funds, as applicable.
| 160 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Administration, Institutional, Service Shares and 0.03% of the average daily net assets with respect to the U.S. Mortgages Fund’s Separate Account Institutional Shares.
Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Government Income Fund and Short Duration Bond Fund through at least July 28, 2024, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government, Short-Term Conservative Income and U.S. Mortgages Funds are 0.064%, 0.004%, 0.044%, 0.014%, 0.004%, 0.004% and 0.074%, respectively. These Other Expense limitations will remain in place through at least July 28, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended March 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| Fund | Management Fee Waiver |
Class C Distributions and Service Fees |
Transfer Agency Waivers/Credits |
Other Expense |
Total Expense Reductions |
|||||||||||||||
|
|
||||||||||||||||||||
| Enhanced Income |
$ | 13,753 | $ | — | $ | 100 | $ | 228,921 | $ | 242,774 | ||||||||||
|
|
||||||||||||||||||||
| Government Income |
106,699 | — | 15,365 | 502,742 | 624,806 | |||||||||||||||
|
|
||||||||||||||||||||
| Inflation Protected Securities |
3,168 | — | 471 | 343,909 | 347,548 | |||||||||||||||
|
|
||||||||||||||||||||
| Short Duration Bond |
23,923 | 8,310 | 20,876 | 544,086 | 597,195 | |||||||||||||||
|
|
||||||||||||||||||||
| Short Duration Government |
14,585 | 16,408 | 374 | 538,603 | 569,970 | |||||||||||||||
|
|
||||||||||||||||||||
| Short-Term Conservative Income |
1,166,186 | — | 578 | 692,819 | 1,859,583 | |||||||||||||||
|
|
||||||||||||||||||||
| U.S. Mortgages |
881 | — | 162 | 261,431 | 262,474 | |||||||||||||||
|
|
||||||||||||||||||||
G. Line of Credit Facility — As of March 31, 2024, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000. The facility was changed to $1,150,000,000 effective April 16, 2024.
| 161 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2024, Goldman Sachs earned $14,155, $12,538, $18,475, $102,955, $59,977 and $18,007 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government and U.S. Mortgages Funds, respectively.
As of March 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:
| Fund | Class R | |
|
| ||
| Short Duration Bond |
48% | |
|
| ||
The table below shows the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended March 31, 2024:
| Fund | Underlying Fund | Beginning Value as of March 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Realized Gain (Loss) |
Change In Unrealized Gain (Loss) |
Ending Value as of March 31, 2024 |
Shares as of March 31, 2024 |
Dividend Income |
|||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Enhanced Income |
Goldman Sachs Financial Square Government Fund — Institutional Shares |
$ | 27,110,440 | $ | 259,228,883 | $ | (286,339,323 | ) | $ | — | $ | — | $ | — | — | $ | 438,711 | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Goldman Sachs Financial Square Money Market Fund — Institutional Shares | 9,365 | 37 | (9,403 | ) | 10 | (9 | ) | — | — | — | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Government Income |
Goldman Sachs Financial Square Government Fund — Institutional Shares | 2,778,963 | 32,328,259 | (34,753,575 | ) | — | — | 353,647 | 353,647 | 35,614 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Inflation Protected Securities |
Goldman Sachs Financial Square Government Fund — Institutional Shares | 7,437,908 | 61,196,365 | (68,634,273 | ) | — | — | — | — | 104,155 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Short Duration Bond |
Goldman Sachs Access High Yield Corporate Bond ETF | 32,783,747 | — | (32,147,956 | ) | (4,446,240 | ) | 3,810,449 | — | — | 346,311 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares | — | 577,483,994 | (577,483,994 | ) | — | — | — | — | 427,157 | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| 162 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| Fund | Underlying Fund | Beginning Value as of March 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Realized Gain (Loss) |
Change In Unrealized Gain (Loss) |
Ending Value as of March 31, 2024 |
Shares as of March 31, 2024 |
Dividend Income |
|||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Short Duration Government |
Goldman Sachs Financial Square Government Fund — Institutional Shares | $ | — | $ | 200,942,752 | $ | (195,680,907 | ) | $ | — | $ | — | $ | 5,261,845 | 5,261,845 | $ | 460,448 | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| Short-Term Conservative Income |
Goldman Sachs Financial Square Government Fund— Institutional Shares | 75,417,552 | 2,062,003,495 | (2,031,181,688 | ) | — | — | 106,239,359 | 106,239,359 | 5,282,364 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| U.S. Mortgages |
Goldman Sachs Financial Square Government Fund— Institutional Shares | — | 40,975,627 | (35,287,475 | ) | — | — | 5,688,152 | 5,688,152 | 32,452 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2024, were as follows:
| Fund | Purchases of U.S. Government and Agency Obligations |
Purchases (Excluding U.S. Government and Agency Obligations) |
Sales and Maturities of U.S. Government and |
Sales and Maturities of (Excluding U.S. Government and Agency Obligations) |
||||||||||||
| Enhanced Income |
$ | 3,417,772 | $ | 114,061,671 | $ | 9,897,041 | $ | 229,691,431 | ||||||||
| Government Income |
938,278,137 | 7,843,881 | 1,041,603,106 | 4,765,041 | ||||||||||||
| Inflation Protected Securities |
488,001,140 | — | 597,039,686 | — | ||||||||||||
| Short Duration Bond |
3,419,070,340 | 358,813,395 | 3,554,876,196 | 439,821,103 | ||||||||||||
| Short Duration Government |
3,809,278,139 | — | 3,835,820,634 | — | ||||||||||||
| Short-Term Conservative Income |
438,105,238 | 1,489,129,063 | 626,674,582 | 1,345,033,762 | ||||||||||||
| U.S. Mortgages |
3,346,359,916 | 19,195,437 | 3,378,982,781 | 40,751,563 | ||||||||||||
| 163 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended March 31, 2024 was as follows:
| Enhanced Income |
Government Income |
Inflation Protected Securities |
Short Duration Bond |
Short Duration Government |
Short-Term Conservative Income |
U.S. Mortgages |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||||||
| Ordinary income |
$ | 19,703,590 | $ | 3,762,767 | $ | 12,621,771 | $ | 46,365,877 | $ | 15,389,546 | $ | 105,793,340 | $ | 8,042,777 | ||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total taxable distributions |
$ | 19,703,590 | $ | 3,762,767 | $ | 12,621,771 | $ | 46,365,877 | $ | 15,389,546 | $ | 105,793,340 | $ | 8,042,777 | ||||||||||||||
|
|
||||||||||||||||||||||||||||
| Tax return of capital |
$ | 102,084 | $ | — | $ | 667,551 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
|
|
||||||||||||||||||||||||||||
The tax character of distributions paid during the fiscal year ended March 31, 2023 was as follows:
| Enhanced Income |
Government Income |
Inflation Protected Securities |
Short Duration Bond |
Short Duration Government |
Short-Term Conservative Income |
U.S. Mortgages |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||||||
| Ordinary income |
$ | 18,148,742 | $ | 4,380,244 | $ | 28,644,792 | $ | 26,894,853 | $ | 11,251,502 | $ | 64,904,196 | $ | 6,882,393 | ||||||||||||||
| Net long-term capital gains |
3,927,653 | — | — | — | — | — | — | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total taxable distributions |
$ | 22,076,395 | $ | 4,380,244 | $ | 28,644,792 | $ | 26,894,853 | $ | 11,251,502 | $ | 64,904,196 | $ | 6,882,393 | ||||||||||||||
|
|
||||||||||||||||||||||||||||
| Tax return of capital |
$ | 1,340,610 | $ | — | $ | — | $ | 19,471,864 | $ | — | $ | — | $ | — | ||||||||||||||
|
|
||||||||||||||||||||||||||||
| 164 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 7. TAX INFORMATION (continued) | ||||||||||||
As of March 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| Enhanced
Income |
Government
Income |
Inflation
Protected
Securities |
Short Duration
Bond |
Short Duration
Government |
Short-Term
Conservative
Income |
U.S.
Mortgages |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Undistributed ordinary income — net |
$ | — | $ | 517,691 | $ | — | $ | 370,200 | $ | 1,570,574 | $ | 93,590 | $ | 20,283 | ||||||||||||||
|
|
||||||||||||||||||||||||||||
| Capital loss carryforwards1 : |
||||||||||||||||||||||||||||
| Perpetual Short-Term |
(8,978,807 | ) | (16,690,564 | ) | (22,815,464 | ) | (32,684,423 | ) | (26,629,934 | ) | (15,619,404 | ) | (21,292,769) | |||||||||||||||
| Perpetual Long-Term |
(8,968,851 | ) | (15,818,055 | ) | (35,563,301 | ) | (55,420,669 | ) | (33,994,245 | ) | (6,394,357 | ) | (13,653,963) | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total capital loss carryforwards |
(17,947,658 | ) | (32,508,619 | ) | (58,378,765 | ) | (88,105,092 | ) | (60,624,179 | ) | (22,013,761 | ) | (34,946,732) | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| Timing differences (Dividends Payable, Post October Loss Deferral and Straddle Loss Deferrals) |
$ | (4,631,890 | ) | $ | (2,916,584 | ) | $ | (12,459,722 | ) | $ | (21,184,902 | ) | $ | (8,119,716 | ) | $ | (148,431 | ) | $ | (2,643,212) | ||||||||
| Unrealized gains (loss) — net |
(6,951,479 | ) | (9,620,615 | ) | (1,324,164 | ) | (17,378,802 | ) | (17,198,186 | ) | 5,707,431 | (11,099,966) | ||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total accumulated earnings (loss) net |
$ | (29,531,027 | ) | $ | (44,528,127 | ) | $ | (72,162,651 | ) | $ | (126,298,596 | ) | $ | (84,371,507 | ) | $ | (16,361,171 | ) | $ | (48,669,627) | ||||||||
|
|
||||||||||||||||||||||||||||
| 1 | A Portion of the capital loss carryforwards for Goldman Sachs Enhanced Income Fund were acquired in a tax-free reorganization and may be subject to limitation. |
As of March 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Enhanced
Income |
Government
Income |
Inflation
Protected
Securities |
Short Duration
Bond |
Short Duration
Government |
Short-Term
Conservative
Income |
U.S.
Mortgages |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Tax Cost |
$ | 526,217,327 | $ | 147,413,354 | $ | 247,055,685 | $ | 1,289,611,452 | $ | 541,494,612 | $ | 1,934,827,436 | $ | 294,248,954 | ||||||||||||||
|
|
||||||||||||||||||||||||||||
| Gross unrealized gain |
732,696 | 619,548 | 2,936,211 | 5,256,222 | 356,268 | 6,115,798 | 1,056,789 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Gross unrealized loss |
(7,684,175 | ) | (10,240,163 | ) | (4,260,375 | ) | (22,635,024 | ) | (17,554,454 | ) | (408,367 | ) | (12,156,755) | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| Net unrealized gain (loss) |
$ | (6,951,479 | ) | $ | (9,620,615 | ) | $ | (1,324,164 | ) | $ | (17,378,802 | ) | $ | (17,198,186 | ) | $ | 5,707,431 | $ | (11,099,966) | |||||||||
|
|
||||||||||||||||||||||||||||
The difference between GAAP- basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts and net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of market discount accretion and premium amortization and swap transactions.
The Enhanced Income Fund reclassed $1,340,610 from distributable earnings to paid in capital for the year ending March 31, 2024. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of swap transactions.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 165 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 8. OTHER RISKS | ||||||||||||
The Funds’ risks include, but are not limited to, the following:
Asset-Backed Securities Risk — Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.
Collateralized Loan Obligations Risk — The Funds may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds’ may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly.
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund
| 166 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 8. OTHER RISKS (continued) | ||||||||||||
invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in a Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’
| 167 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 8. OTHER RISKS (continued) | ||||||||||||
investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.
Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.
|
9. INDEMNIFICATIONS | ||||||||||||
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 10. SUBSEQUENT EVENTS | ||||||||||||
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
| 168 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 11. SUMMARY OF SHARE TRANSACTIONS | ||||||||||||
| Enhanced Income Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
140,259 | $ | 1,303,945 | 384,563 | $ | 3,568,376 | ||||||||||
| Reinvestment of distributions |
43,641 | 408,634 | 44,681 | 412,357 | ||||||||||||
| Shares redeemed |
(419,637 | ) | (3,922,211 | ) | (1,658,908 | ) | (15,387,417 | ) | ||||||||
|
|
||||||||||||||||
| (235,737 | ) | (2,209,632 | ) | (1,229,664 | ) | (11,406,684 | ) | |||||||||
|
|
||||||||||||||||
| Administration Shares |
||||||||||||||||
| Shares sold |
39,165 | 363,463 | 184 | 1,706 | ||||||||||||
| Reinvestment of distributions |
18,903 | 177,269 | 12,798 | 118,209 | ||||||||||||
| Shares redeemed |
(26,430 | ) | (250,024 | ) | — | (2 | ) | |||||||||
|
|
||||||||||||||||
| 31,638 | 290,708 | 12,982 | 119,913 | |||||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
3,152,015 | 29,428,168 | 9,995,595 | 92,812,692 | ||||||||||||
| Reinvestment of distributions |
765,597 | 7,150,366 | 797,100 | 7,348,982 | ||||||||||||
| Shares redeemed |
(11,631,529 | ) | (108,438,117 | ) | (28,155,523 | ) | (259,939,805 | ) | ||||||||
|
|
||||||||||||||||
| (7,713,917 | ) | (71,859,583 | ) | (17,362,828 | ) | (159,778,131 | ) | |||||||||
|
|
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
— | — | 27,234 | 250,009 | ||||||||||||
| Reinvestment of distributions |
899 | 8,407 | 232 | 2,146 | ||||||||||||
| Shares redeemed |
(615 | ) | (5,800 | ) | (728 | ) | (6,729 | ) | ||||||||
|
|
||||||||||||||||
| 284 | 2,607 | 26,738 | 245,426 | |||||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
247,314 | 2,304,912 | 310,128 | 2,857,965 | ||||||||||||
| Reinvestment of distributions |
22,939 | 213,810 | 25,192 | 231,873 | ||||||||||||
| Shares redeemed |
(863,091 | ) | (8,052,465 | ) | (653,249 | ) | (6,038,353 | ) | ||||||||
|
|
||||||||||||||||
| (592,838 | ) | (5,533,743 | ) | (317,929 | ) | (2,948,515 | ) | |||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
51,873 | 484,465 | 111,911 | 1,030,895 | ||||||||||||
| Reinvestment of distributions |
16,605 | 155,054 | 26,618 | 245,344 | ||||||||||||
| Shares redeemed |
(467,860 | ) | (4,360,562 | ) | (972,353 | ) | (8,989,260 | ) | ||||||||
|
|
||||||||||||||||
| (399,382 | ) | (3,721,043 | ) | (833,824 | ) | (7,713,021 | ) | |||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
11,792,719 | 110,197,097 | 35,222,658 | 325,415,701 | ||||||||||||
| Reinvestment of distributions |
1,232,452 | 11,522,918 | 1,593,259 | 14,675,691 | ||||||||||||
| Shares redeemed |
(15,051,280 | ) | (140,615,300 | ) | (63,731,084 | ) | (588,512,725 | ) | ||||||||
|
|
||||||||||||||||
| (2,026,109 | ) | (18,895,285 | ) | (26,915,167 | ) | (248,421,333 | ) | |||||||||
|
|
||||||||||||||||
| NET DECREASE |
(10,936,061 | ) | $ | (101,925,971 | ) | (46,619,692 | ) | $ | (429,902,345 | ) | ||||||
|
|
||||||||||||||||
| 169 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) | ||||||||||||
| Government Income Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
336,591 | $ | 4,329,309 | 410,458 | $ | 5,436,679 | ||||||||||
| Reinvestment of distributions |
73,697 | 942,501 | 58,037 | 760,058 | ||||||||||||
| Shares redeemed |
(849,997 | ) | (10,888,399 | ) | (992,609 | ) | (13,145,303 | ) | ||||||||
|
|
||||||||||||||||
| (439,709 | ) | (5,616,589 | ) | (524,114 | ) | (6,948,566 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
21,813 | 279,571 | 6,797 | 88,821 | ||||||||||||
| Reinvestment of distributions |
944 | 12,065 | 688 | 8,973 | ||||||||||||
| Shares redeemed |
(30,053 | ) | (386,412 | ) | (52,149 | ) | (693,304 | ) | ||||||||
|
|
||||||||||||||||
| (7,296 | ) | (94,776 | ) | (44,664 | ) | (595,510 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
680,690 | 8,687,079 | 1,157,950 | 15,142,699 | ||||||||||||
| Reinvestment of distributions |
83,972 | 1,072,511 | 80,120 | 1,054,320 | ||||||||||||
| Shares redeemed |
(1,793,807 | ) | (22,934,233 | ) | (5,492,676 | ) | (72,516,018 | ) | ||||||||
|
|
||||||||||||||||
| (1,029,145 | ) | (13,174,643 | ) | (4,254,606 | ) | (56,318,999 | ) | |||||||||
|
|
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
151,148 | 1,928,193 | 243,103 | 3,188,487 | ||||||||||||
| Reinvestment of distributions |
34,140 | 435,518 | 24,675 | 321,932 | ||||||||||||
| Shares redeemed |
(345,853 | ) | (4,404,089 | ) | (565,392 | ) | (7,498,992 | ) | ||||||||
|
|
||||||||||||||||
| (160,565 | ) | (2,040,378 | ) | (297,614 | ) | (3,988,573 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
909,958 | 11,927,145 | 2,456,683 | 32,296,100 | ||||||||||||
| Reinvestment of distributions |
41,714 | 540,855 | 107,415 | 1,406,157 | ||||||||||||
| Shares redeemed |
(6,668,031 | ) | (85,695,721 | ) | (1,838,245 | ) | (24,154,370 | ) | ||||||||
|
|
||||||||||||||||
| (5,716,359 | ) | (73,227,721 | ) | 725,853 | 9,547,887 | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
227,093 | 2,906,902 | 120,849 | 1,608,061 | ||||||||||||
| Reinvestment of distributions |
13,336 | 170,269 | 9,486 | 124,174 | ||||||||||||
| Shares redeemed |
(159,091 | ) | (2,040,968 | ) | (200,433 | ) | (2,683,428 | ) | ||||||||
|
|
||||||||||||||||
| 81,338 | 1,036,203 | (70,098 | ) | (951,193 | ) | |||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
216,272 | 2,770,573 | 210,849 | 2,837,321 | ||||||||||||
| Reinvestment of distributions |
16,283 | 207,920 | 11,439 | 149,439 | ||||||||||||
| Shares redeemed |
(218,995 | ) | (2,818,383 | ) | (225,603 | ) | (2,978,055 | ) | ||||||||
|
|
||||||||||||||||
| 13,560 | 160,110 | (3,315 | ) | 8,705 | ||||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
435,629 | 5,536,350 | 5,809 | 78,426 | ||||||||||||
| Reinvestment of distributions |
18,885 | 241,215 | 12,709 | 166,215 | ||||||||||||
| Shares redeemed |
(64,066 | ) | (830,967 | ) | (47,642 | ) | (624,728 | ) | ||||||||
|
|
||||||||||||||||
| 390,448 | 4,946,598 | (29,124 | ) | (380,087 | ) | |||||||||||
|
|
||||||||||||||||
| NET DECREASE |
(6,867,728 | ) | $ | (88,011,196 | ) | (4,497,682 | ) | $ | (59,626,336 | ) | ||||||
|
|
||||||||||||||||
| 170 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) | ||||||||||||
| Inflation Protected Securities Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
745,003 | $ | 7,059,121 | 1,210,402 | $ | 12,356,373 | ||||||||||
| Reinvestment of distributions |
131,060 | 1,231,087 | 261,848 | 2,568,697 | ||||||||||||
| Shares redeemed |
(1,784,141 | ) | (16,944,224 | ) | (2,573,797 | ) | (25,536,605 | ) | ||||||||
|
|
||||||||||||||||
| (908,078 | ) | (8,654,016 | ) | (1,101,547 | ) | (10,611,535 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
1,010 | 9,289 | 38,652 | 394,810 | ||||||||||||
| Reinvestment of distributions |
9,811 | 89,868 | 22,838 | 218,808 | ||||||||||||
| Shares redeemed |
(203,238 | ) | (1,870,010 | ) | (93,297 | ) | (895,186 | ) | ||||||||
|
|
||||||||||||||||
| (192,417 | ) | (1,770,853 | ) | (31,807 | ) | (281,568 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
1,099,106 | 10,609,332 | 4,177,862 | 43,609,029 | ||||||||||||
| Reinvestment of distributions |
230,883 | 2,202,143 | 644,587 | 6,425,882 | ||||||||||||
| Shares redeemed |
(5,217,278 | ) | (50,226,556 | ) | (11,236,769 | ) | (113,704,447 | ) | ||||||||
|
|
||||||||||||||||
| (3,887,289 | ) | (37,415,081 | ) | (6,414,320 | ) | (63,669,536 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
325,397 | 3,129,698 | 1,786,445 | 18,817,548 | ||||||||||||
| Reinvestment of distributions |
122,577 | 1,160,338 | 395,336 | 3,915,031 | ||||||||||||
| Shares redeemed |
(2,927,449 | ) | (28,232,781 | ) | (4,728,894 | ) | (48,063,625 | ) | ||||||||
|
|
||||||||||||||||
| (2,479,475 | ) | (23,942,745 | ) | (2,547,113 | ) | (25,331,046 | ) | |||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
4,766,059 | 45,111,409 | 6,334,953 | 66,520,260 | ||||||||||||
| Reinvestment of distributions |
603,273 | 5,750,455 | 940,117 | 9,341,421 | ||||||||||||
| Shares redeemed |
(8,049,083 | ) | (77,169,779 | ) | (5,703,249 | ) | (58,099,506 | ) | ||||||||
|
|
||||||||||||||||
| (2,679,751 | ) | (26,307,915 | ) | 1,571,821 | 17,762,175 | |||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
751,023 | 7,095,389 | 617,630 | 6,170,478 | ||||||||||||
| Reinvestment of distributions |
74,174 | 692,208 | 100,657 | 980,401 | ||||||||||||
| Shares redeemed |
(856,250 | ) | (8,032,780 | ) | (688,892 | ) | (6,869,194 | ) | ||||||||
|
|
||||||||||||||||
| (31,053 | ) | (245,183 | ) | 29,395 | 281,685 | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
37,856 | 365,015 | 806,697 | 7,951,767 | ||||||||||||
| Reinvestment of distributions |
95,337 | 908,744 | 191,448 | 1,904,916 | ||||||||||||
| Shares redeemed |
(1,057,673 | ) | (10,228,986 | ) | (1,442,174 | ) | (14,374,624 | ) | ||||||||
|
|
||||||||||||||||
| (924,480 | ) | (8,955,227 | ) | (444,029 | ) | (4,517,941 | ) | |||||||||
|
|
||||||||||||||||
| NET DECREASE |
(11,102,543 | ) | $ | (107,291,020 | ) | (8,937,600 | ) | $ | (86,367,766 | ) | ||||||
|
|
||||||||||||||||
| 171 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) | ||||||||||||
| Short Duration Bond Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
1,915,720 | $ | 18,134,371 | 1,791,942 | $ | 16,898,313 | ||||||||||
| Reinvestment of distributions |
152,006 | 1,438,521 | 129,298 | 1,217,787 | ||||||||||||
| Shares redeemed |
(2,164,290 | ) | (20,402,673 | ) | (3,484,790 | ) | (32,847,727 | ) | ||||||||
|
|
||||||||||||||||
| (96,564 | ) | (829,781 | ) | (1,563,550 | ) | (14,731,627 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
33,814 | 320,233 | 115,033 | 1,081,489 | ||||||||||||
| Reinvestment of distributions |
6,738 | 63,711 | 5,420 | 51,026 | ||||||||||||
| Shares redeemed |
(137,303 | ) | (1,296,310 | ) | (120,560 | ) | (1,134,453 | ) | ||||||||
|
|
||||||||||||||||
| (96,751 | ) | (912,366 | ) | (107 | ) | (1,938 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
4,463,876 | 42,274,803 | 13,777,793 | 130,268,752 | ||||||||||||
| Reinvestment of distributions |
471,316 | 4,468,258 | 497,704 | 4,691,560 | ||||||||||||
| Shares redeemed |
(7,141,416 | ) | (67,715,946 | ) | (16,085,351 | ) | (151,708,119 | ) | ||||||||
|
|
||||||||||||||||
| (2,206,224 | ) | (20,972,885 | ) | (1,809,854 | ) | (16,747,807 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
2,092,809 | 19,822,061 | 6,875,161 | 64,902,914 | ||||||||||||
| Reinvestment of distributions |
189,400 | 1,793,684 | 120,757 | 1,136,845 | ||||||||||||
| Shares redeemed |
(4,867,118 | ) | (46,092,542 | ) | (2,667,661 | ) | (25,055,066 | ) | ||||||||
|
|
||||||||||||||||
| (2,584,909 | ) | (24,476,797 | ) | 4,328,257 | 40,984,693 | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
128,040 | 1,216,537 | 6,016,836 | 57,525,378 | ||||||||||||
| Reinvestment of distributions |
182,439 | 1,717,294 | 260,731 | 2,454,588 | ||||||||||||
| Shares redeemed |
(8,299,111 | ) | (78,229,834 | ) | (3,495,101 | ) | (32,781,345 | ) | ||||||||
|
|
||||||||||||||||
| (7,988,632 | ) | (75,296,003 | ) | 2,782,466 | 27,198,621 | |||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
766 | 7,276 | 259 | 2,442 | ||||||||||||
| Reinvestment of distributions |
71 | 670 | 284 | 2,673 | ||||||||||||
| Shares redeemed |
(1,419 | ) | (13,362 | ) | (13,925 | ) | (131,313 | ) | ||||||||
|
|
||||||||||||||||
| (582 | ) | (5,416 | ) | (13,382 | ) | (126,198 | ) | |||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
25,245,121 | 239,182,337 | 50,571,066 | 476,935,292 | ||||||||||||
| Reinvestment of distributions |
3,854,877 | 36,522,349 | 3,855,584 | 36,416,150 | ||||||||||||
| Shares redeemed |
(40,737,892 | ) | (385,279,222 | ) | (158,301,664 | ) | (1,498,335,552 | ) | ||||||||
|
|
||||||||||||||||
| (11,637,894 | ) | (109,574,536 | ) | (103,875,014 | ) | (984,984,110 | ) | |||||||||
|
|
||||||||||||||||
| NET DECREASE |
(24,611,556 | ) | $ | (232,067,784 | ) | (100,151,184 | ) | $ | (948,408,366 | ) | ||||||
|
|
||||||||||||||||
| 172 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) | ||||||||||||
| Short Duration Government Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
624,732 | $ | 5,733,499 | 1,152,917 | $ | 10,619,576 | ||||||||||
| Reinvestment of distributions |
123,199 | 1,130,423 | 85,182 | 788,261 | ||||||||||||
| Shares redeemed |
(1,747,318 | ) | (16,024,402 | ) | (2,118,014 | ) | (19,648,631 | ) | ||||||||
|
|
||||||||||||||||
| (999,387 | ) | (9,160,480 | ) | (879,915 | ) | (8,240,794 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
81,960 | 747,265 | 138,435 | 1,284,556 | ||||||||||||
| Reinvestment of distributions |
10,338 | 94,096 | 8,693 | 79,713 | ||||||||||||
| Shares redeemed |
(340,906 | ) | (3,108,877 | ) | (427,974 | ) | (3,943,423 | ) | ||||||||
|
|
||||||||||||||||
| (248,608 | ) | (2,267,516 | ) | (280,846 | ) | (2,579,154 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
6,249,576 | 57,229,240 | 9,588,120 | 88,924,737 | ||||||||||||
| Reinvestment of distributions |
655,161 | 5,990,738 | 456,315 | 4,212,022 | ||||||||||||
| Shares redeemed |
(7,884,960 | ) | (72,034,631 | ) | (17,751,912 | ) | (164,586,323 | ) | ||||||||
|
|
||||||||||||||||
| (980,223 | ) | (8,814,653 | ) | (7,707,477 | ) | (71,449,564 | ) | |||||||||
|
|
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
147,795 | 1,351,673 | 301,810 | 2,779,630 | ||||||||||||
| Reinvestment of distributions |
20,615 | 188,170 | 12,801 | 117,709 | ||||||||||||
| Shares redeemed |
(481,489 | ) | (4,405,964 | ) | (178,313 | ) | (1,647,438 | ) | ||||||||
|
|
||||||||||||||||
| (313,079 | ) | (2,866,121 | ) | 136,298 | 1,249,901 | |||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
574,996 | 5,305,402 | 2,204,479 | 20,561,965 | ||||||||||||
| Reinvestment of distributions |
105,171 | 966,148 | 66,921 | 619,178 | ||||||||||||
| Shares redeemed |
(1,446,120 | ) | (13,277,521 | ) | (1,328,534 | ) | (12,339,151 | ) | ||||||||
|
|
||||||||||||||||
| (765,953 | ) | (7,005,971 | ) | 942,866 | 8,841,992 | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
622,941 | 5,686,334 | 416,690 | 3,851,356 | ||||||||||||
| Reinvestment of distributions |
50,836 | 465,021 | 28,627 | 264,072 | ||||||||||||
| Shares redeemed |
(489,058 | ) | (4,465,739 | ) | (338,805 | ) | (3,140,661 | ) | ||||||||
|
|
||||||||||||||||
| 184,719 | 1,685,616 | 106,512 | 974,767 | |||||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
5,525,718 | 50,447,753 | 21,083,280 | 193,182,362 | ||||||||||||
| Reinvestment of distributions |
561,672 | 5,135,551 | 443,154 | 4,086,547 | ||||||||||||
| Shares redeemed |
(9,119,489 | ) | (83,615,755 | ) | (28,172,919 | ) | (260,048,923 | ) | ||||||||
|
|
||||||||||||||||
| (3,032,099 | ) | (28,032,451 | ) | (6,646,485 | ) | (62,780,014 | ) | |||||||||
|
|
||||||||||||||||
| NET DECREASE |
(6,154,630 | ) | $ | (56,461,576 | ) | (14,329,047 | ) | $ | (133,982,866 | ) | ||||||
|
|
||||||||||||||||
| 173 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) | ||||||||||||
| Short-Term Conservative Income Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
3,496,425 | $ | 35,105,015 | 1,649,917 | $ | 16,483,761 | ||||||||||
| Reinvestment of distributions |
196,131 | 1,970,537 | 93,312 | 932,834 | ||||||||||||
| Shares redeemed |
(2,050,119 | ) | (20,578,953 | ) | (3,369,595 | ) | (33,671,117 | ) | ||||||||
|
|
||||||||||||||||
| 1,642,437 | 16,496,599 | (1,626,366 | ) | (16,254,522 | ) | |||||||||||
|
|
||||||||||||||||
| Administration Shares(a) |
||||||||||||||||
| Reinvestment of distributions |
112 | 1,119 | 73 | 732 | ||||||||||||
| Shares redeemed |
(2,887 | ) | (29,095 | ) | — | — | ||||||||||
|
|
||||||||||||||||
| (2,775 | ) | (27,976 | ) | 73 | 732 | |||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
63,370,062 | 637,108,731 | 64,749,445 | 647,383,628 | ||||||||||||
| Reinvestment of distributions |
4,748,763 | 47,723,065 | 2,615,250 | 26,160,138 | ||||||||||||
| Shares redeemed |
(70,944,093 | ) | (712,885,278 | ) | (167,751,692 | ) | (1,676,890,909 | ) | ||||||||
|
|
||||||||||||||||
| (2,825,268 | ) | (28,053,482 | ) | (100,386,997 | ) | (1,003,347,143 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
23,157,783 | 232,546,788 | 29,081,310 | 290,820,541 | ||||||||||||
| Reinvestment of distributions |
1,313,206 | 13,192,566 | 488,839 | 4,891,334 | ||||||||||||
| Shares redeemed |
(24,702,528 | ) | (248,098,798 | ) | (16,096,390 | ) | (160,988,614 | ) | ||||||||
|
|
||||||||||||||||
| (231,539 | ) | (2,359,444 | ) | 13,473,759 | 134,723,261 | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
1,643,493 | 16,560,961 | 4,454 | 44,570 | ||||||||||||
| Reinvestment of distributions |
399,686 | 4,015,678 | 213,753 | 2,137,945 | ||||||||||||
| Shares redeemed |
(4,421 | ) | (44,469 | ) | (10,972,008 | ) | (109,724,026 | ) | ||||||||
|
|
||||||||||||||||
| 2,038,758 | 20,532,170 | (10,753,801 | ) | (107,541,511 | ) | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
28,787,235 | 288,994,978 | 70,975,167 | 708,693,032 | ||||||||||||
| Reinvestment of distributions |
3,593,098 | 36,065,617 | 2,834,327 | 28,322,260 | ||||||||||||
| Shares redeemed |
(47,994,815 | ) | (481,645,450 | ) | (165,295,081 | ) | (1,651,039,077 | ) | ||||||||
|
|
||||||||||||||||
| (15,614,482 | ) | (156,584,855 | ) | (91,485,587 | ) | (914,023,785 | ) | |||||||||
|
|
||||||||||||||||
| Preferred Shares(b) |
||||||||||||||||
| Reinvestment of distributions |
111 | 1,115 | 73 | 730 | ||||||||||||
| Shares redeemed |
(2,876 | ) | (28,963 | ) | — | — | ||||||||||
|
|
||||||||||||||||
| (2,765 | ) | (27,848 | ) | 73 | 730 | |||||||||||
|
|
||||||||||||||||
| NET DECREASE |
(14,995,634 | ) | $ | (150,024,836 | ) | (190,778,846 | ) | $ | (1,906,442,238 | ) | ||||||
|
|
||||||||||||||||
| (a) | At the close of business on January 12, 2024, Administration Shares of the Short-Term Conservative Income Fund were liquidated. |
| (b) | At the close of business on January 12, 2024, Preferred Shares of the Short-Term Conservative Income Fund were liquidated. |
| 174 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) | ||||||||||||
| U.S. Mortgages Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
197,914 | $ | 1,740,370 | 455,408 | $ | 4,219,338 | ||||||||||
| Reinvestment of distributions |
42,321 | 372,449 | 50,582 | 462,434 | ||||||||||||
| Shares redeemed |
(766,325 | ) | (6,826,439 | ) | (1,479,722 | ) | (13,671,330 | ) | ||||||||
|
|
||||||||||||||||
| (526,090 | ) | (4,713,620 | ) | (973,732 | ) | (8,989,558 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
2,198,657 | 19,328,599 | 3,412,404 | 31,123,090 | ||||||||||||
| Reinvestment of distributions |
201,494 | 1,777,065 | 181,043 | 1,654,396 | ||||||||||||
| Shares redeemed |
(4,990,597 | ) | (43,287,737 | ) | (3,063,962 | ) | (28,492,215 | ) | ||||||||
|
|
||||||||||||||||
| (2,590,446 | ) | (22,182,073 | ) | 529,485 | 4,285,271 | |||||||||||
|
|
||||||||||||||||
| Separate Account Institutional Shares |
||||||||||||||||
| Shares sold |
633,281 | 5,612,205 | 1,191,402 | 11,038,053 | ||||||||||||
| Reinvestment of distributions |
391,107 | 3,441,208 | 306,991 | 2,800,555 | ||||||||||||
| Shares redeemed |
(1,474,404 | ) | (13,023,415 | ) | (2,364,218 | ) | (22,056,114 | ) | ||||||||
|
|
||||||||||||||||
| (450,016 | ) | (3,970,002 | ) | (865,825 | ) | (8,217,506 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
1,374,089 | 12,230,339 | 823,751 | 7,458,125 | ||||||||||||
| Reinvestment of distributions |
112,591 | 992,457 | 80,723 | 737,744 | ||||||||||||
| Shares redeemed |
(1,358,993 | ) | (11,965,559 | ) | (1,167,985 | ) | (10,906,877 | ) | ||||||||
|
|
||||||||||||||||
| 127,687 | 1,257,237 | (263,511 | ) | (2,711,008 | ) | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
245,845 | 2,171,236 | 424,258 | 3,923,457 | ||||||||||||
| Reinvestment of distributions |
63,836 | 563,259 | 59,033 | 539,317 | ||||||||||||
| Shares redeemed |
(905,083 | ) | (7,951,090 | ) | (492,114 | ) | (4,485,333 | ) | ||||||||
|
|
||||||||||||||||
| (595,402 | ) | (5,216,595 | ) | (8,823 | ) | (22,559 | ) | |||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
671 | 6,000 | 570,482 | 4,924,000 | ||||||||||||
| Reinvestment of distributions |
29,779 | 262,453 | 20,217 | 183,718 | ||||||||||||
| Shares redeemed |
(75,573 | ) | (666,728 | ) | (275,806 | ) | (2,503,831 | ) | ||||||||
|
|
||||||||||||||||
| (45,123 | ) | (398,275 | ) | 314,893 | 2,603,887 | |||||||||||
|
|
||||||||||||||||
| NET DECREASE |
(4,079,390 | ) | $ | (35,223,328 | ) | (1,267,513 | ) | $ | (13,051,473 | ) | ||||||
|
|
||||||||||||||||
| 175 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Bond Fund, Goldman Sachs Short-Term Conservative Income Fund, and Goldman Sachs U.S. Mortgages Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Bond Fund, Goldman Sachs Short-Term Conservative Income Fund, and Goldman Sachs U.S. Mortgages Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
May 24, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
| 176 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited)
As a shareholder of Class A, Class C, Administration, Separate Account Institutional, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Administration, Separate Account Institutional, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024, which represents a period of 183 days of a 366-day year. This projection assumes that annualized expense ratios were in effect during the period.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Enhanced Income Fund | Government Income Fund | Inflation Protected Securities Fund | ||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
|||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||
|
Actual |
$1,000.00 | $1,031.60 | $2.95 | $1,000.00 | $1,052.50 | $4.15 | $1,000.00 | $1,042.10 | $3.41 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.10 | + | 2.94 | 1,000.00 | 1,021.00 | + | 4.08 | 1,000.00 | 1,021.70 | + | 3.38 | ||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | 1,000.00 | 1,048.60 | 7.98 | 1,000.00 | 1,039.50 | 7.23 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | + | — | 1,000.00 | 1,017.20 | + | 7.86 | 1,000.00 | 1,017.90 | + | 7.15 | ||||||||||||||||||||||||
| Administration | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,031.50 | 3.04 | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.00 | + | 3.04 | — | — | + | — | — | — | + | — | ||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,032.80 | 1.78 | 1,000.00 | 1,054.20 | 2.56 | 1,000.00 | 1,044.30 | 1.72 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,023.30 | + | 1.78 | 1,000.00 | 1,022.50 | + | 2.52 | 1,000.00 | 1,023.30 | + | 1.71 | ||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,031.30 | 4.32 | 1,000.00 | 1,051.60 | 5.12 | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.80 | + | 4.30 | 1,000.00 | 1,020.00 | + | 5.04 | — | — | + | — | ||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,000.00 | 2.15 | 1,000.00 | 1,053.80 | 2.81 | 1,000.00 | 1,044.10 | 2.13 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.90 | + | 2.18 | 1,000.00 | 1,022.20 | + | 2.77 | 1,000.00 | 1,022.90 | + | 2.11 | ||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,000.00 | 1.71 | 1,000.00 | 1,054.20 | 2.51 | 1,000.00 | 1,044.40 | 1.68 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,023.30 | + | 1.73 | 1,000.00 | 1,022.60 | + | 2.47 | 1,000.00 | 1,023.40 | + | 1.66 | ||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | 1,000.00 | 1,052.10 | 5.43 | 1,000.00 | 1,041.10 | 4.68 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | + | — | 1,000.00 | 1,019.70 | + | 5.34 | 1,000.00 | 1,020.40 | + | 4.64 | ||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,000.00 | 1.70 | 1,000.00 | 1,054.20 | 2.50 | 1,000.00 | 1,045.40 | 1.68 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,023.30 | + | 1.72 | 1,000.00 | 1,022.60 | + | 2.47 | 1,000.00 | 1,023.40 | + | 1.66 | ||||||||||||||||||||||||
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Administration | Institutional | Service | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||||||||||||||
| Enhanced Income |
0.58 | % | — | % | 0.60 | % | 0.35 | % | 0.85 | % | 0.43 | % | 0.34 | % | — | % | 0.34 | % | |||||||||||||||||||||||||||||
| Government Income |
0.81 | 1.56 | — | 0.50 | 1.00 | 0.56 | 0.49 | 1.06 | 0.49 | ||||||||||||||||||||||||||||||||||||||
| Inflation Protected Securities |
0.67 | 1.42 | — | 0.34 | — | 0.42 | 0.33 | 0.92 | 0.33 | ||||||||||||||||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
177
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited) (continued)
| Short Duration Bond Fund | Short Duration Government Fund | Short-Term Conservative Income Fund | ||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
|||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||
|
Actual |
$1,000.00 | $1,040.00 | $3.84 | $1,000.00 | $1,027.70 | $4.10 | $1,000.00 | $1,030.30 | $2.35 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.30 | + | 3.81 | 1,000.00 | 1,021.00 | + | 4.09 | 1,000.00 | 1,022.70 | + | 2.34 | ||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,036.90 | 5.88 | 1,000.00 | 1,024.60 | 6.12 | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,019.30 | + | 5.83 | 1,000.00 | 1,019.00 | + | 6.10 | — | — | — | |||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,040.50 | 2.26 | 1,000.00 | 1,028.30 | 2.43 | 1,000.00 | 1,032.50 | 1.18 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.80 | + | 2.24 | 1,000.00 | 1,022.60 | + | 2.42 | 1,000.00 | 1,023.90 | + | 1.18 | ||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | 1,000.00 | 1,025.80 | 4.96 | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | + | — | 1,000.00 | 1,020.10 | + | 4.95 | — | — | — | |||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,040.20 | 2.57 | 1,000.00 | 1,029.00 | 2.84 | 1,000.00 | 1,032.00 | 1.59 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.50 | + | 2.55 | 1,000.00 | 1,022.20 | + | 2.83 | 1,000.00 | 1,023.50 | + | 1.58 | ||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,041.60 | 2.20 | 1,000.00 | 1,029.50 | 2.38 | 1,000.00 | 1,032.50 | 1.13 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.90 | + | 2.18 | 1,000.00 | 1,022.70 | + | 2.37 | 1,000.00 | 1,023.90 | + | 1.13 | ||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,038.80 | 5.12 | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.00 | + | 5.07 | — | — | + | — | — | — | — | |||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,040.50 | 2.21 | 1,000.00 | 1,028.40 | 2.38 | 1,000.00 | 1,032.50 | 1.13 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.90 | + | 2.20 | 1,000.00 | 1,022.70 | + | 2.37 | 1,000.00 | 1,023.90 | + | 1.13 | ||||||||||||||||||||||||
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Institutional | Service | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||||||||||
| Short Duration Bond |
0.75 | % | 1.15 | % | 0.44 | % | — | % | 0.50 | % | 0.43 | % | 1.00 | % | 0.43 | % | ||||||||||||||||||||||||||
| Short Duration Government |
0.81 | 1.21 | 0.48 | 0.98 | 0.56 | 0.47 | — | 0.47 | ||||||||||||||||||||||||||||||||||
| Short-Term Conservative Income |
0.46 | — | 0.23 | — | 0.31 | 0.22 | — | 0.22 | ||||||||||||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
178
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited) (continued)
| U.S. Mortgages Fund | ||||||||||||
| Share Class | Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses Paid for the 6 months ended 3/31/24* |
|||||||||
| Class A | ||||||||||||
|
Actual |
$1,000.00 | $1,062.00 | $4.03 | |||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.10 | + | 3.95 | ||||||||
| Institutional | ||||||||||||
|
Actual |
1,000.00 | 1,063.70 | 2.32 | |||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.80 | + | 2.28 | ||||||||
| Separate Account Institutional | ||||||||||||
|
Actual |
1,000.00 | 1,063.80 | 2.28 | |||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.80 | + | 2.23 | ||||||||
| Investor | ||||||||||||
|
Actual |
1,000.00 | 1,063.30 | 2.74 | |||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.40 | + | 2.69 | ||||||||
| Class R6 | ||||||||||||
|
Actual |
1,000.00 | 1,063.70 | 2.28 | |||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.80 | + | 2.23 | ||||||||
| Class P | ||||||||||||
|
Actual |
1,000.00 | 1,063.70 | 2.28 | |||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.80 | + | 2.23 | ||||||||
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
| Fund | Class A | Institutional | Separate Account Institutional |
Investor | Class R6 | Class P | ||||||||||||||||||||||||||
| U.S. Mortgages |
0.78 | % | 0.45 | % | 0.44 | % | 0.53 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||
179
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:
| Proposal | ||||
| Election of Trustees | For | Withheld | ||
| Cheryl K. Beebe |
169,452,067,796 | 5,900,273,020 | ||
| John G. Chou |
173,279,757,273 | 2,072,583,543 | ||
| Eileen H. Dowling |
173,287,456,218 | 2,064,884,598 | ||
| Lawrence Hughes |
173,486,691,901 | 1,865,648,915 | ||
| John F. Killian |
173,511,167,174 | 1,841,173,642 | ||
| Steven D. Krichmar |
173,484,256,228 | 1,868,084,588 | ||
| Michael Latham |
173,498,020,286 | 1,854,320,530 | ||
| Lawrence W. Stranghoener |
173,455,949,165 | 1,896,391,651 | ||
| Paul C. Wirth |
173,324,070,424 | 2,028,270,391 | ||
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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age |
Position(s) Held with the Trust |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee | |||||
| Gregory G. Weaver Age: 72 |
Chair of the Board of Trustees |
Since 2023 (Trustee since 2015) | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).
Chair of the Board of Trustees—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Verizon Communications Inc. | |||||
| Cheryl K. Beebe Age:68 |
Trustee |
Since 2024 | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008–Present); Director, The Mosaic Company (2019–Present); Director, HanesBrands Inc. (2020–Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015–2018); and formerly held the position of Executive Vice President, (2010–2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004–2014).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
| Dwight L. Bush Age: 67 |
Trustee |
Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | MoneyLion, Inc. (an operator of a data-driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 70 |
Trustee |
Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| John G. Chou Age:67 |
Trustee |
Since 2022 | Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age |
Position(s) Held with the Trust |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee | |||||
| Joaquin Delgado Age: 64 |
Trustee |
Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Stepan Company (a specialty chemical manufacturer) | |||||
| Eileen H. Dowling Age: 61 |
Trustee |
Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017–2021), Multinational Corporations (2019–2021), the Institutional Product Group (2015–2019) and Institutional Marketing (2013–2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock.
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
| Lawrence Hughes Age: 65 |
Trustee |
Since 2024 | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
| John F. Killian Age: 69 |
Trustee |
Since 2024 | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Consolidated Edison, Inc (a utility holding company) | |||||
| Steven D. Krichmar Age: 65 |
Since 2024 | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | ||||||
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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age |
Position(s) Held with the Trust |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee | |||||
| Michael Latham Age: 58 |
Trustee |
Since 2024 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Real Estate Diversified Income Fund; and Goldman Sachs Credit Income Fund. |
181 | None | |||||
| Lawrence W. Stranghoener Age: 69 |
Trustee |
Since 2024 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011- 2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund.
Chair of the Board of Trustees — Goldman Sachs Credit Income Fund. |
181 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
| Paul C. Wirth Age: 66 |
Trustee |
Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023-Present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Interested Trustee
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office
and Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| James A. McNamara* Age: 61 |
President and Trustee |
Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” of the Trust because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of March 31, 2024. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2024, Goldman Sachs Trust consisted of 87 portfolios (85 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 7 portfolios; Goldman Sachs ETF Trust consisted of 68 portfolios (36 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public and has since been deregistered as an investment company. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Information as of the date of this shareholder report. Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
| 185 |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 | Position(s) Held with the Trust |
Term of Office
and Time Served2 |
Principal Occupations During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 61 |
President and Trustee |
Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer |
Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Robert Griffith 200 West Street New York, NY 10282 Age: 49 |
Secretary |
Since 2023 | Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010).
Secretary — Goldman Sachs Trust (previously Assistant Secretary (2022)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II (previously Assistant Secretary (2022)); and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)). | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384. |
| 1 | Information is provided as of March 31, 2024. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Short Duration and Government Fixed Income Funds Tax Information (Unaudited)
Pursuant to Section 871(k) of the Internal Revenue Code, the Inflation Protected Securities Fund designates $13,289,322 as interest-related dividends paid during the fiscal year ended March 31, 2024.
For the fiscal year ended March 31, 2024, the Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Government, Short Duration Bond, Short-Term Conservative Income, and U.S. Mortgages Funds designate 98.41%, 99.87%, 88.97%, 99.75%, 97.79%, 99.80%, 100% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
| 186 |
| 187 |
| 188 |
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
| ∎ | Financial Square Treasury Solutions Fund1 |
| ∎ | Financial Square Government Fund1 |
| ∎ | Financial Square Money Market Fund2 |
| ∎ | Financial Square Prime Obligations Fund2 |
| ∎ | Financial Square Treasury Instruments Fund1 |
| ∎ | Financial Square Treasury Obligations Fund1 |
| ∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
| ∎ | Investor Money Market Fund3 |
| ∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
| ∎ | Enhanced Income Fund |
| ∎ | Short-Term Conservative Income Fund |
| ∎ | Short Duration Government Fund |
| ∎ | Short Duration Bond Fund |
| ∎ | Government Income Fund |
| ∎ | Inflation Protected Securities Fund |
| ∎ | U.S. Mortgages Fund |
Multi-Sector
| ∎ | Bond Fund |
| ∎ | Core Fixed Income Fund |
| ∎ | Global Core Fixed Income Fund |
| ∎ | Strategic Income Fund |
| ∎ | Income Fund |
Municipal and Tax-Free
| ∎ | High Yield Municipal Fund |
| ∎ | Dynamic Municipal Income Fund |
| ∎ | Short Duration Tax-Free Fund |
| ∎ | Municipal Income Completion Fund |
Single Sector
| ∎ | Investment Grade Credit Fund |
| ∎ | High Yield Fund |
| ∎ | High Yield Floating Rate Fund |
| ∎ | Emerging Markets Debt Fund |
| ∎ | Emerging Markets Credit Fund4 |
| ∎ | Short Duration High Yield Fund5 |
Fundamental Equity
| ∎ | Equity Income Fund |
| ∎ | Small Cap Growth Fund |
| ∎ | Small Cap Value Fund |
| ∎ | Small/Mid Cap Value Fund |
| ∎ | Mid Cap Value Fund |
| ∎ | Large Cap Value Fund |
| ∎ | Focused Value Fund |
| ∎ | Large Cap Core Fund |
| ∎ | Strategic Growth Fund |
| ∎ | Small/Mid Cap Growth Fund |
| ∎ | Enhanced Core Equity Fund6 |
| ∎ | Technology Opportunities Fund |
| ∎ | Mid Cap Growth Fund |
| ∎ | Rising Dividend Growth Fund |
| ∎ | U.S. Equity ESG Fund |
| ∎ | Income Builder Fund |
Tax-Advantaged Equity
| ∎ | U.S. Tax-Managed Equity Fund |
| ∎ | International Tax-Managed Equity Fund |
| ∎ | U.S. Equity Dividend and Premium Fund |
| ∎ | International Equity Dividend and Premium Fund |
Equity Insights
| ∎ | Small Cap Equity Insights Fund |
| ∎ | U.S. Equity Insights Fund |
| ∎ | Small Cap Growth Insights Fund |
| ∎ | Large Cap Growth Insights Fund |
| ∎ | Large Cap Value Insights Fund |
| ∎ | Small Cap Value Insights Fund |
| ∎ | International Small Cap Insights Fund |
| ∎ | International Equity Insights Fund |
| ∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| ∎ | International Equity Income Fund |
| ∎ | International Equity ESG Fund |
| ∎ | China Equity Fund |
| ∎ | Emerging Markets Equity Fund |
| ∎ | Emerging Markets Equity ex. China Fund |
| ∎ | ESG Emerging Markets Equity Fund |
Alternative
| ∎ | Clean Energy Income Fund |
| ∎ | Real Estate Securities Fund |
| ∎ | Commodity Strategy Fund |
| ∎ | Global Real Estate Securities Fund |
| ∎ | Absolute Return Tracker Fund |
| ∎ | Managed Futures Strategy Fund |
| ∎ | MLP Energy Infrastructure Fund |
| ∎ | Energy Infrastructure Fund |
| ∎ | Multi-Strategy Alternatives Fund7 |
| ∎ | Global Infrastructure Fund |
Total Portfolio Solutions
| ∎ | Global Managed Beta Fund |
| ∎ | Multi-Manager Non-Core Fixed Income Fund |
| ∎ | Multi-Manager Global Equity Fund |
| ∎ | Multi-Manager International Equity Fund |
| ∎ | Tactical Tilt Overlay Fund |
| ∎ | Balanced Strategy Portfolio |
| ∎ | Multi-Manager U.S. Small Cap Equity Fund |
| ∎ | Multi-Manager Real Assets Strategy Fund |
| ∎ | Growth and Income Strategy Portfolio |
| ∎ | Growth Strategy Portfolio |
| ∎ | Dynamic Global Equity Fund |
| ∎ | Enhanced Dividend Global Equity Portfolio |
| ∎ | Tax-Advantaged Global Equity Portfolio |
| ∎ | Strategic Factor Allocation Fund |
| ∎ | Strategic Volatility Premium Fund |
| ∎ | GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 4 | Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund. |
| 5 | Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
| 6 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
| 7 | Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund. |
| Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
| * | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn more about our exchange-traded funds. |
TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener PaulC.Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov. The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. Goldman Sachs Asset Management is not responsible for the accuracy and validity of the content of these websites. The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of March 31, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about Fund and may be obtained from your Authorized Institution or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds. © 2024 Goldman Sachs. All rights reserved. 370243-OTU-05/2024 SDFIAR-24
Goldman Sachs Funds Annual Report March 31, 2024 Single Sector Fixed Income Funds Emerging Markets Credit* (formerly, Local Emerging Market Debt) Emerging Markets Debt High Yield High Yield Floating Rate Investment Grade Credit Short Duration High Yield^ (formerly, Long Short Credit Strategies) *Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund. ^Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.
Goldman Sachs Single Sector Fixed Income Funds
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EMERGING MARKETS CREDIT |
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EMERGING MARKETS DEBT |
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HIGH YIELD |
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HIGH YIELD FLOATING RATE |
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INVESTMENT GRADE CREDIT |
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SHORT DURATION HIGH YIELD |
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| Effective January 24, 2023, open-end mutual funds and exchange traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024. |
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||||
Goldman Sachs Single Sector Fixed Income Funds
During the 12 months ended March 31, 2024 (the “Reporting Period”), the performance of the global fixed income markets was broadly influenced by central bank monetary policies, interest rate volatility, inflation and other macroeconomic data, resilient corporate balance sheets and optimism about a soft landing1 for the U.S. economy.
In April 2023, when the Reporting Period began, global bond yields fluctuated in response to sticky inflation data, signs of moderating economic growth, developments in the banking sector and concerns over tightening credit conditions. The performance of spread, or non-government bond, sectors was rather flat overall, with better than consensus expected earnings and robust supply and demand providing support for investment grade and high yield corporate bonds. In May, spread sectors broadly weakened on concerns surrounding U.S. debt ceiling negotiations and banking sector stress. Heightened U.S./China geopolitical tensions, speculation about U.S. Federal Reserve (“Fed”) policy, the outlook for corporate earnings and growing focus on the rise of artificial intelligence also fueled market volatility. At their May policy meetings, the U.S. Fed, European Central Bank (“ECB”) and Bank of England (“BoE”) raised short-term interest rates. The Bank of Japan (“BoJ”) made no changes to its monetary policy. Market conditions improved in June, as investors priced in the view the U.S. would avoid recession. The Fed opted for a hawkish pause. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In other words, the Fed halted monetary policy action for the first time in more than a year but still maintained higher-for-longer messaging on interest rates.
July 2023 was a mixed month for global fixed income overall, as spread sectors delivered strong performance but sovereign government bonds faltered amid continued central bank tightening. The Fed, ECB and BoE each raised their policy rates during the month and stated that incoming data would determine upcoming monetary policy actions. In contrast, the BoJ relaxed its “yield curve control.”2 (Yield curve indicates a spectrum of maturities.)
During August, global fixed income sectors broadly weakened amidst deteriorating risk sentiment, driven in part by investor concerns about China’s property market and worries about softening economic growth in Europe. Investors also remained wary of inflation, as data indicated it might be stickier than consensus expected. Overall, developed markets’ central banks maintained a tightening bias. Yields rose, especially among developed markets sovereign bonds. The 10-year U.S. Treasury yield hit 4.36% on August 22nd, its highest level since 2007. Also in August, Fitch Ratings downgraded long-term U.S. sovereign debt from AAA to AA+, reflecting U.S. governance and medium-term fiscal challenges. September was a weak month for global fixed income. Although the Fed left short-term interest rates unchanged, policymakers suggested there would likely be one more rate hike in 2023. Global bond yields broadly rose, with the 10-year U.S. Treasury yield climbing above 4.5% for the first time since 2007. Meanwhile, investor concerns around China’s economy persisted. Weaker than consensus expected data reflected a short-lived service sector rebound, while exports remained soft and the country’s property sector slump continued.
Global fixed income assets broadly sold off during October 2023, as global bond yields rose to multi-year highs. In the U.S., the 10-year U.S. Treasury yield briefly breached 5% for the first time since 2007. The increase was driven, in our view, by better than previously anticipated U.S. economic growth prospects, which dampened market expectations for Fed interest rate cuts in 2024. November 2023 then saw the greatest easing of U.S. financial conditions in any month during the previous 40 years. Factors behind the easing included ongoing disinflation, soft landing optimism and expectations of a dovish Fed pivot. (Dovish suggests lower interest rates; opposite of hawkish.) Global bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points in November. (One basis point is 1/100th of a percentage point.) At both their November and December meetings, Fed policymakers left the targeted federal funds rate unchanged in a range between 5.25% and 5.50%. In December, the Fed signaled it may have reached the peak of its current monetary policy tightening cycle, with its median dot plot projection showing 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) Following the Fed meeting, U.S. financial conditions eased further, and the 10-year U.S. Treasury yield fell below 4% for the first time since August 2023. During the fourth quarter overall, the ECB, BoE and BoJ left monetary policy unchanged, though the BoJ further increased the flexibility of its yield curve control.
| 1 | A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. |
| 2 | The BoJ had introduced the yield curve control in 2016 to steepen Japan’s government bond yield curve and alleviate the impact on financial institutions of low longer-term rates. A steepening yield curve is one wherein yields on longer-term maturities become increasingly greater than yields on shorter-term maturities. |
| 1 |
Global bond yields continued to fluctuate during January 2024. They were, by turns, pushed up by hawkish Fed commentary and optimism about a soft landing and pushed down by progress on disinflation and expectations about potential central bank rate cuts. Although developed markets’ central banks maintained their policy stance during the month and indicated interest rate cuts were unlikely in the first calendar quarter, they generally removed their hiking biases from policy statements and signaled they expected policy rates to be lower at the end of 2024. In February, ongoing strength in the U.S. economy and improving investor sentiment in Europe boosted the performance of risk assets overall. Markets pulled back their expectations for the timing of central bank rate cuts, which sent government bond yields lower. However, in March, global government bond yields rose overall. Signals of strong U.S. economic growth and bumpy inflation led investors to anticipate the Fed would further delay its plan to cut interest rates. In fact, at its March policy meeting, the Fed opted to keep interest rates unchanged and delivered relatively dovish commentary. The ECB and BoE also remained on hold. In contrast, the Swiss National Bank cut interest rates, reflecting Switzerland’s disinflation progress. Lastly, and momentously, the BoJ raised interest rates—for the first time since 2007—and ended its yield curve control.
During the Reporting Period overall, spread sectors broadly produced positive absolute returns, with virtually all outperforming U.S. Treasury securities. Bank loans, high yield corporate bonds and sovereign emerging markets debt performed best. Investment grade corporate bonds, commercial mortgage-backed securities, asset backed securities, mortgage-backed securities and agency securities also delivered positive returns, albeit to a more modest degree. U.S. Treasury inflation protected securities (“TIPS”) generated only a slightly positive return during the Reporting Period but still outperformed U.S. Treasury securities. Lower quality securities generally outperformed those of higher quality during the Reporting Period.
U.S. Treasury yields rose across the yield curve, with intermediate- and longer-term U.S. Treasury yields increasing more than shorter-term U.S. Treasury yields. The yield on the bellwether 10-year U.S. Treasury rose approximately 72 basis points to end the Reporting Period at 4.20%.
Looking Ahead
At the end of the Reporting Period, we noted growing normalization in economic data trends. In our view, low unemployment and disinflation were bolstering real wage growth, which, along with rising consumer confidence, should sustain consumer spending—a crucial driver of growth in major economies. Manufacturing activity appeared to be set for gradual recovery, supported by steady global economic growth as well as by anticipated central bank interest rate reductions. That said, we thought the range of potential outcomes was wide, amplified by uncertainties, including the lingering impact of higher interest rates and geopolitical instability.
Despite a bump in inflation early in 2024, we believed disinflationary conditions persisted at the end of the Reporting Period. In developed economies, consensus inflation expectations were stable, and the breadth of inflation had fallen, with extreme price rises in the U.S. and Europe becoming less common. Developed markets’ central banks, despite maintaining unchanged monetary policies in the first quarter of 2024, were signaling a dovish turn, provided inflation data did not surprise to the upside. Within emerging markets, we noted the pace of disinflation was accelerating, particularly in Central and Eastern Europe and Latin America—regions that had previously experienced the highest inflation rates. Overall, we thought emerging markets’ central banks would likely continue cutting interest rates. In our view, this trend would be helped if developed markets’ central banks cut their policy rates, as it would reduce the risk of emerging markets seeing currency depreciation.
Regarding the fixed income markets, at the end of the Reporting Period we thought the easing of central bank monetary policy, combined with solid private sector balance sheets and steady economic growth, should continue to support strong performance in spread sectors. That said, the landscape was not without its challenges. Downside risks to economic growth and upside risks to inflation and geopolitical instability underscored the importance of active security selection and the strategic role of government bonds and relatively safe-haven currencies, such as the U.S. dollar, in mitigating risks.
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FUND RESULTS
Goldman Sachs Emerging Markets Credit Fund
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Investment Objective
The Fund seeks total return consisting of income and capital appreciation. |
Portfolio Management Discussion and Analysis
Effective November 1, 2023, the Goldman Sachs Local Emerging Markets Debt Fund became the Goldman Sachs Emerging Markets Credit Fund (the “Fund”). At the same time, the Fund’s principal investment strategy and benchmark index changed. The performance information reported below is the combined performance of the Fund, reflecting current and prior strategies and policies. Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 7.31%, 6.51%, 7.67%, 7.58%, 7.92% and 7.68%, respectively. These returns compare to the 9.14% average annual total return of the Fund’s benchmark, the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM)–Broad Diversified (Gross, USD, Unhedged) (the “Index”), during the Reporting Period. By comparison, the Fund’s previous benchmark index, the J.P. Morgan Government Bond Index–Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged), generated an average total return of 4.89% during the same time period. |
| Q | How did the Fund’s principal investment strategy and benchmark index change? |
| A | Before the close of business on October 31, 2023, the Fund invested, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in sovereign and corporate debt securities of issuers in emerging market countries, denominated in the local currency of such emerging market countries, and other instruments, including credit linked notes and other investments, with similar economic exposures. The Fund’s benchmark index was the J.P. Morgan Government Bond Index–Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) (the “previous benchmark index”). |
| After the close of business on October 31, 2023, the Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes |
| (measured at the time of purchase) in corporate, quasi-sovereign and sovereign debt securities and other instruments of issuers in emerging market countries. The Fund’s new benchmark is the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM)–Broad Diversified (Gross, USD, Unhedged). |
| Q | What economic and market factors most influenced the emerging debt markets and the Fund during the Reporting Period? |
| A | During the Reporting Period as a whole, the emerging debt markets were broadly influenced by central bank monetary policy, subdued inflation and strong economic activity. Emerging markets’ central banks had been quick to respond to the threat of inflation, with many of them reaching peak policy rates before the U.S. Federal Reserve’s (“Fed”) dovish turn in the final months of 2023. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Overall, economic activity in the emerging markets was strong during the Reporting Period, with some emerging countries continuing to benefit from economic normalization following the pandemic-induced downturn. Emerging economies generally grew at a significantly stronger pace than developed economies during the Reporting Period. |
| As the Reporting Period began in the second quarter of 2023, emerging markets debt broadly recorded gains, benefiting from increased investor risk appetite, a weaker U.S. dollar, a decline in U.S. interest rate volatility and reduced risk premiums across emerging markets assets. During the third calendar quarter, emerging markets debt posted negative returns as global bond yields rose and global fixed income assets broadly sold off. Emerging markets debt advanced during the fourth calendar quarter, as the U.S. Fed signaled it |
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FUND RESULTS
| may have reached the end of its interest rate hiking regime. Investment inflows to the sector also bolstered performance. In the first quarter of 2024, emerging markets debt delivered positive returns amidst favorable market technicals (that is, supply/demand dynamics). Notably, emerging markets sovereign debt saw its highest March new issue volumes since 2019 and its largest first-quarter new issuance in market history. |
| During the initial part of the Reporting Period (that is, from April 1, 2023 through October 31, 2023), local emerging markets debt, as represented by the Fund’s previous benchmark index, recorded a return of -1.35%, with approximately 2.20% due from local interest rates and -3.55% due to currency depreciation versus the U.S. dollar. On a total return basis, the worst performing countries in the previous benchmark index (in U.S. dollar terms1) during the initial part of the Reporting Period were Colombia (-17.87%), South Africa (-12.87%) and Hungary (-11.11%). The best performing countries were Turkey (+19.09%), Mexico (+16.15%) and Chile (+11.49%). |
| During the latter part of the Reporting Period (that is, from October 31, 2023 through March 31, 2024), the emerging corporate bond markets, as represented by the Index, produced a return of 9.30%. On a total return basis, the best performing sectors in the Index (in U.S. dollar terms1) during the latter part of the Reporting Period were real estate (+23.27%), metals and mining (+12.29%) and oil and gas (+11.80%). The weakest performing sectors in the Index were financials (+6.31%), diversified (+8.23%) and infrastructure (+8.37%). |
| Q | What key factors were responsible for the Fund’s performance during the initial part of the Reporting Period? |
| A | During the initial part of the Reporting Period, the Fund was hurt by its active currency positioning through which it took positions in local currencies (accomplished primarily through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). Detractors included the Fund’s long position in the Mexican peso, its short position in the Chinese yuan, its short and then long positions in the Malaysian ringgit, and its short position in the Swedish krona. On the other hand, the Fund was helped by its short position in the U.S. dollar and its long position in the euro, which contributed positively to relative performance during the initial part of the Reporting Period. |
| 1 | All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable. |
| In addition, as the Fund began transitioning to its new investment strategy during October 2023, it was hampered by its long beta exposure (that is, the Fund’s broad overweight versus the previous benchmark index) in emerging markets corporate bonds, as sovereign spreads (that is, the difference in yields between external emerging markets debt and duration-equivalent U.S. Treasury securities) widened over the course of that month. |
| Individual issue selection among local emerging markets bonds added to the Fund’s relative returns during the initial part of the Reporting Period. Specifically, the Fund benefited from exposure to Russian local interest rates, as Russian bonds were marked higher when Euroclear2 re-opened settlement on many of these securities in June 2023. An underweight relative to the previous benchmark index in Turkish local interest rates also bolstered the Fund’s performance. Turkey experienced extreme currency depreciation, with the lira plunging to record lows in June on news that state lenders had halted U.S. dollar sales. In our view, policymakers were giving up on costly currency interventions as part of an expected turn toward more conventional economic policies. The Fund was also aided by its underweight in Chinese local interest rates during the initial part of the Reporting Period, as economic activity faltered amid sluggish domestic and external demand along with ongoing weakness in the nation’s property sector. Also contributing positively was the Fund’s overweight in Venezuela’s state-owned oil and natural gas company Petroleos de Venezuela (“PDVSA”). PDVSA bonds rallied after the U.S. and Venezuela started to mend relations, and the U.S. eased sanctions on Venezuela, including lifting a ban on trading Venezuela assets, in October 2023. (PDVSA remained in the previous benchmark index, though index provider J.P. Morgan had reduced its weighting to zero in 2019 after the U.S. first implemented its trading ban.) On the negative side, the Fund’s overweight positions in Brazilian, Indonesian, South Korean and Malaysian local interest rates detracted from relative performance during the initial part of the Reporting Period. |
| Q | What key factors were responsible for the Fund’s performance during the latter part of the Reporting Period? |
| A | During the latter part of the Reporting Period, the Fund was hindered by its continued exposure to PDVSA in which it held an overweight position relative to the Index. In addition, the Fund’s overweight in Aeropuerto Internacional de |
| 2 | Euroclear is a Belgium-based financial services company that specializes in the settlement of securities transactions as well as the safekeeping and asset servicing of those securities. |
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FUND RESULTS
| Tocumen, the primary international airport serving Panama City, held back results amid Panama’s deteriorating fiscal outlook and the increasing risk of a credit ratings downgrade. Underweight positions in Philippine energy provider San Miguel Global Power Holdings and Singapore-based real estate logistics company GLP detracted further from relative returns. On the positive side, the Fund was helped by an overweight in Metinvest, as the Ukraine-headquartered global steel and mining company benefited from improved logistics operations and financial prospects, supported by coking coal3 prices. Also contributing positively was the Fund’s broad overweight compared to the Index in Nigerian corporate bonds, including upstream4 exploration and production company Seplat Energy, which advanced on the back of monetary policy adjustments in Nigeria. Additionally, overweight positions in financial services company Banco do Brasil and Ukrainian chicken producer MHP added to the Fund’s relative performance during the latter part of the Reporting Period. On a sector level, the Fund was hampered by overweight positions in oil and gas and in utilities. An underweight in technology, media and telecommunications, as well as an overweight in transport, bolstered relative returns. |
| In addition, during the latter part of the Reporting Period, the Fund was helped by its exposure to Russian local interest rates. Selection among hard currency sovereign emerging markets bonds detracted from performance. Although the Fund’s exposure to South Africa was advantageous, it was hurt by exposure to the hard currency sovereign bonds of Morocco, Romania and Hungary. |
| Finally, the Fund benefited overall from its long beta exposure (that is, the Fund’s broad overweight versus the Index) to emerging markets corporate bonds and sovereign emerging markets bonds, as sovereign spreads tightened during the latter part of the Reporting Period. |
| 3 | Coking coal, also known as metallurgical coal, is a grade of coal that can be used to produce good-quality coke, which is an essential fuel and reactant in the blast furnace process for primary steelmaking. |
| 4 | The upstream component of the energy industry is usually defined as those operations stages in the oil and gas industry that involve exploration and production. Upstream operations deal primarily with the exploration stages of the oil and gas industry, with upstream firms taking the first steps to first locate, test and drill for oil and gas. Later, once reserves are proven, upstream firms will extract any oil and gas from the reserve. |
| Q | Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period as a whole? |
| A | During the Reporting Period overall, the Fund’s duration positioning strategy—wherein we managed the Fund’s duration close to that of the Index—did not have a meaningful impact on performance. (The Fund’s duration positioning strategy is primarily implemented via interest rate swaps and/or futures.) In addition, the Fund’s yield curve positioning strategy did not have a material impact on its results during the Reporting Period as a whole. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | At various points during the Reporting Period, the Fund invested in Treasury futures, Fed funds futures, Secured Overnight Financing Rate (“SOFR”) futures, interest rate swaps, total return swaps, credit default swaps, currency options and forward foreign currency exchange contracts. Treasury futures, Fed funds futures and SOFR futures were employed to hedge the Fund’s interest rate exposure and to facilitate duration management. Interest rate swaps and total return swaps were used to hedge the Fund’s exposure to various markets and its active risk in local interest rate positions. Credit default swaps were used to help manage the Fund’s exposure to credit risk. Currency options and forward foreign currency exchange contracts were used to hedge the Fund’s currency exposure. Derivatives may be used in combination with cash securities to implement our views in the Fund. |
| Collectively, the use of currency options and forward foreign currency exchange contracts had a negative impact on the Fund’s performance during the Reporting Period. The Fund’s use of interest rate swaps and total return swaps each had a negative impact on results. The use of Treasury futures, Fed funds futures and SOFR futures collectively added to the Fund’s returns. The Fund’s use of credit default swaps did not have a meaningful impact on its performance during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | At the beginning of the Reporting Period, the Fund was invested 77.05% in local emerging markets bonds and 21.65% in cash, with the remainder primarily invested in emerging markets sovereign bonds, emerging markets quasi-sovereign bonds and supranational bonds. The Fund’s top country overweights relative to the previous benchmark index were Brazil, Romania and Peru, while its top country |
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FUND RESULTS
| underweights were Malaysia, China and Mexico. During the initial part of the Reporting Period, we increased the Fund’s underweight in Asian local interest rates, and we increased its overweight in Latin American local interest rates. We shifted the Fund from neutral positions in Central and Eastern European local interest rates to overweight positions. We moved the Fund from overweight positions in Middle Eastern and African local interest rates to rather neutral positions. We increased the Fund’s overweight position in North American local interest rates and reduced its cash holdings. In the last two weeks of October, we began to transition the Fund toward its new principal investment strategy. As part of this effort, we significantly decreased the Fund’s positions in hard currency sovereign debt and stopped taking active currency views. When the initial part of the Reporting Period ended, the Fund was invested 0.49% in local interest rates, 67.18% in emerging markets corporate bonds, 16.41% in emerging markets quasi-sovereign bonds, 5.33% in external sovereign bonds and 8.55% in cash, with the remainder invested largely in supranational bonds. At the end of the initial part of the Reporting Period, the Fund’s top country overweights relative to the previous benchmark index were Uzbekistan, the U.S. and Romania, while its top country underweights were China, South Korea and Hong Kong. |
| In the latter part of the Reporting Period, we made a number of changes to the Fund’s exposures. Specifically, we increased the Fund’s overweight positions versus the Index in Brazil, Uzbekistan and Romania. We decreased its underweight in India and increased its underweight positions in Qatar and United Arab Emirates. We also reduced the Fund’s overweight in the U.S. Regarding sector positioning, we increased the Fund’s overweight relative to the Index in the transport sector and decreased its underweight positions in the financials sector and the technology, media and telecommunications sector. We shifted the Fund from an underweight in the utilities sector to a rather neutral position compared to the Index. We continued exiting the Fund’s positions in hard currency sovereign debt during the latter part of the Reporting Period. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | On May 1, 2023, Samuel Finkelstein no longer served as a portfolio manager for the Fund, and Angus Bell began serving as a portfolio manager of the Fund. As of November 1, 2023, Angus Bell no longer served as a portfolio manager of the Fund, and Nicholas Saunders, Managing Director and Global Co-Head of Emerging Markets Debt, became a portfolio manager of the Fund. Kay |
| Haigh, Managing Director and Global Co-Head and Co-Chief Investment Officer of Fixed Income and Liquidity Solutions, continued to serve as a portfolio manager of the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund was overweight relative to the Index in the consumer sector. It was underweight the financial sector and the technology, media and telecommunications sector. In regional terms, the Fund was overweight versus the Index in Central and Eastern Europe, with its top country overweights in Uzbekistan and Romania. It was overweight in Latin America, with Mexico, Brazil and Colombia its top country overweights. At the end of the Reporting Period, the Fund was underweight Asia, especially China, South Korea and Taiwan. It was also underweight the Middle East and Africa, particularly Saudi Arabia, Qatar and United Arab Emirates. |
| Q | What is the Fund’s tactical view and strategy for the months ahead? |
| A | At the end of the Reporting Period, we believed the higher-for-longer interest rate theme across the developed markets was likely to be the main performance driver for emerging markets debt in 2024. Although uncertainty about the timing of potential Fed rate cuts might lead to some weakness, we thought the overall macroeconomic backdrop was supportive of the emerging debt markets. Specifically, upward revisions to economic growth forecasts in the U.S. and China could lead to an improving growth outlook for the emerging markets broadly, in our view. While recent inflation data in emerging countries had surprised to the upside, largely because of higher food prices, we noted that core disinflation had continued. However, persistent inflation, coupled with U.S. economic resilience and investors’ changing expectations about the Fed’s potential rate cutting cycle, could affect the timing of central bank cuts in the emerging markets during the second half of 2024, in our opinion. |
| Going forward, we planned to remain vigilant about geopolitical and election risks globally as well as their impact on central bank monetary policy actions. Countries representing more than half of the world’s population are |
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FUND RESULTS
| holding consequential elections in 2024. These include emerging markets countries, such as India, South Africa and Mexico, where election results are likely to impact our macro and market outlooks. There will also be elections in many frontier countries,5 some of which face debt restructuring processes and balance of payment pressures. Furthermore, in the months leading up to the November U.S. presidential election, the emerging debt markets may experience volatility driven by elevated uncertainty about the eventual results. That said, U.S. elections have historically been followed by a rally in emerging markets debt. |
| Regarding emerging markets corporate bonds, at the end of the Reporting Period, we believed their valuations were attractive relative to other fixed income assets. Overall, corporate fundamentals were resilient, in our view, as earnings had recovered well from their pandemic-induced slump of 2020. Although debt levels had marginally increased, driven by Asian corporate issuers, other regions had seen a decline, with leverage decreasing and capital expenditures picking up. That said, we recognized there would continue to be geopolitical and sector-specific idiosyncratic risks. |
| In terms of positioning at the end of the Reporting Period, we saw value in recession-resistant non-cyclical sectors, such as food and beverages, where companies may benefit from strong brand recognition and customer loyalty. The Fund’s exposures ranged from a Chilean beer brand with presence across Latin America to a Turkish Coca-Cola bottler that operates in markets in the Middle East and Asia. The Fund was also overweight at the end of the Reporting Period in domestically-oriented banks in countries such as Mexico, Brazil and Colombia because of what we saw as their traditional lending models, robust capital positions and strong net interest margins. In Brazil, the Fund had exposure to a stock exchange, as we believed it could generate strong cash flows driven by increased trading volumes during periods of market or political volatility. We had a preference both for certain Turkish financial companies at the end of the Reporting Period, largely because of the potential risk/reward opportunities they offered, and also for high yielding, up-in-quality Romanian deposit-taking banking institutions. Additionally, the Fund was overweight versus the Index in select supranational banks that tend to promote financial inclusion across regions, which may enable companies in financially less developed countries to access credit at more affordable interest rates, in our view. At the end of the Reporting Period, we saw investment potential in the |
| 5 | A frontier country is more established than the least developed countries but is still less established than the emerging markets broadly. |
| transport sector, with what we considered to be attractive values in select airports in Mexico and the Dominican Republic. We also saw opportunities in ports, which were benefiting from a pick-up in global trade volumes. The Fund was underweight Asia at the end of Reporting Period, primarily because of the Index’s composition rather than our view on Asia as a region. The Index contains a significant portion of high quality Asian financials, which we believed offered limited compensation for credit risk. Elsewhere, we had identified opportunities in companies aligned to secular themes, such as the energy transition. These opportunities included Indian renewable companies, which generally have strong business models and stable long-term cash flows and could also benefit from increasing demand for clean energy, in our view. |
| 7 |
Emerging Markets Credit Fund
as of March 31, 2024
| TOP TEN COUNTRY ALLOCATIONS± |
| Percentage of Net Assets | ||||||
| as of 3/31/24 | as of 3/31/23 | |||||
| Mexico |
8.2% | 4.5% | ||||
| Colombia |
5.6 | 3.0 | ||||
| Turkey |
5.4 | 0.0 | ||||
| Netherlands |
5.0 | 0.0 | ||||
| South Africa |
4.2 | 10.1 | ||||
| Peru |
3.9 | 3.2 | ||||
| Uzbekistan |
3.8 | 0.0 | ||||
| Chile |
3.7 | 2.9 | ||||
| Macau |
3.6 | 0.0 | ||||
| Brazil |
3.4 | 13.9 | ||||
| Other |
50.1 | 59.3 | ||||
| ± | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 0.6% as of 3/31/24 and 14.2% as of 3/31/23. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 8 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s current and former benchmarks are shown, the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM) Broad Diversified (with distributions reinvested) and J.P. Morgan Global Broad Index Emerging Markets Global Diversified, respectively. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Emerging Markets Credit Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||
| Excluding sales charges |
7.31% | 0.49% | -0.88% | — | ||||||||||||||||||||||||||
| Including sales charges | 2.59% | -0.42% | -1.33% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||
| Excluding contingent deferred sales charges |
6.51% | -0.27% | -1.65% | — | ||||||||||||||||||||||||||
| Including contingent deferred sales charges | 5.45% | -0.27% | -1.65% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Institutional | 7.67% | 0.83% | -0.59% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Investor | 7.58% | 0.77% | -0.65% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R6 (Commenced November 30, 2017) | 7.92% | 0.84% | N/A | -0.13% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class P (Commenced April 20, 2018) | 7.68% | 0.84% | N/A | -1.18% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 9 |
FUND RESULTS
Goldman Sachs Emerging Markets Debt Fund
March 31, 2024
|
Investment Objective
The Fund seeks a high level of total return consisting of income and capital appreciation. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 12.87%, 12.05%, 13.30%, 13.15%, 13.31% and 13.19%, respectively. These returns compare to the 11.25% average annual total return of the Fund’s benchmark, the J.P. Morgan Emerging Market Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period. |
| Q | What economic and market factors most influenced the emerging debt markets and the Fund during the Reporting Period? |
| A | During the Reporting Period, the emerging debt markets were broadly influenced by central bank monetary policy, subdued inflation and strong economic activity. Emerging markets’ central banks had been quick to respond to the threat of inflation, with many of them reaching peak policy rates before the U.S. Federal Reserve’s (“Fed”) dovish turn in the final months of 2023. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Overall, economic activity in the emerging markets was strong during the Reporting Period, with some emerging countries continuing to benefit from economic normalization following the pandemic-induced downturn. Emerging economies generally grew at a significantly stronger pace than developed economies during the Reporting Period. |
| As the Reporting Period began in the second quarter of 2023, external emerging markets debt recorded gains, benefiting from increased investor risk appetite, a decline in U.S. interest rate volatility and reduced risk premiums across emerging markets assets. During the third calendar quarter, external emerging markets debt posted negative returns as global bond yields rose and global fixed income assets broadly sold off. External emerging markets debt advanced |
| in the fourth calendar quarter, as the U.S. Fed signaled it may have reached the end of its interest rate hiking regime. Investment inflows to the sector also bolstered performance. In the first quarter of 2024, external emerging markets debt delivered positive returns amidst favorable market technicals (that is, supply/demand dynamics). Notably, emerging markets sovereign debt saw its highest March new issue volumes since 2019 and its largest first-quarter new issuance in market history. |
| In this environment, external emerging markets debt broadly generated positive returns, as sovereign spreads (that is, the difference in yields between external emerging markets debt and duration-equivalent U.S. Treasury securities) narrowed. |
| During the Reporting Period overall, external emerging markets debt, as represented by the Index, recorded a return of 11.25%, with lower-rated and distressed markets generally making the largest positive contributions. Sovereign spreads tightened approximately 141 basis points and ended the Reporting Period 342 basis points over U.S. Treasury securities. (A basis point is 1/100th of a percentage point.) The best performing emerging external debt markets in the Index (in U.S. dollar terms1) during the Reporting Period were Pakistan (+169.88%), Ukraine (+90.66%) and Tunisia (+78.07%). The weakest performing emerging external debt markets were Panama (-2.93%), Croatia (+0.96%) and Malaysia (+1.10%). |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Index during the Reporting Period, largely because of security selection among sovereign and quasi-sovereign emerging markets bonds and emerging markets corporate bonds. Conversely, selection within local emerging markets debt detracted from results. |
| 1 | All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable. |
| 10 |
FUND RESULTS
| The Fund was further hampered by our active currency management (which is primarily accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, the Fund’s duration positioning strategy detracted slightly from performance. |
| Q | What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period? |
| A | Within individual security selection, the Fund’s overweight versus the Index in Venezuela’s state-owned oil and natural gas company Petroleos de Venezuela (“PDVSA”) added to relative returns. PDVSA bonds rallied after the U.S. and Venezuela started to mend relations, and the U.S. eased sanctions on Venezuela, including lifting a ban on trading Venezuela assets, in October 2023. (Although PDVSA remained in the Index during the Reporting Period, Index provider J.P. Morgan had reduced its weighting to zero in 2019 after the U.S. first implemented its trading ban.) Additionally, the Fund benefited from its out-of-Index exposure to Russian sovereign bonds, as Russian bonds were marked higher when Euroclear2 re-opened settlement on many of these securities in June 2023. An overweight versus the Index in El Salvadoran sovereign bonds also added to the Fund’s returns. The overweight was driven by our belief that El Salvador would be able to service its debt and would benefit from a drop in commodities prices. Conversely, the Fund was hurt by its underweight in Argentinian sovereign debt, which performed well after a new president was elected in November 2023. Investors had a positive view of the new president and his reform plans. The Fund’s positioning in Lebanese sovereign debt, which has been in default since 2020 and is considered to have low restructuring prospects, also detracted from the Fund’s relative performance during the Reporting Period. Additionally, a position in defaulted Ghanaian sovereign debt dampened the Fund’s returns. Despite progress during the Reporting Period, Ghana’s path to restructuring remained volatile. |
| The Fund’s long beta exposure (that is, the Fund’s greater overall risk exposure than the Index) to emerging markets corporate bonds and sovereign emerging markets bonds added to relative performance, as sovereign spreads tightened during the Reporting Period. The Fund was helped further by its bias toward higher yielding issues, with certain distressed credits also contributing positively. |
| 2 | Euroclear is a Belgium-based financial services company that specializes in the settlement of securities transactions as well as the safekeeping and asset servicing of those securities. |
| Q | Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period? |
| A | During the Reporting Period, the Fund’s duration positioning strategy—wherein we managed the Fund’s duration close to that of the Index—detracted slightly from relative performance. (The Fund’s duration positioning strategy is primarily implemented via interest rate swaps and/or futures.) The Fund’s yield curve positioning strategy did not have a material impact on its performance during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, the Fund invested in U.S. Treasury futures, interest rate swaps, swaptions (options on interest rate swap contracts), credit default swaps, currency options and forward foreign currency exchange contracts. U.S. Treasury futures were used to manage U.S. interest rate duration and hedge the risk of changes in U.S. interest rates. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Swaptions were used to express our interest rate views and to hedge volatility and yield curve risks in the Fund. Credit default swaps were utilized to implement specific credit-related investment strategies. Currency options and forward foreign currency exchange contracts were employed for hedging purposes or to express a positive view on a given currency. Derivatives may be used in combination with cash securities to implement our views in the Fund. |
| U.S. Treasury futures had a negative impact on the Fund’s performance during the Reporting Period, but they served their intended purpose as hedging instruments. Collectively, the use of currency options and forward foreign currency exchange contracts had a positive impact on returns. The Fund’s collective use of interest rate swaps and swaptions detracted from performance. The use of credit default swaps added to the Fund’s performance during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s exposures during the Reporting Period? |
| A | During the Reporting Period, we increased the Fund’s exposure to emerging markets corporate bonds because we believed they offer good relative value versus certain sovereign and quasi-sovereign emerging markets bonds. In addition, we increased the Fund’s exposure to Brazil, moving it from an underweight relative to the Index to a rather neutral position. We increased exposure to Mexico, mainly |
| 11 |
FUND RESULTS
| through quasi-sovereign bonds and emerging markets corporate bonds. We reduced the Fund’s exposure to Saudi Arabia during the Reporting Period. In December 2023, the Fund sold the last of its position in Russian bonds. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective May 1, 2023, Samuel Finkelstein no longer served as a portfolio manager for the Fund. As of the same date, Nicholas Saunders, Global Co-Head of Emerging Markets Debt, began serving as a portfolio manager of the Fund, joining Kay Haigh, Global Co-Head of Emerging Markets Debt. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | Relative to the Index, the Fund’s main overweight positions at the end of the Reporting Period were Venezuela, Colombia and South Africa. The Fund had less exposure than the Index to China, Saudi Arabia and the Philippines. In terms of currencies, the Fund had a long position in the Australian dollar at the end of the Reporting Period. It held long positions in the Polish zloty and Czech Republic koruna versus a short position in the euro. Within Latin America, the Fund held a long position in the Chilean peso and a short position in the Brazilian real at the end of the Reporting Period. |
| Q | What is the Fund’s tactical view and strategy for the months ahead? |
| A | At the end of the Reporting Period, we believed the higher-for-longer interest rate theme across the developed markets was likely to be the main performance driver for emerging markets debt in 2024. Although uncertainty about the timing of potential Fed rate cuts might lead to some weakness, we thought the overall macroeconomic backdrop was supportive of the emerging debt markets. Specifically, upward revisions to economic growth forecasts in the U.S. and China could lead to an improving growth outlook for the emerging markets broadly, in our view. While recent inflation data in emerging countries had surprised to the upside, largely because of higher food prices, we noted that core disinflation had continued. However, persistent inflation, coupled with U.S. economic resilience and |
| investors’ changing expectations about the Fed’s potential rate cutting cycle, could affect the timing of central bank cuts in the emerging markets during the second half of 2024. |
| Going forward, we planned to remain vigilant about geopolitical and election risks globally as well as their impact on central bank monetary policy actions. Countries representing more than half of the world’s population are holding consequential elections in 2024. These include emerging markets countries, such as India, South Africa and Mexico, where election results are likely to impact our macro and market outlooks. There will also be elections in many frontier countries,3 some of which face debt restructuring processes and balance of payment pressures. Furthermore, in the months leading up to the November U.S. presidential election, the emerging debt markets may experience volatility driven by elevated uncertainty about the eventual results. That said, U.S. elections have historically been followed by a rally in emerging markets debt. |
| In terms of positioning at the end of the Reporting Period, the Fund was overweight relative to the Index in what we considered higher quality emerging market credits, specifically Mexico, Brazil, Morocco and South Africa. In our view, Mexico had a credible monetary policy framework built around a flexible exchange rate and inflation targeting that could help minimize current account and external imbalances. We also expected political continuity in 2024. Morocco lost its investment grade rating in 2020, but we believed its economy had proved resilient and seemed to be in a long-term positive trend. In addition, Morocco appeared to be working on regaining its investment grade rating. The Fund’s South Africa overweight was mainly expressed through quasi-sovereign and corporate emerging markets bonds, where we saw good relative value. The Fund was underweight at the end of the Reporting Period in the Philippines, China, United Arab Emirates and Qatar due to relatively tight valuations. |
| At the end of the Reporting Period, the Fund had selective overweights in lower quality issuers, particularly Angola, El Salvador, Ukraine and Nigeria, which we thought offered significant levels of yield. In Angola, the government was implementing structural reform and economic diversification, which may help spur growth in non-oil sectors. Moreover, Angola is Africa’s second largest oil producer. El Salvador continued to have various sources of funding that allowed it to service its debt. Conversely, the Fund was underweight Kenyan external bonds at the end of the Reporting Period. |
| 3 | A frontier country is more established than the least developed countries but is still less established than the emerging markets broadly. |
| 12 |
FUND RESULTS
| While Kenya may be able to meet its funding gap by depleting foreign exchange reserves in the near term, we thought risks remained tilted to the downside given that an upcoming review by Moody’s Investors Service could result in a ratings downgrade, which was not reflected in market value of the country’s external bonds when the Reporting Period ended. |
| As for emerging markets corporate bonds, at the end of the Reporting Period, we thought they reflected robust stand-alone fundamentals with net leverage near the lowest levels in the last 10 years. Going forward, we planned to continue looking for attractive investment opportunities, with a preference for large, higher credit rated issuers in non-cyclical sectors, such as strategic infrastructure and financials. |
| 13 |
FUND BASICS
Emerging Markets Debt Fund
as of March 31, 2024
| TOP TEN COUNTRY ALLOCATIONS± |
| Percentage of Net Assets | ||||||
| as of 3/31/24 | as of 3/31/23 | |||||
| Mexico |
6.3% | 4.9% | ||||
| Colombia |
4.6 | 3.7 | ||||
| South Africa |
4.0 | 3.4 | ||||
| Turkey |
3.9 | 3.6 | ||||
| Hungary |
3.8 | 3.4 | ||||
| Oman |
3.7 | 3.5 | ||||
| Dominican Republic |
3.4 | 2.6 | ||||
| Venezuela |
3.0 | 1.1 | ||||
| Brazil |
2.7 | 1.1 | ||||
| Panama |
2.7 | 2.6 | ||||
| Other |
58.3 | 52.9 | ||||
| ± | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 0.0% as of 3/31/24 and 12.7% as of 3/31/23. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 14 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan EMBISM Global Diversified Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Emerging Markets Debt Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||
| Excluding sales charges |
12.87% | -0.12% | 2.03% | — | ||||||||||||||||||||||||||
| Including sales charges | 7.80% | -1.03% | 1.57% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||
| Excluding contingent deferred sales charges |
12.05% | -0.87% | 1.27% | — | ||||||||||||||||||||||||||
| Including contingent deferred sales charges | 11.01% | -0.87% | 1.27% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Institutional | 13.30% | 0.18% | 2.36% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Investor | 13.15% | 0.13% | 2.29% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) | 13.31% | 0.19% | N/A | 2.24% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class P (Commenced April 20, 2018) | 13.19% | 0.18% | N/A | 0.40% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 15 |
FUND RESULTS
Goldman Sachs High Yield Fund
March 31, 2024
|
Investment Objective
The Fund seeks a high level of current income and may also consider the potential for capital appreciation. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges of 9.07%, 8.26%, 9.38%, 9.04%, 9.33%, 9.39%, 8.80% and 9.39%, respectively. These returns compare to the 11.12% average annual total return of the Fund’s benchmark, the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (the “Index”), during the same time period. |
| Q | What economic and market factors most influenced the high yield corporate bond market and the Fund during the Reporting Period? |
| A | During the second quarter of 2023, when the Reporting Period began, high yield corporate bonds posted gains. The positive performance was supported by better than consensus expected corporate earnings, robust market technicals (that is, supply/demand dynamics), and receding U.S. regional banking stress. Resilient U.S. economic data and easing recession risks further fueled positive investor sentiment in the second half of the quarter. High yield corporate bonds began the third calendar quarter strongly on the back of resilient U.S. economic data, decreasing recessionary fears, solid carry1 opportunities and better than market expected corporate earnings. The high yield corporate bond market surrendered these gains in the latter part of September 2023, driven by hawkish U.S. Federal Reserve (“Fed”) rhetoric and the resulting rise in interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.) Additionally, concerns about rising crude oil prices and an ongoing strike by the United Auto Workers weighed on market sentiment and added to worries about inflationary pressures. Other notable market themes during the third calendar quarter involved softening global economic data and Fitch Ratings’ |
| downgrade of long-term U.S. sovereign debt by one notch. In the fourth calendar quarter, high yield corporate bonds saw their strongest quarter of the 2023 calendar year, driven by increased investor risk appetite. The sector delivered especially strong gains in November and December, as yields fell in response to a dovish pivot by the Fed, moderating inflation, resilient U.S. economic growth and tightening spreads (or yield differentials). (Dovish suggests lower interest rates; opposite of hawkish.) During the first quarter of 2024, high yield corporate bonds generated positive returns. The gains were supported by a mix of better than consensus expected corporate earnings and strong market technicals, characterized by a surge of new issuance and positive investment flows to high yield corporate bond mutual funds. |
| For the Reporting Period overall, the high yield corporate bond market delivered a positive return, with CCC-rated credits outperforming higher quality B- and BB-rated credits. Option-adjusted spreads tightened approximately 158 basis points, ending the Reporting Period at 299 basis points. (The option-adjusted spread is a measurement tool for evaluating price differences between similar products with different embedded options. A basis point is 1/100th of a percentage point.) |
| In terms of issuance, approximately $225.9 billion of new high yield corporate bonds were priced during the Reporting Period, with refinancing the primary use of the proceeds. As for demand, investment flows were negative for the Reporting Period overall, with $1.3 billion withdrawn from high yield corporate bond mutual funds.2 |
| The default rate for high yield corporate bonds rose during the Reporting Period. The 12-month par-weighted default high yield corporate bond rate through March 31, 2024 was |
| 1 | Carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. |
| 2 | Source: J.P. Morgan, Bloomberg Finance, L.P., Lipper FMI. |
| 16 |
FUND RESULTS
| 2.59%, somewhat higher than the 1.27% on March 31, 2023 but still lower than the historical average of 3.40% and the 4.80% rate as of March 31, 2021.3 |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund underperformed the Index during the Reporting Period, with individual issue selection detracting most from relative returns. In addition, the Fund was hurt by its credit quality and regional positioning versus the Index. Sector positioning contributed positively to the Fund’s relative performance during the Reporting Period. |
| Q | What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period? |
| A | Within individual issue selection, the Fund was hampered by underweight positions compared to the Index in Carvana, a U.S. online used car retailer, and Altice France, a French telecommunications and mass media company. An overweight in U.S. media and entertainment company iHeart Media also detracted from relative returns. On the positive side, the Fund benefited from its exposure to U.S. midstream4 energy company Summit Midstream Partners, LP. Overweight positions in U.S. bath-ware manufacturer CP Atlas Buyer and injection molding systems maker Husky III Holding added further to results. |
| Additionally, the Fund was hurt by its cash position and our decision to reduce its long beta positioning (that is, the Fund’s broad overweight relative to the Index in riskier securities). These negative results were partly offset by the Fund’s overweight versus the Index in BB-rated corporate bonds and its underweight in maturities of less than four years, which aided performance. |
| Within sector positioning, the Fund’s underweight position relative to the Index in electric utilities bolstered returns. Overweight positions in finance and building materials also contributed positively. Conversely, an underweight in retail and apparel and in cellular telecommunications detracted from relative performance. In addition, the Fund’s underweight in emerging markets corporate bonds had a negative impact on results. |
| 3 | Source: J.P. Morgan, Moody’s Investors Service. |
| 4 | The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities. |
| Q | Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period? |
| A | During the Reporting Period, the Fund’s duration and yield curve positioning strategies did not have a material impact on performance. (The duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | To manage the beta of the Fund on an active basis, the Fund employed interest rate swaps as well as a specialized index of credit default swaps (“CDX”) during the Reporting Period. CDX was also used as a cost-efficient instrument to help manage the Fund’s cash position. |
| We utilize CDX contracts as a way to gain credit exposure by being short credit protection when the Fund experiences significant cash inflows. In addition, the Fund employed U.S. Treasury futures and swaptions (options on swap contracts) to facilitate specific duration and yield curve strategies. Finally, to hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign currency exchange contracts. Derivatives may be used in combination with cash securities to implement our views in the Fund. |
| During the Reporting Period, the use of U.S. Treasury futures had a negative impact on the Fund’s performance. The use of CDX had a positive impact on the Fund’s performance. The other derivatives and similar instruments used by the Fund did not have a meaningful impact on performance during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | During the first half of the Reporting Period, we did not make any significant changes to the Fund’s weightings. In the fourth quarter of 2023, we shifted the Fund from an underweight versus the Index to an overweight position in energy, accomplished through investments in higher quality exploration and production credits. We favored credits that we felt were focused on balance sheet discipline and potentially enroute to investment grade upgrades. In addition, during the fourth calendar quarter, we moved the Fund from an overweight to an underweight in metals and mining credits, as we expected their free cash flows to remain |
| 17 |
FUND RESULTS
| constrained in the near term due to declining operational performance from softer demand trends as well as weak pricing and increased capital spending. In the first quarter of 2024, we moved the Fund from an overweight to an underweight in retail and apparel amid the secular shift from brick and mortar to e-commerce and because of deteriorating consumer sentiment driven by increasing recessionary fears. We also selectively added to the Fund’s overweight position relative to the Index in banks during the first calendar quarter. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund maintained a modestly long market beta position. The Fund’s largest overweights relative to the Index were in the banks, diversified industrials and energy market segments. Its top underweight positions were in electric utilities, cable and satellite TV media and non-cellular telecommunications. |
| Q | What is the Fund’s tactical view and strategy for the months ahead? |
| A | At the end of the Reporting Period, we maintained a constructive view on high yield corporate bonds. The sector offered relatively attractive yields, in our view. In addition, we saw corporate balance sheets as solid, largely due to healthy cash balances, and we believed high yield corporate bond issuers had improved capital market access. Broadly speaking, we thought the ratings improvement in the high yield corporate bond market overall provided incremental support for valuations at the end of the Reporting Period. |
| In terms of positioning at the end of the Reporting Period, the Fund was overweight versus the Index in intermediate-term credits, as we thought they offered attractive carry and roll opportunities.5 From a ratings perspective, the Fund had an up-in-quality bias, with a focus on higher quality BB- and BBB-rated bonds that offered what we considered to be |
| reasonable spreads on a risk-adjusted basis. At the end of the Reporting Period, we continued to look for select opportunities to add exposure to lower-rated high yield corporate bonds. |
| From a sector standpoint, the Fund was overweight relative to the Index in finance, industrials, chemicals and energy. Within the Fund’s overweight in financials, we favored exposure to select bank credits that proactively managed the amount of credit they made available to borrowers while also seeking potential gains from improved net interest margins in the higher interest rate environment. In industrials, we preferred issuers benefiting from pricing power, declining input costs and normalizing supply chains. In chemicals, especially specialty chemicals, we favored issuers offering attractive yields and those that had demonstrated relatively resilient demand throughout the economic cycle. Within energy, the Fund’s overweight was focused on higher quality exploration and production credits. We also continued to see value in select midstream and natural gas issuers, which stood to benefit from rising demand for liquid natural gas and its generally lower overall carbon footprint. At the end of the Reporting Period, the Fund remained underweight relative to the Index in electric utilities given the higher capital expenditures they needed to reduce carbon emissions. The Fund was also underweight retail and apparel as well as metals and mining at the end of the Reporting Period. |
| Looking ahead, we planned to manage the Fund’s overall risk exposure and expected to use any volatility-driven spread widening to add what we viewed as attractive credits opportunistically through our bottom-up analysis. In our opinion, the substantial rise in interest rates since 2022 has created a market trading at a substantial discount to par (that is, implicit market convexity6 not captured in credit spreads). |
| 5 | As a reminder, carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. Roll-down opportunities arise when the value of a bond converges to par as maturity is approached. |
| 6 | Convexity is a measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. |
| 18 |
FUND BASICS
High Yield Fund
as of March 31, 2024
| TOP TEN ISSUERS AS OF 3/31/24± |
| Company |
% of Net Assets | Line of Business | ||
| iShares Broad USD High Yield Corporate Bond ETF (NR/NR) |
0.8% | Exchange Traded Funds | ||
| CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1) |
0.7 | Media | ||
| Arko Corp. (B-/B3) |
0.6 | Retailing | ||
| APX Group, Inc. (B/Ba3) |
0.5 | Commercial Services | ||
| Urban One, Inc. (B-/B3) |
0.5 | Media | ||
| American Builders & Contractors Supply Co., Inc. (B+/Ba3) |
0.5 | Distribution & Wholesale | ||
| RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa2) |
0.5 | Healthcare Providers & Services | ||
| Asbury Automotive Group, Inc. (BB/B1) |
0.4 | Retailing | ||
| TransDigm, Inc. (B-/B3) |
0.4 | Aerospace & Defense | ||
| American Airlines, Inc. (BB-/Ba2) |
0.4 | Airlines | ||
| ‡ | The top 10 holdings may not be representative of the Fund’s future investments. |
| TOP TEN INDUSTRY ALLOCATIONS± |
| Percentage of Net Assets | ||||||
| as of 3/31/24 | as of 3/31/23 | |||||
| Oil Field Services |
6.9% | 5.6% | ||||
| Pipelines |
5.8 | 4.2 | ||||
| Media |
5.4 | 6.1 | ||||
| Retailing |
5.1 | 6.1 | ||||
| Diversified Financial Services |
4.8 | 4.3 | ||||
| Commercial Services |
4.6 | 4.1 | ||||
| Entertainment |
4.4 | 3.3 | ||||
| Chemicals |
3.4 | 3.8 | ||||
| Telecommunication Services |
3.1 | 3.0 | ||||
| Automotive |
3.1 | 4.5 | ||||
| Other |
48.1 | 47.4 | ||||
| ± | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in exchange-traded funds, other investment companies, and securities lending reinvestment vehicle of 6.4% as of 3/31/24 and 6.7% as of 3/31/23. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 19 |
GOLDMAN SACHS HIGH YIELD FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (with distributions reinvested) is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| High Yield Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||
| Excluding sales charges |
9.07% | 2.87% | 2.97% | — | ||||||||||||||||||||||||||
| Including sales charges | 4.09% | 1.92% | 2.49% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||
| Excluding contingent deferred sales charges |
8.26% | 2.10% | 2.19% | — | ||||||||||||||||||||||||||
| Including contingent deferred sales charges | 7.21% | 2.10% | 2.19% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Institutional | 9.38% | 3.16% | 3.27% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Service | 9.04% | 2.68% | 2.77% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Investor | 9.33% | 3.13% | 3.21% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) | 9.39% | 3.18% | N/A | 3.70% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R | 8.80% | 2.61% | 2.69% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class P (Commenced April 20, 2018) | 9.39% | 3.17% | N/A | 3.34% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 20 |
FUND RESULTS
Goldman Sachs High Yield Floating Rate Fund
March 31, 2024
|
Investment Objective
The Fund seeks a high level of current income. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 11.23%, 10.41%, 11.59%, 11.62%, 11.60%, 10.96% and 11.60%, respectively. These returns compare to the 12.34% average annual total return of the Credit Suisse Leveraged Loan Index (the “Index”) during the same time period. |
| Q | What economic and market factors most influenced the high yield floating rate loan market and the Fund during the Reporting Period? |
| A | In the second quarter of 2023, when the Reporting Period began, bank loans recorded positive returns amid favorable market technicals (that is, supply/demand dynamics), receding recessionary fears and increased carry1 opportunities. Notably, investment outflows continued for a fifth consecutive quarter, with approximately $7.5 billion withdrawn from bank loan mutual funds. |
| The sector posted additional gains during the third calendar quarter, which was marked by rising yields, increased oil prices and inflationary concerns. Bank loans were supported overall by the higher carry environment, resurgent investor demand and easing recession worries. Investment flows turned positive during the quarter, with inflows to bank loan mutual funds of about $0.5 billion. |
| In the fourth quarter of 2023, bank loans generated positive returns, benefiting from higher yields as well as from favorable market technicals with limited net new issuance and ample collateralized loan obligation (“CLO”) demand. Investment inflows, totaling about $0.4 billion, continued during the quarter. In the first quarter of 2024, bank loans continued to advance, as yields remained high. The sector was also bolstered by supportive market technicals, with strong CLO demand and low levels of net new issuance. |
| 1 | Carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. |
| Investment inflows increased during the first quarter to $2.6 billion, which was a reflection, in our view, of solid fundamentals and the U.S. Federal Reserve’s (“Fed”) higher-for-longer interest rate regime. |
| For the Reporting Period overall, bank loans delivered double-digit gains. Bank loan spreads2 (that is, yield differentials versus the Secured Overnight Financing Rate3), tightened 100 basis points to finish the Reporting Period at 509 basis points.4 (A basis point is 1/100th of a percentage point.) |
| In terms of issuance, approximately $618.2 billion in new bank loans were brought to market during the Reporting Period.5 Regarding demand, bank loan mutual funds experienced investment outflows of approximately $4.0 billion for the Reporting Period overall.6 |
| The default rate for bank loans increased during the Reporting Period, partly because we began including distressed exchanges.7 The trailing 12-month bank loan default rate, which was 1.72% on March 31, 2023, when we were not including distressed exchanges, increased to 3.50% on March 31, 2024.5 |
| 2 | As measured by the three-year discount margin of the Credit Suisse Leveraged Loan Index. A discount margin is the average expected return of a floating rate security above a reference rate, such as an index. |
| 3 | The Secured Overnight Financing Rate (“SOFR”) is a benchmark interest rate for U.S. dollar-denominated derivatives and loans. SOFR is based on transactions in the U.S. Treasury repurchase market, where investors offer banks overnight loans backed by their bond assets. |
| 4 | Source: Credit Suisse. |
| 5 | Source: J.P. Morgan. |
| 6 | Source: LCD/S&P Global. |
| 7 | A distressed exchange occurs where: (i) the issuer offers debt holders a new security or package of securities that amount to a diminished financial obligation (such as preferred or common stock, or debt with a lower coupon or par amount, lower seniority, or longer maturity); or (ii) the exchange had the apparent purpose of helping the borrower avoid default. |
| 21 |
FUND RESULTS
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund underperformed the Index during the Reporting Period, with sector positioning detracting from relative returns. Individual issue selection contributed positively to performance. |
| Q | What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period? |
| A | Within sector positioning, the Fund was hurt by its underweight positions relative to the Index in home construction, non-cellular telecommunications and consumer services. Underweights in cable and satellite TV media and in technology, along with an overweight position in building materials, added to relative performance. |
| In terms of individual issue selection, the Fund benefited from overweights versus the Index in DexKo Global, an automotive supplier; NAPA Management Services, a provider of health care practice management services; and Shutterfly, an online retailer and manufacturer of personalized products and services. Top detractors included an underweight in food safety, cleaning and sanitation services provider Packer Sanitation Services as well as overweights in health care apparel and footwear company Careismatic Brands and chemical manufacturer Schenectady International Group. |
| On a macro basis, the Fund was helped by its tactical exposures to high yield corporate bonds and euro-denominated credits during the Reporting Period. Its equity holdings, received by the Fund as part of distressed exchanges and restructurings, also contributed positively to performance. On the other hand, the Fund was hurt by its cash position, an overweight versus the Index in Europe ex-U.K.-domiciled credits and an underweight in CCC-rated credits. |
| Q | Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period? |
| A | The Fund does not use duration or yield curve positioning as active management strategies within its investment process. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign currency exchange contracts during the Reporting Period. The Fund also used U.S. Treasury futures as cost-efficient instruments to provide us with greater precision and versatility in the management of duration. |
| (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) Derivatives may be used in combination with cash securities to implement our views in the Fund. |
| The use of forward foreign currency exchange contracts and U.S. Treasury futures had a positive impact on the Fund’s performance during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | We did not make any significant changes to the Fund’s positioning during the Reporting Period. However, in retail and apparel and in non-cable media, we shifted the Fund from overweight positions versus the Index to underweight positions. |
| We increased the Fund’s overweights in packaging and in gas distribution utilities, especially during the second half of the Reporting Period. In addition, we reduced the size of the Fund’s overweights in autos and chemicals, though they continued to be top Fund overweights. Early in the Reporting Period, we increased the Fund’s overweights in energy, building materials, and leisure and restaurants, gradually decreasing the size of those overweights thereafter. |
| We increased the Fund’s underweight position compared to the Index in non-cellular telecommunications and decreased its underweight positions in consumer services, electric utilities, and gaming and lodging. Additionally, by the third quarter of 2023, we gradually increased the Fund’s underweights in cable and satellite TV media and home construction, only to reduce the size of those underweights afterwards. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund was overweight relative to the Index in autos, particularly suppliers and aftermarket players. We believed suppliers were supported by resilient end-customer demand, recovering automotive production, low dealer inventory levels and normalizing cost headwinds. As for aftermarket players, we thought they could benefit from smaller swings in demand for essential components and their ability to pass through price increases. In addition, the Fund was overweight packaging when the Reporting Period ended, driven by that market segment’s exposure to resilient end markets. Another notable Fund |
| 22 |
FUND RESULTS
| overweight was energy, especially midstream8 and downstream9 issuers because they tend to be more resilient during periods of volatile commodity prices, in our view. The Fund was also overweight specialty chemicals, which, in our opinion, continued to offer attractive yields and have demonstrated relatively resilient demand throughout the economic cycle. |
| The Fund was underweight non-cellular telecommunications, health care, consumer services and technology at the end of the Reporting Period. In our opinion, non-cellular telecommunications was experiencing a secular decline, driven largely by historical network underinvestment that has, in turn, resulted in less competitive offerings and limited pricing power compared to cable television providers. Furthermore, capital expenditures have increased as these companies seek to improve their competitive position, which has weakened the market segment’s credit fundamentals. The Fund was underweight health care at the end of the Reporting Period, because headwinds from labor cost inflation were squeezing margins and we found the higher proportion of smaller-sized credits in the market segment unappealing from a supply and demand standpoint. Within consumer services, which is largely comprised of smaller, sponsor-backed issuers, we had a preference for larger, liquid borrowers with strong industry positioning. Lastly, the Fund’s underweight in technology was driven by weakening cash flows and lower enterprise valuations. Within that market segment, we favored higher quality issuers with sound fundamentals. |
| From a ratings perspective, relative to the Index, the Fund was overweight higher quality BB- and B-rated bank loans at the end of the Reporting Period, as they provided yield accretive opportunities to swap and extend maturities, in our view. The Fund remained overweight deal structures that included both bank loans and high yield corporate bonds, as we believed these kinds of deals have historically experienced higher recovery rates. In addition, the Fund was underweight bank loans among smaller, less liquid new issues and underweight second-lien bank loans at the end of the Reporting Period. |
| 8 | The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities. |
| 9 | The downstream component of the energy industry is usually defined as the oil and gas operations that take place after the production phase, through to the point of sale. Downstream operations can include refining crude oil and distributing the by-products down to the retail level. By-products can include gasoline, natural gas liquids, diesel and a variety of other energy sources. |
| Q | What is the Fund’s tactical view and strategy for the months ahead? |
| A | At the end of the Reporting Period, we had a positive outlook for bank loans given what we viewed as healthy fundamentals. First, fourth quarter 2023 results were better than consensus expected, and credit fundamentals were in good shape, in our opinion, compared to those of the last 15 years. Second, corporate revenue, as well as corporate earnings before interest, taxes, depreciation and amortization (“EBITDA”), had registered growth for 13 consecutive quarters, leading to improvement in both leverage and coverage ratios,10 even though EBITDA growth had slowed in the inflationary environment. |
| Regarding supply and demand, we noted that the pullback in Fed rate cut expectations, along with solid fundamentals, had increased demand for bank loans at the end of the Reporting Period. Meanwhile, lower net issuance was enhancing strong market technicals. The combination of refinancing and repricing activity had enabled issuers to push out near-term maturities, which we believed was a significant positive for the market overall. In addition, we believed continued CLO issuance would be supportive of market technicals. |
| Going forward, we planned to continue focusing on issuer diversification, relative value opportunities and potential market dislocations that may offer idiosyncratic investment opportunities, though with a strong aversion to situations where we thought credit stress might materialize. That said, we noted that bank loans were offering attractive yields relative to high yield corporate bonds at the end of the Reporting Period. Although bank loans have historically offered lower yields than high yield corporate bonds due to their senior position in the capital structure, they benefited during the Reporting Period from the rise in short-term interest rates. In addition, their senior position tends to act as collateral, which can support their valuations and also help their performance relative to high yield corporate bonds during periods of market stress. We believed bank loans would remain attractive in volatile times because of their floating interest rates and lower sensitivity to broader rate movements compared to other fixed income market sectors. |
| 10 | A leverage ratio looks at how much of a company’s capital comes in the form of debt. Both leverage and coverage ratios are measurements of a company’s ability to meet its financial obligations. |
| 23 |
FUND BASICS
High Yield Floating Rate Fund
as of March 31, 2024
| TOP TEN INDUSTRY ALLOCATIONS± |
| Percentage of Net Assets | ||||||
| as of 3/31/24 | as of 3/31/23 | |||||
| Commercial Services |
7.7% | 6.1% | ||||
| Technology - Software |
5.7 | 3.2 | ||||
| Chemicals |
5.5 | 6.3 | ||||
| Packaging |
4.0 | 2.8 | ||||
| Diversified Manufacturing |
3.9 | 3.9 | ||||
| Diversified Financial Services |
3.6 | 2.4 | ||||
| Health Care Services |
3.3 | 3.5 | ||||
| Consumer Cyclical Services |
3.2 | 2.2 | ||||
| Entertainment |
3.2 | 3.6 | ||||
| Building Materials |
2.9 | 3.8 | ||||
| Other |
47.5 | 54.9 | ||||
| ± | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in exchange-traded funds and other investment companies of 8.3% as of 3/31/24 and investments in exchange-traded funds, other investment companies and securities lending reinvestment vehicle of 5.6% as of 3/31/23. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 24 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Credit Suisse Leveraged Loan Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| High Yield Floating Rate Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||
| Excluding sales charges |
11.23% | 4.44% | 3.45% | — | ||||||||||||||||||||||||||
| Including sales charges | 8.74% | 3.96% | 3.22% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||
| Excluding contingent deferred sales charges |
10.41% | 3.66% | 2.67% | — | ||||||||||||||||||||||||||
| Including contingent deferred sales charges | 9.33% | 3.66% | 2.67% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Institutional | 11.59% | 4.79% | 3.78% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Investor | 11.62% | 4.73% | 3.73% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R6 (Commenced November 30, 2017) | 11.60% | 4.80% | N/A | 4.25% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R | 10.96% | 4.19% | 3.19% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class P (Commenced April 20, 2018) | 11.60% | 4.82% | N/A | 4.27% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 2.25% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 25 |
FUND RESULTS
Goldman Sachs Investment Grade Credit Fund
March 31, 2024
|
Investment Objective
The Fund’s seeks a high level of total return consisting of capital appreciation and income. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Investment Grade Credit Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Institutional, Separate Account Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 4.53%, 4.87%, 4.88%, 4.79%, 4.88% and 4.88%, respectively. These returns compare to the 4.13% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Credit Index (the “Index”), during the same time period. |
| Q | What economic and market factors most influenced the investment grade credit market and the Fund during the Reporting Period? |
| A | During the second quarter of 2023, when the Reporting Period began, global investment grade credit spreads (that is, the difference in yields between global corporate bonds and duration-equivalent government securities) narrowed. Spread tightening was driven by resilient U.S. economic data, including better than market expected retail sales and an upward revision to first calendar quarter economic growth; a moderating inflation picture in the U.S.; and easing concerns about the health of U.S. regional banks. U.S. investment grade corporate bonds outperformed U.K. and European investment grade corporate bonds during the second calendar quarter. |
| In the third quarter of 2023, global investment grade credit spreads tightened slightly, as interest rates rose. The U.S. Treasury yield curve steepened,1 with longer-maturity yields reaching two-decade highs supported by increasing optimism about U.S. economic growth, a tight U.S. labor market and a hawkish Federal Reserve (“Fed”). (Hawkish tends to suggest higher interest rates; opposite of dovish.) |
| 1 | A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens; opposite of a flattening yield curve. |
| European and U.K. investment grade corporate bonds outperformed U.S. investment grade corporate bonds during the third calendar quarter. |
| In the fourth quarter of 2023, global investment grade credit saw one of its strongest quarterly returns in decades. Global investment grade credit spreads narrowed, as ongoing disinflation, soft landing2 optimism and a dovish shift by the Fed led to increased risk appetite and supported spread, or non-government bond, sectors across the board. (Dovish suggests lower interest rates; opposite of hawkish.) U.S. investment grade corporate bonds outperformed European and U.K. investment grade corporate bonds during the fourth calendar quarter. |
| The first quarter of 2024 was another robust quarter for global investment grade credit. Global investment grade spreads tightened amid soft landing optimism, strong demand for corporate bonds and relative healthy corporate fundamentals. European and U.K. investment grade corporate bonds outperformed U.S. investment grade corporate bonds during the first calendar quarter. |
| For the Reporting Period overall, investment grade credit, as represented by the Index, generated positive returns. Global investment grade credit spreads,3 which began the Reporting Period at 153 basis points, tightened by 53 basis points to finish the Reporting Period at 100 basis points. (A basis point is 1/100th of a percentage point.) U.S. investment grade credit spreads,4 which started the Reporting Period at 129 basis points, narrowed by 44 basis points to end the Reporting Period at 85 basis points. |
| 2 | A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. |
| 3 | As measured by the Bloomberg Global Aggregate Corporate Index. |
| 4 | As measured by the Index. |
| 26 |
FUND RESULTS
| New issuance strengthened during the Reporting Period overall. U.S. new issuance was approximately $316 billion, $289 billion and $212 billion in the second, third and fourth quarters of 2023, respectively. In the first quarter of 2024, U.S. new issuance was nearly $537 billion. European new issuance was approximately €182 billion, €122 billion and €101 billion in the second, third and fourth quarters of 2023, respectively. European new issuance was €230 billion during the first quarter of 2024. U.K. new issuance was approximately £17 billion, £11 billion and £11 billion in the second, third and fourth quarters of 2023, respectively. During the first quarter of 2024, U.K. new issuance was approximately £17 billion. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | During the Reporting Period, the Fund outperformed the Index, with individual issue selection and our cross-sector strategy driving relative returns. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index. The Fund’s duration and yield curve positioning strategies added modestly to performance. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) |
| Q | What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period? |
| A | Within individual issue selection, the Fund benefited from its down-in-quality bias, specifically its overweight versus the Index in BBB-rated issues, which outpaced their higher quality counterparts during the Reporting Period. The Fund was also helped by credit curve positioning, wherein it was overweight versus the Index in shorter-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. Individual issue selection among the investment grade corporate bonds of banks and electric utilities added further to relative returns. Broadly speaking, investments across the industrials, financials and utilities market segments proved beneficial. |
| Within our cross-sector strategy, the Fund’s overweight relative to the Index in corporate credit bolstered relative performance. However, the Fund was hampered by a pair trade wherein we sought to hedge the Fund’s exposure to credit spreads by taking positions in U.S. interest rates. This detracted from relative performance as interest rates rose during the Reporting Period. |
| Q | Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period? |
| A | Our duration and yield curve positioning strategies overall added slightly to the Fund’s relative performance during the Reporting Period. Specifically, the Fund benefited from its U.S. Treasury yield curve steepening positions wherein we sought to take advantage of a widening differential between shorter- and longer-term yields. (Derivatives are used in combination with cash securities to implement our views in the Fund.) |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, the Fund invested in interest rate futures contracts, interest rate swaps, swaptions (options on interest rate swap contracts), credit default swaps, total return swaps, and forward foreign currency exchange contracts. Interest rate futures contracts were employed to hedge interest rate exposure and facilitate specific duration and yield curve strategies. Interest rate swaps (fixed rate and floating rate) were employed to hedge interest rate exposure and express a relative term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Swaptions were used to express our interest rate views and to hedge volatility and yield curve risks in the Fund. Credit default swaps and total return swaps were used in combination to help manage the Fund’s credit exposure. Forward foreign currency exchange contracts were used to hedge the Fund’s currency exposure. Derivatives may be used in combination with cash securities to implement our views in the Fund. |
| During the Reporting Period, the use of credit default swaps by the Fund had a positive impact on performance. The Fund’s use of interest rate futures contracts, interest rate swaps and total return swaps each had a negative impact on performance. The Fund’s use of swaptions and forward foreign currency exchange contracts did not have a meaningful impact on performance during the Reporting Period. |
| 27 |
FUND RESULTS
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | During the Reporting Period, we increased the Fund’s exposure to banks. In our view, banks offered attractive carry,5 as their capital levels may provide protection against normalizing asset quality and net interest margin compression. At the same time, we continued to monitor deposit levels. In addition, we increased the Fund’s exposure to consumer non-cyclicals, as we believe these companies have resilient business models wherein the market position and scale of their businesses may cushion them against a market downturn. We also increased the Fund’s exposure to cyclical companies, such as energy businesses, that are in the growth stage of their industry life cycle. (Industry life cycle refers to the evolution of an industry or business based on its stages of growth and decline.) |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective August 23, 2023, Andrew Parra and Stanton Neilson became portfolio managers of the Fund. Benjamin Johnson, Head of the Global Investment Grade Credit team, continued to serve as portfolio manager of the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | How was the Fund positioned relative to its benchmark index at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund was positioned defensively overall. We had a preference for companies in market segments that might be able to withstand a potential economic growth slowdown. As a result, the Fund was overweight versus the Index in banks at the end of the Reporting Period. On the other hand, we were cautious about U.S. utility companies, as financing for the energy transition is costly and could lead to a deterioration in credit quality in the near term and rating pressure over the medium term. Accordingly, at the end of the Reporting Period, the Fund maintained an underweight position in U.S. utilities. |
| Q | What is the Fund’s tactical view and strategy for the months ahead? |
| A | At the end of the Reporting Period, the Fund was moderately overweight investment grade corporate bonds given what we considered to be solid corporate fundamentals and attractive opportunities for carry and roll.6 We did not foresee meaningful tightening of corporate spreads in the near term but believed absolute yield levels above 5% could result in strong income generation for the sector. |
| Overall, we thought corporate fundamentals remained healthy. At the end of the Reporting Period, corporate earnings before interest, taxes, depreciation and amortization (“EBITDA”) and balance sheet liquidity remained above their 2019 levels, while equity cushions, or collateral worth more than outstanding debt, had recovered from their 2022 lows. A slower macroeconomic environment and abating inflationary pressures led to weaker revenue growth in 2023, but we believed pricing power, cost cuts and operating leverage were supporting EBITDA margins, translating into modest EBITDA growth. When the Reporting Period ended, consensus expectations were pointing to an acceleration in revenue and EBITDA growth in 2024 compared to 2023. |
| From a ratings perspective, we planned to maintain the Fund’s selective down-in-quality bias. At the end of the Reporting Period, the Fund was overweight versus the Index in BBB-rated bonds, with a focus on companies that could reduce leverage. In our view, corporate management teams remained committed to maintaining investment grade debt ratings through conservative capital management. However, we saw scope for an uptick in the number of “fallen angels” (that is, investment grade corporate bonds downgraded to high yield status) and for select AA-rated and A-rated companies to migrate lower within investment grade if shareholder activity is prioritized over balance sheet quality. Additionally, at the end of the Reporting Period, we maintained the Fund’s overweight in the intermediate-maturity portion of the corporate credit curve as we looked to harvest carry-and-roll opportunities. |
| Broadly speaking, we believed at the end of the Reporting Period that higher yields and a helpful macroeconomic backdrop of declining inflation, non-recessionary growth, and central bank interest rate cuts should allow for an attractive total return environment. However, we were also mindful of idiosyncratic risks from higher interest rates and slower economic growth, particularly in consumer-oriented |
| 5 | In this context, carry represents the face value of a bond carried on a company’s balance sheet, plus any unamortized premium or less any unamortized discount (essentially the amount owed to bondholders by bond issuers.) |
| 6 | In this context, carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. Roll-down opportunities arise when the value of a bond converges to par as maturity is approached. |
| 28 |
FUND RESULTS
| market segments and in China as well as within commercial real estate. We intended to remain tactical in adjusting the Fund’s positioning in response to macroeconomic factors and what we viewed as market-driven opportunities. |
| 29 |
FUND BASICS
Investment Grade Credit Fund
as of March 31, 2024
| FUND COMPOSITION* |
| Percentage of Net Assets |
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| 30 |
FUND BASICS
| TOP TEN INDUSTRY ALLOCATIONS± |
| Percentage of Net Assets | ||||
| as of 3/31/24 | as of 3/31/23 | |||
| Banks |
22.4% | 20.6% | ||
| Telecommunication Services |
5.7 | 5.5 | ||
| Pipelines |
5.0 | 4.0 | ||
| Diversified Financial Services |
4.9 | 5.0 | ||
| Healthcare Providers & Services |
4.9 | 2.9 | ||
| Pharmaceuticals |
4.1 | 3.2 | ||
| Electrical |
4.0 | 2.8 | ||
| Real Estate Investment Trust |
3.9 | 3.0 | ||
| Software |
3.6 | 2.9 | ||
| Media |
3.6 | 3.6 | ||
| Other |
32.7 | 41.5 | ||
| ± | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 0.9% as of 3/31/24 and investments in exchange-traded funds and other investment companies of 3.3% as of 3/31/23. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 31 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024 of a $1,000,000 investment made on April 1, 2014 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Credit Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Investment Grade Credit Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 20241 | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||
| Excluding sales charges |
4.53% | 1.34% | 2.22% | — | ||||||||||||||||||||||||||
| Including sales charges | 0.63% | 0.56% | 1.82% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Institutional | 4.87% | 1.67% | 2.56% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Separate Account Institutional | 4.88% | 1.71% | 2.58% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Investor | 4.79% | 1.59% | 2.47% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R6 (Commenced July 31, 2015) | 4.88% | 1.71% | N/A | 2.55% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class P (Commenced April 20, 2018) | 4.88% | 1.71% | N/A | 2.45% | ||||||||||||||||||||||||||
|
|
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| 1 | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares. Because Institutional, Separate Account Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 32 |
FUND RESULTS
Goldman Sachs Short Duration High Yield Fund
March 31, 2024
|
Investment Objective
The Fund seeks an absolute return comprised of income and capital appreciation. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Opportunistic Corporate Credit Portfolio Management Team discusses Goldman Sachs Short Duration High Yield Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2024 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 8.09%, 7.30%, 8.45%, 8.50%, 8.46% and 8.46%, respectively. These returns compare to the 5.23% average annual total return of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Index”), during the same time period. |
| Effective February 13, 2024, Class R Shares of the Fund were terminated, per approval of the Board of Trustees of Goldman Sachs Trust. |
| Because the composition of the Index (e.g., short-term U.S. Treasury bills) is not comparable to the range of instruments in which the Fund may transact (e.g., various credit-related instruments), references to the Index are for informational purposes only and not an indication of how the Fund is managed. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | As a part of our investment philosophy, we apply a value-oriented approach to credit market investing, with a focus on capital preservation via high conviction ideas. Consistent with the cornerstone of our fundamentally-based investment process focused on bottom-up security selection, the Fund’s performance during the Reporting Period was attributable to individual security selection. |
| We maintained our focus on corporate fundamentals and earnings during the Reporting Period. The Fund’s long positioning in the consumer cyclical, capital goods and communications sectors contributed most to performance. The largest individual contributors during the Reporting Period included long positions in Titan Acquisition, Carnival and Coinbase Global. |
| There were no major detractors from results from a sector perspective during the Reporting Period. The largest individual detractors during the Reporting Period included the Fund’s positions in Vistajet Malta Finance, ASP Unifrax Holdings and Prairie Provident Resources. |
| Importantly, since the Fund’s portfolio is constructed through bottom-up, fundamental research and not relative to a benchmark, there is no requirement to hold issues from any single company or sector. |
| Q | Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period? |
| A | The Fund does not use duration and yield curve positioning as active management strategies within its investment process. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) That said, the Fund does implement interest rate swaps to hedge the interest rate risk of certain bonds, thereby limiting the Fund’s exposure to changes in interest rates. The Fund’s interest rate swap positions contributed positively to its performance during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used credit default swaps via a short position in a credit default swap high yield index to tactically hedge market risk, which detracted from performance. The Fund used interest rate swaps to hedge the interest rate risk of certain bonds, thereby limiting the Fund’s exposure to changes in interest rates. Interest rate swaps contributed positively to Fund performance during the Reporting Period. The Fund also used forward foreign currency exchange contracts to hedge foreign currency positions, which had a modestly positive effect on Fund performance during the Reporting Period. |
| 33 |
FUND RESULTS
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | During the Reporting Period, we continued to pursue investment opportunities based on fundamental, bottom-up research, which, in our view, offered compelling risk-adjusted return potential. |
| We reduced the Fund’s option-adjusted duration from 2.75 years in March 2023 to 2.34 years by March 2024. In our view, the Fund was relatively well positioned for the volatile interest rate environment. We rather steadily reduced the Fund’s duration profile during the Reporting Period given substantial sell-offs in interest rates during the fourth quarter of 2023 and subsequent rally as the market began to digest macroeconomic data pointing to rates likely staying higher for longer. (Option-adjusted duration, or effective duration, is a method of calculating the modified duration of a bond which includes a call provision to reflect the expected shortening effect of the issuer exercising his right to call the issue. It weighs the probability that the bond will be called based on the spread between its coupon rate and its yield, as well as the volatility of interest rates.) |
| The Fund’s opportunistic cash balance increased during the Reporting Period, as we sought to take advantage of a more active primary issuance market in the first months of 2024. We decreased the Fund’s allocation to bank loans given that market expectations were that the interest rate path upward appeared to have peaked. This led us to move the Fund’s allocation to bank loans from 27.5% of total net assets at the start of the Reporting Period back toward its historical baseline of a 15% of total net assets allocation. |
| From a sector perspective, we increased the Fund’s exposure to the energy sector. In our view, credit quality overall for energy issuers experienced secular improvement during the Reporting Period, especially among exploration and production companies, which had moved largely to the BB-rated category. We particularly positioned the Fund in names we believed had positive event risk via merger and acquisition. We also increased the Fund’s exposure to the leisure & restaurants sector, a shift driven by our view of attractive valuations and more resilient consumer spending. Conversely, we reduced the Fund’s exposure to the non-cable media sector, primarily broadcasting, as we felt secular changes in consumer viewing habits were creating stress throughout the TV ecosystem, including TV broadcasting. We also reduced the Fund’s exposure to the technology sector based on sluggish spending and highly levered capital within the sector. The result of these changes was an overall shift up in credit quality during the Reporting Period. More |
| specifically, the Fund’s allocations to BBB-rated and BB-rated issuers increased during the Reporting Period, and its allocations to B-rated and CCC-rated holdings decreased. |
| In all, we increased the total number of holdings in the Fund’s portfolio during the Reporting Period by 12, ending the Reporting Period with 312 holdings, as believed tighter credit spreads encouraged a more diverse portfolio. At the same time, we maintained rather steady concentration in the Fund’s top holdings, with the top ten issuers making up approximately 12% of the Fund’s total net assets throughout the Reporting Period. We decreased the number of positions that comprise more than 1% of the Fund’s total net assets, from 12 to seven, as measured by market value. Overall, our emphasis on Fund portfolio diversification amid a tighter spread environment was reflected in the Fund’s holdings, with the total positions in the Fund with a market value greater than 50 basis points decreasing from 75 to 37. (A basis point is 1/100th of a percentage point.) |
| We maintained the Fund’s short position in a credit default swap high yield index. We believe we will continue to see market volatility as 2024 progresses. One of the key tenets of our investment philosophy is capital preservation, which leads us to take a more defensive, cautious position given certain market conditions. We also believe our hedged approach may provide for active downside management for investors seeking to mitigate market risk and volatility. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned at the end of March 2024? |
| A | At the end of the Reporting Period, we remained constructive on the leveraged credit market. While the market at the end of the Reporting Period was trading at tight credit spread levels, based on a historical perspective, key factors supporting valuations, in our view, included solid corporate balance sheets, healthy cash balances generally, relatively strong technicals (i.e., supply/demand factors), and an active primary market that enabled the leveraged credit market to cut maturities through 2026 to $514 billion from $841 billion one year prior. |
| Based on this view, we intend to seek to use market volatility going forward as an opportunity to selectively add to Fund holdings at attractive valuations, albeit with a strong focus on default avoidance and drawdown management. (A drawdown |
| 34 |
FUND RESULTS
| refers to how much an investment is down from the peak before it recovers back to the peak. Drawdowns are a measure of downside volatility.) That said, we remained mindful of the growing effect of higher interest rates on the economy over time as well as the upside inflation risks posed by tight labor markets and broader services price pressures—which together may create challenges for some corporate issuers and which may weigh on forward earnings. Additionally, the growing prevalence of distressed companies taking advantage of liquidity management exercises has become top of mind for us. Thus, given these concerns, we expect to maintain our up-in-quality bias for the Fund’s portfolio, and we remained wary of companies we believe may take aggressive approaches to addressing upcoming maturities and/or overleveraged balance sheets. Our focus at the end of the Reporting Period remained on higher quality bonds that we believe offer reasonable risk-adjusted credit spreads and select, high conviction, lower-rated idiosyncratic opportunities. We continued to closely monitor issuers to assess their ability to pass through inflation costs while maintaining operating margins and free cash flow. We had monetized certain investments that had achieved our price targets during the Reporting Period and |
| expected at the end of the Reporting Period to maintain cash balances in anticipation of further opportunities to buy high quality names trading at a discount and/or what we see as attractive new issues. As always, we remain diligent as it relates to primary markets and seek to selectively add new credits that possess, in our view, attractive assets and strong fundamentals. As we grow increasingly confident in these credits, there is potential, we believe, for them to become core Fund portfolio holdings. |
| Reflecting these views, as of March 31, 2024, approximately 58.2% of the Fund’s total net assets was invested in unsecured debt obligations, 20.0% in bank loans, 10.3% in secured debt obligations, 3.4% in investment grade corporate bonds, less than 1% in preferred and other equity securities and 7.7% in cash and cash equivalents. The Fund’s notional derivative exposure, calculated as a percentage of total net assets, was -10.0% in a credit default swap high yield index. The Fund had a total of 312 holdings at March 31, 2024, with the Fund’s top long corporate issuers, as measured by a percentage of total net assets invested, being Transdigm, Match Group Holdings and CCO Holdings. |
| 35 |
FUND RESULTS
| Upon the recommendation of Goldman Sachs Asset Management, L.P. (the “Investment Adviser”), the Board of Trustees of the Goldman Sachs Trust approved changes on February 16, 2024 to the Fund’s name, investment objective, principal investment strategy, contractual management fee rate and benchmark index. These changes became effective after the close of business on April 17, 2024 (the “Effective Date”), which was after the close of the Reporting Period. The Fund’s name changed to the Goldman Sachs Short Duration High Yield Fund. The Fund’s contractual management fee rate was lowered from 1.00% to 0.55% of the Fund’s average daily net assets (at its then-current breakpoint). The Fund’s benchmark index changed from the ICE BofAML U.S. 3-Month Treasury Bill Index to the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index. In connection with these changes, Peter Campo, Global Co-Head of High Yield and Bank Loans, became a portfolio manager of the Fund. Ashish Shah, Managing Director, Co-Chief Investment Officer of Global Fixed Income; Michael McGuiness, Vice President, Head of Opportunistic Corporate Credit and a portfolio manager within Global Fixed Income; and Aakah Thombre, Vice President, continue to serve as portfolio managers of the Fund. |
| After the Effective Date, the Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities. Beginning in mid-February 2024, the Investment Adviser gradually transitioned the Fund’s portfolio holdings in order to comply with the Fund’s new investment strategy on the Effective Date or shortly thereafter. |
| The Fund will experience higher portfolio turnover (i.e., the purchase and sale of securities and other instruments) as the Investment Adviser implements these changes to the investment strategy. A higher rate of portfolio turnover will result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and may result in higher capital gains for taxable shareholders. Shareholders should contact their tax advisers concerning the tax consequences of the repositioning. |
| For more details on all of these changes, please see the Supplement dated February 16, 2024 to the Prospectuses, Summary Prospectuses and Statement of Additional Information, each dated July 28, 2023. |
| 36 |
FUND BASICS
Short Duration High Yield Fund
as of March 31, 2024
| FUND COMPOSITION* |
| Percentage of Net Assets |
| * | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| 37 |
FUND BASICS
| TOP TEN INDUSTRY ALLOCATIONS± |
| Percentage of Net Assets | ||||||
| as of 3/31/24 | as of 3/31/23 | |||||
| Media |
7.9% | 9.2% | ||||
| Oil Field Services |
7.0 | 6.0 | ||||
| Retailing |
6.2 | 5.5 | ||||
| Chemicals |
5.0 | 5.1 | ||||
| Diversified Financial Services |
4.5 | 4.9 | ||||
| Pipelines |
4.3 | 2.6 | ||||
| Commercial Services |
3.8 | 4.7 | ||||
| Aerospace & Defense |
3.4 | 3.5 | ||||
| Internet |
2.9 | 3.7 | ||||
| Leisure Time |
2.5 | 1.8 | ||||
| Other |
44.8 | 49.1 | ||||
| ± | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 6.7% as of 3/31/24 and 0.0% as of 3/31/23. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
| 38 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
Performance Summary
March 31, 2024
The following graph shows the value, as of March 31, 2024, of a $1,000,000 investment made on April 1, 2014 in Institutional Shares at NAV. The performance data in the graph for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the period shown. For comparative purposes, the performance of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Short Duration High Yield Fund’s 10 Year Performance |
Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2014 through March 31, 2024.
| Average Annual Total Return through March 31, 2024* | One Year | Five Years | Ten Years | Since Inception | ||||||||||||||||||||||||||
| Class A (Commenced April 30, 2014) |
||||||||||||||||||||||||||||||
| Excluding sales charges |
8.09% | 2.54% | N/A | 1.42% | ||||||||||||||||||||||||||
| Including sales charges | 4.07% | 1.76% | N/A | 1.03% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class C (Commenced April 30, 2014) |
||||||||||||||||||||||||||||||
| Excluding contingent deferred sales charges |
7.30% | 1.78% | N/A | 0.65% | ||||||||||||||||||||||||||
| Including contingent deferred sales charges | 6.25% | 1.78% | N/A | 0.65% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Institutional | 8.45% | 2.88% | 1.77% | — | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Investor (Commenced April 30, 2014) | 8.50% | 2.82% | N/A | 1.68% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class R6 (Commenced November 30, 2017) | 8.46% | 2.89% | N/A | 2.31% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Class P (Commenced April 20, 2018) | 8.46% | 2.89% | N/A | 2.41% | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
| 39 |
FUND BASICS
Index Definitions
March 31, 2024
The J.P. Morgan Emerging Markets Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes.
The Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Credit Suisse Leveraged Loan Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Bloomberg U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The J.P. Morgan Government Bond Index — Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Bloomberg U.S. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
Bloomberg Global Aggregate Corporate Index is a measure of global investment grade, fixed-rate corporate debt. This multimarkets issuers within the industrial, utility and financial sectors CDX indices are a family of tradable credit default swap indices covering North America and the emerging markets. TRS is an index based on Markit iBoxxTM USD Liquid Leveraged Loans Index, which is comprised of about 100 of the most liquid, tradable leveraged loans, as identified by Markit’s Loan Liquidity service. It is not possible to invest directly in an unmanaged index.
The ICE BofAML Three-Month U.S. Treasury Bill Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that Issue is sold and rolled into a newly selected issue. It is not possible to invest directly in an unmanaged index.
The JP Morgan CEMBI Broad Diversified Index is a global, liquid corporate emerging-markets benchmark that tracks U.S.-denominated corporate bonds issued by emerging markets entities.
It is not possible to invest directly in an unmanaged index.
| 40 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 91.4% |
| |||||||||||||||
| Argentina(a)(b) – 0.6% |
| |||||||||||||||
| YPF SA (NR/Caa3) |
||||||||||||||||
| $ | 190,000 | 9.500 | % | 01/17/31 | $ | 193,308 | ||||||||||
|
|
||||||||||||||||
| Australia(a) – 0.5% |
| |||||||||||||||
| Santos Finance Ltd. (BBB-/NR) |
||||||||||||||||
| 200,000 | 4.125 | 09/14/27 | 189,558 | |||||||||||||
|
|
||||||||||||||||
| Bermuda(a) – 0.6% |
| |||||||||||||||
| Inkia Energy Ltd. (B+/Ba2) |
||||||||||||||||
| 200,000 | 5.875 | 11/09/27 | 195,340 | |||||||||||||
|
|
||||||||||||||||
| Brazil – 3.4% |
| |||||||||||||||
| B3 SA - Brasil Bolsa Balcao (NR/Ba1) |
||||||||||||||||
| 210,000 | 4.125 | 09/20/31 | 183,487 | |||||||||||||
| Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) |
||||||||||||||||
| 300,000 | 6.250 | (a)(c) | 10/15/24 | 299,883 | ||||||||||||
| Guara Norte SARL (NR/Baa3) |
||||||||||||||||
| 171,358 | 5.198 | 06/15/34 | 155,775 | |||||||||||||
| Petrobras Global Finance BV (BB/Ba1) |
||||||||||||||||
| 200,000 | 6.500 | (a) | 07/03/33 | 201,840 | ||||||||||||
| Samarco Mineracao SA (NR/B3) (PIK 9.049%, Cash 9.000%) |
| |||||||||||||||
| 60,000 | 9.500 | (a)(d) | 06/30/31 | 54,000 | ||||||||||||
| Sitios Latinoamerica SAB de CV (NR/Baa3) |
||||||||||||||||
| 260,000 | 5.375 | (a) | 04/04/32 | 242,369 | ||||||||||||
| Vale Overseas Ltd. (BBB-/Baa3) |
||||||||||||||||
| 50,000 | 6.125 | (a) | 06/12/33 | 50,375 | ||||||||||||
|
|
|
|||||||||||||||
| 1,187,729 | ||||||||||||||||
|
|
||||||||||||||||
| British Indian Ocean Territory – 0.9% |
| |||||||||||||||
| Gohl Capital Ltd. (NR/Baa2) |
||||||||||||||||
| 310,000 | 4.250 | 01/24/27 | 297,794 | |||||||||||||
|
|
||||||||||||||||
| Burundi – 0.7% |
| |||||||||||||||
| Eastern & Southern African Trade & Development Bank (NR/Baa3) |
| |||||||||||||||
| 240,000 | 4.875 | 05/23/24 | 238,229 | |||||||||||||
|
|
||||||||||||||||
| Canada(a) – 1.7% |
| |||||||||||||||
| First Quantum Minerals Ltd. (B/NR) |
||||||||||||||||
| 200,000 | 6.875 | 10/15/27 | 190,400 | |||||||||||||
| 200,000 | 9.375 | (b) | 03/01/29 | 207,476 | ||||||||||||
| St. Mary’s Cement, Inc. (BBB/Baa3) |
||||||||||||||||
| 200,000 | 5.750 | (b) | 04/02/34 | 198,000 | ||||||||||||
|
|
|
|||||||||||||||
| 595,876 | ||||||||||||||||
|
|
||||||||||||||||
| Cayman Islands – 0.5% |
| |||||||||||||||
| DP World Crescent Ltd. (NR/Baa2) |
||||||||||||||||
| 200,000 | 3.875 | 07/18/29 | 187,688 | |||||||||||||
|
|
||||||||||||||||
| Chile – 3.7% |
| |||||||||||||||
| Banco Santander Chile (A-/A2) |
||||||||||||||||
| 200,000 | 2.700 | (a) | 01/10/25 | 195,112 | ||||||||||||
| Cia Cervecerias Unidas SA (BBB/NR) |
||||||||||||||||
| 210,000 | 3.350 | (a) | 01/19/32 | 179,747 | ||||||||||||
| GNL Quintero SA (BBB+/Baa2) |
||||||||||||||||
| 323,600 | 4.634 | 07/31/29 | 315,611 | |||||||||||||
| Interchile SA (NR/Baa1) |
||||||||||||||||
| 250,000 | 4.500 | (a) | 06/30/56 | 202,891 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Chile (continued) |
| |||||||||||||||
| Inversiones CMPC SA (BBB/Baa3) | ||||||||||||||||
| $ | 200,000 | 4.375 | % | 04/04/27 | $ | 192,562 | ||||||||||
| 230,000 | 3.000 | (a) | 04/06/31 | 196,003 | ||||||||||||
|
|
|
|||||||||||||||
| 1,281,926 | ||||||||||||||||
|
|
||||||||||||||||
| China(a) – 1.0% |
| |||||||||||||||
| Meituan (BBB/Baa3) | ||||||||||||||||
| 200,000 | 3.050 | 10/28/30 | 171,334 | |||||||||||||
| Prosus NV (BBB/Baa3) | ||||||||||||||||
| 200,000 | 4.193 | 01/19/32 | 173,250 | |||||||||||||
|
|
|
|||||||||||||||
| 344,584 | ||||||||||||||||
|
|
||||||||||||||||
| Colombia – 5.6% |
| |||||||||||||||
| Banco de Bogota SA (NR/Ba2) | ||||||||||||||||
| 470,000 | 6.250 | 05/12/26 | 468,091 | |||||||||||||
| Ecopetrol SA (BB+/Baa3) | ||||||||||||||||
| 660,000 | 8.625 | (a) | 01/19/29 | 696,732 | ||||||||||||
| Empresas Publicas de Medellin ESP (NR/Baa3) | ||||||||||||||||
| 290,000 | 4.250 | (a) | 07/18/29 | 250,699 | ||||||||||||
| Geopark Ltd. (B+/NR) | ||||||||||||||||
| 200,000 | 5.500 | (a) | 01/17/27 | 181,500 | ||||||||||||
| Oleoducto Central SA (BB+/Baa3) | ||||||||||||||||
| 350,000 | 4.000 | (a) | 07/14/27 | 326,485 | ||||||||||||
|
|
|
|||||||||||||||
| 1,923,507 | ||||||||||||||||
|
|
||||||||||||||||
| Cyprus – 0.6% |
| |||||||||||||||
| MHP SE (CCC/NR) | ||||||||||||||||
| 200,000 | 7.750 | 05/10/24 | 192,000 | |||||||||||||
|
|
||||||||||||||||
| Czech Republic(a)(c) – 1.3% | ||||||||||||||||
| Ceska sporitelna AS (BBB+/NR) (3 mo. EUR Euribor + 2.350%) |
| |||||||||||||||
| EUR | 400,000 | 5.737 | 03/08/28 | 445,565 | ||||||||||||
|
|
||||||||||||||||
| Dominican Republic(a) – 1.2% | ||||||||||||||||
| Aeropuertos Dominicanos Siglo XXI SA (BB/Ba2) | ||||||||||||||||
| $ | 400,000 | 6.750 | 03/30/29 | 406,750 | ||||||||||||
|
|
||||||||||||||||
| Ghana(a) – 1.1% |
| |||||||||||||||
| Kosmos Energy Ltd. (B/B3u) | ||||||||||||||||
| 400,000 | 7.125 | 04/04/26 | 393,625 | |||||||||||||
|
|
||||||||||||||||
| Guatemala(a) – 2.2% |
| |||||||||||||||
| Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) | ||||||||||||||||
| 200,000 | 4.875 | (c) | 01/29/31 | 190,200 | ||||||||||||
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) |
| |||||||||||||||
| 200,000 | 5.250 | 04/27/29 | 189,728 | |||||||||||||
| CT Trust (NR/Ba2) | ||||||||||||||||
| 200,000 | 5.125 | 02/03/32 | 176,130 | |||||||||||||
| Energuate Trust (NR/Ba2) | ||||||||||||||||
| 220,000 | 5.875 | 05/03/27 | 210,306 | |||||||||||||
|
|
|
|||||||||||||||
| 766,364 | ||||||||||||||||
|
|
||||||||||||||||
| Hong Kong(a) – 1.2% |
| |||||||||||||||
| CAS Capital No. 1 Ltd. (BB/Ba2) (5 yr. CMT + 3.642%) |
| |||||||||||||||
| 200,000 | 4.000 | (c) | 07/12/26 | 183,250 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Hong Kong(a) (continued) |
| |||||||||||||||
| Melco Resorts Finance Ltd. (BB-/Ba3) |
| |||||||||||||||
| $ | 260,000 | 5.625 | % | 07/17/27 | $ | 248,544 | ||||||||||
|
|
|
|||||||||||||||
| 431,794 | ||||||||||||||||
|
|
||||||||||||||||
| Hungary(a)(c) – 0.6% |
| |||||||||||||||
| OTP Bank Nyrt (NR/Ba2) (-1X 5 yr. EURIBOR ICE Swap + 3.200%) |
| |||||||||||||||
| EUR | 200,000 | 2.875 | 07/15/29 | 212,139 | ||||||||||||
|
|
||||||||||||||||
| India(a) – 2.1% |
| |||||||||||||||
| Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) |
| |||||||||||||||
| $ | 200,000 | 4.200 | 08/04/27 | 184,750 | ||||||||||||
| IRB Infrastructure Developers Ltd. (NR/Ba2) |
| |||||||||||||||
| 200,000 | 7.110 | (b) | 03/11/32 | 202,937 | ||||||||||||
| JSW Hydro Energy Ltd. (NR/Ba1) |
| |||||||||||||||
| 161,000 | 4.125 | 05/18/31 | 142,485 | |||||||||||||
| JSW Infrastructure Ltd. (NR/Ba1) |
| |||||||||||||||
| 200,000 | 4.950 | 01/21/29 | 187,700 | |||||||||||||
|
|
|
|||||||||||||||
| 717,872 | ||||||||||||||||
|
|
||||||||||||||||
| Israel – 1.5% |
| |||||||||||||||
| Teva Pharmaceutical Finance Netherlands III BV (BB-/Ba2) |
| |||||||||||||||
| 200,000 | 7.125 | (a) | 01/31/25 | 200,942 | ||||||||||||
| 150,000 | 3.150 | 10/01/26 | 140,205 | |||||||||||||
| 200,000 | 4.750 | (a) | 05/09/27 | 193,566 | ||||||||||||
|
|
|
|||||||||||||||
| 534,713 | ||||||||||||||||
|
|
||||||||||||||||
| Jordan – 0.7% |
| |||||||||||||||
| Hikma Finance USA LLC (BBB-/WR) |
| |||||||||||||||
| 250,000 | 3.250 | 07/09/25 | 241,094 | |||||||||||||
|
|
||||||||||||||||
| Kazakhstan(a) – 0.5% |
| |||||||||||||||
| Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) |
| |||||||||||||||
| 200,000 | 2.625 | 08/15/25 | 190,000 | |||||||||||||
|
|
||||||||||||||||
| Luxembourg – 2.0% |
| |||||||||||||||
| Acu Petroleo Luxembourg SARL (BB/Ba2) |
| |||||||||||||||
| 242,425 | 7.500 | (a) | 07/13/35 | 235,395 | ||||||||||||
| MHP Lux SA (CCC/NR) |
| |||||||||||||||
| 200,000 | 6.950 | 04/03/26 | 168,625 | |||||||||||||
| Rede D’or Finance SARL (BB/NR) |
| |||||||||||||||
| 320,000 | 4.500 | (a) | 01/22/30 | 287,216 | ||||||||||||
|
|
|
|||||||||||||||
| 691,236 | ||||||||||||||||
|
|
||||||||||||||||
| Macau(a) – 3.6% |
| |||||||||||||||
| MGM China Holdings Ltd. (B+/B1) |
| |||||||||||||||
| 200,000 | 4.750 | 02/01/27 | 190,111 | |||||||||||||
| Sands China Ltd. (BBB-/Baa2) |
| |||||||||||||||
| 360,000 | 4.050 | 01/08/26 | 346,050 | |||||||||||||
| 260,000 | 2.300 | 03/08/27 | 234,924 | |||||||||||||
| 200,000 | 5.400 | 08/08/28 | 196,198 | |||||||||||||
| Wynn Macau Ltd. (BB-/B1) |
| |||||||||||||||
| 270,000 | 5.500 | 10/01/27 | 258,188 | |||||||||||||
|
|
|
|||||||||||||||
| 1,225,471 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Malaysia(a) – 0.5% |
| |||||||||||||||
| GENM Capital Labuan Ltd. (BBB-/NR) |
| |||||||||||||||
| $ | 200,000 | 3.882 | % | 04/19/31 | $ | 175,250 | ||||||||||
|
|
||||||||||||||||
| Mauritius(a) – 0.7% |
| |||||||||||||||
| Axian Telecom (B/NR) |
| |||||||||||||||
| 240,000 | 7.375 | 02/16/27 | 232,932 | |||||||||||||
|
|
||||||||||||||||
| Mexico – 8.2% |
| |||||||||||||||
| Banco Mercantil del Norte SA (BB-/Ba2) (5 yr. CMT + 4.967%) |
| |||||||||||||||
| 230,000 | 6.750 | (a)(c) | 09/27/24 | 228,491 | ||||||||||||
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/A3) |
| |||||||||||||||
| 230,000 | 5.375 | 04/17/25 | 228,604 | |||||||||||||
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa2) (5 yr. CMT + 2.995%) |
| |||||||||||||||
| 200,000 | 7.525 | (a)(c) | 10/01/28 | 208,312 | ||||||||||||
| BBVA Bancomer SA (BB/NR) (5 yr. CMT + 2.650%) |
| |||||||||||||||
| 200,000 | 5.125 | (a)(c) | 01/18/33 | 185,188 | ||||||||||||
| Becle SAB de CV (BBB-/NR) |
| |||||||||||||||
| 250,000 | 2.500 | (a) | 10/14/31 | 198,203 | ||||||||||||
| Bimbo Bakeries USA, Inc. (BBB+/Baa1) |
| |||||||||||||||
| 200,000 | 6.050 | (a)(b) | 01/15/29 | 206,516 | ||||||||||||
| 200,000 | 6.400 | (a)(b) | 01/15/34 | 213,396 | ||||||||||||
| Cemex SAB de CV (BB/NR) (5 yr. CMT + 5.157%) |
| |||||||||||||||
| 340,000 | 9.125 | (a)(c) | 03/14/28 | 366,894 | ||||||||||||
| Cemex SAB de CV (BBB-/NR) |
| |||||||||||||||
| 200,000 | 3.875 | (a) | 07/11/31 | 177,500 | ||||||||||||
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) |
| |||||||||||||||
| 400,000 | 4.375 | (a) | 07/22/31 | 322,875 | ||||||||||||
| Mexico City Airport Trust (BBB/Baa3) |
| |||||||||||||||
| 330,000 | 4.250 | (a) | 10/31/26 | 318,707 | ||||||||||||
| 200,000 | 5.500 | (a) | 07/31/47 | 168,813 | ||||||||||||
|
|
|
|||||||||||||||
| 2,823,499 | ||||||||||||||||
|
|
||||||||||||||||
| Mongolia(a) – 0.4% |
| |||||||||||||||
| Mongolian Mining Corp. (NR/NR) |
| |||||||||||||||
| 10,000 | 10.000 | (d) | 10/01/24 | 9,983 | ||||||||||||
| Mongolian Mining Corp./Energy Resources LLC (NR/B3) |
| |||||||||||||||
| 125,000 | 12.500 | 09/13/26 | 134,517 | |||||||||||||
|
|
|
|||||||||||||||
| 144,500 | ||||||||||||||||
|
|
||||||||||||||||
| Morocco – 1.5% |
| |||||||||||||||
| OCP SA (BB+/NR) |
| |||||||||||||||
| 320,000 | 4.500 | 10/22/25 | 312,000 | |||||||||||||
| 260,000 | 5.125 | (a) | 06/23/51 | 195,894 | ||||||||||||
|
|
|
|||||||||||||||
| 507,894 | ||||||||||||||||
|
|
||||||||||||||||
| Netherlands – 5.0% |
| |||||||||||||||
| Braskem Netherlands Finance BV (BB+/NR) |
| |||||||||||||||
| 200,000 | 4.500 | (a) | 01/31/30 | 171,760 | ||||||||||||
| Minejesa Capital BV (NR/Baa3) |
| |||||||||||||||
| 185,960 | 4.625 | 08/10/30 | 176,430 | |||||||||||||
| MV24 Capital BV (BB+/NR) |
| |||||||||||||||
| 322,544 | 6.748 | 06/01/34 | 302,591 | |||||||||||||
|
|
||||||||||||||||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Netherlands (continued) |
|
|||||||||||||||
| NE Property BV (BBB/NR) | ||||||||||||||||
| EUR | 330,000 | 1.875 | %(a) | 10/09/26 | $ | 331,184 | ||||||||||
| Prosus NV (BBB/Baa3) | ||||||||||||||||
| $ | 200,000 | 3.257 | (a) | 01/19/27 | 184,500 | |||||||||||
| 400,000 | 3.680 | (a) | 01/21/30 | 349,700 | ||||||||||||
| Vivo Energy Investments BV (BB+/Baa3) | ||||||||||||||||
| 210,000 | 5.125 | (a) | 09/24/27 | 199,893 | ||||||||||||
|
|
|
|||||||||||||||
| 1,716,058 | ||||||||||||||||
|
|
||||||||||||||||
| Nigeria – 2.9% |
| |||||||||||||||
| Access Bank PLC (NR/Caa1) | ||||||||||||||||
| 370,000 | 6.125 | 09/21/26 | 342,405 | |||||||||||||
| IHS Holding Ltd. (B+/NR) | ||||||||||||||||
| 280,000 | 5.625 | (a) | 11/29/26 | 260,750 | ||||||||||||
| SEPLAT Energy PLC (B/Caa1) | ||||||||||||||||
| 400,000 | 7.750 | (a) | 04/01/26 | 388,500 | ||||||||||||
|
|
|
|||||||||||||||
| 991,655 | ||||||||||||||||
|
|
||||||||||||||||
| Norway(a) – 0.5% |
| |||||||||||||||
| DNO ASA (NR/NR) |
|
|||||||||||||||
| 190,000 | 7.875 | 09/09/26 | 189,525 | |||||||||||||
|
|
||||||||||||||||
| Panama(a) – 2.4% |
| |||||||||||||||
| Aeropuerto Internacional de Tocumen SA (BBB/Baa3) |
| |||||||||||||||
| 200,000 | 4.000 | 08/11/41 | 147,157 | |||||||||||||
| 200,000 | 5.125 | 08/11/61 | 145,625 | |||||||||||||
| AES Panama Generation Holdings SRL (NR/Baa3) |
| |||||||||||||||
| 392,838 | 4.375 | 05/31/30 | 341,358 | |||||||||||||
| Telecomunicaciones Digitales SA (NR/Ba2) |
| |||||||||||||||
| 200,000 | 4.500 | 01/30/30 | 178,375 | |||||||||||||
|
|
|
|||||||||||||||
| 812,515 | ||||||||||||||||
|
|
||||||||||||||||
| Paraguay(a) – 1.4% |
| |||||||||||||||
| Banco Continental SAECA (NR/Ba1) | ||||||||||||||||
| 300,000 | 2.750 | 12/10/25 | 280,695 | |||||||||||||
| Telefonica Celular del Paraguay SA (NR/Ba2) |
| |||||||||||||||
| 200,000 | 5.875 | 04/15/27 | 195,062 | |||||||||||||
|
|
|
|||||||||||||||
| 475,757 | ||||||||||||||||
|
|
||||||||||||||||
| Peru – 3.9% |
| |||||||||||||||
| Banco de Credito del Peru SA (BBB/NR) | ||||||||||||||||
| 220,000 | 5.850 | (a)(b) | 01/11/29 | 221,826 | ||||||||||||
| Consorcio Transmantaro SA (NR/Baa3) | ||||||||||||||||
| 240,000 | 4.700 | 04/16/34 | 225,600 | |||||||||||||
| Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) |
| |||||||||||||||
| 400,000 | 8.550 | (a)(b) | 09/18/33 | 426,334 | ||||||||||||
| InRetail Consumer (BB+/Baa3) | ||||||||||||||||
| 200,000 | 3.250 | (a) | 03/22/28 | 179,125 | ||||||||||||
| SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba1) |
| |||||||||||||||
| 320,000 | 3.500 | (a) | 08/02/28 | 276,000 | ||||||||||||
|
|
|
|||||||||||||||
| 1,328,885 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Romania(a)(c) – 1.7% |
|
|||||||||||||||
| Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR Euribor + 4.539%) |
| |||||||||||||||
| EUR | 200,000 | 7.625 | % | 05/19/27 | $ | 226,806 | ||||||||||
| Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) |
| |||||||||||||||
| 320,000 | 8.875 | 04/27/27 | 365,083 | |||||||||||||
|
|
|
|||||||||||||||
| 591,889 | ||||||||||||||||
|
|
||||||||||||||||
| Singapore – 1.8% |
| |||||||||||||||
| Continuum Energy Aura Pte. Ltd. (B+/NR) |
| |||||||||||||||
| $ | 200,000 | 9.500 | (a) | 02/24/27 | 207,875 | |||||||||||
| LLPL Capital Pte. Ltd. (NR/Baa3) | ||||||||||||||||
| 348,390 | 6.875 | 02/04/39 | 345,995 | |||||||||||||
| Modernland Overseas Pte. Ltd. (NR/Ca) (PIK 3.000%, Cash 2.000%) |
| |||||||||||||||
| 200,000 | 5.000 | (a)(d) | 04/30/27 | 65,000 | ||||||||||||
|
|
|
|||||||||||||||
| 618,870 | ||||||||||||||||
|
|
||||||||||||||||
| South Africa – 4.2% |
| |||||||||||||||
| Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) |
| |||||||||||||||
| 240,000 | 6.375 | (a)(c) | 05/27/26 | 230,520 | ||||||||||||
| Bidvest Group U.K. PLC (NR/Ba2) | ||||||||||||||||
| 230,000 | 3.625 | (a) | 09/23/26 | 214,130 | ||||||||||||
| Eskom Holdings SOC Ltd. (B/B2) | ||||||||||||||||
| 200,000 | 7.125 | 02/11/25 | 199,100 | |||||||||||||
| Eskom Holdings SOC Ltd. (BB-/Ba2)(e) | ||||||||||||||||
| 200,000 | 4.314 | 07/23/27 | 183,742 | |||||||||||||
| MTN Mauritius Investments Ltd. (BB-/Ba2) |
| |||||||||||||||
| 320,000 | 6.500 | 10/13/26 | 322,500 | |||||||||||||
| Sasol Financing USA LLC (BB+/Ba1) | ||||||||||||||||
| 290,000 | 8.750 | (a) | 05/03/29 | 295,166 | ||||||||||||
|
|
|
|||||||||||||||
| 1,445,158 | ||||||||||||||||
|
|
||||||||||||||||
| Supranational – 1.0% |
| |||||||||||||||
| African Export-Import Bank (NR/Baa1) | ||||||||||||||||
| 200,000 | 2.634 | (a) | 05/17/26 | 186,758 | ||||||||||||
| Eastern & Southern African Trade & Development Bank (NR/Baa3) |
| |||||||||||||||
| 200,000 | 4.125 | 06/30/28 | 174,754 | |||||||||||||
|
|
|
|||||||||||||||
| 361,512 | ||||||||||||||||
|
|
||||||||||||||||
| Thailand(a)(c) – 0.5% |
| |||||||||||||||
| Muang Thai Life Assurance PCL (NR/NR) (10 yr. CMT + 2.400%) |
| |||||||||||||||
| 200,000 | 3.552 | 01/27/37 | 186,188 | |||||||||||||
|
|
||||||||||||||||
| Turkey – 5.4% |
| |||||||||||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS (BB+/NR) |
| |||||||||||||||
| 320,000 | 3.375 | (a) | 06/29/28 | 278,400 | ||||||||||||
| Coca-Cola Icecek AS (BB+/NR) | ||||||||||||||||
| 200,000 | 4.500 | (a) | 01/20/29 | 187,375 | ||||||||||||
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) |
| |||||||||||||||
| 268,101 | 9.500 | (a) | 07/10/36 | 249,669 | ||||||||||||
| Mersin Uluslararasi Liman Isletmeciligi AS (B+/NR) |
| |||||||||||||||
| 500,000 | 8.250 | (a)(b) | 11/15/28 | 516,562 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Turkey (continued) |
|
|||||||||||||||
| Turkiye Garanti Bankasi AS (NR/Caa2) (5 yr. CMT + 4.090%) |
| |||||||||||||||
| $ | 200,000 | 8.375 | %(a)(b)(c) | 02/28/34 | $ | 199,875 | ||||||||||
| Yapi ve Kredi Bankasi AS (NR/B3) |
||||||||||||||||
| 400,000 | 9.250 | (b) | 10/16/28 | 424,550 | ||||||||||||
|
|
|
|||||||||||||||
| 1,856,431 | ||||||||||||||||
|
|
||||||||||||||||
| Ukraine – 0.6% |
| |||||||||||||||
| Metinvest BV (CCC+/NR) |
||||||||||||||||
| EUR | 220,000 | 5.625 | 06/17/25 | 213,019 | ||||||||||||
|
|
||||||||||||||||
| United Arab Emirates – 2.4% |
| |||||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) |
| |||||||||||||||
| $ | 494,344 | 2.160 | 03/31/34 | 425,445 | ||||||||||||
| NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) |
| |||||||||||||||
| 400,000 | 4.500 | (a)(c) | 08/27/25 | 386,000 | ||||||||||||
|
|
|
|||||||||||||||
| 811,445 | ||||||||||||||||
|
|
||||||||||||||||
| United Kingdom(a) – 1.2% |
| |||||||||||||||
| Endeavour Mining PLC (BB-/NR) |
||||||||||||||||
| 220,000 | 5.000 | 10/14/26 | 207,487 | |||||||||||||
| Tullow Oil PLC (CCC+/Caa2) |
||||||||||||||||
| 200,000 | 7.000 | 03/01/25 | 193,938 | |||||||||||||
|
|
|
|||||||||||||||
| 401,425 | ||||||||||||||||
|
|
||||||||||||||||
| United States(a) – 2.7% |
| |||||||||||||||
| ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Partners (BB-/Ba3) |
| |||||||||||||||
| 400,000 | 4.050 | 04/27/26 | 375,152 | |||||||||||||
| GCC SAB de CV (BBB-/NR) |
||||||||||||||||
| 200,000 | 3.614 | 04/20/32 | 171,106 | |||||||||||||
| Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) |
| |||||||||||||||
| 200,000 | 4.625 | 04/16/29 | 182,506 | |||||||||||||
| Sagicor Financial Co. Ltd. (BBB/NR) |
||||||||||||||||
| 230,000 | 5.300 | 05/13/28 | 219,650 | |||||||||||||
|
|
|
|||||||||||||||
| 948,414 | ||||||||||||||||
|
|
||||||||||||||||
| Uzbekistan – 2.1% |
| |||||||||||||||
| Ipoteka-Bank ATIB (BB-/NR) |
||||||||||||||||
| 400,000 | 5.500 | 11/19/25 | 384,750 | |||||||||||||
| Uzbek Industrial & Construction Bank ATB (BB-/NR) |
| |||||||||||||||
| 330,000 | 5.750 | 12/02/24 | 324,637 | |||||||||||||
|
|
|
|||||||||||||||
| 709,387 | ||||||||||||||||
|
|
||||||||||||||||
| Venezuela(f) – 1.9% |
| |||||||||||||||
| Petroleos de Venezuela SA (NR/NR) |
||||||||||||||||
| 9,280,000 | 6.000 | 10/28/22 | 642,779 | |||||||||||||
|
|
||||||||||||||||
| Vietnam(a) – 0.7% |
| |||||||||||||||
| Mong Duong Finance Holdings BV (NR/Ba2) |
| |||||||||||||||
| 249,018 | 5.125 | 05/07/29 | 237,812 | |||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $32,481,657) |
$ | 31,506,961 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – 5.5% |
| |||||||||||||||
| Hungary – 0.6% |
| |||||||||||||||
| Hungary Government International Bonds (BBB-/Baa2) |
| |||||||||||||||
| $ | 200,000 | 6.125 | % | 05/22/28 | $ | 205,062 | ||||||||||
|
|
||||||||||||||||
| Morocco – 0.9% |
| |||||||||||||||
| Morocco Government International Bonds (BB+/Ba1u) |
| |||||||||||||||
| 310,000 | 6.500 | 09/08/33 | 320,100 | |||||||||||||
|
|
||||||||||||||||
| Poland(b)(e) – 1.0% |
| |||||||||||||||
| Bank Gospodarstwa Krajowego (NR/A2) |
||||||||||||||||
| 340,000 | 6.250 | 10/31/28 | 354,892 | |||||||||||||
|
|
||||||||||||||||
| Romania – 0.8% |
| |||||||||||||||
| Romania Government International Bonds (BBB-/Baa3) |
| |||||||||||||||
| 300,000 | 3.000 | 02/27/27 | 280,125 | |||||||||||||
|
|
||||||||||||||||
| Russia(f) – 0.4% |
| |||||||||||||||
| Russia Federal Bonds - OFZ (NR/WR) |
||||||||||||||||
| RUB | 23,825,000 | 7.050 | 01/19/28 | 124,819 | ||||||||||||
|
|
||||||||||||||||
| Uzbekistan – 1.8% |
| |||||||||||||||
| National Bank of Uzbekistan (BB-/NR) |
||||||||||||||||
| $ | 200,000 | 4.850 | 10/21/25 | 192,500 | ||||||||||||
| Republic of Uzbekistan International Bonds (BB-/NR) |
| |||||||||||||||
| 400,000 | 7.850 | (b) | 10/12/28 | 418,375 | ||||||||||||
|
|
|
|||||||||||||||
| 610,875 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,031,848) |
$ | 1,895,873 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(g) – 0.6% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 191,359 | 5.211 | % | $ | 191,359 | ||||||||||||
| (Cost $191,359) |
| |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 97.5% (Cost $34,704,864) |
$ | 33,594,193 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
877,466 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% |
|
$ | 34,471,659 | |||||||||||||
|
|
||||||||||||||||
| 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 March 31, 2024. | |
| (d) | Pay-in-kind securities. | |
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| (e) |
Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $538,634, which represents approximately 2% of the Fund’s net assets as of March 31, 2024. | |
| (f) |
Security is currently in default and/or non-income producing. | |
| (g) |
Represents an Affiliated Issuer. | |
| Security ratings disclosed, if any, are obtained from S&P’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information. | ||
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||
|
|
||||||||||||||||||
| JPMorgan Securities, Inc. |
USD | 1,851,291 | EUR | 1,712,726 | 05/08/24 | $695 | ||||||||||||
|
|
||||||||||||||||||
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
10 | 06/18/24 | $ | 1,107,969 | $ 2,029 | |||||||||||
| 2 Year U.S. Treasury Notes |
2 | 06/28/24 | 408,969 | (504) | ||||||||||||
| 20 Year U.S. Treasury Bonds |
7 | 06/18/24 | 843,062 | 9,924 | ||||||||||||
| Ultra 10-Year U.S. Treasury Note |
2 | 06/18/24 | 229,219 | 684 | ||||||||||||
| Ultra Long U.S. Treasury Bonds |
6 | 06/18/24 | 774,000 | 10,307 | ||||||||||||
|
|
||||||||||||||||
| Total | $22,440 | |||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 5 Year U.S. Treasury Notes |
(3) | 06/28/24 | (321,047 | ) | 74 | |||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $22,514 | |||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 3.250%(b) |
6M EURO(c) | 06/19/26 | EUR | 160 | $ | (951 | ) | $ (691) | $ (260) | |||||||||||||
| 3.000(b) |
6M EURO(c) | 06/19/29 | 110 | (2,275 | ) | (1,613 | ) | (662) | ||||||||||||||
| 3.000(b) |
6M EURO(c) | 06/19/31 | 100 | (3,165 | ) | (2,317 | ) | (848) | ||||||||||||||
| 6M EURO(c) |
3.000%(b) | 06/19/34 | 140 | 6,014 | 5,632 | 382 | ||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 3.000%(b) |
6M EURO(c) | 06/19/39 | EUR | 110 | $ | (6,245 | ) | $(4,437) | $(1,808) | |||||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | (6,622 | ) | $(3,426) | $(3,196) | |||||||||||||||||
|
|
||||||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b) | Payments made annually. |
| (c) | Payments made semi-annually. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
|
|
||||||||||||||||||||||||
| Protection Purchased: |
||||||||||||||||||||||||
| Republic of South Africa, 5.875%, 9/16/2025 |
(1.000)% | 2.570% | 06/20/29 | $ 410 | $28,569 | $27,236 | $1,333 | |||||||||||||||||
|
|
||||||||||||||||||||||||
| (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 | |
| RUB | —Russian Ruble | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| EURIBOR | —Euro Interbank Offered Rate | |
| ICE | —Inter-Continental Exchange | |
| LLC | —Limited Liability Company | |
| MTN | —Medium Term Note | |
| NR | —Not Rated | |
| PIK | —Payment in kind | |
| PLC | —Public Limited Company | |
| WR | —Withdrawn Rating | |
|
| ||
|
| ||
| Abbreviation: | ||
| EURO | —Euro Offered Rate | |
|
| ||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – 72.9% |
| |||||||||||||||
| Angola – 1.8% |
| |||||||||||||||
| Angola Government International Bonds (B-/B3) |
| |||||||||||||||
| $ | 1,730,000 | 8.000 | % | 11/26/29 | $ | 1,612,684 | ||||||||||
| 450,000 | 8.750 | (a) | 04/14/32 | 414,000 | ||||||||||||
| 1,040,000 | 9.125 | 11/26/49 | 881,075 | |||||||||||||
| Angola Government International Bonds (NR/B3) |
| |||||||||||||||
| 327,000 | 9.500 | 11/12/25 | 333,029 | |||||||||||||
| 320,000 | 8.250 | 05/09/28 | 308,300 | |||||||||||||
| 2,160,000 | 8.250 | (a) | 05/09/28 | 2,081,025 | ||||||||||||
| 2,310,000 | 9.375 | 05/08/48 | 1,993,097 | |||||||||||||
|
|
|
|||||||||||||||
| 7,623,210 | ||||||||||||||||
|
|
||||||||||||||||
| Argentina(b) – 1.1% |
| |||||||||||||||
| Argentina Republic Government International Bonds (CCC/NR) |
| |||||||||||||||
| EUR | 120,088 | 0.500 | 07/09/29 | 61,863 | ||||||||||||
| $ | 49,348 | 1.000 | 07/09/29 | 26,309 | ||||||||||||
| 1,054,677 | 0.750 | (c) | 07/09/30 | 547,443 | ||||||||||||
| 3,555,877 | 3.625 | (c) | 07/09/35 | 1,472,133 | ||||||||||||
| 2,780,000 | 4.250 | (c) | 01/09/38 | 1,287,140 | ||||||||||||
| 3,084,455 | 3.500 | (c) | 07/09/41 | 1,239,951 | ||||||||||||
|
|
|
|||||||||||||||
| 4,634,839 | ||||||||||||||||
|
|
||||||||||||||||
| Azerbaijan – 0.7% |
| |||||||||||||||
| Republic of Azerbaijan International Bonds (NR/Ba1u) |
| |||||||||||||||
| 3,280,000 | 3.500 | 09/01/32 | 2,781,440 | |||||||||||||
|
|
||||||||||||||||
| Bahrain – 2.3% |
| |||||||||||||||
| Bahrain Government International Bonds (B+/B2u) |
| |||||||||||||||
| 1,510,000 | 7.375 | (a) | 05/14/30 | 1,569,928 | ||||||||||||
| 1,320,000 | 5.625 | (a) | 09/30/31 | 1,244,100 | ||||||||||||
| 680,000 | 5.450 | 09/16/32 | 622,838 | |||||||||||||
| 820,000 | 5.450 | (a) | 09/16/32 | 751,069 | ||||||||||||
| Bahrain Government International Bonds (B+/NR) |
| |||||||||||||||
| 1,490,000 | 4.250 | (a) | 01/25/28 | 1,389,891 | ||||||||||||
| 2,390,000 | 6.750 | 09/20/29 | 2,412,406 | |||||||||||||
| 1,230,000 | 5.250 | 01/25/33 | 1,093,547 | |||||||||||||
| CBB International Sukuk Programme Co. WLL (B+/B2u) |
| |||||||||||||||
| 890,000 | 3.950 | (a) | 09/16/27 | 842,705 | ||||||||||||
|
|
|
|||||||||||||||
| 9,926,484 | ||||||||||||||||
|
|
||||||||||||||||
| Benin(a) – 0.4% |
| |||||||||||||||
| Benin Government International Bonds (B+/B1) |
| |||||||||||||||
| 350,000 | 7.960 | 02/13/38 | 340,922 | |||||||||||||
| Benin Government International Bonds (B+/NR) |
| |||||||||||||||
| EUR | 1,420,000 | 4.875 | 01/19/32 | 1,290,682 | ||||||||||||
|
|
|
|||||||||||||||
| 1,631,604 | ||||||||||||||||
|
|
||||||||||||||||
| Bermuda(b) – 0.2% |
| |||||||||||||||
| Bermuda Government International Bonds (A+/A2) |
| |||||||||||||||
| $ | 700,000 | 2.375 | 08/20/30 | 586,687 | ||||||||||||
| 580,000 | 3.375 | 08/20/50 | 389,688 | |||||||||||||
|
|
|
|||||||||||||||
| 976,375 | ||||||||||||||||
|
|
||||||||||||||||
| Brazil – 2.2% |
| |||||||||||||||
| Brazil Government International Bonds (BB/Ba2) |
| |||||||||||||||
| 705,000 | 3.875 | 06/12/30 | 635,557 | |||||||||||||
| 1,660,000 | 6.000 | 10/20/33 | 1,642,570 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| Brazil (continued) |
| |||||||||||||||
| $ | 3,350,000 | 4.750 | %(b) | 01/14/50 | $ | 2,505,800 | ||||||||||
| Brazil Government International Bonds (BB/NR) |
| |||||||||||||||
| 920,000 | 6.250 | 03/18/31 | 937,020 | |||||||||||||
| 2,010,000 | 6.125 | 03/15/34 | 1,988,895 | |||||||||||||
| 1,550,000 | 7.125 | 05/13/54 | 1,562,400 | |||||||||||||
|
|
|
|||||||||||||||
| 9,272,242 | ||||||||||||||||
|
|
||||||||||||||||
| Chile(b) – 1.8% |
| |||||||||||||||
| Chile Government International Bonds (A/A2) |
| |||||||||||||||
| 400,000 | 2.550 | 07/27/33 | 325,476 | |||||||||||||
| 710,000 | 3.500 | 01/31/34 | 622,761 | |||||||||||||
| 1,240,000 | 4.340 | 03/07/42 | 1,082,287 | |||||||||||||
| 390,000 | 3.500 | 01/25/50 | 284,174 | |||||||||||||
| 1,420,000 | 4.000 | 01/31/52 | 1,122,244 | |||||||||||||
| 280,000 | 5.330 | 01/05/54 | 269,588 | |||||||||||||
| 2,820,000 | 3.100 | 01/22/61 | 1,778,362 | |||||||||||||
| 3,200,000 | 3.250 | 09/21/71 | 2,022,000 | |||||||||||||
|
|
|
|||||||||||||||
| 7,506,892 | ||||||||||||||||
|
|
||||||||||||||||
| Colombia(b) – 3.8% |
| |||||||||||||||
| Colombia Government International Bonds (BB+/Baa2) |
| |||||||||||||||
| 1,650,000 | 4.500 | 03/15/29 | 1,515,525 | |||||||||||||
| 2,790,000 | 3.000 | 01/30/30 | 2,308,725 | |||||||||||||
| 3,890,000 | 3.125 | 04/15/31 | 3,102,275 | |||||||||||||
| 1,300,000 | 3.250 | 04/22/32 | 1,011,400 | |||||||||||||
| 1,010,000 | 8.000 | 04/20/33 | 1,066,560 | |||||||||||||
| 1,750,000 | 7.500 | 02/02/34 | 1,785,875 | |||||||||||||
| 420,000 | 8.000 | 11/14/35 | 441,000 | |||||||||||||
| 920,000 | 5.625 | 02/26/44 | 730,020 | |||||||||||||
| 1,660,000 | 5.000 | 06/15/45 | 1,201,010 | |||||||||||||
| 1,290,000 | 4.125 | 05/15/51 | 801,735 | |||||||||||||
| 840,000 | 8.750 | 11/14/53 | 910,980 | |||||||||||||
| 2,320,000 | 3.875 | 02/15/61 | 1,338,640 | |||||||||||||
|
|
|
|||||||||||||||
| 16,213,745 | ||||||||||||||||
|
|
||||||||||||||||
| Costa Rica – 1.6% |
| |||||||||||||||
| Costa Rica Government International Bonds (BB-/B1) |
| |||||||||||||||
| 880,000 | 6.125 | 02/19/31 | 890,450 | |||||||||||||
| 3,833,000 | 6.550 | (a)(b) | 04/03/34 | 3,967,155 | ||||||||||||
| 470,000 | 5.625 | 04/30/43 | 424,469 | |||||||||||||
| 930,000 | 7.000 | 04/04/44 | 959,760 | |||||||||||||
| 460,000 | 7.300 | (a)(b) | 11/13/54 | 488,893 | ||||||||||||
|
|
|
|||||||||||||||
| 6,730,727 | ||||||||||||||||
|
|
||||||||||||||||
| Dominican Republic – 3.0% |
| |||||||||||||||
| Dominican Republic International Bonds (BB/Ba3) |
| |||||||||||||||
| 450,000 | 6.875 | 01/29/26 | 454,275 | |||||||||||||
| 1,310,000 | 5.950 | 01/25/27 | 1,302,140 | |||||||||||||
| 940,000 | 5.500 | (a)(b) | 02/22/29 | 909,920 | ||||||||||||
| 300,000 | 5.500 | (b) | 02/22/29 | 290,400 | ||||||||||||
| 2,900,000 | 4.500 | (a) | 01/30/30 | 2,634,650 | ||||||||||||
| 830,000 | 4.500 | 01/30/30 | 754,055 | |||||||||||||
| 2,020,000 | 7.050 | (a)(b) | 02/03/31 | 2,091,962 | ||||||||||||
| 199,000 | 6.850 | 01/27/45 | 196,712 | |||||||||||||
| 1,700,000 | 6.500 | (a) | 02/15/48 | 1,616,594 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| Dominican Republic (continued) |
| |||||||||||||||
| $ | 360,000 | 6.400 | %(a) | 06/05/49 | $ | 338,175 | ||||||||||
| 2,330,000 | 5.875 | 01/30/60 | 1,981,228 | |||||||||||||
|
|
|
|||||||||||||||
| 12,570,111 | ||||||||||||||||
|
|
||||||||||||||||
| Ecuador – 1.7% |
| |||||||||||||||
| Ecuador Government International Bonds (B-/NR) |
| |||||||||||||||
| 1,462,360 | 0.000 | (a)(d) | 07/31/30 | 720,944 | ||||||||||||
| 2,739,000 | 0.000 | (d) | 07/31/30 | 1,350,327 | ||||||||||||
| 2,397,000 | 6.000 | (c) | 07/31/30 | 1,622,769 | ||||||||||||
| 6,008,455 | 3.500 | (a)(c) | 07/31/35 | 3,148,430 | ||||||||||||
| 769,000 | 3.500 | (c) | 07/31/35 | 402,956 | ||||||||||||
|
|
|
|||||||||||||||
| 7,245,426 | ||||||||||||||||
|
|
||||||||||||||||
| Egypt – 2.2% |
| |||||||||||||||
| Egypt Government International Bonds (B-/Caa1) |
| |||||||||||||||
| 2,240,000 | 7.300 | 09/30/33 | 1,835,400 | |||||||||||||
| 200,000 | 8.750 | 09/30/51 | 161,750 | |||||||||||||
| 1,720,000 | 7.500 | 02/16/61 | 1,234,100 | |||||||||||||
| Egypt Government International Bonds (B-/Caa1u) |
| |||||||||||||||
| 510,000 | 7.053 | 01/15/32 | 422,503 | |||||||||||||
| 700,000 | 7.625 | (a) | 05/29/32 | 596,969 | ||||||||||||
| 2,530,000 | 8.700 | 03/01/49 | 2,046,928 | |||||||||||||
| 1,870,000 | 8.875 | (a) | 05/29/50 | 1,537,491 | ||||||||||||
| 1,850,000 | 8.875 | 05/29/50 | 1,521,047 | |||||||||||||
| Egypt Government International Bonds (NR/Caa1) |
| |||||||||||||||
| 210,000 | 8.500 | 01/31/47 | 166,687 | |||||||||||||
|
|
|
|||||||||||||||
| 9,522,875 | ||||||||||||||||
|
|
||||||||||||||||
| El Salvador – 1.0% |
| |||||||||||||||
| El Salvador Government International Bonds (B-/Caa3u) |
| |||||||||||||||
| 830,000 | 6.375 | 01/18/27 | 722,100 | |||||||||||||
| 380,000 | 8.625 | 02/28/29 | 330,362 | |||||||||||||
| 1,030,000 | 8.250 | 04/10/32 | 856,445 | |||||||||||||
| 610,000 | 7.650 | 06/15/35 | 464,515 | |||||||||||||
| 1,100,000 | 7.625 | 02/01/41 | 805,200 | |||||||||||||
| 830,000 | 7.125 | (b) | 01/20/50 | 572,181 | ||||||||||||
| 650,000 | 9.500 | (a)(b) | 07/15/52 | 540,516 | ||||||||||||
|
|
|
|||||||||||||||
| 4,291,319 | ||||||||||||||||
|
|
||||||||||||||||
| Ghana(e) – 1.1% |
| |||||||||||||||
| Ghana Government International Bonds (D/Ca) |
| |||||||||||||||
| 796,000 | 6.375 | 02/11/27 | 409,194 | |||||||||||||
| 960,000 | 7.750 | 04/07/29 | 497,400 | |||||||||||||
| 800,000 | 7.625 | 05/16/29 | 411,000 | |||||||||||||
| 560,000 | 8.125 | (a) | 03/26/32 | 284,900 | ||||||||||||
| 664,000 | 8.625 | 04/07/34 | 341,545 | |||||||||||||
| 810,000 | 7.875 | 02/11/35 | 416,137 | |||||||||||||
| 490,000 | 8.875 | 05/07/42 | 247,573 | |||||||||||||
| 304,000 | 8.875 | (a) | 05/07/42 | 153,596 | ||||||||||||
| 210,000 | 8.627 | (a) | 06/16/49 | 105,656 | ||||||||||||
| 379,000 | 8.627 | 06/16/49 | 190,684 | |||||||||||||
| 440,000 | 8.950 | 03/26/51 | 224,675 | |||||||||||||
| Ghana Government International Bonds (NR/Caa3) |
| |||||||||||||||
| 1,970,000 | 10.750 | 10/14/30 | 1,341,447 | |||||||||||||
|
|
|
|||||||||||||||
| 4,623,807 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| Guatemala – 2.0% |
| |||||||||||||||
| Guatemala Government Bonds (BB/Ba1) |
| |||||||||||||||
| $ | 2,560,000 | 4.375 | %(a) | 06/05/27 | $ | 2,444,800 | ||||||||||
| 1,330,000 | 5.250 | (a)(b) | 08/10/29 | 1,287,841 | ||||||||||||
| 470,000 | 5.250 | (b) | 08/10/29 | 455,102 | ||||||||||||
| 1,270,000 | 4.900 | (b) | 06/01/30 | 1,212,056 | ||||||||||||
| 430,000 | 7.050 | (b) | 10/04/32 | 456,338 | ||||||||||||
| 350,000 | 7.050 | (a)(b) | 10/04/32 | 371,438 | ||||||||||||
| 1,090,000 | 6.125 | (a)(b) | 06/01/50 | 1,009,885 | ||||||||||||
| Guatemala Government Bonds (BB/NR) |
| |||||||||||||||
| 1,640,000 | 4.650 | (b) | 10/07/41 | 1,317,637 | ||||||||||||
|
|
|
|||||||||||||||
| 8,555,097 | ||||||||||||||||
|
|
||||||||||||||||
| Honduras(a)(b) – 0.1% |
| |||||||||||||||
| Honduras Government International Bonds (BB-/B1) |
| |||||||||||||||
| 710,000 | 5.625 | 06/24/30 | 630,901 | |||||||||||||
|
|
||||||||||||||||
| Hungary – 3.8% |
| |||||||||||||||
| Hungary Government International Bonds (BBB-/Baa2) |
| |||||||||||||||
| 2,840,000 | 6.125 | (a) | 05/22/28 | 2,911,887 | ||||||||||||
| 520,000 | 6.125 | 05/22/28 | 533,163 | |||||||||||||
| 1,670,000 | 5.250 | 06/16/29 | 1,653,300 | |||||||||||||
| 1,870,000 | 5.250 | (a) | 06/16/29 | 1,851,300 | ||||||||||||
| 1,770,000 | 2.125 | 09/22/31 | 1,404,477 | |||||||||||||
| 2,580,000 | 6.250 | (a) | 09/22/32 | 2,684,006 | ||||||||||||
| 630,000 | 5.500 | (a) | 06/16/34 | 619,763 | ||||||||||||
| 1,450,000 | 5.500 | (a) | 03/26/36 | 1,408,766 | ||||||||||||
| 2,560,000 | 3.125 | 09/21/51 | 1,620,800 | |||||||||||||
| 580,000 | 6.750 | (a) | 09/25/52 | 622,966 | ||||||||||||
| Magyar Export-Import Bank Zrt (BBB-/NR)(f) |
| |||||||||||||||
| 790,000 | 6.125 | (a)(b) | 12/04/27 | 794,938 | ||||||||||||
|
|
|
|||||||||||||||
| 16,105,366 | ||||||||||||||||
|
|
||||||||||||||||
| Indonesia – 1.3% |
| |||||||||||||||
| Indonesia Government International Bonds (BBB/Baa2) |
| |||||||||||||||
| 1,170,000 | 4.650 | (b) | 09/20/32 | 1,137,954 | ||||||||||||
| EUR | 870,000 | 1.100 | 03/12/33 | 744,427 | ||||||||||||
| $ | 350,000 | 4.625 | 04/15/43 | 325,938 | ||||||||||||
| 420,000 | 5.650 | (b) | 01/11/53 | 437,456 | ||||||||||||
| 1,950,000 | 3.200 | (b) | 09/23/61 | 1,294,312 | ||||||||||||
| 1,490,000 | 3.350 | 03/12/71 | 992,712 | |||||||||||||
| Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2) |
| |||||||||||||||
| 572,000 | 3.800 | (a) | 06/23/50 | 442,406 | ||||||||||||
|
|
|
|||||||||||||||
| 5,375,205 | ||||||||||||||||
|
|
||||||||||||||||
| Iraq(b) – 0.3% |
| |||||||||||||||
| Iraq International Bonds (NR/NR) |
| |||||||||||||||
| 1,355,000 | 5.800 | 01/15/28 | 1,278,358 | |||||||||||||
|
|
||||||||||||||||
| Ivory Coast – 1.0% |
| |||||||||||||||
| Ivory Coast Government International Bonds (BB-/Ba2) |
| |||||||||||||||
| 770,000 | 6.375 | 03/03/28 | 759,894 | |||||||||||||
| EUR | 680,000 | 5.250 | 03/22/30 | 682,952 | ||||||||||||
| $ | 420,000 | 7.625 | (a) | 01/30/33 | 416,850 | |||||||||||
| 1,900,000 | 6.125 | 06/15/33 | 1,707,625 | |||||||||||||
| 680,000 | 8.250 | (a) | 01/30/37 | 680,850 | ||||||||||||
|
|
||||||||||||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| Ivory Coast (continued) |
| |||||||||||||||
| Ivory Coast Government International Bonds (BB-/NR) |
| |||||||||||||||
| $ | 128,867 | 5.750 | %(b)(c) | 12/31/32 | $ | 122,082 | ||||||||||
|
|
|
|||||||||||||||
| 4,370,253 | ||||||||||||||||
|
|
||||||||||||||||
| Jamaica – 0.4% |
| |||||||||||||||
| Jamaica Government International Bonds (BB-/B1) |
| |||||||||||||||
| 1,400,000 | 7.875 | 07/28/45 | 1,647,188 | |||||||||||||
|
|
||||||||||||||||
| Jordan – 1.0% |
| |||||||||||||||
| Jordan Government International Bonds (B+/B1) |
| |||||||||||||||
| 1,455,000 | 5.750 | 01/31/27 | 1,406,803 | |||||||||||||
| 480,000 | 7.500 | (a) | 01/13/29 | 479,250 | ||||||||||||
| 800,000 | 5.850 | (a) | 07/07/30 | 736,000 | ||||||||||||
| 1,700,000 | 5.850 | 07/07/30 | 1,564,000 | |||||||||||||
|
|
|
|||||||||||||||
| 4,186,053 | ||||||||||||||||
|
|
||||||||||||||||
| Kenya – 0.6% |
| |||||||||||||||
| Republic of Kenya Government International Bonds (B/B3u) |
| |||||||||||||||
| 510,000 | 7.000 | (a) | 05/22/27 | 497,250 | ||||||||||||
| 240,000 | 7.250 | 02/28/28 | 229,106 | |||||||||||||
| 400,000 | 7.250 | (a) | 02/28/28 | 381,844 | ||||||||||||
| 550,000 | 9.750 | (a) | 02/16/31 | 562,375 | ||||||||||||
| 200,000 | 8.000 | (a) | 05/22/32 | 187,438 | ||||||||||||
| 820,000 | 8.250 | 02/28/48 | 705,200 | |||||||||||||
|
|
|
|||||||||||||||
| 2,563,213 | ||||||||||||||||
|
|
||||||||||||||||
| Macedonia(a) – 0.2% |
| |||||||||||||||
| North Macedonia Government International Bonds (BB-/NR) |
| |||||||||||||||
| EUR | 640,000 | 2.750 | 01/18/25 | 676,223 | ||||||||||||
| 320,000 | 6.960 | (b) | 03/13/27 | 361,415 | ||||||||||||
|
|
|
|||||||||||||||
| 1,037,638 | ||||||||||||||||
|
|
||||||||||||||||
| Maldives(a) – 0.1% |
| |||||||||||||||
| Maldives Sukuk Issuance Ltd. (NR/Caa1) |
| |||||||||||||||
| $ | 600,000 | 9.875 | 04/08/26 | 514,125 | ||||||||||||
|
|
||||||||||||||||
| Mexico(b) – 2.4% |
| |||||||||||||||
| Mexico Government International Bonds (BBB/Baa2) |
| |||||||||||||||
| 2,140,000 | 2.659 | 05/24/31 | 1,784,760 | |||||||||||||
| 710,000 | 4.875 | 05/19/33 | 673,169 | |||||||||||||
| 200,000 | 6.000 | 05/07/36 | 200,400 | |||||||||||||
| EUR | 560,000 | 2.250 | 08/12/36 | 478,038 | ||||||||||||
| $ | 1,240,000 | 4.280 | 08/14/41 | 996,960 | ||||||||||||
| EUR | 1,110,000 | 2.125 | 10/25/51 | 715,146 | ||||||||||||
| $ | 1,250,000 | 6.338 | 05/04/53 | 1,236,328 | ||||||||||||
| 5,119,000 | 3.771 | 05/24/61 | 3,333,749 | |||||||||||||
| 1,400,000 | 3.750 | 04/19/71 | 893,813 | |||||||||||||
|
|
|
|||||||||||||||
| 10,312,363 | ||||||||||||||||
|
|
||||||||||||||||
| Mongolia – 0.4% |
| |||||||||||||||
| Mongolia Government International Bonds (B/B3u) |
| |||||||||||||||
| 280,000 | 5.125 | (a) | 04/07/26 | 272,037 | ||||||||||||
| 280,000 | 3.500 | 07/07/27 | 252,000 | |||||||||||||
| 460,000 | 3.500 | (a) | 07/07/27 | 414,000 | ||||||||||||
| 720,000 | 8.650 | (a) | 01/19/28 | 756,900 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| Mongolia (continued) |
| |||||||||||||||
| $ | 200,000 | 7.875 | %(a) | 06/05/29 | $ | 206,272 | ||||||||||
|
|
|
|||||||||||||||
| 1,901,209 | ||||||||||||||||
|
|
||||||||||||||||
| Morocco – 1.6% |
| |||||||||||||||
| Morocco Government International Bonds (BB+/Ba1u) |
| |||||||||||||||
| 640,000 | 2.375 | (a) | 12/15/27 | 570,400 | ||||||||||||
| 730,000 | 2.375 | 12/15/27 | 650,612 | |||||||||||||
| 1,230,000 | 5.950 | (a) | 03/08/28 | 1,243,837 | ||||||||||||
| 270,000 | 5.950 | 03/08/28 | 273,038 | |||||||||||||
| EUR | 710,000 | 1.500 | (a) | 11/27/31 | 616,138 | |||||||||||
| $ | 690,000 | 3.000 | (a) | 12/15/32 | 554,588 | |||||||||||
| 1,390,000 | 6.500 | (a) | 09/08/33 | 1,435,286 | ||||||||||||
| 1,230,000 | 4.000 | 12/15/50 | 841,012 | |||||||||||||
| Morocco Government International Bonds (BB+/NR) |
| |||||||||||||||
| 510,000 | 5.500 | 12/11/42 | 448,641 | |||||||||||||
|
|
|
|||||||||||||||
| 6,633,552 | ||||||||||||||||
|
|
||||||||||||||||
| Nigeria – 2.4% |
| |||||||||||||||
| Nigeria Government International Bonds (B-/Caa1) |
| |||||||||||||||
| 2,865,000 | 6.500 | 11/28/27 | 2,693,995 | |||||||||||||
| 630,000 | 6.125 | (a) | 09/28/28 | 570,150 | ||||||||||||
| 2,080,000 | 6.125 | 09/28/28 | 1,882,400 | |||||||||||||
| 1,518,000 | 7.143 | 02/23/30 | 1,378,534 | |||||||||||||
| 1,320,000 | 7.875 | 02/16/32 | 1,195,837 | |||||||||||||
| 1,050,000 | 7.696 | (a) | 02/23/38 | 862,969 | ||||||||||||
| 680,000 | 7.625 | 11/28/47 | 528,913 | |||||||||||||
| 1,215,000 | 8.250 | 09/28/51 | 995,161 | |||||||||||||
|
|
|
|||||||||||||||
| 10,107,959 | ||||||||||||||||
|
|
||||||||||||||||
| Oman – 3.7% |
| |||||||||||||||
| Oman Government International Bonds (BB+/Ba1) |
| |||||||||||||||
| 990,000 | 4.750 | 06/15/26 | 972,675 | |||||||||||||
| 700,000 | 5.375 | 03/08/27 | 696,500 | |||||||||||||
| 1,500,000 | 6.500 | 03/08/47 | 1,512,187 | |||||||||||||
| Oman Government International Bonds (NR/Ba1) |
| |||||||||||||||
| 1,740,000 | 6.750 | (a) | 10/28/27 | 1,810,144 | ||||||||||||
| 3,960,000 | 5.625 | 01/17/28 | 3,978,295 | |||||||||||||
| 2,880,000 | 6.000 | 08/01/29 | 2,943,900 | |||||||||||||
| 200,000 | 6.250 | 01/25/31 | 207,063 | |||||||||||||
| 1,390,000 | 7.375 | (a) | 10/28/32 | 1,544,637 | ||||||||||||
| 1,420,000 | 6.750 | (a) | 01/17/48 | 1,454,613 | ||||||||||||
| 550,000 | 6.750 | 01/17/48 | 563,406 | |||||||||||||
|
|
|
|||||||||||||||
| 15,683,420 | ||||||||||||||||
|
|
||||||||||||||||
| Pakistan – 1.5% |
| |||||||||||||||
| Pakistan Government International Bonds (CCC+/Caa3) |
| |||||||||||||||
| 1,438,000 | 8.250 | 04/15/24 | 1,431,673 | |||||||||||||
| 730,000 | 6.875 | 12/05/27 | 624,150 | |||||||||||||
| 500,000 | 7.875 | 03/31/36 | 381,305 | |||||||||||||
| Pakistan Government International Bonds (NR/Caa3) |
| |||||||||||||||
| 320,000 | 8.250 | 09/30/25 | 300,835 | |||||||||||||
| 1,630,000 | 7.375 | 04/08/31 | 1,279,729 | |||||||||||||
| 2,010,000 | 8.875 | 04/08/51 | 1,516,922 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| Pakistan (continued) |
| |||||||||||||||
| Pakistan Water & Power Development Authority (CCC+/NR) |
| |||||||||||||||
| $ | 940,000 | 7.500 | % | 06/04/31 | $ | 688,668 | ||||||||||
|
|
|
|||||||||||||||
| 6,223,282 | ||||||||||||||||
|
|
||||||||||||||||
| Panama – 1.7% |
| |||||||||||||||
| Panama Government International Bonds (BBB/Baa3) |
| |||||||||||||||
| 470,000 | 6.875 | (b) | 01/31/36 | 457,809 | ||||||||||||
| 1,190,000 | 4.500 | (b) | 04/16/50 | 799,531 | ||||||||||||
| 460,000 | 6.853 | (b) | 03/28/54 | 415,610 | ||||||||||||
| 1,990,000 | 4.500 | (b) | 04/01/56 | 1,288,525 | ||||||||||||
| 3,101,000 | 3.870 | (b) | 07/23/60 | 1,783,075 | ||||||||||||
| 1,410,000 | 4.500 | (b) | 01/19/63 | 901,519 | ||||||||||||
| Panama Notas del Tesoro (BBB/Baa3) |
| |||||||||||||||
| 1,460,000 | 3.750 | 04/17/26 | 1,396,125 | |||||||||||||
|
|
|
|||||||||||||||
| 7,042,194 | ||||||||||||||||
|
|
||||||||||||||||
| Paraguay – 1.5% |
| |||||||||||||||
| Paraguay Government International Bonds (BB+/Ba1) |
| |||||||||||||||
| 469,000 | 5.000 | (a) | 04/15/26 | 462,139 | ||||||||||||
| 2,190,000 | 4.700 | (a) | 03/27/27 | 2,133,197 | ||||||||||||
| 340,000 | 4.950 | (a)(b) | 04/28/31 | 327,724 | ||||||||||||
| 3,229,000 | 2.739 | (a)(b) | 01/29/33 | 2,613,472 | ||||||||||||
| 1,000,000 | 5.400 | (b) | 03/30/50 | 879,687 | ||||||||||||
|
|
|
|||||||||||||||
| 6,416,219 | ||||||||||||||||
|
|
||||||||||||||||
| Peru(b) – 0.9% |
| |||||||||||||||
| Peru Government International Bonds (BBB/Baa1) |
| |||||||||||||||
| EUR | 580,000 | 1.250 | 03/11/33 | 496,480 | ||||||||||||
| $ | 1,670,000 | 2.780 | 12/01/60 | 963,903 | ||||||||||||
| 330,000 | 3.600 | 01/15/72 | 218,831 | |||||||||||||
| 3,630,000 | 3.230 | 07/28/21(g) | 2,090,653 | |||||||||||||
|
|
|
|||||||||||||||
| 3,769,867 | ||||||||||||||||
|
|
||||||||||||||||
| Philippines – 0.4% |
| |||||||||||||||
| Philippines Government International Bonds (BBB+/Baa2) |
| |||||||||||||||
| 1,870,000 | 3.200 | 07/06/46 | 1,344,647 | |||||||||||||
| 330,000 | 5.950 | 10/13/47 | 352,894 | |||||||||||||
|
|
|
|||||||||||||||
| 1,697,541 | ||||||||||||||||
|
|
||||||||||||||||
| Poland – 2.6% |
| |||||||||||||||
| Bank Gospodarstwa Krajowego (NR/A2)(f) |
| |||||||||||||||
| 1,380,000 | 6.250 | (a) | 10/31/28 | 1,440,444 | ||||||||||||
| Republic of Poland Government International Bonds (A-/A2) |
| |||||||||||||||
| 1,390,000 | 4.625 | (b) | 03/18/29 | 1,377,712 | ||||||||||||
| 1,310,000 | 5.750 | (b) | 11/16/32 | 1,371,452 | ||||||||||||
| 2,820,000 | 5.125 | (b) | 09/18/34 | 2,810,892 | ||||||||||||
| 1,430,000 | 5.500 | (b) | 04/04/53 | 1,429,585 | ||||||||||||
| 2,710,000 | 5.500 | (b) | 03/18/54 | 2,689,811 | ||||||||||||
|
|
|
|||||||||||||||
| 11,119,896 | ||||||||||||||||
|
|
||||||||||||||||
| Qatar – 0.5% |
| |||||||||||||||
| Qatar Government International Bonds (AA/Aa2) |
| |||||||||||||||
| 1,790,000 | 4.400 | 04/16/50 | 1,584,710 | |||||||||||||
| 830,000 | 4.400 | (a) | 04/16/50 | 734,809 | ||||||||||||
|
|
|
|||||||||||||||
| 2,319,519 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| Romania – 2.0% |
| |||||||||||||||
| Romania Government International Bonds (BBB-/Baa3) |
| |||||||||||||||
| $ | 1,520,000 | 3.000 | %(a) | 02/27/27 | $ | 1,419,300 | ||||||||||
| 2,400,000 | 6.625 | (a) | 02/17/28 | 2,470,824 | ||||||||||||
| 920,000 | 6.625 | 02/17/28 | 949,900 | |||||||||||||
| EUR | 1,130,000 | 1.750 | (a) | 07/13/30 | 1,000,424 | |||||||||||
| $ | 1,050,000 | 3.000 | (a) | 02/14/31 | 882,656 | |||||||||||
| EUR | 700,000 | 2.124 | (a) | 07/16/31 | 617,372 | |||||||||||
| $ | 20,000 | 3.625 | (a) | 03/27/32 | 17,181 | |||||||||||
| EUR | 140,000 | 3.375 | 01/28/50 | 106,577 | ||||||||||||
| $ | 530,000 | 4.000 | 02/14/51 | 375,839 | ||||||||||||
| 740,000 | 7.625 | (a) | 01/17/53 | 821,400 | ||||||||||||
|
|
|
|||||||||||||||
| 8,661,473 | ||||||||||||||||
|
|
||||||||||||||||
| Saudi Arabia – 1.9% |
| |||||||||||||||
| Saudi Government International Bonds (NR/A1) |
| |||||||||||||||
| 1,430,000 | 4.750 | (a) | 01/16/30 | 1,415,253 | ||||||||||||
| 1,360,000 | 5.000 | (a) | 01/18/53 | 1,217,200 | ||||||||||||
| 200,000 | 3.750 | 01/21/55 | 144,563 | |||||||||||||
| 1,770,000 | 3.750 | (a) | 01/21/55 | 1,279,378 | ||||||||||||
| 5,100,000 | 4.500 | (a) | 04/22/60 | 4,201,125 | ||||||||||||
|
|
|
|||||||||||||||
| 8,257,519 | ||||||||||||||||
|
|
||||||||||||||||
| Senegal – 0.4% |
| |||||||||||||||
| Senegal Government International Bonds (B+/Ba3) |
| |||||||||||||||
| EUR | 1,080,000 | 4.750 | 03/13/28 | 1,050,827 | ||||||||||||
| $ | 400,000 | 6.250 | 05/23/33 | 341,250 | ||||||||||||
| 200,000 | 6.750 | 03/13/48 | 147,500 | |||||||||||||
|
|
|
|||||||||||||||
| 1,539,577 | ||||||||||||||||
|
|
||||||||||||||||
| Serbia – 1.3% |
| |||||||||||||||
| Serbia International Bonds (BB+/Ba2) |
| |||||||||||||||
| 1,800,000 | 6.250 | (a) | 05/26/28 | 1,836,563 | ||||||||||||
| EUR | 1,170,000 | 1.000 | (a) | 09/23/28 | 1,072,127 | |||||||||||
| $ | 1,190,000 | 2.125 | 12/01/30 | 942,703 | ||||||||||||
| EUR | 520,000 | 1.650 | 03/03/33 | 418,823 | ||||||||||||
| $ | 880,000 | 6.500 | (a) | 09/26/33 | 897,875 | |||||||||||
| EUR | 290,000 | 2.050 | 09/23/36 | 218,909 | ||||||||||||
| Serbia International Bonds (NR/Ba2) |
| |||||||||||||||
| 100,000 | 3.125 | 05/15/27 | 103,772 | |||||||||||||
|
|
|
|||||||||||||||
| 5,490,772 | ||||||||||||||||
|
|
||||||||||||||||
| South Africa – 2.5% |
| |||||||||||||||
| Republic of South Africa Government International Bonds (BB-/Ba2) |
| |||||||||||||||
| $ | 3,890,000 | 4.850 | 09/30/29 | 3,486,412 | ||||||||||||
| 400,000 | 5.875 | 06/22/30 | 369,000 | |||||||||||||
| 1,500,000 | 5.875 | 04/20/32 | 1,351,875 | |||||||||||||
| 530,000 | 6.250 | 03/08/41 | 437,250 | |||||||||||||
| 1,390,000 | 5.375 | 07/24/44 | 1,007,750 | |||||||||||||
| 430,000 | 5.000 | 10/12/46 | 288,745 | |||||||||||||
| 1,530,000 | 5.750 | 09/30/49 | 1,111,163 | |||||||||||||
| 890,000 | 7.300 | 04/20/52 | 770,963 | |||||||||||||
| Republic of South Africa Government International Bonds (NR/Ba2) |
| |||||||||||||||
| 280,000 | 4.850 | 09/27/27 | 266,000 | |||||||||||||
|
|
||||||||||||||||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| South Africa (continued) |
| |||||||||||||||
| $ | 1,850,000 | 5.650 | % | 09/27/47 | $ | 1,343,562 | ||||||||||
|
|
|
|||||||||||||||
| 10,432,720 | ||||||||||||||||
|
|
||||||||||||||||
| Sri Lanka(e) – 1.0% |
| |||||||||||||||
| Sri Lanka Government International Bonds (D/Ca) |
| |||||||||||||||
| 370,000 | 6.850 | 03/14/24 | 216,028 | |||||||||||||
| 1,020,000 | 6.850 | (a) | 11/03/25 | 611,044 | ||||||||||||
| 1,150,000 | 6.200 | 05/11/27 | 678,500 | |||||||||||||
| 787,000 | 6.750 | 04/18/28 | 463,346 | |||||||||||||
| 470,000 | 6.750 | (a) | 04/18/28 | 276,712 | ||||||||||||
| 490,000 | 7.550 | 03/28/30 | 287,569 | |||||||||||||
| 3,010,000 | 7.550 | (a) | 03/28/30 | 1,766,494 | ||||||||||||
|
|
|
|||||||||||||||
| 4,299,693 | ||||||||||||||||
|
|
||||||||||||||||
| Trinidad and Tobago(a)(b) – 0.3% |
| |||||||||||||||
| Trinidad & Tobago Government International Bonds (BBB-/Ba2) |
| |||||||||||||||
| 1,560,000 | 4.500 | 06/26/30 | 1,459,575 | |||||||||||||
|
|
||||||||||||||||
| Tunisia – 0.4% |
| |||||||||||||||
| Tunisian Republic (NR/Caa2) |
| |||||||||||||||
| 1,890,000 | 5.750 | 01/30/25 | 1,780,734 | |||||||||||||
|
|
||||||||||||||||
| Turkey – 3.6% |
| |||||||||||||||
| Hazine Mustesarligi Varlik Kiralama AS (NR/B3) |
| |||||||||||||||
| 2,130,000 | 5.125 | 06/22/26 | 2,072,091 | |||||||||||||
| 1,000,000 | 8.509 | (a) | 01/14/29 | 1,060,000 | ||||||||||||
| Turkiye Government International Bonds (NR/B3) |
| |||||||||||||||
| 1,550,000 | 5.250 | 03/13/30 | 1,402,266 | |||||||||||||
| 2,200,000 | 5.950 | 01/15/31 | 2,035,000 | |||||||||||||
| 880,000 | 5.875 | 06/26/31 | 807,675 | |||||||||||||
| 2,670,000 | 6.500 | 09/20/33 | 2,503,125 | |||||||||||||
| 2,202,000 | 7.625 | 05/15/34 | 2,210,257 | |||||||||||||
| 1,750,000 | 6.000 | 01/14/41 | 1,442,109 | |||||||||||||
| 780,000 | 4.875 | 04/16/43 | 547,950 | |||||||||||||
| 1,470,000 | 5.750 | 05/11/47 | 1,119,497 | |||||||||||||
|
|
|
|||||||||||||||
| 15,199,970 | ||||||||||||||||
|
|
||||||||||||||||
| Ukraine – 1.1% |
| |||||||||||||||
| Ukraine Government International Bonds (CC/Cau) |
| |||||||||||||||
| 2,600,000 | 7.750 | 09/01/27 | 881,400 | |||||||||||||
| 1,490,000 | 7.750 | 09/01/29 | 491,700 | |||||||||||||
| Ukraine Government International Bonds (CC/NR) |
| |||||||||||||||
| EUR | 1,380,000 | 6.750 | 06/20/28 | 444,411 | ||||||||||||
| 1,460,000 | 4.375 | (a) | 01/27/32 | 419,770 | ||||||||||||
| 970,000 | 4.375 | 01/27/32 | 278,888 | |||||||||||||
| $ | 1,450,000 | 7.375 | 09/25/34 | 422,675 | ||||||||||||
| 873,000 | 7.253 | (a) | 03/15/35 | 253,606 | ||||||||||||
| 3,120,000 | 7.253 | 03/15/35 | 906,360 | |||||||||||||
| 648,000 | 7.750 | (b)(e)(h) | 08/01/41 | 358,020 | ||||||||||||
|
|
|
|||||||||||||||
| 4,456,830 | ||||||||||||||||
|
|
||||||||||||||||
| United Arab Emirates – 0.6% |
| |||||||||||||||
| Emirate of Dubai Government International Bonds (NR/NR) |
| |||||||||||||||
| 2,160,000 | 3.900 | 09/09/50 | 1,600,425 | |||||||||||||
| Finance Department Government of Sharjah (BBB-/Ba1) |
| |||||||||||||||
| 490,000 | 3.625 | (a) | 03/10/33 | 413,437 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations (continued) |
| |||||||||||||||
| United Arab Emirates (continued) |
| |||||||||||||||
| $ | 841,000 | 4.000 | %(a) | 07/28/50 | $ | 553,746 | ||||||||||
|
|
|
|||||||||||||||
| 2,567,608 | ||||||||||||||||
|
|
||||||||||||||||
| Uruguay – 1.0% |
| |||||||||||||||
| Uruguay Government International Bonds (BBB+/Baa1) |
| |||||||||||||||
| 2,295,920 | 5.750 | (b) | 10/28/34 | 2,423,631 | ||||||||||||
| 1,850,000 | 4.975 | 04/20/55 | 1,736,109 | |||||||||||||
|
|
|
|||||||||||||||
| 4,159,740 | ||||||||||||||||
|
|
||||||||||||||||
| Uzbekistan – 1.2% |
| |||||||||||||||
| National Bank of Uzbekistan (BB-/NR) |
| |||||||||||||||
| 1,560,000 | 4.850 | 10/21/25 | 1,501,500 | |||||||||||||
| Republic of Uzbekistan International Bonds (BB-/NR) |
| |||||||||||||||
| 940,000 | 7.850 | (a) | 10/12/28 | 983,181 | ||||||||||||
| 1,120,000 | 5.375 | 02/20/29 | 1,055,250 | |||||||||||||
| 270,000 | 5.375 | (a) | 02/20/29 | 254,391 | ||||||||||||
| 600,000 | 3.700 | (a) | 11/25/30 | 500,250 | ||||||||||||
| 1,000,000 | 3.700 | 11/25/30 | 833,750 | |||||||||||||
|
|
|
|||||||||||||||
| 5,128,322 | ||||||||||||||||
|
|
||||||||||||||||
| Vietnam(b)(f) – 0.1% |
| |||||||||||||||
| Viet Nam Debt & Asset Trading Corp. (NR/NR) |
| |||||||||||||||
| 280,000 | 1.000 | 10/10/25 | 251,720 | |||||||||||||
|
|
||||||||||||||||
| Zambia(e) – 0.2% |
| |||||||||||||||
| Zambia Government International Bonds (D/NR) |
| |||||||||||||||
| 520,000 | 8.500 | 04/14/24 | 382,850 | |||||||||||||
| 600,000 | 8.970 | 07/30/27 | 440,250 | |||||||||||||
|
|
|
|||||||||||||||
| 823,100 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $327,660,396) |
$ | 309,550,867 | ||||||||||||||
|
|
||||||||||||||||
|
| ||||||||||||||||
| Corporate Obligations – 23.5% |
| |||||||||||||||
| Australia(b) – 0.2% |
| |||||||||||||||
| Santos Finance Ltd. (BBB-/Baa3) |
| |||||||||||||||
| $ | 363,000 | 6.875 | % | 09/19/33 | $ | 384,105 | ||||||||||
| Santos Finance Ltd. (BBB-/NR) |
| |||||||||||||||
| 680,000 | 5.250 | 03/13/29 | 660,939 | |||||||||||||
|
|
|
|||||||||||||||
| 1,045,044 | ||||||||||||||||
|
|
||||||||||||||||
| Bermuda(a)(b) – 0.3% |
| |||||||||||||||
| Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) |
| |||||||||||||||
| 1,280,000 | 2.625 | 08/15/25 | 1,216,000 | |||||||||||||
|
|
||||||||||||||||
| Brazil – 0.6% |
| |||||||||||||||
| Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) |
| |||||||||||||||
| 1,370,000 | 6.250 | (b)(h) | 10/15/24 | 1,369,465 | ||||||||||||
| Banco do Brasil SA (NR/Ba2) |
| |||||||||||||||
| 640,000 | 6.000 | (a) | 03/18/31 | 638,880 | ||||||||||||
| BRF SA (NR/Ba3) |
| |||||||||||||||
| 420,000 | 4.875 | (b) | 01/24/30 | 375,329 | ||||||||||||
|
|
|
|||||||||||||||
| 2,383,674 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| British Virgin Islands – 0.1% |
| |||||||||||||||
| Easy Tactic Ltd. (NR/NR) (PIK 7.500%, Cash 6.500%) |
| |||||||||||||||
| $ | 441,612 | 6.500 | %(b)(i) | 07/11/28 | $ | 14,352 | ||||||||||
| SF Holding Investment 2021 Ltd. (A-/A3) |
| |||||||||||||||
| 390,000 | 2.375 | 11/17/26 | 361,725 | |||||||||||||
|
|
|
|||||||||||||||
| 376,077 | ||||||||||||||||
|
|
||||||||||||||||
| Burundi – 0.9% |
| |||||||||||||||
| Eastern & Southern African Trade & Development Bank (NR/Baa3) |
| |||||||||||||||
| 3,740,000 | 4.875 | 05/23/24 | 3,712,399 | |||||||||||||
|
|
||||||||||||||||
| Cayman Islands – 0.3% |
| |||||||||||||||
| DP World Crescent Ltd. (NR/Baa2) |
| |||||||||||||||
| 1,060,000 | 3.750 | (b) | 01/30/30 | 983,813 | ||||||||||||
| Meituan (NR/Baa3) |
| |||||||||||||||
| 200,000 | 0.000 | (d)(j) | 04/27/27 | 187,100 | ||||||||||||
|
|
|
|||||||||||||||
| 1,170,913 | ||||||||||||||||
|
|
||||||||||||||||
| Chile – 0.6% |
| |||||||||||||||
| Empresa de los Ferrocarriles del Estado (A/NR) |
| |||||||||||||||
| 600,000 | 3.068 | (a)(b) | 08/18/50 | 363,189 | ||||||||||||
| Empresa de Transporte de Pasajeros Metro SA (NR/A3) |
| |||||||||||||||
| 830,000 | 3.650 | (a)(b) | 05/07/30 | 757,026 | ||||||||||||
| GNL Quintero SA (BBB+/Baa2) |
| |||||||||||||||
| 686,032 | 4.634 | 07/31/29 | 669,096 | |||||||||||||
| Inversiones CMPC SA (BBB/Baa3) |
| |||||||||||||||
| 200,000 | 3.850 | (b) | 01/13/30 | 182,500 | ||||||||||||
| 540,000 | 6.125 | (a)(b) | 06/23/33 | 549,619 | ||||||||||||
| Inversiones CMPC SA (BBB/NR) |
| |||||||||||||||
| 200,000 | 6.125 | (a)(b) | 02/26/34 | 203,300 | ||||||||||||
|
|
|
|||||||||||||||
| 2,724,730 | ||||||||||||||||
|
|
||||||||||||||||
| China(b) – 0.3% |
| |||||||||||||||
| China Aoyuan Group Ltd. (NR/NR) |
| |||||||||||||||
| 370,000 | 5.980 | (e) | 08/18/25 | 5,550 | ||||||||||||
| Fantasia Holdings Group Co. Ltd. (NR/NR) |
| |||||||||||||||
| 340,000 | 10.875 | (e) | 03/02/24 | 5,100 | ||||||||||||
| Fantasia Holdings Group Co. Ltd. (NR/WR) |
| |||||||||||||||
| 200,000 | 11.875 | (e) | 06/01/23 | 3,000 | ||||||||||||
| Meituan (BBB/Baa3) |
| |||||||||||||||
| 450,000 | 3.050 | 10/28/30 | 385,502 | |||||||||||||
| Prosus NV (BBB/Baa3) |
| |||||||||||||||
| 420,000 | 4.193 | 01/19/32 | 363,825 | |||||||||||||
| Redsun Properties Group Ltd. (NR/Caa3u) |
| |||||||||||||||
| 220,000 | 9.700 | (e) | 04/16/23 | 1,100 | ||||||||||||
| Shimao Group Holdings Ltd. (NR/NR) |
| |||||||||||||||
| 310,000 | 5.600 | (e) | 07/15/26 | 10,075 | ||||||||||||
| 1,020,000 | 5.200 | (e) | 01/16/27 | 33,150 | ||||||||||||
| 550,000 | 4.600 | (e) | 07/13/30 | 16,500 | ||||||||||||
| 400,000 | 3.450 | (e) | 01/11/31 | 12,000 | ||||||||||||
| Sunac China Holdings Ltd. (NR/NR) |
| |||||||||||||||
| 150,190 | 0.000 | (a)(d)(e) | 09/30/28 | 30,413 | ||||||||||||
| (PIK 6.000%, Cash 5.000%) |
| |||||||||||||||
| 122,441 | 6.000 | (a)(e)(i) | 09/30/26 | 13,775 | ||||||||||||
| (PIK 6.000%, Cash 5.000%) |
| |||||||||||||||
| 367,327 | 7.000 | (a)(e)(i) | 09/30/29 | 24,795 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| China(b) (continued) |
| |||||||||||||||
| (PIK 6.250%, Cash 5.250%) |
| |||||||||||||||
| $ | 122,441 | 6.250 | %(a)(e)(i) | 09/30/27 | $ | 12,183 | ||||||||||
| (PIK 6.500%, Cash 5.500%) |
| |||||||||||||||
| 244,883 | 6.500 | (a)(e)(i) | 09/30/27 | 21,305 | ||||||||||||
| (PIK 6.750%, Cash 5.750%) |
| |||||||||||||||
| 367,327 | 6.750 | (a)(e)(i) | 09/30/28 | 28,284 | ||||||||||||
| (PIK 7.250%, Cash 6.250%) |
| |||||||||||||||
| 172,562 | 7.250 | (a)(e)(i) | 09/30/30 | 10,267 | ||||||||||||
| (PIK 7.800%, Cash 1.000%) |
| |||||||||||||||
| 218,923 | 1.000 | (a)(e)(i) | 09/30/32 | 13,135 | ||||||||||||
| Yuzhou Group Holdings Co. Ltd. (NR/Cu) |
| |||||||||||||||
| 1,060,000 | 7.375 | (e) | 01/13/26 | 55,650 | ||||||||||||
| 410,000 | 6.350 | (e) | 01/13/27 | 21,525 | ||||||||||||
| (5 yr. CMT + 8.527%) |
| |||||||||||||||
| 2,020,000 | 5.375 | (e) | 09/29/24 | 20,200 | ||||||||||||
| Yuzhou Group Holdings Co. Ltd. (NR/WR) |
| |||||||||||||||
| 480,000 | 6.000 | (e) | 10/25/23 | 25,200 | ||||||||||||
|
|
|
|||||||||||||||
| 1,112,534 | ||||||||||||||||
|
|
||||||||||||||||
| Colombia – 0.8% |
| |||||||||||||||
| Banco de Bogota SA (NR/Ba2) |
| |||||||||||||||
| 350,000 | 6.250 | (a) | 05/12/26 | 348,578 | ||||||||||||
| 310,000 | 6.250 | 05/12/26 | 308,741 | |||||||||||||
| Ecopetrol SA (BB+/Baa3) |
| |||||||||||||||
| 470,000 | 8.625 | (b) | 01/19/29 | 496,158 | ||||||||||||
| 250,000 | 6.875 | (b) | 04/29/30 | 242,373 | ||||||||||||
| 2,070,000 | 4.625 | (b) | 11/02/31 | 1,709,716 | ||||||||||||
| 300,000 | 8.875 | (b) | 01/13/33 | 315,147 | ||||||||||||
|
|
|
|||||||||||||||
| 3,420,713 | ||||||||||||||||
|
|
||||||||||||||||
| Cyprus – 0.1% |
| |||||||||||||||
| MHP SE (CCC/NR) |
| |||||||||||||||
| 430,000 | 7.750 | 05/10/24 | 412,800 | |||||||||||||
|
|
||||||||||||||||
| Dominican Republic(a)(b) – 0.4% |
| |||||||||||||||
| Aeropuertos Dominicanos Siglo XXI SA (BB/Ba2) |
| |||||||||||||||
| 1,690,000 | 6.750 | 03/30/29 | 1,718,519 | |||||||||||||
|
|
||||||||||||||||
| Hong Kong – 0.3% |
| |||||||||||||||
| CNAC HK Finbridge Co. Ltd. (NR/Baa2) |
| |||||||||||||||
| 1,353,000 | 3.875 | 06/19/29 | 1,271,397 | |||||||||||||
|
|
||||||||||||||||
| India – 0.6% |
| |||||||||||||||
| Adani Electricity Mumbai Ltd. (BBB-/Baa3) |
| |||||||||||||||
| 262,000 | 3.949 | 02/12/30 | 222,700 | |||||||||||||
| Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) |
| |||||||||||||||
| 370,000 | 4.200 | (b) | 08/04/27 | 341,788 | ||||||||||||
| 270,000 | 4.375 | 07/03/29 | 240,300 | |||||||||||||
| JSW Hydro Energy Ltd. (NR/Ba1) |
| |||||||||||||||
| 716,450 | 4.125 | (b) | 05/18/31 | 634,058 | ||||||||||||
| Reliance Industries Ltd. (BBB+/Baa2) |
| |||||||||||||||
| 1,480,000 | 2.875 | (a) | 01/12/32 | 1,256,150 | ||||||||||||
|
|
|
|||||||||||||||
| 2,694,996 | ||||||||||||||||
|
|
||||||||||||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Indonesia – 1.3% |
| |||||||||||||||
| Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) |
| |||||||||||||||
| $ | 278,000 | 4.300 | %(b)(h) | 03/24/27 | $ | 257,758 | ||||||||||
| Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) |
| |||||||||||||||
| 380,000 | 6.530 | 11/15/28 | 393,898 | |||||||||||||
| 490,000 | 5.450 | (b) | 05/15/30 | 483,231 | ||||||||||||
| 560,000 | 5.800 | (a)(b) | 05/15/50 | 526,462 | ||||||||||||
| Pertamina Geothermal Energy PT (NR/Baa3) |
| |||||||||||||||
| 330,000 | 5.150 | (a)(b) | 04/27/28 | 328,556 | ||||||||||||
| Pertamina Persero PT (BBB/Baa2) |
| |||||||||||||||
| 690,000 | 6.500 | 05/27/41 | 737,222 | |||||||||||||
| 1,500,000 | 6.000 | 05/03/42 | 1,518,750 | |||||||||||||
| Pertamina Persero PT (NR/Baa2) |
| |||||||||||||||
| 690,000 | 3.650 | 07/30/29 | 641,269 | |||||||||||||
| 620,000 | 4.150 | (b) | 02/25/60 | 471,394 | ||||||||||||
|
|
|
|||||||||||||||
| 5,358,540 | ||||||||||||||||
|
|
||||||||||||||||
| Ivory Coast(a)(f) – 0.3% |
| |||||||||||||||
| Brazil Minas SPE via State of Minas Gerais (BB/NR) |
| |||||||||||||||
| 1,400,000 | 5.333 | 02/15/28 | 1,379,000 | |||||||||||||
|
|
||||||||||||||||
| Kazakhstan – 0.9% |
| |||||||||||||||
| KazMunayGas National Co. JSC (BB+/Baa2) |
| |||||||||||||||
| 2,322,000 | 4.750 | 04/19/27 | 2,256,984 | |||||||||||||
| KazMunayGas National Co. JSC (NR/Baa2) |
| |||||||||||||||
| 1,840,000 | 3.500 | (a)(b) | 04/14/33 | 1,530,650 | ||||||||||||
|
|
|
|||||||||||||||
| 3,787,634 | ||||||||||||||||
|
|
||||||||||||||||
| Luxembourg(b) – 0.1% |
| |||||||||||||||
| Rede D’or Finance SARL (BB/NR) |
| |||||||||||||||
| 256,000 | 4.500 | (a) | 01/22/30 | 229,773 | ||||||||||||
| 302,000 | 4.500 | 01/22/30 | 271,060 | |||||||||||||
|
|
|
|||||||||||||||
| 500,833 | ||||||||||||||||
|
|
||||||||||||||||
| Macau(b) – 0.2% |
| |||||||||||||||
| Sands China Ltd. (BBB-/Baa2) |
| |||||||||||||||
| 1,070,000 | 5.400 | 08/08/28 | 1,049,659 | |||||||||||||
|
|
||||||||||||||||
| Malaysia – 0.7% |
| |||||||||||||||
| GENM Capital Labuan Ltd. (BBB-/NR) |
| |||||||||||||||
| 740,000 | 3.882 | (a)(b) | 04/19/31 | 648,425 | ||||||||||||
| Khazanah Global Sukuk Bhd. (A-/A3) |
| |||||||||||||||
| 640,000 | 4.687 | 06/01/28 | 631,200 | |||||||||||||
| Petronas Capital Ltd. (A-/A2) |
| |||||||||||||||
| 920,000 | 3.500 | (b) | 04/21/30 | 844,854 | ||||||||||||
| 1,020,000 | 4.550 | (a)(b) | 04/21/50 | 902,211 | ||||||||||||
|
|
|
|||||||||||||||
| 3,026,690 | ||||||||||||||||
|
|
||||||||||||||||
| Mauritius(a)(b) – 0.1% |
| |||||||||||||||
| India Airport Infra (NR/B1) |
| |||||||||||||||
| 250,000 | 6.250 | 10/25/25 | 250,000 | |||||||||||||
|
|
||||||||||||||||
| Mexico – 3.9% |
| |||||||||||||||
| Banco Mercantil del Norte SA (BB-/Ba2) (5 yr. CMT + 4.643%) |
| |||||||||||||||
| 790,000 | 5.875 | (a)(b)(h) | 01/24/27 | 751,487 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Mexico (continued) |
| |||||||||||||||
| (5 yr. CMT + 4.967%) |
| |||||||||||||||
| $ | 719,000 | 6.750 | %(a)(b)(h) | 09/27/24 | $ | 714,282 | ||||||||||
| BBVA Bancomer SA (BB/NR) (5 yr. CMT + 2.650%) |
| |||||||||||||||
| 550,000 | 5.125 | (a)(b)(h) | 01/18/33 | 509,266 | ||||||||||||
| Bimbo Bakeries USA, Inc. (BBB+/Baa1) |
| |||||||||||||||
| 1,260,000 | 6.050 | (a)(b) | 01/15/29 | 1,301,051 | ||||||||||||
| 740,000 | 6.400 | (a)(b) | 01/15/34 | 789,565 | ||||||||||||
| 340,000 | 5.375 | (a)(b) | 01/09/36 | 335,182 | ||||||||||||
| Cemex SAB de CV (BB/NR) |
| |||||||||||||||
| (5 yr. CMT + 5.157%) |
| |||||||||||||||
| 760,000 | 9.125 | (a)(b)(h) | 03/14/28 | 820,116 | ||||||||||||
| (5 yr. CMT + 5.157%) |
| |||||||||||||||
| 200,000 | 9.125 | (b)(h) | 03/14/28 | 215,820 | ||||||||||||
| Cemex SAB de CV (BBB-/NR) |
| |||||||||||||||
| 400,000 | 5.450 | (b) | 11/19/29 | 394,375 | ||||||||||||
| Mexico City Airport Trust (BBB/Baa3) |
| |||||||||||||||
| 980,000 | 4.250 | (a)(b) | 10/31/26 | 946,464 | ||||||||||||
| 1,310,000 | 3.875 | (a)(b) | 04/30/28 | 1,228,534 | ||||||||||||
| 280,000 | 5.500 | (a)(b) | 10/31/46 | 236,513 | ||||||||||||
| 722,000 | 5.500 | (b) | 10/31/46 | 609,864 | ||||||||||||
| 1,109,000 | 5.500 | (b) | 07/31/47 | 936,065 | ||||||||||||
| Petroleos Mexicanos (BBB/B3) |
| |||||||||||||||
| 534,000 | 6.490 | (b) | 01/23/27 | 502,708 | ||||||||||||
| 460,000 | 5.350 | 02/12/28 | 405,725 | |||||||||||||
| 654,000 | 5.950 | (b) | 01/28/31 | 524,116 | ||||||||||||
| 320,000 | 6.700 | (b) | 02/16/32 | 266,400 | ||||||||||||
| 290,000 | 5.625 | 01/23/46 | 174,181 | |||||||||||||
| 2,570,000 | 6.750 | 09/21/47 | 1,698,770 | |||||||||||||
| 1,600,000 | 6.350 | 02/12/48 | 1,020,400 | |||||||||||||
| 743,000 | 7.690 | (b) | 01/23/50 | 533,860 | ||||||||||||
| 2,213,000 | 6.950 | (b) | 01/28/60 | 1,462,904 | ||||||||||||
|
|
|
|||||||||||||||
| 16,377,648 | ||||||||||||||||
|
|
||||||||||||||||
| Morocco(b) – 0.2% |
| |||||||||||||||
| OCP SA (BB+/NR) |
| |||||||||||||||
| 1,410,000 | 5.125 | 06/23/51 | 1,062,347 | |||||||||||||
|
|
||||||||||||||||
| Netherlands – 0.7% |
| |||||||||||||||
| IHS Netherlands Holdco BV (B+/B3) |
| |||||||||||||||
| 200,000 | 8.000 | (a)(b) | 09/18/27 | 191,250 | ||||||||||||
| Minejesa Capital BV (NR/Baa3) |
| |||||||||||||||
| 344,026 | 4.625 | 08/10/30 | 326,395 | |||||||||||||
| MV24 Capital BV (BB+/NR) |
| |||||||||||||||
| 814,424 | 6.748 | (a) | 06/01/34 | 764,044 | ||||||||||||
| NE Property BV (BBB/NR) |
| |||||||||||||||
| EUR | 530,000 | 1.875 | (b) | 10/09/26 | 531,902 | |||||||||||
| 450,000 | 3.375 | (b) | 07/14/27 | 466,495 | ||||||||||||
| Prosus NV (BBB/Baa3) |
| |||||||||||||||
| $ | 310,000 | 3.257 | (a)(b) | 01/19/27 | 285,975 | |||||||||||
| 480,000 | 3.680 | (b) | 01/21/30 | 419,640 | ||||||||||||
|
|
|
|||||||||||||||
| 2,985,701 | ||||||||||||||||
|
|
||||||||||||||||
| Panama(a) – 1.0% |
| |||||||||||||||
| Aeropuerto Internacional de Tocumen SA (BBB/Baa3) |
| |||||||||||||||
| 940,000 | 4.000 | (b) | 08/11/41 | 691,636 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| Panama(a) (continued) |
| |||||||||||||||
| $ |
2,130,000 | 5.125 | %(b) | 08/11/61 | $ | 1,550,906 | ||||||||||
| Autoridad del Canal de Panama (A-/A3) |
| |||||||||||||||
| 380,000 | 4.950 | 07/29/35 | 347,106 | |||||||||||||
| Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) |
| |||||||||||||||
| 1,970,000 | 2.375 | (b) | 09/14/25 | 1,866,496 | ||||||||||||
|
|
|
|||||||||||||||
| 4,456,144 | ||||||||||||||||
|
|
||||||||||||||||
| Peru(a) – 0.2% |
| |||||||||||||||
| Atlantica Transmision Sur SA (BBB/NR) |
| |||||||||||||||
| 710,556 | 6.875 | 04/30/43 | 722,387 | |||||||||||||
|
|
||||||||||||||||
| Qatar(a)(b) – 0.2% |
| |||||||||||||||
| QatarEnergy (AA/Aa2) |
| |||||||||||||||
| 1,317,000 | 3.300 | 07/12/51 | 930,131 | |||||||||||||
|
|
||||||||||||||||
| South Africa – 1.6% |
| |||||||||||||||
| Eskom Holdings SOC Ltd. (B/B2) |
| |||||||||||||||
| 1,760,000 | 7.125 | 02/11/25 | 1,752,080 | |||||||||||||
| Eskom Holdings SOC Ltd. (BB-/Ba2)(f) |
| |||||||||||||||
| 2,350,000 | 4.314 | 07/23/27 | 2,158,969 | |||||||||||||
| 720,000 | 6.350 | 08/10/28 | 689,400 | |||||||||||||
| Transnet SOC Ltd. (BB-/Ba3) |
| |||||||||||||||
| 1,660,000 | 8.250 | (a) | 02/06/28 | 1,653,256 | ||||||||||||
| 350,000 | 8.250 | 02/06/28 | 348,578 | |||||||||||||
|
|
|
|||||||||||||||
| 6,602,283 | ||||||||||||||||
|
|
||||||||||||||||
| Supranational(a)(b) – 0.5% |
| |||||||||||||||
| African Export-Import Bank (NR/Baa1) |
| |||||||||||||||
| 1,462,000 | 2.634 | 05/17/26 | 1,365,201 | |||||||||||||
| 650,000 | 3.798 | 05/17/31 | 553,364 | |||||||||||||
|
|
|
|||||||||||||||
| 1,918,565 | ||||||||||||||||
|
|
||||||||||||||||
| Thailand(b) – 0.1% |
| |||||||||||||||
| PTTEP Treasury Center Co. Ltd. (NR/Baa1) |
| |||||||||||||||
| 478,000 | 2.587 | 06/10/27 | 440,208 | |||||||||||||
|
|
||||||||||||||||
| Turkey(a)(b)(h) – 0.4% |
| |||||||||||||||
| Turkiye Garanti Bankasi AS (NR/Caa2) (5 yr. CMT + 4.090%) |
| |||||||||||||||
| 950,000 | 8.375 | 02/28/34 | 949,406 | |||||||||||||
| Yapi ve Kredi Bankasi AS (NR/Caa2) (5 yr. CMT + 5.278%) |
| |||||||||||||||
| 570,000 | 9.250 | 01/17/34 | 585,675 | |||||||||||||
|
|
|
|||||||||||||||
| 1,535,081 | ||||||||||||||||
|
|
||||||||||||||||
| Ukraine(e)(f) – 0.0% |
| |||||||||||||||
| NPC Ukrenergo (NR/Ca) |
| |||||||||||||||
| 346,000 | 6.875 | 11/09/28 | 128,539 | |||||||||||||
|
|
||||||||||||||||
| United Arab Emirates – 1.7% |
| |||||||||||||||
| Abu Dhabi Crude Oil Pipeline LLC (AA/NR) |
| |||||||||||||||
| 2,680,000 | 4.600 | (a) | 11/02/47 | 2,405,300 | ||||||||||||
| DP World Ltd. (NR/Baa2) |
| |||||||||||||||
| 400,000 | 5.625 | 09/25/48 | 381,356 | |||||||||||||
| 970,000 | 4.700 | (b) | 09/30/49 | 802,978 | ||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) |
| |||||||||||||||
| 413,304 | 2.160 | (a) | 03/31/34 | 355,700 | ||||||||||||
| 397,096 | 2.160 | 03/31/34 | 341,751 | |||||||||||||
| 1,810,000 | 3.250 | 09/30/40 | 1,384,650 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations (continued) |
| |||||||||||||||
| United Arab Emirates (continued) |
| |||||||||||||||
| NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) |
| |||||||||||||||
| $ | 1,140,000 | 4.500 | %(a)(b)(h) | 08/27/25 | $ | 1,100,100 | ||||||||||
| NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) |
| |||||||||||||||
| 420,000 | |
3.625 |
(b)(h) |
08/24/26 | 387,187 | |||||||||||
|
|
|
|||||||||||||||
| 7,159,022 | ||||||||||||||||
|
|
||||||||||||||||
| United Kingdom – 0.5% |
| |||||||||||||||
| CK Hutchison International 20 Ltd. (A/A2) |
| |||||||||||||||
| 540,000 | |
2.500 |
(b) |
05/08/30 | 470,644 | |||||||||||
| CK Hutchison International 23 Ltd. (A/A2) |
| |||||||||||||||
| 210,000 | |
4.875 |
(b) |
04/21/33 | 208,163 | |||||||||||
| IHS Holding Ltd. (B+/NR) |
| |||||||||||||||
| 480,000 | |
5.625 |
(a)(b) |
11/29/26 | 447,000 | |||||||||||
| 400,000 | |
6.250 |
(a)(b) |
11/29/28 | 351,375 | |||||||||||
| Prudential Funding Asia PLC (A-/A3) (5 yr. CMT + 1.517%) |
| |||||||||||||||
| 310,000 | |
2.950 |
(b)(h) |
11/03/33 | 276,287 | |||||||||||
| Ukraine Railways Via Rail Capital Markets PLC (NR/NR) |
| |||||||||||||||
| 410,000 | 8.250 | 07/09/26 | 241,900 | |||||||||||||
|
|
|
|||||||||||||||
| 1,995,369 | ||||||||||||||||
|
|
||||||||||||||||
| United States(b) – 0.4% |
| |||||||||||||||
| Kosmos Energy Ltd. (B/B3u) |
| |||||||||||||||
| 730,000 | |
7.750 |
(a) |
05/01/27 | 719,506 | |||||||||||
| Sasol Financing USA LLC (BB+/Ba1) |
| |||||||||||||||
| 1,110,000 | 4.375 | 09/18/26 | 1,043,400 | |||||||||||||
|
|
|
|||||||||||||||
| 1,762,906 | ||||||||||||||||
|
|
||||||||||||||||
| Venezuela(e) – 3.0% |
| |||||||||||||||
| Petroleos de Venezuela SA (CCC-/NR) |
| |||||||||||||||
| 2,180,000 | 5.500 | 04/12/37 | 197,017 | |||||||||||||
| Petroleos de Venezuela SA (NR/NR) |
| |||||||||||||||
| 130,320,000 | 6.000 | 10/28/22 | 9,026,615 | |||||||||||||
| 21,600,000 | 6.000 | 05/16/24 | 1,944,000 | |||||||||||||
| 77,934 | 6.000 | 11/15/26 | 7,092 | |||||||||||||
| 17,520,000 | 5.375 | 04/12/27 | 1,594,320 | |||||||||||||
| 1,650,000 | 5.375 | 04/12/27 | 150,150 | |||||||||||||
|
|
|
|||||||||||||||
| 12,919,194 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $151,063,886) |
$ | 99,607,677 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description | Value | ||||||||||||||
| Common Stocks – 0.0% |
| |||||||||||||||
| China – 0.0% |
| |||||||||||||||
| 105,132 | |
Sunac China Holdings Ltd. Real Estate Management & Development(e) |
$ | 15,098 | ||||||||||||
|
|
||||||||||||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
|
Shares |
Description | Value | ||||||||||||||
| Common Stocks (continued) |
| |||||||||||||||
| China (continued) |
| |||||||||||||||
| |
224,816 |
|
Sunac Services Holdings Ltd. Real Estate Management & Development(a) | $ | 53,526 | |||||||||||
|
|
|
|||||||||||||||
| 68,624 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL COMMON STOCKS (Cost $526,846) |
$ | 68,624 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 96.4 % (Cost $479,251,128) |
$ | 409,227,168 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
15,499,413 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0 % | $ | 424,726,581 | ||||||||||||||
|
|
||||||||||||||||
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 March 31, 2024. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Security is currently in default and/or non-income producing. |
| (f) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $6,843,010, which represents approximately 2% of the Fund’s net assets as of March 31, 2024. |
| (g) | Actual maturity date is July 28, 2121. |
| (h) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. |
| (i) | Pay-in-kind securities. |
| (j) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2024. |
Security ratings disclosed, if any, are obtained from S&P’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.
| ADDITIONAL INVESTMENT INFORMATION |
|
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
|
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN |
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||
|
|
||||||||||||||||||||
| JPMorgan Securities, Inc. |
AUD | 656,563 | NZD | 708,359 | 04/08/24 | $ | 4,732 | |||||||||||||
| AUD | 8,517,116 | NZD | 9,234,297 | 04/24/24 | 36,798 | |||||||||||||||
| CHF | 307,530 | EUR | 316,250 | 04/24/24 | 393 | |||||||||||||||
| CLP | 413,032,156 | USD | 417,267 | 06/21/24 | 3,419 | |||||||||||||||
| COP | 9,848,382,969 | USD | 2,426,628 | 05/10/24 | 103,793 | |||||||||||||||
| COP | 3,541,271,450 | USD | 891,423 | 06/20/24 | 12,577 | |||||||||||||||
| CZK | 13,120,297 | EUR | 517,611 | 04/24/24 | 341 | |||||||||||||||
| EUR | 1,693,298 | CHF | 1,632,696 | 04/24/24 | 13,362 | |||||||||||||||
| EUR | 630,874 | PLN | 2,721,188 | 04/24/24 | 145 | |||||||||||||||
| EUR | 4,518,651 | SEK | 51,456,858 | 04/24/24 | 67,753 | |||||||||||||||
| EUR | 796,000 | SEK | 9,123,553 | 06/20/24 | 6,375 | |||||||||||||||
| EUR | 11,772,363 | USD | 12,570,131 | 04/05/24 | 132,954 | |||||||||||||||
| EUR | 1,825,667 | USD | 1,959,123 | 04/15/24 | 11,671 | |||||||||||||||
| EUR | 76,541,050 | USD | 82,303,683 | 05/08/24 | 398,709 | |||||||||||||||
| EUR | 399,001 | USD | 430,334 | 05/21/24 | 1,014 | |||||||||||||||
| EUR | 55,831 | USD | 60,428 | 07/24/24 | 96 | |||||||||||||||
| EUR | 1,641,650 | USD | 1,772,745 | 08/06/24 | 7,959 | |||||||||||||||
| GBP | 1,120,318 | EUR | 1,309,434 | 04/24/24 | 155 | |||||||||||||||
| GBP | 1,002,033 | USD | 1,262,852 | 04/22/24 | 2,016 | |||||||||||||||
| GBP | 654,604 | USD | 825,374 | 06/03/24 | 1,124 | |||||||||||||||
| GBP | 342,315 | USD | 431,000 | 06/20/24 | 1,237 | |||||||||||||||
| HUF | 133,325,822 | USD | 364,831 | 04/08/24 | 207 | |||||||||||||||
| HUF | 5,501,418 | USD | 13,877 | 04/15/24 | 1,179 | |||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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) |
HUF | 308,392,288 | USD | 835,002 | 05/13/24 | $ | 7,519 | |||||||||||||
| HUF | 496,360,405 | USD | 1,348,855 | 06/03/24 | 5,781 | |||||||||||||||
| MXN | 26,821,605 | USD | 1,452,862 | 04/10/24 | 158,019 | |||||||||||||||
| MXN | 35,217,544 | USD | 2,063,455 | 06/20/24 | 28,068 | |||||||||||||||
| NOK | 123,785 | USD | 10,843 | 04/26/24 | 567 | |||||||||||||||
| NZD | 14,063 | USD | 7,240 | 05/07/24 | 1,162 | |||||||||||||||
| NZD | 1,448,965 | USD | 865,506 | 05/22/24 | 233 | |||||||||||||||
| USD | 130,000 | AUD | 198,706 | 04/24/24 | 424 | |||||||||||||||
| USD | 873,115 | BRL | 4,360,606 | 04/02/24 | 3,857 | |||||||||||||||
| USD | 857,613 | BRL | 4,280,774 | 04/15/24 | 5,401 | |||||||||||||||
| USD | 1,449,109 | CAD | 1,953,248 | 06/20/24 | 5,436 | |||||||||||||||
| USD | 302,000 | CHF | 270,194 | 04/24/24 | 1,602 | |||||||||||||||
| USD | 1,399,637 | CHF | 1,222,656 | 06/20/24 | 31,689 | |||||||||||||||
| USD | 427,000 | CLP | 410,987,500 | 06/21/24 | 8,396 | |||||||||||||||
| USD | 4,334,101 | CNH | 31,129,412 | 06/20/24 | 31,562 | |||||||||||||||
| USD | 202,843 | CZK | 4,716,899 | 06/20/24 | 1,709 | |||||||||||||||
| USD | 4,396,150 | EUR | 4,024,182 | 04/03/24 | 54,154 | |||||||||||||||
| USD | 10,470,383 | EUR | 9,589,077 | 04/05/24 | 123,197 | |||||||||||||||
| USD | 3,330,888 | EUR | 3,078,819 | 04/15/24 | 7,326 | |||||||||||||||
| USD | 3,759,161 | EUR | 3,435,540 | 05/02/24 | 47,972 | |||||||||||||||
| USD | 83,188,100 | EUR | 76,927,936 | 05/08/24 | 67,676 | |||||||||||||||
| USD | 7,405,575 | EUR | 6,805,416 | 05/21/24 | 48,465 | |||||||||||||||
| USD | 14,296,773 | EUR | 13,047,442 | 06/20/24 | 174,271 | |||||||||||||||
| USD | 1,618,111 | EUR | 1,471,070 | 07/17/24 | 23,902 | |||||||||||||||
| USD | 2,706,892 | EUR | 2,474,365 | 07/24/24 | 24,539 | |||||||||||||||
| USD | 1,856,932 | EUR | 1,703,472 | 08/06/24 | 9,170 | |||||||||||||||
| USD | 2,135,475 | EUR | 1,947,041 | 09/19/24 | 19,236 | |||||||||||||||
| USD | 4,271,808 | GBP | 3,361,182 | 04/08/24 | 29,307 | |||||||||||||||
| USD | 6,328,485 | GBP | 4,997,724 | 04/22/24 | 19,851 | |||||||||||||||
| USD | 1,240,094 | GBP | 981,910 | 06/03/24 | 342 | |||||||||||||||
| USD | 414,287 | GBP | 327,412 | 06/05/24 | 895 | |||||||||||||||
| USD | 1,809,752 | GBP | 1,418,528 | 06/20/24 | 18,594 | |||||||||||||||
| USD | 911,097 | HUF | 329,860,358 | 04/08/24 | 7,959 | |||||||||||||||
| USD | 360,795 | HUF | 130,735,834 | 04/15/24 | 3,017 | |||||||||||||||
| USD | 5,978,122 | HUF | 2,163,310,291 | 05/13/24 | 68,010 | |||||||||||||||
| USD | 443,437 | HUF | 161,581,652 | 06/20/24 | 2,781 | |||||||||||||||
| USD | 2,575,000 | INR | 214,022,736 | 06/20/24 | 14,766 | |||||||||||||||
| USD | 2,144,000 | JPY | 313,714,195 | 06/20/24 | 45,752 | |||||||||||||||
| USD | 544,918 | KRW | 722,469,031 | 06/12/24 | 7,425 | |||||||||||||||
| USD | 1,291,000 | KRW | 1,704,678,465 | 06/20/24 | 22,421 | |||||||||||||||
| USD | 43,372 | NOK | 466,377 | 04/26/24 | 385 | |||||||||||||||
| USD | 71,739 | NOK | 769,546 | 05/31/24 | 750 | |||||||||||||||
| USD | 687,639 | NOK | 7,209,981 | 06/20/24 | 22,243 | |||||||||||||||
| USD | 5,093,493 | NZD | 8,318,478 | 04/02/24 | 123,615 | |||||||||||||||
| USD | 2,004,400 | NZD | 3,337,898 | 04/04/24 | 10,171 | |||||||||||||||
| USD | 4,457,925 | NZD | 7,363,358 | 04/15/24 | 58,619 | |||||||||||||||
| USD | 3,376,203 | NZD | 5,641,016 | 04/22/24 | 5,888 | |||||||||||||||
| USD | 430,963 | NZD | 720,265 | 05/03/24 | 622 | |||||||||||||||
| USD | 1,749,363 | NZD | 2,840,870 | 05/07/24 | 52,005 | |||||||||||||||
| USD | 4,123,254 | NZD | 6,765,198 | 05/22/24 | 81,128 | |||||||||||||||
| USD | 2,659,479 | NZD | 4,349,149 | 06/20/24 | 60,949 | |||||||||||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| 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 | 430,000 | PLN | 1,686,783 | 06/20/24 | $ | 8,067 | |||||||||||||
| USD | 173,000 | SEK | 1,827,924 | 04/24/24 | 2,066 | |||||||||||||||
| USD | 5,304,673 | SGD | 7,139,656 | 04/24/24 | 11,121 | |||||||||||||||
| USD | 1,251,730 | SGD | 1,665,977 | 06/20/24 | 13,351 | |||||||||||||||
| USD | 507,060 | ZAR | 9,460,504 | 04/04/24 | 7,714 | |||||||||||||||
| USD | 582,685 | ZAR | 10,939,285 | 04/12/24 | 5,652 | |||||||||||||||
| USD | 260,475 | ZAR | 4,935,584 | 05/10/24 | 728 | |||||||||||||||
| USD | 4,434,981 | ZAR | 84,047,034 | 06/20/24 | 27,043 | |||||||||||||||
| USD | 417,270 | ZAR | 8,003,049 | 09/06/24 | 587 | |||||||||||||||
| ZAR | 13,149,410 | USD | 684,145 | 04/04/24 | 9,908 | |||||||||||||||
| ZAR | 4,211,246 | USD | 221,975 | 04/12/24 | 163 | |||||||||||||||
| ZAR | 60,978,526 | USD | 3,205,623 | 04/15/24 | 10,137 | |||||||||||||||
| ZAR | 12,796,407 | USD | 672,895 | 05/10/24 | 549 | |||||||||||||||
| ZAR | 8,838,641 | USD | 458,997 | 09/06/24 | 1,192 | |||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | 2,455,115 | ||||||||||||||||||
|
|
||||||||||||||||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| |||||||||||||||||||
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
|
|
||||||||||||||||||||
| JPMorgan Securities, Inc. |
AUD | 3,780,166 | USD | 2,485,436 | 06/20/24 | $ | (16,494 | ) | ||||||||||||
| AUD | 130,136 | USD | 85,304 | 09/26/24 | (102 | ) | ||||||||||||||
| AUD | 130,414 | USD | 85,539 | 09/27/24 | (153 | ) | ||||||||||||||
| AUD | 147,694 | USD | 96,917 | 10/02/24 | (210 | ) | ||||||||||||||
| BRL | 4,360,606 | USD | 873,916 | 04/02/24 | (4,658 | ) | ||||||||||||||
| CAD | 3,466,546 | USD | 2,572,000 | 06/20/24 | (9,825 | ) | ||||||||||||||
| CHF | 374,503 | USD | 430,000 | 06/20/24 | (10,993 | ) | ||||||||||||||
| CLP | 815,133,572 | USD | 858,386 | 06/21/24 | (28,146 | ) | ||||||||||||||
| CNH | 12,261,806 | USD | 1,712,000 | 06/20/24 | (17,239 | ) | ||||||||||||||
| CZK | 29,959,053 | USD | 1,292,000 | 06/20/24 | (14,512 | ) | ||||||||||||||
| EUR | 2,066,993 | CHF | 2,017,626 | 04/24/24 | (11,048 | ) | ||||||||||||||
| EUR | 389,296 | CZK | 9,895,586 | 04/24/24 | (1,442 | ) | ||||||||||||||
| EUR | 1,314,001 | GBP | 1,128,227 | 04/24/24 | (5,206 | ) | ||||||||||||||
| EUR | 786,132 | JPY | 128,280,892 | 06/20/24 | (7,088 | ) | ||||||||||||||
| EUR | 548,865 | PLN | 2,375,147 | 04/24/24 | (1,800 | ) | ||||||||||||||
| EUR | 4,024,291 | USD | 4,403,826 | 04/03/24 | (61,712 | ) | ||||||||||||||
| EUR | 11,349,926 | USD | 12,411,088 | 04/05/24 | (163,837 | ) | ||||||||||||||
| EUR | 207,609 | USD | 225,290 | 04/15/24 | (1,177 | ) | ||||||||||||||
| EUR | 119,801 | USD | 130,000 | 04/24/24 | (629 | ) | ||||||||||||||
| EUR | 4,025,288 | USD | 4,382,023 | 05/02/24 | (33,769 | ) | ||||||||||||||
| EUR | 386,886 | USD | 418,547 | 05/08/24 | (517 | ) | ||||||||||||||
| EUR | 4,230,923 | USD | 4,592,439 | 05/21/24 | (18,528 | ) | ||||||||||||||
| EUR | 2,848,761 | USD | 3,122,293 | 06/14/24 | (39,603 | ) | ||||||||||||||
| EUR | 1,970,788 | USD | 2,154,607 | 06/20/24 | (21,434 | ) | ||||||||||||||
| EUR | 2,091,974 | USD | 2,292,965 | 07/17/24 | (25,875 | ) | ||||||||||||||
| EUR | 2,407,413 | USD | 2,630,713 | 07/24/24 | (20,941 | ) | ||||||||||||||
| EUR | 825,984 | USD | 897,497 | 08/06/24 | (1,548 | ) | ||||||||||||||
| EUR | 249,747 | USD | 274,522 | 09/18/24 | (3,084 | ) | ||||||||||||||
| EUR | 3,446,179 | USD | 3,769,428 | 09/19/24 | (23,771 | ) | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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) |
GBP | 613,205 | EUR | 717,471 | 04/24/24 | $ | (728 | ) | ||||||||||||
| GBP | 2,942,366 | USD | 3,749,901 | 04/08/24 | (36,032 | ) | ||||||||||||||
| GBP | 35,912 | USD | 45,672 | 04/10/24 | (343 | ) | ||||||||||||||
| GBP | 5,953,213 | USD | 7,552,813 | 04/22/24 | (38,066 | ) | ||||||||||||||
| GBP | 238,785 | USD | 302,000 | 04/24/24 | (578 | ) | ||||||||||||||
| GBP | 2,304,867 | USD | 2,911,062 | 06/03/24 | (955 | ) | ||||||||||||||
| GBP | 673,332 | USD | 854,844 | 06/20/24 | (4,635 | ) | ||||||||||||||
| HUF | 132,614,219 | USD | 364,831 | 04/08/24 | (1,741 | ) | ||||||||||||||
| HUF | 1,655,640,682 | USD | 4,584,657 | 04/15/24 | (53,754 | ) | ||||||||||||||
| HUF | 1,300,597,824 | USD | 3,574,058 | 05/13/24 | (20,855 | ) | ||||||||||||||
| ILS | 1,936,069 | USD | 531,885 | 05/22/24 | (4,165 | ) | ||||||||||||||
| INR | 230,724,107 | USD | 2,777,121 | 06/20/24 | (17,098 | ) | ||||||||||||||
| JPY | 322,545,145 | USD | 2,197,667 | 06/20/24 | (40,356 | ) | ||||||||||||||
| KRW | 3,496,881,923 | USD | 2,642,148 | 06/20/24 | (39,857 | ) | ||||||||||||||
| NOK | 1,882,834 | USD | 173,913 | 05/31/24 | (224 | ) | ||||||||||||||
| NZD | 709,835 | AUD | 656,563 | 04/08/24 | (3,852 | ) | ||||||||||||||
| NZD | 4,482,802 | AUD | 4,124,000 | 04/24/24 | (10,921 | ) | ||||||||||||||
| NZD | 1,414,444 | AUD | 1,308,563 | 06/20/24 | (9,560 | ) | ||||||||||||||
| NZD | 8,318,289 | USD | 5,081,927 | 04/02/24 | (112,163 | ) | ||||||||||||||
| NZD | 3,338,562 | USD | 2,016,702 | 04/04/24 | (22,075 | ) | ||||||||||||||
| NZD | 6,969,578 | USD | 4,270,427 | 04/15/24 | (106,388 | ) | ||||||||||||||
| NZD | 4,348,060 | USD | 2,628,218 | 04/22/24 | (30,399 | ) | ||||||||||||||
| NZD | 3,225,858 | USD | 1,929,063 | 05/03/24 | (1,690 | ) | ||||||||||||||
| NZD | 3,960,067 | USD | 2,407,972 | 05/07/24 | (41,917 | ) | ||||||||||||||
| NZD | 9,299,671 | USD | 5,660,088 | 05/22/24 | (103,647 | ) | ||||||||||||||
| PLN | 3,733,806 | EUR | 865,715 | 04/24/24 | (282 | ) | ||||||||||||||
| PLN | 7,881,340 | USD | 1,996,922 | 06/20/24 | (25,478 | ) | ||||||||||||||
| SEK | 8,937,001 | EUR | 786,875 | 06/20/24 | (13,985 | ) | ||||||||||||||
| SEK | 650,532 | USD | 63,454 | 06/20/24 | (2,476 | ) | ||||||||||||||
| SGD | 4,960,355 | USD | 3,693,434 | 04/24/24 | (15,680 | ) | ||||||||||||||
| USD | 863,000 | CAD | 1,170,053 | 06/20/24 | (1,803 | ) | ||||||||||||||
| USD | 736,955 | CLP | 724,905,955 | 06/21/24 | (1,385 | ) | ||||||||||||||
| USD | 3,175,672 | COP | 12,898,704,480 | 05/10/24 | (138,490 | ) | ||||||||||||||
| USD | 858,000 | COP | 3,401,644,400 | 06/20/24 | (10,356 | ) | ||||||||||||||
| USD | 14,072,398 | EUR | 13,185,395 | 04/05/24 | (155,432 | ) | ||||||||||||||
| USD | 853,087 | GBP | 676,988 | 06/20/24 | (1,738 | ) | ||||||||||||||
| USD | 86,000 | HUF | 31,662,273 | 04/08/24 | (689 | ) | ||||||||||||||
| USD | 1,458,336 | HUF | 535,063,655 | 04/15/24 | (5,944 | ) | ||||||||||||||
| USD | 456,039 | HUF | 168,221,535 | 06/20/24 | (2,724 | ) | ||||||||||||||
| USD | 863,000 | INR | 72,202,895 | 06/20/24 | (723 | ) | ||||||||||||||
| USD | 1,507,159 | MXN | 26,821,605 | 04/10/24 | (103,723 | ) | ||||||||||||||
| USD | 897,134 | MXN | 15,250,777 | 06/20/24 | (8,589 | ) | ||||||||||||||
| USD | 410,255 | SGD | 559,252 | 04/24/24 | (4,390 | ) | ||||||||||||||
| USD | 6,936 | TRY | 251,578 | 06/20/24 | (142 | ) | ||||||||||||||
| USD | 192,196 | ZAR | 3,681,521 | 04/04/24 | (2,122 | ) | ||||||||||||||
| USD | 924,397 | ZAR | 17,530,581 | 04/12/24 | (318 | ) | ||||||||||||||
| USD | 166,908 | ZAR | 3,231,341 | 09/06/24 | (1,334 | ) | ||||||||||||||
| ZAR | 9,852,145 | USD | 527,191 | 04/12/24 | (7,503 | ) | ||||||||||||||
| ZAR | 14,571,858 | USD | 765,007 | 09/06/24 | (6,314 | ) | ||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | (1,758,960 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
69 | 06/18/24 | $ | 7,644,984 | $ | 16,077 | ||||||||||
| 2 Year U.S. Treasury Notes |
139 | 06/28/24 | 28,423,328 | (12,550) | ||||||||||||
| 20 Year U.S. Treasury Bonds |
51 | 06/18/24 | 6,142,313 | 86,735 | ||||||||||||
| 5 Year U.S. Treasury Notes |
96 | 06/28/24 | 10,273,500 | 3,306 | ||||||||||||
| Ultra 10-Year U.S. Treasury Note |
24 | 06/18/24 | 2,750,625 | 19,210 | ||||||||||||
|
|
||||||||||||||||
| Total | $ | 112,778 | ||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| Ultra Long U.S. Treasury Bonds |
(20) | 06/18/24 | (2,580,000) | (559) | ||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 112,219 | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 1M BID |
||||||||||||||||||||||
| Average(a) |
12.060%(a) | 01/02/25 | BRL | 64,020 | $ | (4,439 | ) | $ | 1,036,681 | $(1,041,120) | ||||||||||||
| 1M BID Average(a) |
12.064(a) | 01/02/25 | 58,420 | 104,677 | 942,254 | (837,577 | ) | |||||||||||||||
| 10.950%(a) |
1M BID Average(a) | 01/02/25 | 3,600 | 18,708 | (49,400 | ) | 68,108 | |||||||||||||||
| 13.300(a) |
1M BID Average(a) | 01/02/25 | 27,000 | (141,492 | ) | (572,205 | ) | 430,713 | ||||||||||||||
| 12.713(a) |
1M BID Average(a) | 01/02/25 | 21,300 | (73,713 | ) | (413,315 | ) | 339,602 | ||||||||||||||
| 1M BID Average(a) |
10.850(a) | 01/02/26 | 113,500 | 81,553 | 44,852 | 36,701 | ||||||||||||||||
| 1M BID Average(a) |
12.915(a) | 01/02/26 | 9,670 | 80,915 | 38,738 | 42,177 | ||||||||||||||||
| 1M BID Average(a) |
9.750(a) | 01/02/26 | 27,890 | (24,632 | ) | (36,470 | ) | 11,838 | ||||||||||||||
| Mexico Interbank |
||||||||||||||||||||||
| TIIE 28 Days(a) |
9.250(a) | 06/17/26 | MXN | 268,460 | (b) | (56,489 | ) | (12,031 | ) | (44,458 | ) | |||||||||||
| 3M CNRR |
2.000 | 06/19/26 | CNY | 72,010 | (b) | 15,600 | 14,537 | 1,063 | ||||||||||||||
| 3M KWCDC(c) |
3.250(c) | 06/19/26 | KRW | 24,469,240 | (b) | (26,400 | ) | (30,812 | ) | 4,412 | ||||||||||||
| 12M CDOR(d) |
4.250(d) | 06/19/26 | CAD | 11,220 | (b) | 39,033 | 43,287 | (4,254 | ) | |||||||||||||
| 3.250(e) |
6M EURO(d) | 06/19/26 | EUR | 3,360 | (b) | (19,981 | ) | (14,532 | ) | (5,449 | ) | |||||||||||
| 5.000(e) |
6M WIBOR(d) | 06/19/26 | PLN | 30,090 | (b) | 33,969 | 29,293 | 4,676 | ||||||||||||||
| 11.230(a) |
1M BID Average(a) | 01/04/27 | BRL | 9,930 | (10,697 | ) | 20,418 | (31,115 | ) | |||||||||||||
| 10.286(a) |
1M BID Average(a) | 01/04/27 | 34,400 | 15,123 | — | 15,123 | ||||||||||||||||
| 13.030(f) |
1M BID Average(f) | 01/04/27 | 5,821 | (67,489 | ) | — | (67,489 | ) | ||||||||||||||
| 1M BID Average(a) |
8.495(a) | 01/04/27 | 10,300 | (175,420 | ) | (170,289 | ) | (5,131 | ) | |||||||||||||
| 12M SOFR(e) |
3.350(e) | 10/06/27 | $ | 57,950 | (b) | (329,000 | ) | (180,050 | ) | (148,950 | ) | |||||||||||
| 12M SOFR(e) |
3.696(e) | 09/22/28 | 38,250 | (b) | 91,108 | (95,120 | ) | 186,228 | ||||||||||||||
| 11.500(a) |
1M BID Average(a) | 01/02/29 | BRL | 30,880 | (167,419 | ) | (107,593 | ) | (59,826 | ) | ||||||||||||
| 10.250(a) |
1M BID Average(a) | 01/02/29 | 4,430 | 7,994 | (3,304 | ) | 11,298 | |||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 8.500%(a) |
Mexico Interbank TIIE 28 Days(a) | 06/13/29 | MXN | 175,970 | (b) | $ | 77,107 | $ | 596 | $ 76,511 | ||||||||||||
| 3M KWCDC(c) |
3.250%(c) | 06/19/29 | KRW | 8,669,690 | (b) | 3,774 | (11,042 | ) | 14,816 | |||||||||||||
| 2.000(c) |
3M CNRR(c) | 06/19/29 | CNY | 77,110 | (b) | 52,841 | 65,337 | (12,496 | ) | |||||||||||||
| 3.000(e) |
6M EURO(d) | 06/19/29 | EUR | 5,050 | (b) | (104,430 | ) | (74,026 | ) | (30,404 | ) | |||||||||||
| 3.000(e) |
6M EURO(d) | 06/19/31 | 880 | (b) | (27,859 | ) | (20,392 | ) | (7,467 | ) | ||||||||||||
| 8.500(a) |
Mexico Interbank TIIE 28 Days(a) | 06/07/34 | MXN | 24,950 | (b) | 16,663 | 1,951 | 14,712 | ||||||||||||||
| 3M KWCDC(c) |
3.250(c) | 06/19/34 | KRW | 3,751,610 | (b) | 700 | (14,138 | ) | 14,838 | |||||||||||||
| 6M WIBOR(d) |
4.750(e) | 06/19/34 | PLN | 15,680 | (b) | (57,425 | ) | (27,213 | ) | (30,212 | ) | |||||||||||
| 3.000(e) |
6M EURO(d) | 06/19/34 | EUR | 910 | (b) | (39,091 | ) | (36,584 | ) | (2,507 | ) | |||||||||||
| 3M JIBAR(c) |
9.750(c) | 06/19/34 | ZAR | 52,960 | (b) | (20,962 | ) | 40,592 | (61,554 | ) | ||||||||||||
| 3.750(e) |
12M SOFR(e) | 06/20/34 | $ | 4,920 | (b) | 18,586 | 2,319 | 16,267 | ||||||||||||||
| 3.240(e) |
12M SOFR(e) | 10/06/35 | 13,300 | (b) | 438,262 | (199,439 | ) | 637,701 | ||||||||||||||
| 3.781(e) |
12M SOFR(e) | 09/22/36 | 8,630 | (b) | (75,093 | ) | 136,649 | (211,742 | ) | |||||||||||||
| 3.000(e) |
6M EURO(d) | 06/19/39 | EUR | 1,510 | (b) | (85,726 | ) | (60,912 | ) | (24,814 | ) | |||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | (411,144 | ) | $ | 288,637 | $(699,781 | ) | |||||||||||||||
|
|
||||||||||||||||||||||
| (a) | Payments made monthly. |
| (b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (c) | Payments made quarterly. |
| (d) | Payments made semi-annually. |
| (e) | Payments made annually. |
| (f) | Payments made at maturity. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||
|
|
||||||||||||||||||||||
| Protection Purchased: |
||||||||||||||||||||||
| People’s Republic of China, 7.5%, |
(1.000)% | 0.667% | 12/20/28 | $ | 2,420 | $ | (34,791) | $ | (24,873) | $ (9,918 | ) | |||||||||||
| Republic of Colombia, 10.375%, |
(1.000) | 1.727 | 06/20/29 | 3,810 | 124,936 | 141,294 | (16,358) | |||||||||||||||
| Republic of South Africa, 5.875%, |
(1.000) | 2.570 | 06/20/29 | 4,260 | 296,839 | 282,985 | 13,854 | |||||||||||||||
| Protection Sold: |
||||||||||||||||||||||
| Federative Republic of Brazil, 3.75%, |
1.000 | 1.367 | 06/20/29 | 4,150 | (68,550) | (74,883) | 6,333 | |||||||||||||||
| Republic of Indonesia, 2.15%, |
1.000 | 0.732 | 06/20/29 | 3,520 | 44,651 | 42,527 | 2,124 | |||||||||||||||
| United Mexican States, 4.150%, |
1.000 | 0.921 | 06/20/29 | 4,640 | 18,638 | 14,871 | 3,767 | |||||||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | 381,723 | $ | 381,921 | $ (198 | ) | ||||||||||||||||
|
|
||||||||||||||||||||||
| (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. |
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, 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 ZAR | Barclays Bank PLC | $ 19.480 | 04/02/2024 | 1,698,000 | $ 1,698,000 | $ 8 | $ 17,625 | $ (17,617) | ||||||||||||||||||||||
| Call EUR/Put USD | BNP Paribas SA | 1.089 | 08/02/2024 | 797,000 | 797,000 | 9,586 | 16,002 | (6,416) | ||||||||||||||||||||||
| Call USD/Put NOK | Citibank NA | 10.975 | 04/24/2024 | 3,445,500 | 3,445,500 | 16,325 | 16,538 | (213) | ||||||||||||||||||||||
| Call USD/Put ZAR | Citibank NA | 20.860 | 09/04/2024 | 6,836,000 | 6,836,000 | 84,650 | 113,341 | (28,691) | ||||||||||||||||||||||
| Call USD/Put ZAR | Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 19.350 | 05/08/2024 | 1,724,000 | 1,724,000 | 13,254 | 16,295 | (3,041) | |||||||||||||||||||||||
| Call USD/Put NOK | HSBC Bank PLC | 11.033 | 05/29/2024 | 3,454,000 | 3,454,000 | 27,898 | 22,175 | 5,723 | ||||||||||||||||||||||
| Call USD/Put ZAR | JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 18.950 | 04/10/2024 | 1,722,000 | 1,722,000 | 10,487 | 15,090 | (4,603) | |||||||||||||||||||||||
| Call EUR/Put USD | MS & Co. Int PLC | 1.101 | 07/22/2024 | 800,000 | 800,000 | 4,939 | 15,534 | (10,595) | ||||||||||||||||||||||
| Call USD/Put HUF | MS & Co. Int PLC | 367.400 | 04/11/2024 | 3,383,000 | 3,383,000 | 12,558 | 42,863 | (30,305) | ||||||||||||||||||||||
| Call USD/Put HUF | MS & Co. Int PLC | 369.000 | 05/09/2024 | 3,430,000 | 3,430,000 | 28,006 | 55,017 | (27,011) | ||||||||||||||||||||||
| Call USD/Put HUF | MS & Co. Int PLC | 371.600 | 05/30/2024 | 3,452,000 | 3,452,000 | 39,991 | 39,991 | — | ||||||||||||||||||||||
| Call EUR/Put USD | UBS AG (London) | 1.106 | 07/15/2024 | 795,000 | 795,000 | 3,486 | 15,241 | (11,755) | ||||||||||||||||||||||
| Call USD/Put COP | UBS AG (London) | 4,232.000 | 05/08/2024 | 930,000 | 930,000 | 657 | 42,687 | (42,030) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 32,466,500 | $ 32,466,500 | $ 251,845 | $ 428,399 | $ (176,554) | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Put AUD/Call USD | Barclays Bank PLC | 0.621 | 09/24/2024 | 6,556,000 | 6,556,000 | 30,401 | 34,157 | (3,756) | ||||||||||||||||||||||
| Put NZD/Call USD | Barclays Bank PLC | 0.603 | 04/02/2024 | 5,614,667 | 5,614,667 | 25,219 | 14,298 | 10,921 | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.087 | 05/17/2024 | 5,073,000 | 5,073,000 | 57,510 | 36,649 | 20,861 | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.089 | 08/02/2024 | 797,000 | 797,000 | 12,487 | 16,001 | (3,514) | ||||||||||||||||||||||
| Put EUR/Call USD | BNP Paribas SA | 1.061 | 09/16/2024 | 4,720,000 | 4,720,000 | 35,172 | 24,644 | 10,528 | ||||||||||||||||||||||
| Put GBP/Call USD | BNP Paribas SA | 1.264 | 04/18/2024 | 5,366,000 | 5,366,000 | 40,006 | 34,473 | 5,533 | ||||||||||||||||||||||
| Put GBP/Call USD | BNP Paribas SA | 1.255 | 05/30/2024 | 5,467,000 | 5,467,000 | 49,750 | 52,434 | (2,684) | ||||||||||||||||||||||
| Put AUD/Call USD | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 0.622 | 09/25/2024 | 6,621,000 | 6,621,000 | 32,161 | 33,810 | (1,649) | |||||||||||||||||||||||
| Put EUR/Call USD | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 1.067 | 04/11/2024 | 4,713,000 | 4,713,000 | 3,402 | 36,165 | (32,763) | |||||||||||||||||||||||
| Put GBP/Call USD | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 1.266 | 04/04/2024 | 4,035,000 | 4,035,000 | 20,692 | 23,083 | (2,391) | |||||||||||||||||||||||
| Put NZD/Call USD | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 0.595 | 05/03/2024 | 8,460,000 | 8,460,000 | 38,262 | 56,824 | (18,562) | |||||||||||||||||||||||
| Put NZD/Call USD | Citibank NA | 0.610 | 05/20/2024 | 8,234,000 | 8,234,000 | 118,607 | 61,493 | 57,114 | ||||||||||||||||||||||
| Put EUR/Call USD | Deutsche Bank AG | |||||||||||||||||||||||||||||
| (London) | 1.090 | 04/29/2024 | 6,304,000 | 6,304,000 | 75,478 | 41,436 | 34,042 | |||||||||||||||||||||||
| Put EUR/Call USD | HSBC Bank PLC | 1.074 | 05/17/2024 | 5,039,000 | 5,039,000 | 26,594 | 45,453 | (18,859) | ||||||||||||||||||||||
| Put GBP/Call USD | HSBC Bank PLC | 1.276 | 04/04/2024 | 4,023,000 | 4,023,000 | 55,722 | 22,906 | 32,816 | ||||||||||||||||||||||
| Put NZD/Call USD | JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 0.597 | 05/20/2024 | 8,422,000 | 8,422,000 | 55,037 | 42,705 | 12,332 | |||||||||||||||||||||||
| Put EUR/Call USD | MS & Co. Int PLC | 1.101 | 07/22/2024 | 800,000 | 800,000 | 18,160 | 15,534 | 2,626 | ||||||||||||||||||||||
| Put GBP/Call USD | MS & Co. Int PLC | 1.264 | 04/18/2024 | 4,040,000 | 4,040,000 | 30,120 | 24,530 | 5,590 | ||||||||||||||||||||||
| Put AUD/Call USD | UBS AG (London) | 0.623 | 09/30/2024 | 6,593,000 | 6,593,000 | 34,044 | 32,737 | 1,307 | ||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | $ 1.060 | 04/03/2024 | 6,239,937 | $ 6,239,937 | $ 7 | $ 141,916 | $ (141,909) | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.089 | 06/12/2024 | 6,307,000 | 6,307,000 | 85,537 | 54,898 | 30,639 | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.106 | 07/15/2024 | 795,000 | 795,000 | 20,800 | 15,241 | 5,559 | ||||||||||||||||||||||
| Put EUR/Call USD | UBS AG (London) | 1.058 | 09/17/2024 | 4,721,000 | 4,721,000 | 32,220 | 24,985 | 7,235 | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.611 | 04/11/2024 | 8,381,000 | 8,381,000 | 106,554 | 37,120 | 69,434 | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.600 | 04/18/2024 | 8,422,000 | 8,422,000 | 43,212 | 30,289 | 12,923 | ||||||||||||||||||||||
| Put NZD/Call USD | UBS AG (London) | 0.594 | 05/01/2024 | 8,630,000 | 8,630,000 | 32,632 | 34,648 | (2,016) | ||||||||||||||||||||||
| Put USD/Call COP | UBS AG (London) | 4,232.000 | 05/08/2024 | 930,000 | 930,000 | 84,097 | 42,687 | 41,410 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 145,303,604 | $ 145,303,604 | $1,163,883 | $ 1,031,116 | $ 132,767 | ||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts | 177,770,104 | $ 177,770,104 | $1,415,728 | $ 1,459,515 | $ (43,787) | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| Call AUD/Put NZD | Barclays Bank PLC | 1.088 | 04/30/2024 | (2,110,000) | (2,110,000) | (8,449) | (6,397) | (2,052) | ||||||||||||||||||||||
| Call EUR/Put CZK | Barclays Bank PLC | 25.385 | 04/09/2024 | (630,000) | (630,000) | (631) | (3,403) | 2,772 | ||||||||||||||||||||||
| Call EUR/Put SEK | Barclays Bank PLC | 11.190 | 04/09/2024 | (1,259,000) | (1,259,000) | (39,181) | (9,062) | (30,119) | ||||||||||||||||||||||
| Call USD/Put SGD | Barclays Bank PLC | 1.342 | 04/04/2024 | (1,367,000) | (1,367,000) | (7,884) | (4,983) | (2,901) | ||||||||||||||||||||||
| Call AUD/Put NZD | BNP Paribas SA | 1.071 | 04/04/2024 | (2,101,000) | (2,101,000) | (24,173) | (6,104) | (18,069) | ||||||||||||||||||||||
| Call EUR/Put CZK | BNP Paribas SA | 25.340 | 04/03/2024 | (629,000) | (629,000) | (318) | (3,589) | 3,271 | ||||||||||||||||||||||
| Call EUR/Put GBP | BNP Paribas SA | 0.856 | 05/01/2024 | (1,276,000) | (1,276,000) | (5,636) | (5,899) | 263 | ||||||||||||||||||||||
| Call AUD/Put NZD | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 1.088 | 04/23/2024 | (2,103,000) | (2,103,000) | (7,259) | (6,438) | (821) | |||||||||||||||||||||||
| Call EUR/Put CZK | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 25.290 | 04/23/2024 | (632,000) | (632,000) | (2,489) | (3,242) | 753 | |||||||||||||||||||||||
| Call EUR/Put CZK | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 25.310 | 04/29/2024 | (637,000) | (637,000) | (2,700) | (3,236) | 536 | |||||||||||||||||||||||
| Call EUR/Put PLN | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 4.322 | 04/04/2024 | (631,000) | (631,000) | (168) | (3,981) | 3,813 | |||||||||||||||||||||||
| Call USD/Put SGD | BofA | |||||||||||||||||||||||||||||
| Securities LLC | 1.336 | 04/18/2024 | (1,369,000) | (1,369,000) | (13,683) | (5,428) | (8,255) | |||||||||||||||||||||||
| Call EUR/Put GBP | Citibank NA | 0.855 | 04/09/2024 | (1,259,000) | (1,259,000) | (2,760) | (5,988) | 3,228 | ||||||||||||||||||||||
| Call EUR/Put PLN | Citibank NA | 4.320 | 04/18/2024 | (628,000) | (628,000) | (1,295) | (3,712) | 2,417 | ||||||||||||||||||||||
| Call USD/Put NOK | Citibank NA | 10.750 | 04/24/2024 | (1,722,500) | (1,722,500) | (23,946) | (19,981) | (3,965) | ||||||||||||||||||||||
| Call USD/Put ZAR | Citibank NA | 19.270 | 09/04/2024 | (3,418,000) | (3,418,000) | (115,494) | (141,399) | 25,905 | ||||||||||||||||||||||
| Call EUR/Put CHF | Deutsche Bank AG (London) | 0.955 | 04/04/2024 | (1,262,000) | (1,262,000) | (25,749) | (8,096) | (17,653) | ||||||||||||||||||||||
| Call EUR/Put GBP | Deutsche Bank AG (London) | 0.857 | 04/03/2024 | (1,258,000) | (1,258,000) | (498) | (5,849) | 5,351 | ||||||||||||||||||||||
| Call EUR/Put PLN | Deutsche Bank AG (London) | 4.310 | 04/26/2024 | (637,000) | (637,000) | (2,389) | (3,578) | 1,189 | ||||||||||||||||||||||
| Call USD/Put ZAR | Deutsche Bank AG (London) | 18.950 | 04/10/2024 | (1,722,000) | (1,722,000) | (10,487) | (16,219) | 5,732 | ||||||||||||||||||||||
| Call USD/Put NOK | HSBC Bank PLC | 10.720 | 05/29/2024 | (1,727,000) | (1,727,000) | (35,039) | (27,917) | (7,122) | ||||||||||||||||||||||
| Call EUR/Put CHF | JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 0.959 | 04/17/2024 | (1,259,000) | (1,259,000) | (19,158) | (7,376) | (11,782) | |||||||||||||||||||||||
| Call USD/Put ZAR | JPMorgan | |||||||||||||||||||||||||||||
| Securities, Inc. | 19.480 | 04/02/2024 | (1,698,000) | (1,698,000) | (8) | (3,204) | 3,196 | |||||||||||||||||||||||
| Call AUD/Put NZD | MS & Co. Int PLC | 1.079 | 04/18/2024 | (2,083,000) | (2,083,000) | (15,454) | (6,899) | (8,555) | ||||||||||||||||||||||
| Call EUR/Put CHF | MS & Co. Int PLC | 0.972 | 04/23/2024 | (1,265,000) | (1,265,000) | (6,373) | (7,224) | 851 | ||||||||||||||||||||||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| 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) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Call EUR/Put GBP |
MS & Co. Int PLC | $ | 0.859 | 04/24/2024 | (1,269,000) | $ | (1,269,000) | $ | (3,153) | $ | (6,438) | $ | 3,285 | |||||||||||||||||
| Call EUR/Put SEK |
MS & Co. Int PLC | 11.233 | 04/16/2024 | (1,259,000) | (1,259,000) | (34,227) | (8,364) | (25,863) | ||||||||||||||||||||||
| Call USD/Put HUF |
MS & Co. Int PLC | 367.400 | 04/11/2024 | (3,383,000) | (3,383,000) | (21,533) | (21,533) | — | ||||||||||||||||||||||
| Call USD/Put SGD |
MS & Co. Int PLC | 1.343 | 04/25/2024 | (1,381,000) | (1,381,000) | (8,111) | (5,911) | (2,200) | ||||||||||||||||||||||
| Call EUR/Put CHF |
UBS AG (London) | 0.958 | 04/09/2024 | (1,259,000) | (1,259,000) | (20,669) | (8,028) | (12,641) | ||||||||||||||||||||||
| Call EUR/Put PLN |
UBS AG (London) | 4.280 | 04/11/2024 | (630,000) | (630,000) | (3,324) | (3,886) | 562 | ||||||||||||||||||||||
| Call EUR/Put SEK |
UBS AG (London) | 11.182 | 04/03/2024 | (1,258,000) | (1,258,000) | (40,121) | (9,005) | (31,116) | ||||||||||||||||||||||
| Call EUR/Put SEK |
UBS AG (London) | 11.175 | 04/12/2024 | (1,261,000) | (1,261,000) | (40,990) | (8,790) | (32,200) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (46,382,500) | $ | (46,382,500) | $ | (543,349) | $ | (391,159) | $ | (152,190) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Put AUD/Call NZD |
Barclays Bank PLC | 1.088 | 04/30/2024 | (2,110,000) | (2,110,000) | (4,715) | (6,397) | 1,682 | ||||||||||||||||||||||
| Put AUD/Call USD |
Barclays Bank PLC | 0.647 | 09/24/2024 | (2,622,000) | (2,622,000) | (30,596) | (32,615) | 2,019 | ||||||||||||||||||||||
| Put EUR/Call CZK |
Barclays Bank PLC | 25.385 | 04/09/2024 | (630,000) | (630,000) | (4,426) | (3,403) | (1,023) | ||||||||||||||||||||||
| Put EUR/Call SEK |
Barclays Bank PLC | 11.190 | 04/09/2024 | (1,259,000) | (1,259,000) | (1) | (9,062) | 9,061 | ||||||||||||||||||||||
| Put USD/Call SGD |
Barclays Bank PLC | 1.342 | 04/04/2024 | (1,367,000) | (1,367,000) | (267) | (4,983) | 4,716 | ||||||||||||||||||||||
| Put AUD/Call NZD |
BNP Paribas SA | 1.071 | 04/04/2024 | (2,101,000) | (2,101,000) | — | (6,104) | 6,104 | ||||||||||||||||||||||
| Put EUR/Call CZK |
BNP Paribas SA | 25.340 | 04/03/2024 | (629,000) | (629,000) | (3,096) | (3,589) | 493 | ||||||||||||||||||||||
| Put EUR/Call GBP |
BNP Paribas SA | 0.856 | 05/01/2024 | (1,276,000) | (1,276,000) | (5,831) | (5,899) | 68 | ||||||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.067 | 04/11/2024 | (4,713,000) | (4,713,000) | (3,402) | (10,609) | 7,207 | ||||||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.074 | 05/17/2024 | (5,039,000) | (5,039,000) | (26,595) | (18,411) | (8,184) | ||||||||||||||||||||||
| Put EUR/Call USD |
BNP Paribas SA | 1.089 | 09/16/2024 | (1,573,000) | (1,573,000) | (26,767) | (19,725) | (7,042) | ||||||||||||||||||||||
| Put GBP/Call USD |
BNP Paribas SA | 1.276 | 04/04/2024 | (4,023,000) | (4,023,000) | (55,722) | (41,711) | (14,011) | ||||||||||||||||||||||
| Put GBP/Call USD |
BNP Paribas SA | 1.264 | 04/18/2024 | (5,366,000) | (5,366,000) | (40,006) | (42,661) | 2,655 | ||||||||||||||||||||||
| Put AUD/Call NZD |
BofA Securities LLC | 1.088 | 04/23/2024 | (2,103,000) | (2,103,000) | (4,389) | (6,438) | 2,049 | ||||||||||||||||||||||
| Put AUD/Call USD |
BofA Securities LLC | 0.648 | 09/25/2024 | (2,648,000) | (2,648,000) | (31,552) | (32,005) | 453 | ||||||||||||||||||||||
| Put EUR/Call CZK |
BofA Securities LLC | 25.290 | 04/23/2024 | (632,000) | (632,000) | (3,286) | (3,242) | (44) | ||||||||||||||||||||||
| Put EUR/Call CZK |
BofA Securities LLC | 25.310 | 04/29/2024 | (637,000) | (637,000) | (3,805) | (3,236) | (569) | ||||||||||||||||||||||
| Put EUR/Call PLN |
BofA Securities LLC | 4.322 | 04/04/2024 | (631,000) | (631,000) | (4,880) | (3,981) | (899) | ||||||||||||||||||||||
| Put NZD/Call USD |
BofA Securities LLC | 0.603 | 04/02/2024 | (5,614,667) | (5,614,667) | (25,219) | (24,999) | (220) | ||||||||||||||||||||||
| Put USD/Call SGD |
BofA Securities LLC | 1.336 | 04/18/2024 | (1,369,000) | (1,369,000) | (886) | (5,428) | 4,542 | ||||||||||||||||||||||
| Put EUR/Call GBP |
Citibank NA | 0.855 | 04/09/2024 | (1,259,000) | (1,259,000) | (2,420) | (5,988) | 3,568 | ||||||||||||||||||||||
| Put EUR/Call PLN |
Citibank NA | 4.320 | 04/18/2024 | (628,000) | (628,000) | (5,210) | (3,712) | (1,498) | ||||||||||||||||||||||
| Put NZD/Call USD |
Citibank NA | 0.595 | 05/03/2024 | (8,460,000) | (8,460,000) | (38,262) | (21,791) | (16,471) | ||||||||||||||||||||||
| Put EUR/Call CHF |
Deutsche Bank AG (London) | 0.955 | 04/04/2024 | (1,262,000) | (1,262,000) | (7) | (8,096) | 8,089 | ||||||||||||||||||||||
| Put EUR/Call GBP |
Deutsche Bank AG (London) | 0.857 | 04/03/2024 | (1,258,000) | (1,258,000) | (3,602) | (5,849) | 2,247 | ||||||||||||||||||||||
| Put EUR/Call PLN |
Deutsche Bank AG (London) | 4.310 | 04/26/2024 | (637,000) | (637,000) | (4,488) | (3,578) | (910) | ||||||||||||||||||||||
| Put EUR/Call USD |
Deutsche Bank AG (London) | 1.087 | 05/17/2024 | (5,073,000) | (5,073,000) | (57,510) | (48,657) | (8,853) | ||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| 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 by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Put EUR/Call USD |
HSBC Bank PLC | $ | 1.060 | 04/03/2024 | (6,239,958) | $ | (6,239,958) | $ | (7) | $ | (13,554) | $ | 13,547 | |||||||||||||||||
| Put GBP/Call USD |
HSBC Bank PLC | 1.266 | 04/04/2024 | (4,035,000) | (4,035,000) | (20,692) | (10,771) | (9,921) | ||||||||||||||||||||||
| Put EUR/Call CHF |
JPMorgan Securities, Inc. | 0.959 | 04/17/2024 | (1,259,000) | (1,259,000) | (826) | (7,376) | 6,550 | ||||||||||||||||||||||
| Put NZD/Call USD |
JPMorgan Securities, Inc. | 0.610 | 05/20/2024 | (8,234,000) | (8,234,000) | (118,607) | (91,754) | (26,853) | ||||||||||||||||||||||
| Put AUD/Call NZD |
MS & Co. Int PLC | 1.079 | 04/18/2024 | (2,083,000) | (2,083,000) | (964) | (6,899) | 5,935 | ||||||||||||||||||||||
| Put EUR/Call CHF |
MS & Co. Int PLC | 0.972 | 04/23/2024 | (1,265,000) | (1,265,000) | (6,732) | (7,224) | 492 | ||||||||||||||||||||||
| Put EUR/Call GBP |
MS & Co. Int PLC | 0.859 | 04/24/2024 | (1,269,000) | (1,269,000) | (7,689) | (6,438) | (1,251) | ||||||||||||||||||||||
| Put EUR/Call SEK |
MS & Co. Int PLC | 11.233 | 04/16/2024 | (1,259,000) | (1,259,000) | (83) | (8,364) | 8,281 | ||||||||||||||||||||||
| Put USD/Call SGD |
MS & Co. Int PLC | 1.343 | 04/25/2024 | (1,381,000) | (1,381,000) | (3,310) | (5,911) | 2,601 | ||||||||||||||||||||||
| Put AUD/Call USD |
UBS AG (London) | 0.648 | 09/30/2024 | (2,637,000) | (2,637,000) | (32,316) | (31,110) | (1,206) | ||||||||||||||||||||||
| Put EUR/Call CHF |
UBS AG (London) | 0.958 | 04/09/2024 | (1,259,000) | (1,259,000) | (162) | (8,028) | 7,866 | ||||||||||||||||||||||
| Put EUR/Call PLN |
UBS AG (London) | 4.280 | 04/11/2024 | (630,000) | (630,000) | (1,165) | (3,886) | 2,721 | ||||||||||||||||||||||
| Put EUR/Call SEK |
UBS AG (London) | 11.182 | 04/03/2024 | (1,258,000) | (1,258,000) | — | (9,005) | 9,005 | ||||||||||||||||||||||
| Put EUR/Call SEK |
UBS AG (London) | 11.175 | 04/12/2024 | (1,261,000) | (1,261,000) | (10) | (8,790) | 8,780 | ||||||||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.090 | 04/29/2024 | (6,304,000) | (6,304,000) | (75,478) | (41,132) | (34,346) | ||||||||||||||||||||||
| Put EUR/Call USD |
UBS AG (London) | 1.086 | 09/17/2024 | (1,574,000) | (1,574,000) | (25,020) | (19,814) | (5,206) | ||||||||||||||||||||||
| Put NZD/Call USD |
UBS AG (London) | 0.611 | 04/11/2024 | (8,381,000) | (8,381,000) | (106,554) | (71,740) | (34,814) | ||||||||||||||||||||||
| Put NZD/Call USD |
UBS AG (London) | 0.600 | 04/18/2024 | (8,422,000) | (8,422,000) | (43,212) | (45,059) | 1,847 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (123,670,625) | $ | (123,670,625) | $ | (829,767) | $ | (779,024) | $ | (50,743) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total written option contracts | (170,053,125) | $ | (170,053,125) | $ | (1,373,116) | $ | (1,170,183) | $ | (202,933) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| TOTAL | 7,716,979 | $ | 7,716,979 | $ | 42,612 | $ | 289,332 | $ | (246,720) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Currency Abbreviations: | ||
| AUD | —Australian Dollar | |
| BRL | —Brazil Real | |
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| CLP | —Chilean Peso | |
| CNH | —Chinese Yuan Renminbi Offshore | |
| CNY | —Chinese Yuan Renminbi | |
| COP | —Colombia Peso | |
| CZK | —Czech Republic Koruna | |
| EUR | —Euro | |
| GBP | —British Pound | |
| HUF | —Hungarian Forint | |
| ILS | —Israeli Shekel | |
| INR | —Indian Rupee | |
| JPY | —Japanese Yen | |
| KRW | —South Korean Won | |
| MXN | —Mexican Peso | |
| NOK | —Norwegian Krone | |
| NZD | —New Zealand Dollar | |
| PLN | —Polish Zloty | |
| SEK | —Swedish Krona | |
| SGD | —Singapore Dollar | |
| TRY | —Turkish Lira | |
| USD | —U.S. Dollar | |
| ZAR | —South African Rand | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| LLC | —Limited Liability Company | |
| NR | —Not Rated | |
| PIK | —Payment in kind | |
| PLC | —Public Limited Company | |
| WR | —Withdrawn Rating | |
|
| ||
|
| ||
| Abbreviations: | ||
| BofA Securities LLC | —Bank of America Securities LLC | |
| CDOR | —Canadian Dollar Offered Rate | |
| CNRR | —China Fixing Repo Rate | |
| EURO | —Euro Offered Rate | |
| JIBAR | —Johannesburg Interbank Agreed Rate | |
| KWCDC | —South Korean Won Certificate of Deposit | |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |
| SOFR | —Secured Overnight Financing Rate | |
| TIIE | —La Tasa de Interbank Equilibrium Interest Rate | |
| WIBOR | —Warsaw Interbank Offered Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 86.5% |
| |||||||||||||||
| Advertising(a)(b) – 0.2% |
| |||||||||||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) |
| |||||||||||||||
| $ | 2,539,000 | 4.250 | % | 01/15/29 | $ | 2,300,715 | ||||||||||
| Summer BC Bidco B LLC (B-/B2) |
| |||||||||||||||
| 2,676,000 | 5.500 | 10/31/26 | 2,582,179 | |||||||||||||
|
|
|
|||||||||||||||
| 4,882,894 | ||||||||||||||||
|
|
||||||||||||||||
| Aerospace & Defense – 2.2% |
| |||||||||||||||
| Howmet Aerospace, Inc. (BBB-/Baa3) |
| |||||||||||||||
| 289,000 | 6.875 | (a) | 05/01/25 | 292,170 | ||||||||||||
| 3,040,000 | 3.000 | (a) | 01/15/29 | 2,747,886 | ||||||||||||
| Moog, Inc. (BB/Ba3) |
| |||||||||||||||
| 4,712,000 | 4.250 | (a)(b) | 12/15/27 | 4,438,091 | ||||||||||||
| Rolls-Royce PLC (BBB-/Ba1) |
| |||||||||||||||
| GBP | 2,415,000 | 3.375 | 06/18/26 | 2,912,391 | ||||||||||||
| TransDigm, Inc. (B-/B3) |
| |||||||||||||||
| $ | 1,200,000 | 7.500 | (a) | 03/15/27 | 1,201,068 | |||||||||||
| 5,323,000 | 5.500 | (a) | 11/15/27 | 5,210,898 | ||||||||||||
| 3,570,000 | 4.625 | (a) | 01/15/29 | 3,313,817 | ||||||||||||
| 8,868,000 | 4.875 | (a) | 05/01/29 | 8,242,451 | ||||||||||||
| TransDigm, Inc. (B+/Ba3) |
| |||||||||||||||
| 2,584,000 | 6.750 | (a)(b) | 08/15/28 | 2,621,881 | ||||||||||||
| 1,645,000 | 6.375 | (a)(b) | 03/01/29 | 1,650,034 | ||||||||||||
| 5,250,000 | 6.875 | (a)(b) | 12/15/30 | 5,355,315 | ||||||||||||
| Triumph Group, Inc. (CCC+/B2) |
| |||||||||||||||
| 5,352,000 | 9.000 | (a)(b) | 03/15/28 | 5,642,828 | ||||||||||||
|
|
|
|||||||||||||||
| 43,628,830 | ||||||||||||||||
|
|
||||||||||||||||
| Airlines(b) – 0.9% |
| |||||||||||||||
| American Airlines, Inc. (BB-/Ba2) |
| |||||||||||||||
| 7,750,000 | 7.250 | (a) | 02/15/28 | 7,866,018 | ||||||||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba1) |
| |||||||||||||||
| 1,777,500 | 5.500 | 04/20/26 | 1,765,555 | |||||||||||||
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/B2) |
| |||||||||||||||
| 7,091,852 | 5.750 | (a) | 01/20/26 | 6,671,944 | ||||||||||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B-/B3) |
| |||||||||||||||
| 1,585,000 | 9.500 | (a)(c) | 06/01/28 | 1,347,741 | ||||||||||||
|
|
|
|||||||||||||||
| 17,651,258 | ||||||||||||||||
|
|
||||||||||||||||
| Apparel(a) – 0.2% |
| |||||||||||||||
| Tapestry, Inc. (BBB/Baa2) |
| |||||||||||||||
| 4,340,000 | 7.350 | 11/27/28 | 4,573,796 | |||||||||||||
|
|
||||||||||||||||
| Auto Parts & Equipment(a)(b) – 0.3% |
| |||||||||||||||
| Clarios Global LP/Clarios U.S. Finance Co. (B+/Ba3) |
| |||||||||||||||
| 5,010,000 | 6.750 | 05/15/28 | 5,076,182 | |||||||||||||
|
|
||||||||||||||||
| Automotive(a) – 2.9% |
| |||||||||||||||
| Allison Transmission, Inc. (NR/Ba2) |
| |||||||||||||||
| 3,128,000 | 3.750 | (b) | 01/30/31 | 2,731,213 | ||||||||||||
| Clarios Global LP/Clarios U.S. Finance Co. (B-/B3) |
| |||||||||||||||
| 4,111,000 | 8.500 | (b) | 05/15/27 | 4,116,509 | ||||||||||||
| Dana Financing Luxembourg SARL (BB-/B1) |
| |||||||||||||||
| EUR | 1,175,000 | 3.000 | (b) | 07/15/29 | 1,143,622 | |||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Automotive(a) – (continued) |
| |||||||||||||||
| Dana, Inc. (BB-/B1) |
| |||||||||||||||
| $ | 4,853,000 | 5.375 | % | 11/15/27 | $ | 4,751,815 | ||||||||||
| 2,260,000 | 5.625 | 06/15/28 | 2,205,218 | |||||||||||||
| 1,205,000 | 4.250 | 09/01/30 | 1,064,702 | |||||||||||||
| Dealer Tire LLC/DT Issuer LLC (CCC/Caa1) |
| |||||||||||||||
| 5,849,000 | 8.000 | (b) | 02/01/28 | 5,833,734 | ||||||||||||
| Dornoch Debt Merger Sub, Inc. (CCC/Caa2) |
| |||||||||||||||
| 2,046,000 | 6.625 | (b) | 10/15/29 | 1,835,835 | ||||||||||||
| Ford Motor Credit Co. LLC (BBB-/Ba1) |
| |||||||||||||||
| 1,350,000 | 4.687 | 06/09/25 | 1,332,706 | |||||||||||||
| 3,020,000 | 3.375 | 11/13/25 | 2,906,237 | |||||||||||||
| 1,560,000 | 6.950 | 03/06/26 | 1,590,092 | |||||||||||||
| 5,425,000 | 4.950 | 05/28/27 | 5,294,257 | |||||||||||||
| 2,803,000 | 3.815 | 11/02/27 | 2,626,383 | |||||||||||||
| 2,315,000 | 2.900 | 02/16/28 | 2,092,089 | |||||||||||||
| General Motors Financial Co., Inc. (BBB/Baa2) |
| |||||||||||||||
| 1,915,000 | 2.350 | 01/08/31 | 1,583,054 | |||||||||||||
| IHO Verwaltungs GmbH (BB-/Ba2) |
| |||||||||||||||
| (PIK 5.500%, Cash 4.750%) |
| |||||||||||||||
| 3,960,000 | 4.750 | (b)(d) | 09/15/26 | 3,850,189 | ||||||||||||
| (PIK 6.750%, Cash 6.000%) |
| |||||||||||||||
| 900,000 | 6.000 | (b)(d) | 05/15/27 | 898,893 | ||||||||||||
| (PIK 7.125%, Cash 6.375%) |
| |||||||||||||||
| 2,985,000 | 6.375 | (b)(d) | 05/15/29 | 2,995,030 | ||||||||||||
| (PIK 9.500%, Cash 8.750%) |
| |||||||||||||||
| EUR | 970,000 | 8.750 | (b)(d) | 05/15/28 | 1,136,492 | |||||||||||
| Nissan Motor Acceptance Co. LLC (BB+/Baa3) |
| |||||||||||||||
| $ | 2,669,000 | 2.000 | (b) | 03/09/26 | 2,472,108 | |||||||||||
| Phinia, Inc. (BB+/Ba1) |
| |||||||||||||||
| 1,500,000 | 6.750 | (b) | 04/15/29 | 1,514,595 | ||||||||||||
| ZF North America Capital, Inc. (BB+/Ba1) |
| |||||||||||||||
| 2,085,000 | 6.875 | (b) | 04/14/28 | 2,163,542 | ||||||||||||
|
|
|
|||||||||||||||
| 56,138,315 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 2.6% |
| |||||||||||||||
| Bank of America Corp. (BBB+/A3) (5 yr. CMT + 1.200%) |
| |||||||||||||||
| 5,198,000 | 2.482 | (a)(e) | 09/21/36 | 4,152,994 | ||||||||||||
| Bank of New York Mellon Corp. (BBB/Baa1) (5 yr. CMT + 4.358%) |
| |||||||||||||||
| 1,550,000 | 4.700 | (a)(e) | 09/20/25 | 1,519,108 | ||||||||||||
| Barclays PLC (BB-/Ba1) |
| |||||||||||||||
| (5 yr. CMT + 5.672%) |
| |||||||||||||||
| 2,472,000 | 8.000 | (a)(e) | 06/15/24 | 2,469,800 | ||||||||||||
| (5 yr. UK Government Bond + 6.579%) |
| |||||||||||||||
| GBP | 1,500,000 | 7.125 | (a)(e) | 06/15/25 | 1,862,233 | |||||||||||
| Citigroup, Inc. (BB+/Ba1) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 3.685%) |
| |||||||||||||||
| $ | 2,430,000 | 6.300 | (a)(e) | 05/15/24 | 2,431,093 | |||||||||||
| (5 yr. CMT + 3.417%) |
| |||||||||||||||
| 2,565,000 | 3.875 | (a)(e) | 02/18/26 | 2,421,463 | ||||||||||||
| Comerica, Inc. (BB/Baa3) (5 yr. CMT + 5.291%) |
| |||||||||||||||
| 1,550,000 | 5.625 | (a)(e) | 07/01/25 | 1,485,241 | ||||||||||||
| Credit Suisse AG (A+/A3) |
| |||||||||||||||
| 2,135,000 | 7.950 | 01/09/25 | 2,170,206 | |||||||||||||
|
|
||||||||||||||||
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Banks – (continued) |
| |||||||||||||||
| Danske Bank AS (BBB+/Baa2) (1 yr. CMT + 2.100%) |
| |||||||||||||||
| $ | 2,135,000 | 6.466 | %(a)(b)(e) | 01/09/26 | $ | 2,142,750 | ||||||||||
| Deutsche Bank AG (BBB-/Baa3) (Secured Overnight Financing Rate + 2.757%) |
| |||||||||||||||
| 2,225,000 | 3.729 | (a)(e) | 01/14/32 | 1,871,803 | ||||||||||||
| Intesa Sanpaolo SpA (BB+/Baa3) |
| |||||||||||||||
| 2,350,000 | 5.017 | (b) | 06/26/24 | 2,341,281 | ||||||||||||
| JPMorgan Chase & Co. (BBB-/Baa2) (5 yr. CMT + 2.737%) |
| |||||||||||||||
| 4,820,000 | 6.875 | (a)(e) | 06/01/29 | 4,996,075 | ||||||||||||
| Morgan Stanley (BBB+/Baa1) (Secured Overnight Financing Rate + 1.360%) |
| |||||||||||||||
| 3,575,000 | 2.484 | (a)(e) | 09/16/36 | 2,825,859 | ||||||||||||
| PNC Financial Services Group, Inc. (BBB-/Baa2) (5 yr. CMT + 3.238%) |
| |||||||||||||||
| 4,462,000 | 6.200 | (a)(e) | 09/15/27 | 4,449,908 | ||||||||||||
| Toronto-Dominion Bank (BBB/Baa1) (5 yr. CMT + 4.075%) |
| |||||||||||||||
| 1,475,000 | 8.125 | (a)(e) | 10/31/82 | 1,545,210 | ||||||||||||
| U.S. Bancorp (BBB/Baa2) (5 yr. CMT + 2.541%) |
| |||||||||||||||
| 1,515,000 | 3.700 | (a)(e) | 01/15/27 | 1,310,642 | ||||||||||||
| UBS Group AG (BB/Baa3) (5 yr. CMT + 4.745%) |
| |||||||||||||||
| 1,000,000 | 9.250 | (a)(b)(e) | 11/13/28 | 1,082,600 | ||||||||||||
| UBS Group AG (BB/NR) (5 yr. CMT + 3.098%) |
| |||||||||||||||
| 3,220,000 | 3.875 | (a)(b)(e) | 06/02/26 | 2,929,846 | ||||||||||||
| UniCredit SpA (BB+/Ba1) (5 yr. CMT + 4.750%) |
| |||||||||||||||
| 3,415,000 | 5.459 | (a)(b)(e) | 06/30/35 | 3,208,632 | ||||||||||||
| Wells Fargo & Co. (BB+/Baa2) |
| |||||||||||||||
| 1,550,000 | 5.875 | (a)(e) | 06/15/25 | 1,548,450 | ||||||||||||
| (5 yr. CMT + 3.606%) |
| |||||||||||||||
| 2,040,000 | 7.625 | (a)(e) | 09/15/28 | 2,179,148 | ||||||||||||
|
|
|
|||||||||||||||
| 50,944,342 | ||||||||||||||||
|
|
||||||||||||||||
| Beverages(a)(b) – 0.2% |
| |||||||||||||||
| Primo Water Holdings, Inc. (B+/B1) |
| |||||||||||||||
| 3,300,000 | 4.375 | 04/30/29 | 3,029,235 | |||||||||||||
|
|
||||||||||||||||
| Building Materials(a) – 2.2% |
| |||||||||||||||
| Builders FirstSource, Inc. (BB-/Ba2) |
| |||||||||||||||
| 5,180,000 | 5.000 | (b) | 03/01/30 | 4,940,270 | ||||||||||||
| Carrier Global Corp. (BBB/Baa3) |
| |||||||||||||||
| 1,910,000 | 3.377 | 04/05/40 | 1,493,162 | |||||||||||||
| CP Atlas Buyer, Inc. (CCC/Caa2) |
| |||||||||||||||
| 7,292,000 | 7.000 | (b)(c) | 12/01/28 | 6,828,302 | ||||||||||||
| EMRLD Borrower LP/Emerald Co.-Issuer, Inc. (BB-/Ba3) |
| |||||||||||||||
| 4,030,000 | 6.625 | (b) | 12/15/30 | 4,068,889 | ||||||||||||
| James Hardie International Finance DAC (BB+/Ba1) |
| |||||||||||||||
| 5,125,000 | 5.000 | (b) | 01/15/28 | 4,996,157 | ||||||||||||
| JELD-WEN, Inc. (BB-/B2) |
| |||||||||||||||
| 2,856,000 | 4.875 | (b) | 12/15/27 | 2,733,221 | ||||||||||||
| Masonite International Corp. (BB+/Ba2) |
| |||||||||||||||
| 3,999,000 | 5.375 | (b) | 02/01/28 | 4,002,079 | ||||||||||||
| 1,241,000 | 3.500 | (b) | 02/15/30 | 1,099,042 | ||||||||||||
| Smyrna Ready Mix Concrete LLC (BB-/Ba3) |
| |||||||||||||||
| 6,780,000 | 6.000 | (b) | 11/01/28 | 6,627,857 | ||||||||||||
| 3,000,000 | 8.875 | (b) | 11/15/31 | 3,205,500 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Building Materials(a) – (continued) |
| |||||||||||||||
| Standard Industries, Inc. (BB/B1) |
| |||||||||||||||
| $ | 1,880,000 | 5.000 | %(b) | 02/15/27 | $ | 1,823,882 | ||||||||||
| 1,230,000 | 4.750 | (b) | 01/15/28 | 1,173,666 | ||||||||||||
|
|
|
|||||||||||||||
| 42,992,027 | ||||||||||||||||
|
|
||||||||||||||||
| Capital Goods(a)(b) – 0.1% |
| |||||||||||||||
| Cirsa Finance International SARL (B+/B2) |
| |||||||||||||||
| EUR | 1,823,311 | 10.375 | 11/30/27 | 2,120,472 | ||||||||||||
|
|
||||||||||||||||
| Chemicals(a)(b) – 3.3% |
| |||||||||||||||
| Ashland, Inc. (BB+/Ba1) |
| |||||||||||||||
| $ | 2,340,000 | 3.375 | 09/01/31 | 1,980,178 | ||||||||||||
| Avient Corp. (BB-/Ba3) |
| |||||||||||||||
| 2,660,000 | 7.125 | 08/01/30 | 2,730,277 | |||||||||||||
| Axalta Coating Systems LLC (BB-/Ba3) |
| |||||||||||||||
| 2,760,000 | 3.375 | 02/15/29 | 2,472,601 | |||||||||||||
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV (BB-/Ba3) |
| |||||||||||||||
| 3,205,000 | 4.750 | 06/15/27 | 3,093,370 | |||||||||||||
| Chemours Co. (BB-/B1) |
| |||||||||||||||
| 2,911,000 | 5.750 | 11/15/28 | 2,668,426 | |||||||||||||
| Herens Holdco SARL (B-/B2) |
| |||||||||||||||
| 4,229,000 | 4.750 | 05/15/28 | 3,699,656 | |||||||||||||
| Ingevity Corp. (NR/Ba3) |
| |||||||||||||||
| 2,946,000 | 3.875 | 11/01/28 | 2,661,475 | |||||||||||||
| Minerals Technologies, Inc. (BB-/Ba3) |
| |||||||||||||||
| 3,421,000 | 5.000 | 07/01/28 | 3,278,857 | |||||||||||||
| Olympus Water U.S. Holding Corp. (B-/B3) |
| |||||||||||||||
| EUR | 750,000 | 3.875 | 10/01/28 | 755,929 | ||||||||||||
| $ | 6,830,000 | 4.250 | 10/01/28 | 6,187,434 | ||||||||||||
| 4,045,000 | 9.750 | 11/15/28 | 4,312,577 | |||||||||||||
| Olympus Water U.S. Holding Corp. (CCC+/Caa2) |
| |||||||||||||||
| 658,000 | 6.250 | (c) | 10/01/29 | 600,846 | ||||||||||||
| Polar U.S. Borrower LLC/Schenectady International Group, Inc. (CCC-/Caa3) |
| |||||||||||||||
| 2,544,000 | 6.750 | 05/15/26 | 602,724 | |||||||||||||
| SCIL IV LLC/SCIL USA Holdings LLC (BB-/B1) |
| |||||||||||||||
| 2,834,000 | 5.375 | 11/01/26 | 2,750,737 | |||||||||||||
| SNF Group SACA (BB+/Ba1) |
| |||||||||||||||
| 2,760,000 | 3.125 | 03/15/27 | 2,549,164 | |||||||||||||
| 3,870,000 | 3.375 | 03/15/30 | 3,347,589 | |||||||||||||
| Tronox, Inc. (BB-/B1) |
| |||||||||||||||
| 3,156,000 | 4.625 | 03/15/29 | 2,828,470 | |||||||||||||
| Valvoline, Inc. (B+/Ba3) |
| |||||||||||||||
| 2,095,000 | 4.250 | 02/15/30 | 2,093,240 | |||||||||||||
| 1,946,000 | 3.625 | 06/15/31 | 1,679,067 | |||||||||||||
| Vibrantz Technologies, Inc. (CCC+/Caa2) |
| |||||||||||||||
| 7,350,000 | 9.000 | (c) | 02/15/30 | 6,790,959 | ||||||||||||
| WR Grace Holdings LLC (B-/B1) |
| |||||||||||||||
| 2,893,000 | 4.875 | 06/15/27 | 2,751,764 | |||||||||||||
| 2,610,000 | 7.375 | 03/01/31 | 2,648,237 | |||||||||||||
| WR Grace Holdings LLC (CCC/WR) |
| |||||||||||||||
| 1,914,000 | 5.625 | 08/15/29 | 1,713,279 | |||||||||||||
|
|
|
|||||||||||||||
| 64,196,856 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Commercial Services – 4.2% |
| |||||||||||||||
| ADT Security Corp. (BB/Ba2) |
| |||||||||||||||
| $ | 4,551,000 | 4.125 | %(a)(b) | 08/01/29 | $ | 4,156,565 | ||||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (B/B3) |
| |||||||||||||||
| 4,100,000 | 4.625 | %(a)(b) | 06/01/28 | 3,733,686 | ||||||||||||
| APi Group DE, Inc. (B+/B1) |
| |||||||||||||||
| 6,373,000 | 4.125 | (a)(b) | 07/15/29 | 5,742,201 | ||||||||||||
| 2,159,000 | 4.750 | (a)(b) | 10/15/29 | 1,986,798 | ||||||||||||
| APX Group, Inc. (B/Ba3) |
| |||||||||||||||
| 10,145,000 | 5.750 | (a)(b) | 07/15/29 | 9,752,997 | ||||||||||||
| APX Group, Inc. (BB/Ba2) |
| |||||||||||||||
| 1,525,000 | 6.750 | (a)(b) | 02/15/27 | 1,533,525 | ||||||||||||
| Autostrade per l’Italia SpA (BBB-/Baa3) |
| |||||||||||||||
| EUR | 2,690,000 | 2.000 | (a) | 12/04/28 | 2,688,714 | |||||||||||
| BCP V Modular Services Finance II PLC (B/B2) |
| |||||||||||||||
| 1,780,000 | 4.750 | (a)(b) | 11/30/28 | 1,797,930 | ||||||||||||
| Block, Inc. (BB+/Ba2) |
| |||||||||||||||
| $ | 4,850,000 | 2.750 | (a) | 06/01/26 | 4,565,111 | |||||||||||
| Brink’s Co. (BB-/Ba3) |
| |||||||||||||||
| 4,033,000 | 4.625 | (a)(b) | 10/15/27 | 3,844,941 | ||||||||||||
| Garda World Security Corp. (B/B2) |
| |||||||||||||||
| 2,397,000 | 7.750 | (a)(b) | 02/15/28 | 2,458,723 | ||||||||||||
| Garda World Security Corp. (CCC+/Caa2) |
| |||||||||||||||
| 2,846,000 | 9.500 | (a)(b) | 11/01/27 | 2,854,510 | ||||||||||||
| Gartner, Inc. (BBB-/Ba1) |
| |||||||||||||||
| 2,202,000 | 3.625 | (a)(b) | 06/15/29 | 1,994,748 | ||||||||||||
| Herc Holdings, Inc. (B+/Ba3) |
| |||||||||||||||
| 3,019,000 | 5.500 | (a)(b) | 07/15/27 | 2,966,862 | ||||||||||||
| MPH Acquisition Holdings LLC (CCC+/Caa1) |
| |||||||||||||||
| 9,127,000 | 5.750 | (a)(b)(c) | 11/01/28 | 7,206,771 | ||||||||||||
| NESCO Holdings II, Inc. (B/B3) |
| |||||||||||||||
| 1,618,000 | 5.500 | (a)(b) | 04/15/29 | 1,531,825 | ||||||||||||
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2) |
| |||||||||||||||
| 3,400,000 | 4.000 | (a)(b)(c) | 06/15/29 | 3,030,760 | ||||||||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. (B/B2) |
| |||||||||||||||
| 2,953,000 | 6.250 | (a)(b) | 01/15/28 | 2,893,231 | ||||||||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. (BB/Ba2) |
| |||||||||||||||
| 290,000 | 5.250 | (b) | 04/15/24 | 289,530 | ||||||||||||
| 4,553,000 | 3.375 | (a)(b) | 08/31/27 | 4,185,391 | ||||||||||||
| PROG Holdings, Inc. (BB-/B1) |
| |||||||||||||||
| 5,520,000 | 6.000 | (a)(b) | 11/15/29 | 5,161,862 | ||||||||||||
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (NR/Ba3) |
| |||||||||||||||
| 2,701,000 | 4.625 | (a)(b) | 11/01/26 | 2,611,003 | ||||||||||||
| TriNet Group, Inc. (BB/Ba2) |
| |||||||||||||||
| 3,191,000 | 3.500 | (a)(b) | 03/01/29 | 2,862,167 | ||||||||||||
| 1,225,000 | 7.125 | (a)(b) | 08/15/31 | 1,257,218 | ||||||||||||
| Verisure Holding AB (B+/B1) |
| |||||||||||||||
| EUR | 650,000 | 3.250 | (a)(b) | 02/15/27 | 672,333 | |||||||||||
| Verisure Midholding AB (B-/B3) |
| |||||||||||||||
| 725,000 | 5.250 | (a)(b) | 02/15/29 | 754,790 | ||||||||||||
|
|
|
|||||||||||||||
| 82,534,192 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Computers(a) – 1.4% |
| |||||||||||||||
| Ahead DB Holdings LLC (CCC+/Caa1) |
| |||||||||||||||
| $ | 5,996,000 | 6.625 | %(b) | 05/01/28 | $ | 5,427,639 | ||||||||||
| Crowdstrike Holdings, Inc. (BB/Ba2) |
| |||||||||||||||
| 6,771,000 | 3.000 | 02/15/29 | 6,003,304 | |||||||||||||
| KBR, Inc. (BB-/Ba3) |
| |||||||||||||||
| 2,613,000 | 4.750 | (b) | 09/30/28 | 2,411,433 | ||||||||||||
| McAfee Corp. (CCC+/Caa2) |
| |||||||||||||||
| 5,151,000 | 7.375 | (b) | 02/15/30 | 4,752,467 | ||||||||||||
| Science Applications International Corp. (BB-/B1) |
| |||||||||||||||
| 2,354,000 | 4.875 | (b) | 04/01/28 | 2,248,070 | ||||||||||||
| Seagate HDD Cayman (BB/Ba3) |
| |||||||||||||||
| 1,270,000 | 8.250 | (b) | 12/15/29 | 1,363,688 | ||||||||||||
| 2,561,220 | 9.625 | 12/01/32 | 2,920,252 | |||||||||||||
| Virtusa Corp. (CCC+/Caa1) |
| |||||||||||||||
| 2,960,000 | 7.125 | (b)(c) | 12/15/28 | 2,668,618 | ||||||||||||
|
|
|
|||||||||||||||
| 27,795,471 | ||||||||||||||||
|
|
||||||||||||||||
| Cosmetics & Personal Care(a)(b) – 0.1% |
| |||||||||||||||
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC (BB+/Ba2) |
| |||||||||||||||
| 1,845,000 | 6.625 | 07/15/30 | 1,871,992 | |||||||||||||
|
|
||||||||||||||||
| Distribution & Wholesale(a)(b) –1.0% |
| |||||||||||||||
| American Builders & Contractors Supply Co., Inc. (B+/Ba3) |
| |||||||||||||||
| 10,439,000 | 3.875 | 11/15/29 | 9,382,051 | |||||||||||||
| BCPE Empire Holdings, Inc. (CCC/Caa2) |
| |||||||||||||||
| 4,392,000 | 7.625 | (c) | 05/01/27 | 4,287,910 | ||||||||||||
| H&E Equipment Services, Inc. (BB-/B1) |
| |||||||||||||||
| 6,180,000 | 3.875 | 12/15/28 | 5,657,790 | |||||||||||||
|
|
|
|||||||||||||||
| 19,327,751 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 4.6% |
| |||||||||||||||
| AerCap Holdings NV (BB+/Ba1) (5 yr. CMT + 4.535%) |
| |||||||||||||||
| 5,253,000 | 5.875 | (a)(e) | 10/10/79 | 5,212,920 | ||||||||||||
| Ally Financial, Inc. (BB-/Ba2) (5 yr. CMT + 3.868%) |
| |||||||||||||||
| 6,075,000 | 4.700 | (a)(e) | 05/15/26 | 5,216,177 | ||||||||||||
| Ally Financial, Inc. (BB+/Baa3) |
| |||||||||||||||
| 2,606,000 | 5.750 | (a) | 11/20/25 | 2,587,576 | ||||||||||||
| American Express Co. (BB+/Baa2) (5 yr. CMT + 2.854%) |
| |||||||||||||||
| 4,265,000 | 3.550 | (a)(e) | 09/15/26 | 3,942,353 | ||||||||||||
| Capital One Financial Corp. (BB/Baa3) (5 yr. CMT + 3.157%) |
| |||||||||||||||
| 2,085,000 | 3.950 | (a)(e) | 09/01/26 | 1,856,901 | ||||||||||||
| Castlelake Aviation Finance DAC (B+/B2) |
| |||||||||||||||
| 7,400,000 | 5.000 | (a)(b) | 04/15/27 | 7,137,300 | ||||||||||||
| Charles Schwab Corp. (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) |
| |||||||||||||||
| 3,305,000 | 5.000 | (a)(e) | 12/01/27 | 3,000,576 | ||||||||||||
| Global Aircraft Leasing Co. Ltd. (NR/B2) (PIK 7.250%, Cash 6.500%) |
| |||||||||||||||
| 5,396,639 | 6.500 | (a)(b)(d) | 09/15/24 | 5,120,277 | ||||||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB/Ba3) |
| |||||||||||||||
| 2,555,000 | 4.750 | (a) | 09/15/24 | 2,540,079 | ||||||||||||
| Jane Street Group/JSG Finance, Inc. (BB/Ba2) |
| |||||||||||||||
| 2,731,000 | 4.500 | (a)(b) | 11/15/29 | 2,530,135 | ||||||||||||
|
|
||||||||||||||||
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Diversified Financial Services – (continued) |
| |||||||||||||||
| Jefferies Finance LLC/JFIN Co.-Issuer Corp. (BB-/B1) |
| |||||||||||||||
| $ | 3,928,000 | 5.000 | %(a)(b) | 08/15/28 | $ | 3,613,406 | ||||||||||
| Macquarie Airfinance Holdings Ltd. (BB+/NR) |
| |||||||||||||||
| 4,326,000 | 8.375 | (a)(b) | 05/01/28 | 4,585,603 | ||||||||||||
| Macquarie Airfinance Holdings Ltd. (NR/Baa3) |
| |||||||||||||||
| 430,000 | 6.400 | (a)(b) | 03/26/29 | 436,592 | ||||||||||||
| Navient Corp. (B+/Ba3) |
| |||||||||||||||
| 2,880,000 | 6.750 | 06/15/26 | 2,903,674 | |||||||||||||
| 2,815,000 | 5.000 | (a) | 03/15/27 | 2,695,869 | ||||||||||||
| 4,060,000 | 5.500 | (a) | 03/15/29 | 3,773,689 | ||||||||||||
| NFP Corp. (CCC+/Caa2) |
| |||||||||||||||
| 2,763,000 | 6.875 | (a)(b) | 08/15/28 | 2,798,062 | ||||||||||||
| OneMain Finance Corp. (BB/Ba2) |
| |||||||||||||||
| 5,646,000 | 6.875 | 03/15/25 | 5,705,565 | |||||||||||||
| 2,793,000 | 7.125 | 03/15/26 | 2,842,911 | |||||||||||||
| 1,458,000 | 3.500 | (a) | 01/15/27 | 1,353,651 | ||||||||||||
| 690,000 | 9.000 | (a) | 01/15/29 | 732,035 | ||||||||||||
| 3,380,000 | 7.875 | (a) | 03/15/30 | 3,493,568 | ||||||||||||
| 2,254,000 | 4.000 | (a) | 09/15/30 | 1,929,627 | ||||||||||||
| StoneX Group, Inc. (BB-/Ba3) |
| |||||||||||||||
| 2,805,000 | 7.875 | (a)(b) | 03/01/31 | 2,844,971 | ||||||||||||
| United Wholesale Mortgage LLC (NR/Ba3) |
| |||||||||||||||
| 3,641,000 | 5.500 | (a)(b) | 04/15/29 | 3,445,588 | ||||||||||||
| VistaJet Malta Finance PLC/Vista Management Holding,Inc. (B-/B3) |
| |||||||||||||||
| 5,407,000 | 7.875 | (a)(b)(c) | 05/01/27 | 4,578,431 | ||||||||||||
| 3,035,000 | 6.375 | (a)(b)(c) | 02/01/30 | 2,239,375 | ||||||||||||
|
|
|
|||||||||||||||
| 89,116,911 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical – 0.6% |
| |||||||||||||||
| Duke Energy Corp. (BBB/Baa2) |
| |||||||||||||||
| 2,045,000 | 4.125 | (b) | 04/15/26 | 2,020,460 | ||||||||||||
| Edison International (BB+/Ba1) (5 yr. CMT + 4.698%) |
| |||||||||||||||
| 4,285,000 | 5.375 | (a)(e) | 03/15/26 | 4,150,151 | ||||||||||||
| NextEra Energy Operating Partners LP (BB/Ba1) |
| |||||||||||||||
| 2,185,000 | 7.250 | (a)(b) | 01/15/29 | 2,238,117 | ||||||||||||
| Pike Corp. (B-/B3) |
| |||||||||||||||
| 2,442,000 | 5.500 | (a)(b) | 09/01/28 | 2,335,285 | ||||||||||||
|
|
|
|||||||||||||||
| 10,744,013 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical Components & Equipment(a)(b) – 0.1% |
| |||||||||||||||
| WESCO Distribution, Inc. (BB/Ba3) |
| |||||||||||||||
| 1,125,000 | 6.375 | 03/15/29 | 1,136,824 | |||||||||||||
| 855,000 | 6.625 | 03/15/32 | 869,176 | |||||||||||||
|
|
|
|||||||||||||||
| 2,006,000 | ||||||||||||||||
|
|
||||||||||||||||
| Electronics(b) – 1.0% |
| |||||||||||||||
| Atkore, Inc. (BB+/Ba2) |
| |||||||||||||||
| 2,593,000 | 4.250 | (a) | 06/01/31 | 2,303,077 | ||||||||||||
| Coherent Corp. (B+/B1) |
| |||||||||||||||
| 2,689,000 | 5.000 | (a) | 12/15/29 | 2,532,742 | ||||||||||||
| Imola Merger Corp. (BB-/B1) |
| |||||||||||||||
| 4,151,000 | 4.750 | (a) | 05/15/29 | 3,892,642 | ||||||||||||
| Sensata Technologies BV (BB+/Ba2) |
| |||||||||||||||
| 2,469,000 | 5.000 | 10/01/25 | 2,438,434 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Electronics(b) – (continued) |
| |||||||||||||||
| $ | 1,135,000 | 4.000 | %(a) | 04/15/29 | $ | 1,037,083 | ||||||||||
| 3,139,000 | 5.875 | (a) | 09/01/30 | 3,071,951 | ||||||||||||
| Sensata Technologies, Inc. (BB+/Ba2) |
| |||||||||||||||
| 3,389,000 | 4.375 | (a) | 02/15/30 | 3,085,854 | ||||||||||||
| 1,519,000 | 3.750 | (a) | 02/15/31 | 1,314,436 | ||||||||||||
|
|
|
|||||||||||||||
| 19,676,219 | ||||||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(a)(b) – 0.9% |
| |||||||||||||||
| Dycom Industries, Inc. (BB/Ba3) |
| |||||||||||||||
| 4,674,000 | 4.500 | 04/15/29 | 4,370,611 | |||||||||||||
| Global Infrastructure Solutions, Inc. (BB-/B1) |
| |||||||||||||||
| 8,148,000 | 5.625 | 06/01/29 | 7,481,819 | |||||||||||||
| 5,021,000 | 7.500 | 04/15/32 | 4,910,086 | |||||||||||||
|
|
|
|||||||||||||||
| 16,762,516 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(a) – 3.8% |
| |||||||||||||||
| Allen Media LLC/Allen Media Co.-Issuer, Inc. (CCC/Caa1) |
| |||||||||||||||
| 9,832,000 | 10.500 | (b) | 02/15/28 | 4,510,627 | ||||||||||||
| Banijay Entertainment SASU (B+/B1) |
| |||||||||||||||
| 2,610,000 | 8.125 | (b) | 05/01/29 | 2,695,843 | ||||||||||||
| Banijay Group SAS (B-/Caa1) |
| |||||||||||||||
| EUR | 1,275,000 | 6.500 | (b) | 03/01/26 | 1,383,581 | |||||||||||
| Boyne USA, Inc. (B/B1) |
| |||||||||||||||
| $ | 3,628,000 | 4.750 | (b) | 05/15/29 | 3,364,825 | |||||||||||
| Caesars Entertainment, Inc. (B-/B3) |
| |||||||||||||||
| 5,343,000 | 8.125 | (b) | 07/01/27 | 5,471,820 | ||||||||||||
| Cinemark USA, Inc. (BB-/B2) |
| |||||||||||||||
| 4,200,000 | 5.250 | (b) | 07/15/28 | 3,976,728 | ||||||||||||
| International Game Technology PLC (BB+/Ba1) |
| |||||||||||||||
| EUR | 2,364,000 | 2.375 | 04/15/28 | 2,400,387 | ||||||||||||
| $ | 2,511,000 | 4.125 | (b) | 04/15/26 | 2,433,937 | |||||||||||
| 3,131,000 | 5.250 | (b) | 01/15/29 | 3,026,299 | ||||||||||||
| Light & Wonder International, Inc. (B+/B3) |
| |||||||||||||||
| 1,500,000 | 7.500 | (b) | 09/01/31 | 1,560,780 | ||||||||||||
| Live Nation Entertainment, Inc. (BB/Ba3) |
| |||||||||||||||
| 4,941,000 | 3.750 | (b) | 01/15/28 | 4,589,201 | ||||||||||||
| Merlin Entertainments Group U.S. Holdings, Inc. (B+/B2) |
| |||||||||||||||
| 2,260,000 | 7.375 | (b) | 02/15/31 | 2,278,622 | ||||||||||||
| Motion Bondco DAC (CCC+/Caa2) |
| |||||||||||||||
| 2,235,000 | 6.625 | (b)(c) | 11/15/27 | 2,160,060 | ||||||||||||
| Penn Entertainment, Inc. (B/B3) |
| |||||||||||||||
| 2,900,000 | 5.625 | (b) | 01/15/27 | 2,806,272 | ||||||||||||
| 1,580,000 | 4.125 | (b)(c) | 07/01/29 | 1,366,479 | ||||||||||||
| Pinewood Finance Co. Ltd. (BB+/NR) |
| |||||||||||||||
| GBP | 4,390,000 | 3.250 | %(b) | 09/30/25 | 5,445,868 | |||||||||||
| Pinewood Finco PLC (BB+/NR) |
| |||||||||||||||
| 2,988,000 | 6.000 | (b) | 03/27/30 | 3,773,529 | ||||||||||||
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (CCC/Caa1) |
| |||||||||||||||
| $ | 4,764,000 | 5.625 | (b) | 09/01/29 | 3,646,175 | |||||||||||
| Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) |
| |||||||||||||||
| 7,100,000 | 8.450 | %(b) | 07/27/30 | 7,647,410 | ||||||||||||
| SeaWorld Parks & Entertainment, Inc. (B/B2) |
| |||||||||||||||
| 5,450,000 | 5.250 | (b) | 08/15/29 | 5,139,949 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Entertainment(a) – (continued) | ||||||||||||||||
| WMG Acquisition Corp. (BB+/Ba2) |
||||||||||||||||
| $ | 1,655,000 | 3.750 | %(b) | 12/01/29 | $ | 1,482,863 | ||||||||||
| 1,200,000 | 3.875 | (b) | 07/15/30 | 1,065,552 | ||||||||||||
| 2,922,000 | 3.000 | (b) | 02/15/31 | 2,484,956 | ||||||||||||
|
|
|
|||||||||||||||
| 74,711,763 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(a)(b) – 0.5% | ||||||||||||||||
| GFL Environmental, Inc. (B/B3) |
||||||||||||||||
| 2,216,000 | 4.000 | 08/01/28 | 2,042,886 | |||||||||||||
| 3,235,000 | 4.375 | 08/15/29 | 2,980,664 | |||||||||||||
| GFL Environmental, Inc. (BB/Ba3) | ||||||||||||||||
| 720,000 | 6.750 | 01/15/31 | 737,892 | |||||||||||||
| GFL Environmental, Inc. (BB-/Ba3) | ||||||||||||||||
| 3,460,000 | 3.500 | 09/01/28 | 3,168,668 | |||||||||||||
|
|
|
|||||||||||||||
| 8,930,110 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing – 1.8% | ||||||||||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB+/Ba3) |
| |||||||||||||||
| 272,000 | 4.625 | (a)(b) | 01/15/27 | 263,299 | ||||||||||||
| 3,744,000 | 3.500 | (a)(b) | 03/15/29 | 3,359,229 | ||||||||||||
| Boparan Finance PLC (B-/Caa1) | ||||||||||||||||
| GBP | 2,673,000 | 7.625 | (a) | 11/30/25 | 3,185,979 | |||||||||||
| Iceland Bondco PLC (B/B3) | ||||||||||||||||
| 1,105,000 | 10.875 | (a)(b) | 12/15/27 | 1,470,950 | ||||||||||||
| New Albertsons LP (BB+/WR) | ||||||||||||||||
| $ | 3,100,000 | 7.450 | 08/01/29 | 3,236,028 | ||||||||||||
| Performance Food Group, Inc. (BB/B1) |
| |||||||||||||||
| 1,500,000 | 5.500 | (a)(b) | 10/15/27 | 1,473,870 | ||||||||||||
| 6,255,000 | 4.250 | (a)(b) | 08/01/29 | 5,736,648 | ||||||||||||
| Post Holdings, Inc. (B+/B2) | ||||||||||||||||
| 268,000 | 5.625 | (a)(b) | 01/15/28 | 263,133 | ||||||||||||
| 4,673,000 | 5.500 | (a)(b) | 12/15/29 | 4,514,352 | ||||||||||||
| 3,980,000 | 4.625 | (a)(b) | 04/15/30 | 3,653,202 | ||||||||||||
| Post Holdings, Inc. (BB/Ba1) | ||||||||||||||||
| 885,000 | 6.250 | (a)(b) | 02/15/32 | 891,168 | ||||||||||||
| Sigma Holdco BV (CCC+/Caa1) | ||||||||||||||||
| 4,900,000 | 7.875 | (a)(b) | 05/15/26 | 4,704,049 | ||||||||||||
| U.S. Foods, Inc. (BB-/B2) | ||||||||||||||||
| 1,600,000 | 6.875 | (a)(b) | 09/15/28 | 1,639,216 | ||||||||||||
|
|
|
|||||||||||||||
| 34,391,123 | ||||||||||||||||
|
|
||||||||||||||||
| Forest Products & Paper(a) – 0.1% | ||||||||||||||||
| Mercer International, Inc. (B/B2) | ||||||||||||||||
| 2,248,000 | 5.500 | 01/15/26 | 2,192,452 | |||||||||||||
|
|
||||||||||||||||
| Gaming(a) – 0.6% | ||||||||||||||||
| Melco Resorts Finance Ltd. (BB-/Ba3) |
| |||||||||||||||
| 2,395,000 | 4.875 | (b) | 06/06/25 | 2,335,125 | ||||||||||||
| MGM Resorts International (BB-/B1) | ||||||||||||||||
| 5,355,000 | 5.500 | 04/15/27 | 5,310,714 | |||||||||||||
| Sands China Ltd. (BBB-/Baa2) | ||||||||||||||||
| 2,315,000 | 5.125 | 08/08/25 | 2,281,664 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Gaming(a) – (continued) | ||||||||||||||||
| Wynn Macau Ltd. (BB-/B1) | ||||||||||||||||
| $ | 2,072,000 | 4.875 | %(b) | 10/01/24 | $ | 2,053,870 | ||||||||||
|
|
|
|||||||||||||||
| 11,981,373 | ||||||||||||||||
|
|
||||||||||||||||
| Gas(a) – 0.2% | ||||||||||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B1) |
| |||||||||||||||
| 3,536,000 | 5.750 | 05/20/27 | 3,459,269 | |||||||||||||
|
|
||||||||||||||||
| Hand/Machine Tools(b) – 0.1% | ||||||||||||||||
| Regal Rexnord Corp. (BB+/Baa3) | ||||||||||||||||
| 2,165,000 | 6.050 | 02/15/26 | 2,177,990 | |||||||||||||
|
|
||||||||||||||||
| Health Care Products(a)(b) – 0.2% | ||||||||||||||||
| Solventum Corp. (BBB-/Baa3) | ||||||||||||||||
| 4,385,000 | 5.450 | 02/25/27 | 4,399,909 | |||||||||||||
|
|
||||||||||||||||
| Healthcare Providers &Services(a) – 2.7% | ||||||||||||||||
| Catalent Pharma Solutions, Inc. (B/B3) |
| |||||||||||||||
| 4,522,000 | 3.500 | (b) | 04/01/30 | 4,322,444 | ||||||||||||
| Centene Corp. (BBB-/Ba1) | ||||||||||||||||
| 12,000 | 4.625 | 12/15/29 | 11,394 | |||||||||||||
| 2,570,000 | 3.375 | 02/15/30 | 2,277,945 | |||||||||||||
| 4,574,000 | 2.500 | 03/01/31 | 3,764,768 | |||||||||||||
| 911,000 | 2.625 | 08/01/31 | 748,168 | |||||||||||||
| CHS/Community Health Systems, Inc. (B-/Caa1) |
| |||||||||||||||
| 989,000 | 8.000 | (b) | 03/15/26 | 987,180 | ||||||||||||
| 4,919,000 | 5.625 | (b) | 03/15/27 | 4,527,054 | ||||||||||||
| IQVIA, Inc. (BBB-/Baa3) | ||||||||||||||||
| 2,880,000 | 6.250 | 02/01/29 | 2,990,909 | |||||||||||||
| Laboratoire Eimer Selas (CCC/Caa1) | ||||||||||||||||
| EUR | 600,000 | 5.000 | (b) | 02/01/29 | 550,680 | |||||||||||
| LifePoint Health, Inc. (B/B2) | ||||||||||||||||
| $ | 2,530,000 | 11.000 | (b) | 10/15/30 | 2,704,469 | |||||||||||
| Medline Borrower LP (B-/Caa1) | ||||||||||||||||
| 3,648,000 | 5.250 | (b) | 10/01/29 | 3,448,126 | ||||||||||||
| Medline Borrower LP (B+/B1) | ||||||||||||||||
| 5,341,000 | 3.875 | (b) | 04/01/29 | 4,861,645 | ||||||||||||
| RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa2) |
| |||||||||||||||
| 8,661,000 | 9.750 | (b) | 12/01/26 | 8,677,109 | ||||||||||||
| Tenet Healthcare Corp. (B-/B1) | ||||||||||||||||
| 850,000 | 6.250 | 02/01/27 | 849,532 | |||||||||||||
| Tenet Healthcare Corp. (BB-/B1) | ||||||||||||||||
| 4,097,000 | 4.625 | 06/15/28 | 3,903,294 | |||||||||||||
| 3,270,000 | 4.250 | 06/01/29 | 3,038,157 | |||||||||||||
| 1,592,000 | 6.125 | 06/15/30 | 1,590,233 | |||||||||||||
| 2,465,000 | 6.750 | (b) | 05/15/31 | 2,511,638 | ||||||||||||
|
|
|
|||||||||||||||
| 51,764,745 | ||||||||||||||||
|
|
||||||||||||||||
| Holding Companies-Diversified(a)(b) – 0.1% | ||||||||||||||||
| Benteler International AG (BB-/Ba3) | ||||||||||||||||
| EUR | 1,745,000 | 9.375 | 05/15/28 | 2,028,682 | ||||||||||||
|
|
||||||||||||||||
| Home Builders(a)(b) – 0.4% | ||||||||||||||||
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1) |
| |||||||||||||||
| $ | 1,645,000 | 5.000 | 06/15/29 | 1,491,752 | ||||||||||||
|
|
||||||||||||||||
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Home Builders(a)(b) – (continued) |
| |||||||||||||||
| $ |
1,031,000 | 4.875 | % | 02/15/30 | $ | 924,106 | ||||||||||
| LGI Homes, Inc. (BB-/Ba2) |
| |||||||||||||||
| 2,141,000 | 4.000 | 07/15/29 | 1,870,784 | |||||||||||||
| Thor Industries, Inc. (BB/B1) |
| |||||||||||||||
| 3,148,000 | 4.000 | 10/15/29 | 2,819,223 | |||||||||||||
|
|
|
|||||||||||||||
| 7,105,865 | ||||||||||||||||
|
|
||||||||||||||||
| Household Products(a) – 0.2% |
| |||||||||||||||
| Central Garden & Pet Co. (BB/B1) |
| |||||||||||||||
| 2,307,000 | 4.125 | 10/15/30 | 2,069,379 | |||||||||||||
| 1,000,000 | 4.125 | (b) | 04/30/31 | 882,640 | ||||||||||||
|
|
|
|||||||||||||||
| 2,952,019 | ||||||||||||||||
|
|
||||||||||||||||
| Housewares(a) – 0.1% |
| |||||||||||||||
| Newell Brands, Inc. (BB-/Ba3) |
| |||||||||||||||
| 1,282,000 | 4.875 | 06/01/25 | 1,263,732 | |||||||||||||
| 1,745,000 | 7.000 | 04/01/46 | 1,411,286 | |||||||||||||
|
|
|
|||||||||||||||
| 2,675,018 | ||||||||||||||||
|
|
||||||||||||||||
| Insurance(a) – 1.4% |
| |||||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. (B/B2) |
| |||||||||||||||
| 7,413,000 | 4.250 | (b) | 02/15/29 | 6,694,013 | ||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) |
| |||||||||||||||
| 4,440,000 | 8.250 | (b) | 02/01/29 | 4,463,443 | ||||||||||||
| 1,140,000 | 6.000 | (b) | 08/01/29 | 1,045,916 | ||||||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) |
| |||||||||||||||
| 2,355,000 | 6.750 | (b) | 04/15/28 | 2,369,766 | ||||||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2) |
| |||||||||||||||
| 2,884,000 | 6.750 | (b) | 10/15/27 | 2,837,337 | ||||||||||||
| HUB International Ltd. (B-/Caa2) |
| |||||||||||||||
| 2,370,000 | 7.375 | (b) | 01/31/32 | 2,388,367 | ||||||||||||
| Panther Escrow Issuer LLC (B/B2) |
| |||||||||||||||
| 4,400,000 | 7.125 | (b) | 06/01/31 | 4,478,496 | ||||||||||||
| USI, Inc. (CCC+/Caa1) |
| |||||||||||||||
| 1,260,000 | 7.500 | (b) | 01/15/32 | 1,261,373 | ||||||||||||
| Voya Financial, Inc. (BBB-/Ba2) (5 yr. CMT + 3.358%) |
| |||||||||||||||
| 2,597,000 | 7.758 | (e) | 09/15/28 | 2,682,156 | ||||||||||||
|
|
|
|||||||||||||||
| 28,220,867 | ||||||||||||||||
|
|
||||||||||||||||
| Internet(a)(b) – 1.7% |
| |||||||||||||||
| ANGI Group LLC (B/B2) |
| |||||||||||||||
| 4,641,000 | 3.875 | (c) | 08/15/28 | 4,028,063 | ||||||||||||
| Cars.com, Inc. (BB-/B3) |
| |||||||||||||||
| 3,260,000 | 6.375 | 11/01/28 | 3,164,776 | |||||||||||||
| Gen Digital, Inc. (BB-/B1) |
| |||||||||||||||
| 6,145,000 | 6.750 | 09/30/27 | 6,235,885 | |||||||||||||
| ION Trading Technologies SARL (B-/B3) |
| |||||||||||||||
| 2,087,000 | 5.750 | 05/15/28 | 1,917,577 | |||||||||||||
| Match Group Holdings II LLC (BB/Ba3) |
| |||||||||||||||
| 2,774,000 | 5.000 | 12/15/27 | 2,663,428 | |||||||||||||
| 2,033,000 | 4.625 | 06/01/28 | 1,920,209 | |||||||||||||
| 3,749,000 | 5.625 | 02/15/29 | 3,643,053 | |||||||||||||
| 1,004,000 | 3.625 | 10/01/31 | 853,330 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Internet(a)(b) – (continued) |
| |||||||||||||||
| Uber Technologies, Inc. (BB/Ba1) |
| |||||||||||||||
| $ |
474,000 | 8.000 | % | 11/01/26 | $ | 479,446 | ||||||||||
| 712,000 | 6.250 | 01/15/28 | 715,453 | |||||||||||||
| 2,990,000 | 4.500 | 08/15/29 | 2,843,371 | |||||||||||||
| Ziff Davis, Inc. (BB/Ba3) |
| |||||||||||||||
| 4,653,000 | 4.625 | 10/15/30 | 4,189,096 | |||||||||||||
|
|
|
|||||||||||||||
| 32,653,687 | ||||||||||||||||
|
|
||||||||||||||||
| Iron/Steel(a)(b) – 0.2% |
| |||||||||||||||
| Cleveland-Cliffs, Inc. (BB-/Ba3) |
| |||||||||||||||
| 2,425,000 | 6.750 | 04/15/30 | 2,434,846 | |||||||||||||
| 2,125,000 | 7.000 | 03/15/32 | 2,154,856 | |||||||||||||
|
|
|
|||||||||||||||
| 4,589,702 | ||||||||||||||||
|
|
||||||||||||||||
| Leisure Time(a)(b) – 2.4% |
| |||||||||||||||
| Acushnet Co. (BB/Ba3) |
| |||||||||||||||
| 325,000 | 7.375 | 10/15/28 | 336,524 | |||||||||||||
| Carnival Corp. (BB-/B3) |
| |||||||||||||||
| 1,034,000 | 7.625 | 03/01/26 | 1,044,940 | |||||||||||||
| 6,593,000 | 5.750 | 03/01/27 | 6,526,213 | |||||||||||||
| Carnival Corp. (BB+/Ba2) |
| |||||||||||||||
| 3,890,000 | 4.000 | 08/01/28 | 3,623,535 | |||||||||||||
| 2,571,000 | 7.000 | 08/15/29 | 2,684,330 | |||||||||||||
| MajorDrive Holdings IV LLC (CCC+/Caa2) |
| |||||||||||||||
| 7,388,000 | 6.375 | 06/01/29 | 6,916,055 | |||||||||||||
| NCL Corp. Ltd. (B/Caa1) |
| |||||||||||||||
| 5,222,000 | 5.875 | 03/15/26 | 5,156,464 | |||||||||||||
| 310,000 | 7.750 | 02/15/29 | 322,344 | |||||||||||||
| Pinnacle Bidco PLC (NR/B3) |
| |||||||||||||||
| GBP |
2,783,000 | 10.000 | 10/11/28 | 3,659,212 | ||||||||||||
| Royal Caribbean Cruises Ltd. (BB+/Ba2) |
| |||||||||||||||
| $ |
4,540,000 | 4.250 | 07/01/26 | 4,383,688 | ||||||||||||
| 3,280,000 | 5.500 | 08/31/26 | 3,248,315 | |||||||||||||
| 4,553,000 | 5.375 | 07/15/27 | 4,487,346 | |||||||||||||
| 850,000 | 6.250 | 03/15/32 | 856,587 | |||||||||||||
| TUI Cruises GmbH (NR/Caa1) |
| |||||||||||||||
| EUR |
2,586,000 | 6.500 | % | 05/15/26 | 2,814,987 | |||||||||||
|
|
|
|||||||||||||||
| 46,060,540 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 2.1% |
| |||||||||||||||
| Hilton Domestic Operating Co., Inc. (BB+/Ba2) |
| |||||||||||||||
| $ |
900,000 | 5.750 | (b) | 05/01/28 | 898,290 | |||||||||||
| 1,365,000 | 5.875 | (b) | 04/01/29 | 1,367,061 | ||||||||||||
| 1,922,000 | 4.875 | 01/15/30 | 1,838,912 | |||||||||||||
| 1,460,000 | 4.000 | (b) | 05/01/31 | 1,307,109 | ||||||||||||
| 2,295,000 | 3.625 | (b) | 02/15/32 | 1,977,487 | ||||||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (B+/B2) |
| |||||||||||||||
| 6,370,000 | 5.000 | (b) | 06/01/29 | 5,943,528 | ||||||||||||
| 2,913,000 | 4.875 | (b) | 07/01/31 | 2,609,494 | ||||||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (BB+/Ba2) |
| |||||||||||||||
| 2,800,000 | 6.625 | (b) | 01/15/32 | 2,808,288 | ||||||||||||
| Marriott Ownership Resorts, Inc. (B+/B1) |
| |||||||||||||||
| 2,864,000 | 4.750 | 01/15/28 | 2,687,320 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Lodging(a) – (continued) |
| |||||||||||||||
| $ |
2,585,000 | 4.500 | %(b)(c) | 06/15/29 | $ | 2,363,104 | ||||||||||
| MGM Resorts International (BB-/B1) |
| |||||||||||||||
| 1,200,000 | 4.625 | 09/01/26 | 1,173,096 | |||||||||||||
| 4,046,000 | 4.750 | 10/15/28 | 3,847,139 | |||||||||||||
| Travel & Leisure Co. (BB-/Ba3) |
| |||||||||||||||
| 4,860,000 | 6.625 | (b) | 07/31/26 | 4,895,138 | ||||||||||||
| 2,397,000 | 6.000 | 04/01/27 | 2,392,254 | |||||||||||||
| 2,610,000 | 4.500 | (b) | 12/01/29 | 2,395,954 | ||||||||||||
| 3,287,000 | 4.625 | (b) | 03/01/30 | 3,001,327 | ||||||||||||
|
|
|
|||||||||||||||
| 41,505,501 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery - Construction & Mining(a)(b) – 0.5% |
| |||||||||||||||
| BWX Technologies, Inc. (BB-/Ba3) |
| |||||||||||||||
| 4,375,000 | 4.125 | 04/15/29 | 4,035,369 | |||||||||||||
| Vertiv Group Corp. (BB/Ba3) | ||||||||||||||||
| 5,321,000 | 4.125 | 11/15/28 | 4,950,711 | |||||||||||||
|
|
|
|||||||||||||||
| 8,986,080 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a)(b) – 0.9% |
| |||||||||||||||
| Husky III Holding Ltd. (CCC/Caa2) (PIK 13.750%, Cash 13.000%) |
| |||||||||||||||
| 7,133,000 | 13.000 | (d) | 02/15/25 | 7,136,780 | ||||||||||||
| Mueller Water Products, Inc. (BB/Ba1) |
| |||||||||||||||
| 3,183,000 | 4.000 | 06/15/29 | 2,887,554 | |||||||||||||
| Titan Acquisition Ltd./Titan Co.-Borrower LLC (CCC/Caa2) |
| |||||||||||||||
| 2,414,000 | 7.750 | 04/15/26 | 2,412,093 | |||||||||||||
| TK Elevator Holdco GmbH (CCC+/Caa1) |
| |||||||||||||||
| 4,552,000 | 7.625 | 07/15/28 | 4,457,000 | |||||||||||||
|
|
|
|||||||||||||||
| 16,893,427 | ||||||||||||||||
|
|
||||||||||||||||
| Media(a) – 5.2% |
| |||||||||||||||
| Altice Financing SA (B/B3) |
| |||||||||||||||
| 4,111,000 | 5.000 | (b) | 01/15/28 | 3,380,434 | ||||||||||||
| Altice Finco SA (CCC+/Caa2) |
| |||||||||||||||
| EUR |
3,265,000 | 4.750 | 01/15/28 | 2,397,341 | ||||||||||||
| AMC Networks, Inc. (BB/Ba3) |
| |||||||||||||||
| $ |
1,995,000 | 10.250 | (b) | 01/15/29 | 2,009,484 | |||||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1) |
| |||||||||||||||
| 4,244,000 | 5.500 | (b) | 05/01/26 | 4,182,292 | ||||||||||||
| 4,554,000 | 5.125 | (b) | 05/01/27 | 4,337,867 | ||||||||||||
| 2,731,000 | 4.750 | (b) | 03/01/30 | 2,342,624 | ||||||||||||
| 6,131,000 | 4.500 | (b) | 08/15/30 | 5,150,101 | ||||||||||||
| 15,352,000 | 4.250 | (b) | 02/01/31 | 12,495,607 | ||||||||||||
| 2,804,000 | 4.500 | 05/01/32 | 2,252,425 | |||||||||||||
| CSC Holdings LLC (B-/B2) |
| |||||||||||||||
| 5,055,000 | 5.500 | (b) | 04/15/27 | 4,522,405 | ||||||||||||
| CSC Holdings LLC (CCC/Caa2) |
| |||||||||||||||
| 2,030,000 | 5.750 | (b) | 01/15/30 | 1,073,992 | ||||||||||||
| Cumulus Media New Holdings, Inc. (CC/Caa1) |
| |||||||||||||||
| 1,742,000 | 6.750 | (b) | 07/01/26 | 1,022,589 | ||||||||||||
| Diamond Sports Group LLC/Diamond Sports Finance Co. (NR/WR) |
| |||||||||||||||
| 4,800,000 | 5.375 | (b)(f) | 08/15/26 | 135,648 | ||||||||||||
| 3,812,000 | 6.625 | (b)(f) | 08/15/27 | 108,490 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Media(a) – (continued) |
| |||||||||||||||
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (BB/Ba3) |
| |||||||||||||||
| $ |
7,880,000 | 5.875 | %(b) | 08/15/27 | $ | 7,455,504 | ||||||||||
| DISH DBS Corp. (CCC/Caa1) |
| |||||||||||||||
| 5,216,000 | 5.250 | (b) | 12/01/26 | 4,113,807 | ||||||||||||
| iHeartCommunications, Inc. (B-/Caa1) |
| |||||||||||||||
| 1,690,000 | 6.375 | 05/01/26 | 1,438,900 | |||||||||||||
| 2,599,000 | 4.750 | (b)(c) | 01/15/28 | 1,823,276 | ||||||||||||
| iHeartCommunications, Inc. (CCC-/Caa3) |
| |||||||||||||||
| 8,945,000 | 8.375 | (c) | 05/01/27 | 4,982,812 | ||||||||||||
| Nexstar Media, Inc. (BB+/B2) |
| |||||||||||||||
| 2,744,000 | 5.625 | (b) | 07/15/27 | 2,634,542 | ||||||||||||
| Sirius XM Radio, Inc. (BB/Ba3) |
| |||||||||||||||
| 4,676,000 | 3.125 | (b) | 09/01/26 | 4,384,077 | ||||||||||||
| 7,384,000 | 5.000 | (b) | 08/01/27 | 7,109,020 | ||||||||||||
| 850,000 | 4.000 | (b) | 07/15/28 | 777,750 | ||||||||||||
| Sunrise HoldCo IV BV (B/B3) |
| |||||||||||||||
| 3,025,000 | 5.500 | (b) | 01/15/28 | 2,911,865 | ||||||||||||
| Urban One, Inc. (B-/B3) |
| |||||||||||||||
| 11,339,000 | 7.375 | (b) | 02/01/28 | 9,654,025 | ||||||||||||
| Virgin Media Secured Finance PLC (B+/Ba3) |
| |||||||||||||||
| 2,150,000 | 5.500 | (b) | 05/15/29 | 1,987,482 | ||||||||||||
| Virgin Media Vendor Financing Notes IV DAC (B-/B2) |
| |||||||||||||||
| 1,850,000 | 5.000 | (b) | 07/15/28 | 1,697,523 | ||||||||||||
| VZ Secured Financing BV (B+/B1) |
| |||||||||||||||
| 2,320,000 | 5.000 | (b) | 01/15/32 | 1,991,813 | ||||||||||||
| Ziggo Bond Co. BV (B-/B3) |
| |||||||||||||||
| 1,725,000 | 5.125 | (b) | 02/28/30 | 1,475,272 | ||||||||||||
| Ziggo BV (B+/B1) |
| |||||||||||||||
| 2,492,000 | 4.875 | (b) | 01/15/30 | 2,236,196 | ||||||||||||
|
|
|
|||||||||||||||
| 102,085,163 | ||||||||||||||||
|
|
||||||||||||||||
| Metal Fabricate & Hardware(a)(b) – 0.2% |
| |||||||||||||||
| Roller Bearing Co. of America, Inc. (B+/B1) |
| |||||||||||||||
| 4,824,000 | 4.375 | 10/15/29 | 4,419,797 | |||||||||||||
|
|
||||||||||||||||
| Mining(a)(b) – 0.4% |
| |||||||||||||||
| Alcoa Nederland Holding BV (BB/Ba1) |
| |||||||||||||||
| 1,220,000 | 7.125 | 03/15/31 | 1,243,046 | |||||||||||||
| FMG Resources August 2006 Pty. Ltd. (BB+/Ba1) |
| |||||||||||||||
| 2,785,000 | 5.875 | 04/15/30 | 2,738,045 | |||||||||||||
| Novelis Corp. (BB/Ba3) |
| |||||||||||||||
| 4,432,000 | 4.750 | 01/30/30 | 4,087,944 | |||||||||||||
|
|
|
|||||||||||||||
| 8,069,035 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing(a) – 0.5% |
| |||||||||||||||
| Amsted Industries, Inc. (BB/Ba3) |
| |||||||||||||||
| 3,272,000 | 5.625 | (b) | 07/01/27 | 3,224,785 | ||||||||||||
| 1,951,000 | 4.625 | (b) | 05/15/30 | 1,780,600 | ||||||||||||
| Hillenbrand, Inc. (BB+/Ba1) |
| |||||||||||||||
| 1,066,000 | 6.250 | 02/15/29 | 1,074,325 | |||||||||||||
| 4,364,000 | 3.750 | 03/01/31 | 3,779,399 | |||||||||||||
|
|
|
|||||||||||||||
| 9,859,109 | ||||||||||||||||
|
|
||||||||||||||||
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Office & Business Equipment(a)(b) – 0.0% |
| |||||||||||||||
| Xerox Holdings Corp. (BB/B1) |
| |||||||||||||||
| $ | 927,000 | 5.000 | % | 08/15/25 | $ | 913,781 | ||||||||||
|
|
||||||||||||||||
| Oil & Gas(a)(b) – 0.3% |
| |||||||||||||||
| CNX Resources Corp. (BB/B1) |
| |||||||||||||||
| 930,000 | 7.250 | 03/01/32 | 946,238 | |||||||||||||
| Crescent Energy Finance LLC (BB-/B1) |
| |||||||||||||||
| 1,765,000 | 7.625 | 04/01/32 | 1,779,649 | |||||||||||||
| Matador Resources Co. (BB-/B1) |
| |||||||||||||||
| 1,045,000 | 6.500 | 04/15/32 | 1,046,829 | |||||||||||||
| Permian Resources Operating LLC (BB-/B1) |
| |||||||||||||||
| 1,337,000 | 5.875 | 07/01/29 | 1,314,806 | |||||||||||||
|
|
|
|||||||||||||||
| 5,087,522 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 6.9% |
| |||||||||||||||
| Aethon United BR LP/Aethon United Finance Corp. (B+/B3) |
| |||||||||||||||
| 4,989,000 | 8.250 | (a)(b) | 02/15/26 | 5,049,267 | ||||||||||||
| Archrock Partners LP/Archrock Partners Finance Corp. (BB-/B2) |
| |||||||||||||||
| 2,599,000 | 6.250 | (a)(b) | 04/01/28 | 2,565,811 | ||||||||||||
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. (B+/B3) |
| |||||||||||||||
| 4,209,000 | 7.000 | (a)(b) | 11/01/26 | 4,219,438 | ||||||||||||
| Callon Petroleum Co. (BB-/B2) |
| |||||||||||||||
| 3,470,000 | 7.500 | (a)(b) | 06/15/30 | 3,673,932 | ||||||||||||
| Chord Energy Corp. (BB-/Ba3) |
| |||||||||||||||
| 6,155,000 | 6.375 | (a)(b) | 06/01/26 | 6,176,296 | ||||||||||||
| Civitas Resources, Inc. (BB-/B1) |
| |||||||||||||||
| 6,281,000 | 5.000 | (a)(b) | 10/15/26 | 6,141,813 | ||||||||||||
| 2,496,000 | 8.375 | (a)(b) | 07/01/28 | 2,625,642 | ||||||||||||
| CNX Resources Corp. (BB/B1) |
| |||||||||||||||
| 2,915,000 | 7.375 | (a)(b) | 01/15/31 | 2,966,012 | ||||||||||||
| Continental Resources, Inc. (BBB-/Baa3u) |
| |||||||||||||||
| 2,470,000 | 4.375 | (a) | 01/15/28 | 2,388,169 | ||||||||||||
| Crescent Energy Finance LLC (BB-/B1) |
| |||||||||||||||
| 4,178,000 | 9.250 | (a)(b) | 02/15/28 | 4,413,138 | ||||||||||||
| CrownRock LP/CrownRock Finance, Inc. (BB-/B1) |
| |||||||||||||||
| 5,831,000 | 5.625 | (a)(b) | 10/15/25 | 5,813,915 | ||||||||||||
| 1,035,000 | 5.000 | (a)(b) | 05/01/29 | 1,022,839 | ||||||||||||
| Kodiak Gas Services LLC (B+/B2) |
| |||||||||||||||
| 1,000,000 | 7.250 | (a)(b) | 02/15/29 | 1,019,400 | ||||||||||||
| Matador Resources Co. (BB-/B1) |
| |||||||||||||||
| 2,610,000 | 5.875 | (a) | 09/15/26 | 2,611,905 | ||||||||||||
| 3,288,000 | 6.875 | (a)(b) | 04/15/28 | 3,366,090 | ||||||||||||
| Nabors Industries, Inc. (B-/Ba3) |
| |||||||||||||||
| 2,849,000 | 7.375 | (a)(b) | 05/15/27 | 2,843,815 | ||||||||||||
| 1,831,000 | 9.125 | (a)(b) | 01/31/30 | 1,904,185 | ||||||||||||
| Noble Finance II LLC (BB-/B1) |
| |||||||||||||||
| 4,342,000 | 8.000 | (a)(b) | 04/15/30 | 4,523,148 | ||||||||||||
| Northern Oil & Gas, Inc. (B+/B2) |
| |||||||||||||||
| 2,559,000 | 8.125 | (a)(b) | 03/01/28 | 2,598,434 | ||||||||||||
| 4,070,000 | 8.750 | (a)(b) | 06/15/31 | 4,299,263 | ||||||||||||
| Occidental Petroleum Corp. (BB+/Baa3) |
| |||||||||||||||
| 1,071,000 | 5.875 | (a) | 09/01/25 | 1,074,941 | ||||||||||||
| 775,000 | 5.500 | (a) | 12/01/25 | 774,396 | ||||||||||||
| 2,533,000 | 6.450 | 09/15/36 | 2,701,647 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Oil Field Services – (continued) |
| |||||||||||||||
| $ | 5,832,000 | 4.400 | %(a) | 04/15/46 | $ | 4,739,142 | ||||||||||
| Permian Resources Operating LLC (BB-/B1) |
| |||||||||||||||
| 4,260,000 | 6.875 | (a)(b) | 04/01/27 | 4,260,000 | ||||||||||||
| 3,385,000 | 9.875 | (a)(b) | 07/15/31 | 3,769,197 | ||||||||||||
| 1,252,000 | 7.000 | (a)(b) | 01/15/32 | 1,297,911 | ||||||||||||
| Range Resources Corp. (BB/Ba3) |
| |||||||||||||||
| 2,660,000 | 4.750 | (a)(b) | 02/15/30 | 2,480,610 | ||||||||||||
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (B/B3) |
| |||||||||||||||
| 3,163,000 | 7.875 | (a)(b) | 11/01/28 | 3,268,644 | ||||||||||||
| SM Energy Co. (BB-/B1) |
| |||||||||||||||
| 2,537,000 | 6.750 | (a) | 09/15/26 | 2,541,364 | ||||||||||||
| 875,000 | 6.500 | (a) | 07/15/28 | 878,833 | ||||||||||||
| Southwestern Energy Co. (BB+/Ba2) |
| |||||||||||||||
| 3,670,000 | 5.375 | (a) | 03/15/30 | 3,535,605 | ||||||||||||
| 525,000 | 4.750 | (a) | 02/01/32 | 483,336 | ||||||||||||
| Southwestern Energy Co. (BB+/NR) |
| |||||||||||||||
| 6,438,000 | 5.375 | (a) | 02/01/29 | 6,256,835 | ||||||||||||
| Sunoco LP/Sunoco Finance Corp. (BB/Ba3) |
| |||||||||||||||
| 2,925,000 | 7.000 | (a)(b) | 09/15/28 | 2,989,116 | ||||||||||||
| 4,425,000 | 4.500 | (a) | 04/30/30 | 4,058,787 | ||||||||||||
| TechnipFMC PLC (BBB-/Ba1) |
| |||||||||||||||
| 1,240,000 | 6.500 | (a)(b) | 02/01/26 | 1,235,858 | ||||||||||||
| Transocean Poseidon Ltd. (B/B2) |
| |||||||||||||||
| 2,095,875 | 6.875 | (a)(b) | 02/01/27 | 2,099,585 | ||||||||||||
| Transocean Titan Financing Ltd. (B/B2) |
| |||||||||||||||
| 415,000 | 8.375 | (a)(b) | 02/01/28 | 431,899 | ||||||||||||
| Transocean, Inc. (B/B2) |
| |||||||||||||||
| 4,029,100 | 8.750 | (a)(b) | 02/15/30 | 4,201,586 | ||||||||||||
| Transocean, Inc. (B-/Caa1) |
| |||||||||||||||
| 5,014,000 | 11.500 | (a)(b) | 01/30/27 | 5,226,894 | ||||||||||||
| USA Compression Partners LP/USA Compression Finance Corp. (B+/B2) |
| |||||||||||||||
| 1,550,000 | 7.125 | (a)(b) | 03/15/29 | 1,567,561 | ||||||||||||
| Viper Energy, Inc. (BBB-/Ba3) |
| |||||||||||||||
| 4,200,000 | 7.375 | (a)(b) | 11/01/31 | 4,367,706 | ||||||||||||
|
|
|
|||||||||||||||
| 134,463,965 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a) – 2.3% |
| |||||||||||||||
| ARD Finance SA (CCC+/Caa3) (PIK 5.750%, Cash 5.000%) |
| |||||||||||||||
| EUR | 2,294,375 | 5.000 | (d) | 06/30/27 | 698,328 | |||||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (B/Caa1) |
| |||||||||||||||
| 1,545,000 | 3.000 | 09/01/29 | 1,275,120 | |||||||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B+/B1) |
| |||||||||||||||
| $ | 2,907,000 | 5.250 | (b) | 04/30/25 | 2,806,040 | |||||||||||
| 2,179,000 | 4.125 | (b) | 08/15/26 | 1,976,636 | ||||||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (CCC+/ Caa1) |
| |||||||||||||||
| 5,387,000 | 5.250 | %(b)(c) | 08/15/27 | 3,380,432 | ||||||||||||
| Ball Corp. (BB+/Ba1) |
| |||||||||||||||
| 4,036,000 | 6.875 | 03/15/28 | 4,140,210 | |||||||||||||
| 3,620,000 | 6.000 | 06/15/29 | 3,653,557 | |||||||||||||
| 2,925,000 | 2.875 | 08/15/30 | 2,498,067 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Packaging(a) – (continued) |
|
|||||||||||||||
| Berry Global, Inc. (BBB-/Ba1u) |
| |||||||||||||||
| $ | 2,300,000 | 5.500 | % | 04/15/28 | $ | 2,317,779 | ||||||||||
| Crown Americas LLC (BB+/Ba2) |
| |||||||||||||||
| 1,625,000 | 5.250 | 04/01/30 | 1,567,914 | |||||||||||||
| Crown Americas LLC/Crown Americas Capital Corp.VI (BB+/Ba2) |
| |||||||||||||||
| 2,709,000 | 4.750 | 02/01/26 | 2,664,925 | |||||||||||||
| Kleopatra Finco SARL (B-/B3) |
| |||||||||||||||
| EUR | 1,986,000 | 4.250 | 03/01/26 | 1,818,485 | ||||||||||||
| Kleopatra Holdings 2 SCA (CCC/Caa2) |
| |||||||||||||||
| 1,468,000 | 6.500 | %(b) | 09/01/26 | 839,388 | ||||||||||||
| LABL, Inc. (B-/B3) |
| |||||||||||||||
| $ | 2,337,000 | 6.750 | (b) | 07/15/26 | 2,307,063 | |||||||||||
| LABL, Inc. (CCC+/Caa3) |
| |||||||||||||||
| 4,030,000 | 10.500 | (b) | 07/15/27 | 3,997,478 | ||||||||||||
| Mauser Packaging Solutions Holding Co. (B/B2) |
| |||||||||||||||
| 3,625,000 | 7.875 | (b) | 08/15/26 | 3,693,948 | ||||||||||||
| Sealed Air Corp./Sealed Air Corp. U.S. (BB+/Ba2) |
| |||||||||||||||
| 2,265,000 | 7.250 | (b) | 02/15/31 | 2,356,868 | ||||||||||||
| TriMas Corp. (BB-/Ba3) |
| |||||||||||||||
| 2,865,000 | 4.125 | (b) | 04/15/29 | 2,602,165 | ||||||||||||
|
|
|
|||||||||||||||
| 44,594,403 | ||||||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals – 2.2% |
| |||||||||||||||
| Bausch Health Cos., Inc. (CCC-/Caa3) |
| |||||||||||||||
| 804,000 | 14.000 | (a)(b) | 10/15/30 | 472,237 | ||||||||||||
| Bausch Health Cos., Inc. (CCC+/Caa1) |
| |||||||||||||||
| 3,055,000 | 6.125 | (a)(b) | 02/01/27 | 1,905,678 | ||||||||||||
| 1,766,000 | 4.875 | (a)(b) | 06/01/28 | 962,311 | ||||||||||||
| 2,823,000 | 11.000 | (b) | 09/30/28 | 1,884,183 | ||||||||||||
| Cheplapharm Arzneimittel GmbH (B+/B2) |
| |||||||||||||||
| 4,494,000 | 5.500 | (a)(b) | 01/15/28 | 4,308,533 | ||||||||||||
| Grifols SA (CCC+/Caa1) |
| |||||||||||||||
| 3,070,000 | 4.750 | (a)(b)(c) | 10/15/28 | 2,540,517 | ||||||||||||
| Jazz Securities DAC (BB-/Ba2) |
| |||||||||||||||
| 5,605,000 | 4.375 | (a)(b) | 01/15/29 | 5,220,889 | ||||||||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB/Ba2) |
| |||||||||||||||
| 7,500,000 | 4.125 | (a)(b) | 04/30/28 | 6,986,850 | ||||||||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1) |
| |||||||||||||||
| 5,380,000 | 5.125 | (a)(b) | 04/30/31 | 4,764,582 | ||||||||||||
| Perrigo Finance Unlimited Co. (B+/Ba3) |
| |||||||||||||||
| 1,363,000 | 3.900 | (a) | 12/15/24 | 1,339,393 | ||||||||||||
| 4,768,000 | 4.375 | (a) | 03/15/26 | 4,641,410 | ||||||||||||
| 6,986,000 | 4.650 | (a) | 06/15/30 | 6,422,859 | ||||||||||||
| Prestige Brands, Inc. (BB/B1) |
| |||||||||||||||
| 2,014,000 | 3.750 | (a)(b) | 04/01/31 | 1,753,952 | ||||||||||||
|
|
|
|||||||||||||||
| 43,203,394 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines(a) – 5.5% |
| |||||||||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. (BB/Ba3) |
| |||||||||||||||
| 1,800,000 | 5.750 | (b) | 03/01/27 | 1,775,880 | ||||||||||||
| 3,939,000 | 6.625 | (b) | 02/01/32 | 3,955,820 | ||||||||||||
| Buckeye Partners LP (BB-/B1) |
| |||||||||||||||
| 600,000 | 4.350 | 10/15/24 | 593,580 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pipelines(a) – (continued) |
|
|||||||||||||||
| $ |
3,545,000 | 3.950 | % | 12/01/26 | $ | 3,389,339 | ||||||||||
| Cheniere Energy Partners LP (BBB-/Ba1) |
| |||||||||||||||
| 4,394,000 | 4.000 | 03/01/31 | 3,991,861 | |||||||||||||
| Cheniere Energy, Inc. (BBB-/Baa3) |
| |||||||||||||||
| 2,464,000 | 4.625 | 10/15/28 | 2,389,341 | |||||||||||||
| CNX Midstream Partners LP (BB/B1) |
| |||||||||||||||
| 3,461,000 | 4.750 | (b) | 04/15/30 | 3,081,709 | ||||||||||||
| DT Midstream, Inc. (BB+/Ba2) |
| |||||||||||||||
| 3,150,000 | 4.375 | (b) | 06/15/31 | 2,853,144 | ||||||||||||
| EnLink Midstream LLC (BBB-/Ba1) |
| |||||||||||||||
| 2,429,000 | 5.375 | 06/01/29 | 2,383,699 | |||||||||||||
| 2,350,000 | 6.500 | (b) | 09/01/30 | 2,416,952 | ||||||||||||
| EQM Midstream Partners LP (BB-/Ba3) |
| |||||||||||||||
| 3,400,000 | 7.500 | (b) | 06/01/27 | 3,485,748 | ||||||||||||
| Genesis Energy LP/Genesis Energy Finance Corp. (B/B3) |
| |||||||||||||||
| 7,319,000 | 8.000 | 01/15/27 | 7,393,288 | |||||||||||||
| 1,470,000 | 8.875 | 04/15/30 | 1,539,325 | |||||||||||||
| Global Partners LP/GLP Finance Corp. (B+/B2) |
| |||||||||||||||
| 912,000 | 7.000 | 08/01/27 | 914,161 | |||||||||||||
| 1,383,000 | 6.875 | 01/15/29 | 1,374,246 | |||||||||||||
| 1,410,000 | 8.250 | (b) | 01/15/32 | 1,462,889 | ||||||||||||
| Hess Midstream Operations LP (BB+/Ba2) |
| |||||||||||||||
| 807,000 | 5.500 | (b) | 10/15/30 | 782,201 | ||||||||||||
| Howard Midstream Energy Partners LLC (B+/B2) |
| |||||||||||||||
| 6,901,000 | 6.750 | (b) | 01/15/27 | 6,883,057 | ||||||||||||
| 1,875,000 | 8.875 | (b) | 07/15/28 | 1,981,819 | ||||||||||||
| Kinetik Holdings LP (BB+/Ba1) |
| |||||||||||||||
| 3,525,000 | 6.625 | (b) | 12/15/28 | 3,585,277 | ||||||||||||
| 4,315,000 | 5.875 | (b) | 06/15/30 | 4,219,897 | ||||||||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. (B+/B2) |
| |||||||||||||||
| 2,440,000 | 8.125 | (b) | 02/15/29 | 2,499,219 | ||||||||||||
| Northriver Midstream Finance LP (BB/Ba3) |
| |||||||||||||||
| 2,700,000 | 5.625 | (b) | 02/15/26 | 2,673,000 | ||||||||||||
| NuStar Logistics LP (BB-/Ba3) |
| |||||||||||||||
| 3,321,000 | 5.750 | 10/01/25 | 3,307,085 | |||||||||||||
| 1,000,000 | 6.000 | 06/01/26 | 996,930 | |||||||||||||
| 4,206,000 | 5.625 | 04/28/27 | 4,165,076 | |||||||||||||
| Prairie Acquiror LP (B/B3) |
| |||||||||||||||
| 860,000 | 9.000 | (b) | 08/01/29 | 887,451 | ||||||||||||
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (B-/NR) |
| |||||||||||||||
| 5,370,000 | 12.000 | (b) | 10/15/26 | 5,422,250 | ||||||||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1) |
| |||||||||||||||
| 2,915,000 | 7.375 | (b) | 02/15/29 | 2,931,645 | ||||||||||||
| 3,675,000 | 6.000 | (b) | 09/01/31 | 3,426,019 | ||||||||||||
| Venture Global Calcasieu Pass LLC (BB+/Ba2) |
| |||||||||||||||
| 2,815,000 | 4.125 | (b) | 08/15/31 | 2,506,898 | ||||||||||||
| Venture Global LNG, Inc. (BB/B1) |
| |||||||||||||||
| 3,770,000 | 8.125 | (b) | 06/01/28 | 3,846,305 | ||||||||||||
| 5,180,000 | 9.500 | (b) | 02/01/29 | 5,584,195 | ||||||||||||
| 3,453,000 | 9.875 | (b) | 02/01/32 | 3,722,541 | ||||||||||||
|
|
||||||||||||||||
| 74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Pipelines(a) – (continued) |
|
|||||||||||||||
| Western Midstream Operating LP (BBB-/Baa3) |
| |||||||||||||||
| $ | 4,746,000 | 4.050 | % | 02/01/30 | $ | 4,420,804 | ||||||||||
|
|
|
|||||||||||||||
| 106,842,651 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate – 0.6% |
| |||||||||||||||
| Cushman & Wakefield U.S. Borrower LLC (BB-/Ba3) |
| |||||||||||||||
| 2,303,000 | 6.750 | (a)(b) | 05/15/28 | 2,274,305 | ||||||||||||
| 1,120,000 | 8.875 | (a)(b) | 09/01/31 | 1,187,133 | ||||||||||||
| Kennedy-Wilson, Inc. (B+/B2) |
| |||||||||||||||
| 2,735,000 | 4.750 | (a) | 03/01/29 | 2,253,421 | ||||||||||||
| 3,501,000 | 4.750 | (a) | 02/01/30 | 2,795,303 | ||||||||||||
| 1,514,000 | 5.000 | (a) | 03/01/31 | 1,175,349 | ||||||||||||
| Redfin Corp. (NR/NR) |
| |||||||||||||||
| 2,115,000 | 0.500 | (c) | 04/01/27 | 1,163,250 | ||||||||||||
|
|
|
|||||||||||||||
| 10,848,761 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(a) – 1.8% |
| |||||||||||||||
| CTR Partnership LP/CareTrust Capital Corp. (BB+/Ba2) |
| |||||||||||||||
| 1,045,000 | 3.875 | (b) | 06/30/28 | 969,917 | ||||||||||||
| HAT Holdings I LLC/HAT Holdings II LLC (BB+/Baa3) |
| |||||||||||||||
| 2,100,000 | 6.000 | (b) | 04/15/25 | 2,089,983 | ||||||||||||
| 3,285,000 | 8.000 | (b) | 06/15/27 | 3,428,949 | ||||||||||||
| Iron Mountain, Inc. (BB-/Ba3) |
| |||||||||||||||
| 2,425,000 | 7.000 | (b) | 02/15/29 | 2,472,409 | ||||||||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance |
| |||||||||||||||
| 7,216,000 | 5.250 | (b) | 10/01/25 | 7,092,462 | ||||||||||||
| MPT Operating Partnership LP/MPT Finance Corp. (BB-/Ba2) |
| |||||||||||||||
| GBP | 2,225,000 | 3.692 | 06/05/28 | 2,085,319 | ||||||||||||
| $ | 2,044,000 | 4.625 | 08/01/29 | 1,566,828 | ||||||||||||
| 4,565,000 | 3.500 | 03/15/31 | 3,164,549 | |||||||||||||
| SBA Communications Corp. (BB/Ba3) |
| |||||||||||||||
| 5,127,000 | 3.125 | 02/01/29 | 4,543,958 | |||||||||||||
| Service Properties Trust (B+/B2) |
| |||||||||||||||
| 3,253,000 | 4.500 | 03/15/25 | 3,175,286 | |||||||||||||
| Service Properties Trust (BB/B1) |
| |||||||||||||||
| 1,493,000 | 7.500 | 09/15/25 | 1,512,110 | |||||||||||||
| Starwood Property Trust, Inc. (BB-/Ba3) |
| |||||||||||||||
| 925,000 | 7.250 | (b) | 04/01/29 | 932,261 | ||||||||||||
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC |
| |||||||||||||||
| 2,190,000 | 10.500 | (b) | 02/15/28 | 2,271,796 | ||||||||||||
|
|
|
|||||||||||||||
| 35,305,827 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing – 5.1% |
|
|||||||||||||||
| 1011778 BC ULC/New Red Finance, Inc. (B+/B2) |
| |||||||||||||||
| 2,755,000 | 4.375 | (a)(b) | 01/15/28 | 2,604,302 | ||||||||||||
| 4,166,000 | 4.000 | (a)(b) | 10/15/30 | 3,711,906 | ||||||||||||
| Arko Corp. (B-/B3) |
| |||||||||||||||
| 13,960,000 | 5.125 | (a)(b) | 11/15/29 | 11,572,700 | ||||||||||||
| Asbury Automotive Group, Inc. (BB/B1) |
| |||||||||||||||
| 573,000 | 4.500 | (a) | 03/01/28 | 544,682 | ||||||||||||
| 8,931,000 | 4.625 | (a)(b) | 11/15/29 | 8,262,961 | ||||||||||||
| 185,000 | 4.750 | (a) | 03/01/30 | 170,230 | ||||||||||||
| 1,014,000 | 5.000 | (a)(b) | 02/15/32 | 918,572 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Retailing – (continued) | ||||||||||||||||
| Beacon Roofing Supply, Inc. (B/B1) |
| |||||||||||||||
| $ | 3,600,000 | 4.125 | %(a)(b) | 05/15/29 | $ | 3,263,796 | ||||||||||
| Carvana Co. (CCC+/Cau) |
| |||||||||||||||
| (PIK 12.000%, Cash 9.000%) |
| |||||||||||||||
| 303,743 | 12.000 | (a)(b)(d) | 12/01/28 | 296,967 | ||||||||||||
| (PIK 13.000%, Cash 11.000%) |
| |||||||||||||||
| 457,583 | 13.000 | (a)(b)(c)(d) | 06/01/30 | 448,431 | ||||||||||||
| (PIK 14.000%, Cash 9.000%) |
| |||||||||||||||
| 543,590 | 14.000 | (a)(b)(c)(d) | 06/01/31 | 546,444 | ||||||||||||
| Cheesecake Factory, Inc. (NR/NR) |
| |||||||||||||||
| 1,728,000 | 0.375 | 06/15/26 | 1,537,824 | |||||||||||||
| eG Global Finance PLC (B-/B3) |
| |||||||||||||||
| 3,970,000 | 12.000 | (a)(b) | 11/30/28 | 4,222,373 | ||||||||||||
| Foundation Building Materials, Inc. (CCC+/Caa1) |
| |||||||||||||||
| 3,269,000 | 6.000 | (a)(b) | 03/01/29 | 3,008,330 | ||||||||||||
| Group 1 Automotive, Inc. (BB+/Ba2) |
| |||||||||||||||
| 2,208,000 | 4.000 | (a)(b) | 08/15/28 | 2,034,959 | ||||||||||||
| GYP Holdings III Corp. (B/Ba2) |
| |||||||||||||||
| 3,038,000 | 4.625 | (a)(b) | 05/01/29 | 2,827,922 | ||||||||||||
| Ken Garff Automotive LLC (BB-/B1) |
| |||||||||||||||
| 6,491,000 | 4.875 | (a)(b) | 09/15/28 | 6,006,122 | ||||||||||||
| LCM Investments Holdings II LLC (B+/B2) |
| |||||||||||||||
| 5,325,000 | 4.875 | (a)(b) | 05/01/29 | 4,893,462 | ||||||||||||
| Lithia Motors, Inc. (BB+/Ba2) |
| |||||||||||||||
| 1,258,000 | 3.875 | (a)(b) | 06/01/29 | 1,134,993 | ||||||||||||
| 853,000 | 4.375 | (a)(b) | 01/15/31 | 764,152 | ||||||||||||
| Macy’s Retail Holdings LLC (BB+/Ba2) |
| |||||||||||||||
| 1,715,000 | 5.875 | (a)(b) | 04/01/29 | 1,684,507 | ||||||||||||
| Maryland Bidco Ltd. (NR/NR) (PIK 10.000%, Cash 10.000%) |
| |||||||||||||||
| GBP | 1,071,000 | 10.000 | (a)(d) | 01/26/28 | 1,103,034 | |||||||||||
| Murphy Oil USA, Inc. (BB+/Ba2) |
| |||||||||||||||
| $ | 3,341,000 | 3.750 | (a)(b) | 02/15/31 | 2,918,163 | |||||||||||
| Nordstrom, Inc. (BB+/Ba1) |
| |||||||||||||||
| 1,795,000 | 4.375 | (a) | 04/01/30 | 1,622,465 | ||||||||||||
| Penske Automotive Group, Inc. (BB-/Ba3) |
| |||||||||||||||
| 3,707,000 | 3.500 | (a) | 09/01/25 | 3,608,876 | ||||||||||||
| 3,469,000 | 3.750 | (a) | 06/15/29 | 3,109,334 | ||||||||||||
| Sonic Automotive, Inc. (BB-/B1) |
| |||||||||||||||
| 4,457,000 | 4.625 | (a)(b) | 11/15/29 | 4,002,029 | ||||||||||||
| 2,092,000 | 4.875 | (a)(b) | 11/15/31 | 1,830,040 | ||||||||||||
| SRS Distribution, Inc. (CCC/Caa2) |
| |||||||||||||||
| 2,238,000 | 6.125 | (a)(b) | 07/01/29 | 2,282,827 | ||||||||||||
| 1,814,000 | 6.000 | (a)(b) | 12/01/29 | 1,852,275 | ||||||||||||
| Staples, Inc. (B-/B3) |
| |||||||||||||||
| 2,435,000 | 7.500 | (a)(b) | 04/15/26 | 2,376,317 | ||||||||||||
| Stonegate Pub Co. Financing 2019 PLC (NR/B3) |
| |||||||||||||||
| GBP | 1,750,000 | 8.250 | (a)(b) | 07/31/25 | 2,142,411 | |||||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| |||||||||||||||
| $ | 2,121,000 | 5.875 | (a) | 03/01/27 | 2,091,857 | |||||||||||
| 3,272,000 | 5.000 | (a)(b) | 06/01/31 | 2,981,086 | ||||||||||||
| Walgreens Boots Alliance, Inc. (BBB-/Ba2) |
| |||||||||||||||
| 2,900,000 | 3.450 | (a) | 06/01/26 | 2,766,803 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Retailing – (continued) |
| |||||||||||||||
| Yum! Brands, Inc. (BB/Ba3) |
| |||||||||||||||
| $ | 4,248,000 | 3.625 | %(a) | 03/15/31 | $ | 3,759,183 | ||||||||||
|
|
|
|||||||||||||||
| 98,902,335 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(a) – 0.6% |
| |||||||||||||||
| Amkor Technology, Inc. (BB/B1) |
| |||||||||||||||
| 4,563,000 | 6.625 | (b) | 09/15/27 | 4,584,811 | ||||||||||||
| Broadcom, Inc. (BBB/Baa3) |
| |||||||||||||||
| 3,590,000 | 3.137 | (b) | 11/15/35 | 2,901,976 | ||||||||||||
| Entegris, Inc. (BB/Baa3) |
| |||||||||||||||
| 3,240,000 | 4.750 | (b) | 04/15/29 | 3,108,359 | ||||||||||||
| Micron Technology, Inc. (BBB-/Baa3) |
| |||||||||||||||
| 1,940,000 | 2.703 | 04/15/32 | 1,621,530 | |||||||||||||
|
|
|
|||||||||||||||
| 12,216,676 | ||||||||||||||||
|
|
||||||||||||||||
| Software(a) – 2.0% |
| |||||||||||||||
| AthenaHealth Group, Inc. (CCC/Caa2) |
| |||||||||||||||
| 5,574,000 | 6.500 | (b) | 02/15/30 | 5,103,777 | ||||||||||||
| Camelot Finance SA (BB-/B1) |
| |||||||||||||||
| 650,000 | 4.500 | (b) | 11/01/26 | 625,378 | ||||||||||||
| Castle U.S. Holding Corp. (CCC-/Caa3) |
| |||||||||||||||
| 2,900,000 | 9.500 | (b) | 02/15/28 | 1,441,329 | ||||||||||||
| Cloud Software Group, Inc. (B/B2) |
| |||||||||||||||
| 2,910,000 | 6.500 | (b) | 03/31/29 | 2,763,307 | ||||||||||||
| Concentrix Corp. (BBB/Baa3) |
| |||||||||||||||
| 2,660,000 | 6.650 | 08/02/26 | 2,680,189 | |||||||||||||
| Elastic NV (BB-/B1) |
| |||||||||||||||
| 3,315,000 | 4.125 | (b) | 07/15/29 | 2,981,014 | ||||||||||||
| MSCI, Inc. (BBB-/Ba1) |
| |||||||||||||||
| 1,770,000 | 3.625 | (b) | 09/01/30 | 1,570,256 | ||||||||||||
| Open Text Corp. (BB-/Ba3) |
| |||||||||||||||
| 5,890,000 | 3.875 | (b) | 02/15/28 | 5,453,963 | ||||||||||||
| 2,995,000 | 3.875 | (b) | 12/01/29 | 2,671,151 | ||||||||||||
| Open Text Corp. (BBB-/Ba1) |
| |||||||||||||||
| 2,350,000 | 6.900 | (b) | 12/01/27 | 2,431,193 | ||||||||||||
| Oracle Corp. (BBB/Baa2) |
| |||||||||||||||
| 1,955,000 | 3.600 | 04/01/40 | 1,541,615 | |||||||||||||
| ROBLOX Corp. (BB/Ba2) |
| |||||||||||||||
| 1,769,000 | 3.875 | (b) | 05/01/30 | 1,558,790 | ||||||||||||
| TeamSystem SpA (B-/B2) |
| |||||||||||||||
| EUR | 1,075,000 | 3.500 | (b) | 02/15/28 | 1,108,943 | |||||||||||
| Twilio, Inc. (BB/Ba3) |
| |||||||||||||||
| $ | 6,714,000 | 3.875 | 03/15/31 | 5,867,767 | ||||||||||||
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B+/B1) |
| |||||||||||||||
| 2,060,000 | 3.875 | (b) | 02/01/29 | 1,852,702 | ||||||||||||
|
|
|
|||||||||||||||
| 39,651,374 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services – 2.8% |
| |||||||||||||||
| Altice France Holding SA (CCC-/Ca) |
| |||||||||||||||
| 11,716,000 | 10.500 | (a)(b) | 05/15/27 | 4,326,367 | ||||||||||||
| 2,775,000 | 6.000 | (a)(b) | 02/15/28 | 760,211 | ||||||||||||
| Altice France SA (CCC+/Caa1) |
| |||||||||||||||
| 2,023,000 | 8.125 | (a)(b) | 02/01/27 | 1,578,790 | ||||||||||||
| 3,580,000 | 5.500 | (a)(b) | 01/15/28 | 2,553,220 | ||||||||||||
| 5,515,000 | 5.125 | (a)(b) | 07/15/29 | 3,729,960 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Telecommunication Services – (continued) |
| |||||||||||||||
| AT&T, Inc. (BBB/Baa2) |
| |||||||||||||||
| $ | 1,947,000 | 3.500 | %(a) | 06/01/41 | $ | 1,518,621 | ||||||||||
| Frontier Communications Holdings LLC (B/B3) |
| |||||||||||||||
| 6,489,000 | 5.875 | (a)(b) | 10/15/27 | 6,280,833 | ||||||||||||
| Frontier Communications Holdings LLC (CCC+/Caa2) |
| |||||||||||||||
| 4,745,000 | 6.000 | (a)(b) | 01/15/30 | 4,022,906 | ||||||||||||
| Hughes Satellite Systems Corp. (CCC-/Caa3) |
| |||||||||||||||
| 2,895,000 | 6.625 | (c) | 08/01/26 | 1,706,081 | ||||||||||||
| Level 3 Financing, Inc. (B/B3) |
| |||||||||||||||
| 900,000 | 3.875 | (a)(b)(c) | 11/15/29 | 499,770 | ||||||||||||
| Level 3 Financing, Inc. (CCC-/Caa2) |
| |||||||||||||||
| 2,814,000 | 4.250 | (a)(b) | 07/01/28 | 1,324,156 | ||||||||||||
| 1,124,000 | 3.625 | (a)(b) | 01/15/29 | 507,722 | ||||||||||||
| Lorca Telecom Bondco SA (BB+/Ba3) |
| |||||||||||||||
| EUR | 5,135,000 | 4.000 | %(a)(b) | 09/18/27 | 5,380,622 | |||||||||||
| Nokia of America Corp. (NR/WR) |
| |||||||||||||||
| $ | 5,200,000 | 6.450 | 03/15/29 | 5,063,812 | ||||||||||||
| Sprint LLC (BBB-/Baa2) |
| |||||||||||||||
| 4,762,000 | 7.625 | (a) | 02/15/25 | 4,821,239 | ||||||||||||
| 3,081,000 | 7.625 | (a) | 03/01/26 | 3,181,626 | ||||||||||||
| Telecom Italia Capital SA (B+/B1) |
| |||||||||||||||
| 2,040,000 | 6.000 | 09/30/34 | 1,864,989 | |||||||||||||
| 3,746,000 | 7.200 | 07/18/36 | 3,658,568 | |||||||||||||
| Vmed O2 U.K. Financing I PLC (B+/Ba3) |
| |||||||||||||||
| 2,654,000 | 4.250 | (a)(b) | 01/31/31 | 2,248,336 | ||||||||||||
|
|
|
|||||||||||||||
| 55,027,829 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunications(a)(b)(c) – 0.0% |
| |||||||||||||||
| Level 3 Financing, Inc. (B/B3) |
| |||||||||||||||
| 528,000 | 10.500 | 05/15/30 | 545,049 | |||||||||||||
|
|
||||||||||||||||
| Toys/Games/Hobbies(a)(b) – 0.2% |
| |||||||||||||||
| Mattel, Inc. (BBB/Baa3) |
| |||||||||||||||
| 5,107,000 | 3.750 | 04/01/29 | 4,702,628 | |||||||||||||
|
|
||||||||||||||||
| Transportation(a)(b) – 0.3% |
| |||||||||||||||
| Rand Parent LLC (BB/Ba1) |
| |||||||||||||||
| 5,312,000 | 8.500 | (c) | 02/15/30 | 5,255,746 | ||||||||||||
| XPO, Inc. (BB-/Ba3) |
| |||||||||||||||
| 1,480,000 | 7.125 | 02/01/32 | 1,523,320 | |||||||||||||
|
|
|
|||||||||||||||
| 6,779,066 | ||||||||||||||||
|
|
||||||||||||||||
| Transportation Services(a)(b) – 0.1% |
| |||||||||||||||
| SMBC Aviation Capital Finance DAC (A-/NR) |
| |||||||||||||||
| 2,385,000 | 5.450 | 05/03/28 | 2,391,678 | |||||||||||||
|
|
||||||||||||||||
| Trucking & Leasing(a)(b) – 0.1% |
| |||||||||||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. (BBB/Baa2) |
| |||||||||||||||
| 2,300,000 | 5.550 | 05/01/28 | 2,325,898 | |||||||||||||
|
|
||||||||||||||||
| Water(a)(b) – 0.4% |
| |||||||||||||||
| Solaris Midstream Holdings LLC (B+/B3) |
| |||||||||||||||
| 7,280,000 | 7.625 | 04/01/26 | 7,360,007 | |||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $1,756,028,230) |
$ | 1,688,345,342 | ||||||||||||||
|
|
||||||||||||||||
| 76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Bank Loans(g) – 7.5% |
| |||||||||||||||
| Aerospace & Defense(e) – 0.1% |
| |||||||||||||||
| Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| $ | 2,075,000 | 9.563 | % | 01/15/27 | $ | 2,082,345 | ||||||||||
|
|
||||||||||||||||
| Automotive(e) – 0.2% |
| |||||||||||||||
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 3,441,932 | 10.574 | 03/30/27 | 3,440,486 | |||||||||||||
|
|
||||||||||||||||
| Automotive - Distributors(e) – 0.1% |
| |||||||||||||||
| SRAM LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 2,104,387 | 8.195 | 05/18/28 | 2,101,757 | |||||||||||||
|
|
||||||||||||||||
| Automotive - Parts(e) – 0.3% |
| |||||||||||||||
| Adient U.S. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 6,700,000 | 8.077 | 01/31/31 | 6,715,075 | |||||||||||||
|
|
||||||||||||||||
| Banks(e) – 0.2% |
| |||||||||||||||
| Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 3,824,651 | 9.419 | 04/03/28 | 3,830,388 | |||||||||||||
|
|
||||||||||||||||
| Building & Construction(e) – 0.4% |
| |||||||||||||||
| Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 2,413,433 | 8.195 | 09/22/28 | 2,409,668 | |||||||||||||
| Brown Group Holding LLC (B+/B2) SOFR CME + 3.000%, SOFR CME + 3.000% |
| |||||||||||||||
| 2,900,000 | 8.326 | 07/02/29 | 2,898,550 | |||||||||||||
| Energize HoldCo LLC (B/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 2,900,000 | 9.192 | 12/08/28 | 2,890,169 | |||||||||||||
|
|
|
|||||||||||||||
| 8,198,387 | ||||||||||||||||
|
|
||||||||||||||||
| Capital Goods - Others – 0.3% |
| |||||||||||||||
| RC Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 2,474,175 | 8.942 | (e) | 07/28/28 | 2,463,412 | ||||||||||||
| Titan Acquisition Ltd. (NR/B3) |
| |||||||||||||||
| 2,950,000 | 0.00–0.00 | (h) | 02/01/29 | 2,956,136 | ||||||||||||
|
|
|
|||||||||||||||
| 5,419,548 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(e) – 0.1% |
| |||||||||||||||
| Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 1,645,875 | 9.326 | 08/01/30 | 1,648,969 | |||||||||||||
|
|
||||||||||||||||
| Commercial Services – 0.4% |
| |||||||||||||||
| Groundworks LLC (B/B3) |
| |||||||||||||||
| 4,700,000 | 0.000 | %(h) | 03/14/31 | 4,695,676 | ||||||||||||
| Prime Security Services Borrower LLC (BB/Ba2) SOFR CME + 2.500% |
| |||||||||||||||
| 1,075,000 | 7.827 | (e) | 10/14/30 | 1,075,000 | ||||||||||||
| Verscend Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,867,628 | 9.445 | (e) | 08/27/25 | 2,867,628 | ||||||||||||
|
|
|
|||||||||||||||
| 8,638,304 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Bank Loans(g) – (continued) |
| |||||||||||||||
| Consumer Cyclical Services(h) – 0.2% |
| |||||||||||||||
| IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| $ | 2,900,000 | 8.077 | % | 12/15/27 | $ | 2,899,362 | ||||||||||
|
|
||||||||||||||||
| Consumer Products(e) – 0.1% |
| |||||||||||||||
| Knight Health Holdings LLC (B-/Caa2) (1 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 3,127,968 | 10.692 | 12/23/28 | 1,334,610 | |||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services(e) – 0.2% |
| |||||||||||||||
| NEXUS Buyer LLC (B-/B2) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 3,850,000 | 9.827 | 12/13/28 | 3,815,119 | |||||||||||||
|
|
||||||||||||||||
| Diversified Manufacturing(e) – 0.2% |
| |||||||||||||||
| Vertical U.S. Newco, Inc. (B/WR) ((3 mo. USD Term SOFR + 3.500%)-(6 mo. USD Term SOFR + 3.500%)) |
| |||||||||||||||
| 4,071,499 | 9.081 | 07/30/27 | 4,083,388 | |||||||||||||
|
|
||||||||||||||||
| Energy(e) – 0.1% |
| |||||||||||||||
| Delek U.S. Holdings, Inc. (BB+/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 2,867,740 | 8.930 | 11/19/29 | 2,864,155 | |||||||||||||
|
|
||||||||||||||||
| Entertainment – 0.6% |
| |||||||||||||||
| Alterra Mountain Co. (B+/NR) |
| |||||||||||||||
| 555,000 | 0.00–0.00 | (h) | 05/31/30 | 557,081 | ||||||||||||
| Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 2,867,813 | 9.192 | (e)(h) | 11/24/28 | 2,872,602 | ||||||||||||
| Cinemark USA, Inc. (BB+/Ba1) ((1 mo. USD Term SOFR + 3.750%)-(3 mo. USD Term SOFR + 3.750%)) |
| |||||||||||||||
| 3,845,937 | 0.00–0.00 | (e) | 05/24/30 | 3,857,975 | ||||||||||||
| SeaWorld Parks & Entertainment, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 3,841,131 | 7.830 | (e) | 08/25/28 | 3,834,409 | ||||||||||||
|
|
|
|||||||||||||||
| 11,122,067 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Beverage(e) – 0.1% |
| |||||||||||||||
| HLF Financing SARL LLC (BB-/Ba2) SOFR CME + 2.500% |
| |||||||||||||||
| 2,775,000 | 7.942 | 08/18/25 | 2,759,821 | |||||||||||||
|
|
||||||||||||||||
| Health Care Services(e) – 0.2% |
| |||||||||||||||
| LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 3,386,339 | 11.087 | 11/16/28 | 3,394,196 | |||||||||||||
|
|
||||||||||||||||
| Insurance(e) – 0.2% |
| |||||||||||||||
| Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 2,875,000 | 9.077 | 02/24/28 | 2,879,399 | |||||||||||||
|
|
||||||||||||||||
| Lodging(e) – 0.5% |
| |||||||||||||||
| Caesars Entertainment, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 7,655,667 | 8.663 | 02/06/30 | 7,668,452 | |||||||||||||
| Playa Resorts Holding BV (B+/WR) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 2,875,000 | 8.579 | 01/05/29 | 2,881,584 | |||||||||||||
|
|
|
|||||||||||||||
| 10,550,036 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Bank Loans(g) – (continued) |
| |||||||||||||||
| Machinery – 0.5% |
| |||||||||||||||
| Chart Industries, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| $ | 7,650,000 | 8.673 | %(e) | 03/15/30 | $ | 7,659,562 | ||||||||||
| Project Castle, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 1,792,564 | 10.798 | (h) | 06/01/29 | 1,622,271 | ||||||||||||
|
|
|
|||||||||||||||
| 9,281,833 | ||||||||||||||||
|
|
||||||||||||||||
| Media(e) – 0.2% |
| |||||||||||||||
| CSC Holdings LLC (B-/B2) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 4,527,136 | 9.825 | 01/18/28 | 4,347,454 | |||||||||||||
|
|
||||||||||||||||
| Media - Cable(e) – 0.1% |
| |||||||||||||||
| DirecTV Financing LLC (BB/Ba3) (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 2,650,766 | 10.445 | 08/02/27 | 2,651,879 | |||||||||||||
|
|
||||||||||||||||
| Media - Non Cable(e) – 0.3% |
| |||||||||||||||
| Fleet Midco I Ltd. (B+/B2) (3 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 2,875,000 | 8.580 | (i) | 02/21/31 | 2,875,000 | ||||||||||||
| iHeartCommunications, Inc. (B-/Caa1) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 4,100,000 | 8.445 | 05/01/26 | 3,576,881 | |||||||||||||
|
|
|
|||||||||||||||
| 6,451,881 | ||||||||||||||||
|
|
||||||||||||||||
| Midstream – 0.2% |
| |||||||||||||||
| AL NGPL Holdings LLC (B+/Ba3) (1 yr. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 2,875,000 | 8.579 | (h) | 04/13/28 | 2,880,750 | ||||||||||||
| Prairie ECI Acquiror LP (B/B3) (1 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 1,075,000 | 10.080 | (e) | 08/01/29 | 1,070,205 | ||||||||||||
|
|
|
|||||||||||||||
| 3,950,955 | ||||||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(e) – 0.3% |
| |||||||||||||||
| Gainwell Acquisition Corp. (B/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,139,196 | 9.409 | 10/01/27 | 2,041,862 | |||||||||||||
| Jazz Financing Lux SARL (BB-/Ba2) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 3,780,950 | 8.445 | 05/05/28 | 3,799,855 | |||||||||||||
|
|
|
|||||||||||||||
| 5,841,717 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines(h) – 0.1% |
| |||||||||||||||
| Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 2,867,812 | 8.436 | 10/05/28 | 2,876,530 | |||||||||||||
|
|
||||||||||||||||
| Restaurants(e) – 0.1% |
| |||||||||||||||
| 1011778 BC Unlimited Liability Co. (BB+/Ba2) (1 mo. USD Term SOFR + 2.250%) |
| |||||||||||||||
| 2,743,125 | 7.580 | 09/20/30 | 2,740,382 | |||||||||||||
|
|
||||||||||||||||
| Retailers(e) – 0.1% |
| |||||||||||||||
| Restoration Hardware, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 2,627 | 7.942 | 10/20/28 | 2,556 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Bank Loans(g) – (continued) |
| |||||||||||||||
| Retailers(e) – (continued) |
| |||||||||||||||
| Staples, Inc. (B-/B3) (1 mo. USD LIBOR + 5.000%) |
| |||||||||||||||
| $ | 1,184,391 | 10.443 | % | 04/16/26 | $ | 1,171,197 | ||||||||||
|
|
|
|||||||||||||||
| 1,173,753 | ||||||||||||||||
|
|
||||||||||||||||
| Technology(e) – 0.2% |
| |||||||||||||||
| Uber Technologies, Inc. (BBB-/Baa3) SOFR CME + 2.750% |
| |||||||||||||||
| 3,064,917 | 8.079 | 03/03/30 | 3,076,748 | |||||||||||||
|
|
||||||||||||||||
| Technology - Hardware(e) – 0.1% |
| |||||||||||||||
| Coherent Corp. (BB-/Ba1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 2,868,205 | 8.195 | 07/02/29 | 2,868,205 | |||||||||||||
|
|
||||||||||||||||
| Technology - Software(e) – 0.5% |
| |||||||||||||||
| AppLovin Corp. (BB+/Ba3) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 2,875,000 | 7.830 | 08/16/30 | 2,871,406 | |||||||||||||
| Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 2,095,030 | 8.077 | 01/31/31 | 2,093,459 | |||||||||||||
| Loyalty Ventures, Inc. (NR/WR) (3 mo. U.S. (Fed) Prime Rate + 5.500%) |
| |||||||||||||||
| 1,766,359 | 14.000 | (f) | 11/03/27 | 15,455 | ||||||||||||
| Peraton Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 2,183,732 | 9.180 | 02/01/28 | 2,179,648 | |||||||||||||
| Physician Partners LLC (B+/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,303,000 | 9.463 | 12/26/28 | 1,707,099 | |||||||||||||
|
|
|
|||||||||||||||
| 8,867,067 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunications(e) – 0.1% |
| |||||||||||||||
| CCI Buyer, Inc. (B-/B1) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,050,000 | 9.302 | 12/17/27 | 2,036,450 | |||||||||||||
|
|
||||||||||||||||
| Transportation Services(e) – 0.2% |
| |||||||||||||||
| MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 2,942,588 | 9.580 | 05/03/28 | 2,921,843 | |||||||||||||
|
|
||||||||||||||||
| TOTAL BANK LOANS (Cost $151,004,825) |
$ | 146,864,109 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description | Value | ||||||||||||||
| Common Stocks – 0.7% |
| |||||||||||||||
| Automobile Components – 0.0% |
| |||||||||||||||
| 1,229 | Lear Corp. | $ | 178,058 | |||||||||||||
|
|
||||||||||||||||
| Chemicals – 0.0% |
| |||||||||||||||
| 321 | |
LyondellBasell Industries NV Class A |
32,832 | |||||||||||||
| 90 | |
LyondellBasell Industries NV Class A(i) |
— | |||||||||||||
|
|
|
|||||||||||||||
| 32,832 | ||||||||||||||||
|
|
||||||||||||||||
| Commerical Services & Supplies(f)(i) – 0.0% |
| |||||||||||||||
| 7,179,000 | Reorganized ISA SA | — | ||||||||||||||
|
|
||||||||||||||||
| Communications Equipment(f) – 0.3% |
| |||||||||||||||
| 229,679 | Intelsat SA | 5,971,654 | ||||||||||||||
|
|
||||||||||||||||
| 78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Diversified Telecommunication Services(f) – 0.0% |
| |||||||
| 4,500 | Holdco | $ | 31,238 | |||||
|
|
||||||||
| Energy Equipment & Services – 0.1% |
| |||||||
| 33,272 | Noble Corp. PLC | 1,613,359 | ||||||
|
|
||||||||
| Oil, Gas & Consumable Fuels(f) – 0.3% |
| |||||||
| 127,001 | Summit Midstream Partners LP | 3,564,918 | ||||||
| 18,791 | Valaris Ltd. | 1,414,211 | ||||||
|
|
|
|||||||
| 4,979,129 | ||||||||
|
|
||||||||
| TOTAL COMMON STOCKS (Cost $22,735,074) |
$ | 12,806,270 | ||||||
|
|
||||||||
| Units | Expiration Date |
Value | ||||||
| Warrants(f) – 0.0% |
| |||||||
| Intelsat SA (NR/NR) |
| |||||||
| 6,089 | 02/17/27 | $ | 3,044 | |||||
| Noble Corp. PLC (NR/NR) |
| |||||||
| 4,596 | 02/04/28 | 126,551 | ||||||
| (Cost $11,490) |
| |||||||
|
|
||||||||
| TOTAL WARRANTS (Cost $3,316,784) |
$ | 129,595 | ||||||
|
|
||||||||
| Shares | Description | Value | ||||||
| Exchange Traded Funds – 1.1% |
| |||||||
| 410,023 | iShares Broad USD High Yield Corporate Bond ETF (NR/NR) | $ | 15,002,741 | |||||
| 92,231 | iShares iBoxx High Yield Corporate Bond ETF (NR/NR)(c) | 7,169,116 | ||||||
|
|
||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $21,786,917) |
$ | 22,171,857 | ||||||
|
|
||||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company(j) – 2.7% |
| |||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||
| 51,815,710 | 5.211% | $ | 51,815,710 | |||||
| (Cost $51,815,710) |
| |||||||
|
|
||||||||
| Shares | Dividend Rate |
Value | ||||||
| Securities Lending Reinvestment Vehicle(j) – 2.6% |
| |||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||
| 51,348,393 | 5.211% | $ | 51,348,393 | |||||
| (Cost $51,348,393) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 101.1% (Cost $2,058,035,933) |
$ | 1,973,481,276 | ||||||
|
|
||||||||
| LIABILITIES IN EXCESS OF OTHER |
$ | (22,211,794 | ) | |||||
|
|
||||||||
| NET ASSETS – 100.0% | $ | 1,951,269,482 | ||||||
|
|
||||||||
| 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 March 31, 2024. | |
| (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 March 31, 2024. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. | |
| (h) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. | |
| (i) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. | |
| (j) | Represents an Affiliated Issuer. | |
| Security ratings disclosed, if any, are obtained from S&P’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information. | ||
| The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||
|
|
||||||||||||||||||||
| Citibank NA |
USD | 47,854,932 | EUR | 44,258,978 | 05/08/24 | $ 33,227 | ||||||||||||||
| HSBC Bank PLC |
USD | 7,045,833 | GBP | 5,565,570 | 04/10/24 | 20,868 | ||||||||||||||
| MS & Co. Int. PLC |
USD | 19,564,562 | GBP | 15,383,436 | 04/10/24 | 147,304 | ||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $201,399 | |||||||||||||||||||
|
|
||||||||||||||||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| |||||||||||||||||||
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
|
|
||||||||||||||||||||
| Deutsche Bank AG (London) |
EUR | 1,486,005 | USD | 1,616,653 | 05/08/24 | $(11,029 | ) | |||||||||||||
| HSBC Bank PLC |
EUR | 1,240,943 | USD | 1,349,786 | 05/08/24 | (8,951 | ) | |||||||||||||
| MS & Co. Int. PLC |
EUR | 1,647,528 | USD | 1,799,810 | 05/08/24 | (19,661 | ) | |||||||||||||
| State Street Bank and Trust |
EUR | 1,454,769 | USD | 1,572,457 | 05/08/24 | (583 | ) | |||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $(40,224 | ) | ||||||||||||||||||
|
|
||||||||||||||||||||
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
205 | 06/18/24 | $22,713,359 | $ 68,219 | ||||||||||||
| 2 Year U.S. Treasury Notes |
474 | 06/28/24 | 96,925,594 | (92,125) | ||||||||||||
| 20 Year U.S. Treasury Bonds |
33 | 06/18/24 | 3,974,438 | 55,459 | ||||||||||||
| 5 Year U.S. Treasury Notes |
480 | 06/28/24 | 51,367,500 | 8,635 | ||||||||||||
| Ultra 10-Year U.S. Treasury Note |
241 | 06/18/24 | 27,620,859 | 103,680 | ||||||||||||
|
|
||||||||||||||||
| Total | $143,868 | |||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 5 Year German Euro-Bobl |
(99) | 06/06/24 | (12,629,826) | (38,117) | ||||||||||||
| Ultra Long U.S. Treasury Bonds |
(14) | 06/18/24 | (1,806,000) | (391) | ||||||||||||
|
|
||||||||||||||||
| Total | $(38,508) | |||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $105,360 | |||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 12M CDOR(b) |
4.250%(b) | 06/19/26 | CAD | 25,260 | $ | 87,878 | $ | 97,456 | $ (9,578 | ) | ||||||||||||
| 12M SOFR(c) |
3.350(c) | 10/06/27 | $ | 95,890 | (544,397 | ) | (17,253 | ) | (527,144 | ) | ||||||||||||
| 80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 12M SOFR(c) |
3.696%(c) | 09/22/28 | $ | 79,160 | $ | 188,552 | $ | (170,585 | ) | $ 359,137 | ||||||||||||
| 3.240%(c) |
12M SOFR(c) | 10/06/35 | 22,860 | 753,283 | (249,174 | ) | 1,002,457 | |||||||||||||||
| 3.781(c) |
12M SOFR(c) | 09/22/36 | 18,680 | (162,542 | ) | 292,297 | (454,839 | ) | ||||||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | 322,774 | $ | (47,259 | ) | $ 370,033 | ||||||||||||||||
|
|
||||||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b) | Payments made semi-annually. |
| (c) | Payments made annually. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||
|
|
||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||
| CDX.NA.HY Index 34 |
5.000% | 1.181% | 06/20/25 | $45,880 | $ | 2,160,478 | $ | 733,483 | $1,426,995 | |||||||||||||
| CDX.NA.HY Index 39 |
5.000 | 2.723 | 12/20/27 | 36,500 | 2,749,679 | 2,409,915 | 339,764 | |||||||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | 4,910,157 | $ | 3,143,398 | $1,766,759 | |||||||||||||||||
|
|
||||||||||||||||||||||
| (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: | ||
| CAD | —Canadian Dollar | |
| EUR | —Euro | |
| GBP | —British Pound | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| ETF | —Exchange Traded Fund | |
| LIBOR | —London Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| PIK | —Payment in kind | |
| PLC | —Public Limited Company | |
| SOFR | —Secured Overnight Financing Rate | |
| USD | —US. Dollar | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Abbreviations: | ||
| CDOR | —Canadian Dollar Offered Rate | |
| CDX.NA.HY Index 34 | —CDX North America High Yield Index 34 | |
| CDX.NA.HY Ind 39 | —CDX North America High Yield Index 39 | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| 82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – 82.6% |
| |||||||||||||||
| Aerospace & Defense – 2.6% |
| |||||||||||||||
| ADS Tactical, Inc. (B+/B3) (1 mo. USD Term SOFR + 5.750%) |
| |||||||||||||||
| $ | 10,570,767 | 11.195 | %(b) | 03/19/26 | $ | 10,588,420 | ||||||||||
| Brown Group Holding LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 10,958,948 | 8.180 | (b) | 06/07/28 | 10,945,578 | ||||||||||||
| Castlelake Aviation Ltd. (BB/Ba3) (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 6,925,076 | 7.829 | (b) | 10/22/26 | 6,923,761 | ||||||||||||
| Dynasty Acquisition Co., Inc. (B-/B3) |
| |||||||||||||||
| (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 4,175,274 | 8.820 | (b) | 08/24/28 | 4,179,992 | ||||||||||||
| (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 1,789,403 | 9.329 | (b) | 08/24/28 | 1,791,425 | ||||||||||||
| Kaman Corp. (NR/NR) |
| |||||||||||||||
| 1,625,000 | 0.000 | (c) | 03/27/31 | 1,626,024 | ||||||||||||
| Propulsion (BC) Finco SARL (B/B2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 9,019,610 | 9.058 | (b) | 09/14/29 | 9,021,233 | ||||||||||||
| Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 4,973,437 | 9.563 | (b) | 01/15/27 | 4,991,043 | ||||||||||||
| TransDigm, Inc. (B+/Ba3) (3 mo. USD Term SOFR) |
| |||||||||||||||
| 2,800,666 | 0.000 | (c) | 08/24/28 | 2,809,432 | ||||||||||||
|
|
|
|||||||||||||||
| 52,876,908 | ||||||||||||||||
|
|
||||||||||||||||
| Airlines – 0.9% | ||||||||||||||||
| Air Canada (BB+/Ba1) (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 3,725,000 | 7.833 | (b) | 03/14/31 | 3,727,347 | ||||||||||||
| American Airlines, Inc. (BB/Ba2) (1 mo. USD Term SOFR) |
| |||||||||||||||
| 4,000,000 | 0.000 | (c) | 06/04/29 | 4,010,000 | ||||||||||||
| American Airlines, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 1.750%) |
| |||||||||||||||
| 5,694,244 | 7.074 | (b) | 01/29/27 | 5,683,937 | ||||||||||||
| American Airlines, Inc. (NR/Ba1) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 4,441,250 | 10.329 | (b) | 04/20/28 | 4,607,175 | ||||||||||||
|
|
|
|||||||||||||||
| 18,028,459 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive(b) – 0.6% | ||||||||||||||||
| First Brands Group LLC (B-/Caa1) (3 mo. USD Term SOFR + 8.500%) |
| |||||||||||||||
| 3,850,000 | 14.074 | 03/30/28 | 3,801,875 | |||||||||||||
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 8,184,140 | 10.574 | % | 03/30/27 | 8,185,686 | ||||||||||||
|
|
|
|||||||||||||||
| 11,987,561 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive - Distributors(b) – 1.5% | ||||||||||||||||
| American Axle & Manufacturing, Inc. (BB+/Ba1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 8,762,917 | 8.918 | 12/13/29 | 8,773,871 | |||||||||||||
| DexKo Global, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 6,837,783 | 9.321 | 10/04/28 | 6,759,423 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Automotive - Distributors(b) – (continued) |
| |||||||||||||||
| RealTruck Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| $ | 4,897,314 | 8.945 | % | 01/31/28 | $ | 4,850,789 | ||||||||||
| SRAM LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 10,001,378 | 8.195 | 05/18/28 | 9,988,876 | |||||||||||||
|
|
|
|||||||||||||||
| 30,372,959 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive – Parts(b) – 2.5% | ||||||||||||||||
| Adient U.S. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 7,984,703 | 8.077 | 01/31/31 | 8,002,669 | |||||||||||||
| Autokiniton U.S. Holdings, Inc. (B/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 5,491,307 | 9.442 | 04/06/28 | 5,505,036 | |||||||||||||
| Belron Finance U.S. LLC (BBB-/Ba2) (3 mo. USD Term SOFR + 2000%) |
| |||||||||||||||
| 6,178,314 | 7.578 | 04/13/28 | 6,178,314 | |||||||||||||
| Belron Luxembourg SARL (BBB-/Ba2) (3 mo. EUR EURIBOR + 2.425%) |
| |||||||||||||||
| EUR | 1,595,000 | 6.347 | 04/13/28 | 1,723,398 | ||||||||||||
| Clarios Global LP (B+/Ba3) |
| |||||||||||||||
| (1 mo. EUR EURIBOR + 3.250%) |
| |||||||||||||||
| 4,125,000 | 7.080 | 04/30/26 | 4,445,939 | |||||||||||||
| (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| $ | 5,336,625 | 8.330 | 05/06/30 | 5,344,950 | ||||||||||||
| Gates Global LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 3,731,566 | 7.930 | 03/31/27 | 3,735,372 | |||||||||||||
| Holley Purchaser, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 5,969,131 | 9.195 | 11/17/28 | 5,898,635 | |||||||||||||
| Phinia, Inc. (BB+/Ba1) (3 mo. U.S. (Fed) Prime Rate + 3.000%) |
| |||||||||||||||
| 3,840,375 | 11.500 | 07/03/28 | 3,835,575 | |||||||||||||
| Wheel Pros LLC (NR/NR) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 5,377,827 | 10.086 | 05/11/28 | 4,302,261 | |||||||||||||
| (3 mo. USD Term SOFR + 8.875%) |
| |||||||||||||||
| 1,673,744 | 14.462 | 02/10/28 | 1,805,133 | |||||||||||||
|
|
|
|||||||||||||||
| 50,777,282 | ||||||||||||||||
|
|
||||||||||||||||
| Banks(b) – 0.4% | ||||||||||||||||
| Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 7,404,163 | 9.419 | 04/03/28 | 7,415,269 | |||||||||||||
|
|
||||||||||||||||
| Building & Construction(b) – 1.4% | ||||||||||||||||
| Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 10,726,695 | 8.195 | 09/22/28 | 10,709,961 | |||||||||||||
| DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 4,653,204 | 9.195 | 03/31/28 | 4,642,409 | |||||||||||||
| DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
| 600,000 | 12.195 | 03/30/29 | 558,564 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Building & Construction(b) – (continued) |
| |||||||||||||||
| Energize HoldCo LLC (B/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 3,789,135 | 9.192 | % | 12/08/28 | $ | 3,776,290 | ||||||||||
| Energize HoldCo LLC (CCC+/Caa2) (1 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
| 7,450,000 | 12.192 | 12/07/29 | 7,114,750 | |||||||||||||
| Rockwood Service Corp. (B/B2) (1 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 1,994,710 | 9.692 | 01/23/27 | 1,999,198 | |||||||||||||
|
|
|
|||||||||||||||
| 28,801,172 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(b) – 2.9% |
| |||||||||||||||
| Associated Materials, Inc. (B/B3) (1 mo. USD Term SOFR + 6.000%) |
| |||||||||||||||
| 7,234,051 | 11.330 | 03/08/29 | 6,897,667 | |||||||||||||
| Chamberlain Group, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 9,325,953 | 8.680 | 11/03/28 | 9,306,182 | |||||||||||||
| Cornerstone Building Brands, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 5,003,304 | 8.675 | 04/12/28 | 4,965,779 | |||||||||||||
| CP Atlas Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 5,675,466 | 9.180 | 11/23/27 | 5,599,982 | |||||||||||||
| Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 7,407,395 | 9.071 | 12/22/28 | 7,404,284 | |||||||||||||
| Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
| 1,525,000 | 12.321 | 12/21/29 | 1,471,625 | |||||||||||||
| JELD-WEN, Inc. (NR/Ba2) (1 mo. USD Term SOFR + 2.000%) |
| |||||||||||||||
| 4,971 | 7.442 | 07/28/28 | 4,966 | |||||||||||||
| LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 3,913,473 | 9.177 | 12/17/27 | 3,904,198 | |||||||||||||
| Oscar AcquisitionCo LLC (B/B1) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 3,976,578 | 9.902 | 04/29/29 | 3,984,054 | |||||||||||||
| Quikrete Holdings, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 2.625%) |
| |||||||||||||||
| 1,974,021 | 8.070 | 02/01/27 | 1,974,594 | |||||||||||||
| Solis IV BV (B/B1) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 6,560,759 | 8.824 | 02/26/29 | 6,473,632 | |||||||||||||
| Vector WP Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 6,720,312 | 10.445 | 10/12/28 | 6,720,313 | |||||||||||||
|
|
|
|||||||||||||||
| 58,707,276 | ||||||||||||||||
|
|
||||||||||||||||
| Capital Goods - Others(b) – 1.2% |
| |||||||||||||||
| AI Aqua Merger Sub, Inc. (B/B3) (1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 4,453,100 | 8.15 – 9.07 | 07/31/28 | 4,458,221 | |||||||||||||
| ASP Unifrax Holdings, Inc. (CCC+/B2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 4,039,459 | 9.063 | 12/12/25 | 3,875,942 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Capital Goods - Others(b) – (continued) |
| |||||||||||||||
| Engineered Machinery Holdings, Inc. (B-/B1) |
| |||||||||||||||
| (3 mo. EUR EURIBOR + 3.750%) |
| |||||||||||||||
| EUR | 3,333,542 | 7.652 | % | 05/21/28 | $ | 3,554,134 | ||||||||||
| (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 4,030,899 | 9.321 | 05/19/28 | 4,013,284 | ||||||||||||
| Engineered Machinery Holdings, Inc. (CCC+/Caa1) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 6.000%) |
| |||||||||||||||
| 500,000 | 11.571 | 05/21/29 | 492,500 | |||||||||||||
| (3 mo. USD Term SOFR + 6.500%) |
| |||||||||||||||
| 2,000,000 | 12.071 | 05/21/29 | 1,975,000 | |||||||||||||
| RC Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 4,116,168 | 8.942 | 07/28/28 | 4,098,263 | |||||||||||||
| Team Health Holdings, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 2,711,076 | 10.563 | 03/02/27 | 2,395,913 | |||||||||||||
|
|
|
|||||||||||||||
| 24,863,257 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(b) – 5.1% |
| |||||||||||||||
| Albaugh LLC (BB/Ba2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 3,836,395 | 9.063 | 04/06/29 | 3,702,121 | |||||||||||||
| Arthur U.S. Finco, Inc. (B/B2) (3 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 2,275,000 | 10.559 | 12/14/29 | 2,199,174 | |||||||||||||
| Ascend Performance Materials Operations LLC (B/B1) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 5,976,739 | 10.074 | 08/27/26 | 5,862,823 | |||||||||||||
| Chemours Co. (BB+/Ba1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 5,860,276 | 8.830 | 08/18/28 | 5,830,974 | |||||||||||||
| Consolidated Energy Finance SA (BB-/Ba3) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 5,100,000 | 9.827 | 11/08/30 | 4,919,919 | |||||||||||||
| Cyanco Intermediate 2 Corp. (B/B2) (1 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 4,273,214 | 10.077 | 07/10/28 | 4,285,692 | |||||||||||||
| Ecovyst Catalyst Technologies LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 5,103,180 | 7.913 | 06/09/28 | 5,094,402 | |||||||||||||
| Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 11,134,739 | 8.945 | 12/31/29 | 11,141,754 | |||||||||||||
| INEOS Enterprises Holdings U.S. Finco LLC (BB/Ba3) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 10,451,019 | 9.193 | 07/08/30 | 10,437,955 | |||||||||||||
| INEOS Styrolution U.S. Holding LLC (BB/WR) (3 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 4,007,279 | 8.191 | 01/29/26 | 4,003,272 | |||||||||||||
| LSF11 A5 Holdco LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 11,138,291 | 8.942 | 10/15/28 | 11,132,722 | |||||||||||||
| Momentive Performance Materials, Inc. (B/Ba3) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 5,003,909 | 9.830 | 03/29/28 | 4,913,238 | |||||||||||||
| Polar U.S. Borrower LLC (CCC/Caa1) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 2,607,598 | 10.164 | 10/15/25 | 1,963,861 | |||||||||||||
|
|
||||||||||||||||
| 84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Chemicals(b) – (continued) |
| |||||||||||||||
| Trident TPI Holdings, Inc. (B-/B2) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 4,507,730 | 9.571 | % | 09/15/28 | $ | 4,505,836 | ||||||||||
| (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 3,091,442 | 9.813 | 09/15/28 | 3,091,844 | |||||||||||||
| (3 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 1,854,361 | 10.559 | 09/15/28 | 1,857,680 | |||||||||||||
| Trinseo Materials Operating SCA (B-/B2) (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 4,935,126 | 8.105 | 05/03/28 | 3,643,259 | |||||||||||||
| W.R. Grace & Co.-Conn. (B-/B1) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 8,365,369 | 9.321 | 09/22/28 | 8,365,369 | |||||||||||||
| Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 6,394,661 | 9.326 | 08/01/30 | 6,406,683 | |||||||||||||
|
|
|
|||||||||||||||
| 103,358,578 | ||||||||||||||||
|
|
||||||||||||||||
| Coal(b) – 0.2% |
| |||||||||||||||
| Oxbow Carbon LLC (BB-/B1) (1 mo. USD Term SOFR + 4.000%)–(3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 5,185,812 | 9.41–9.43 | 05/10/30 | 5,185,813 | |||||||||||||
|
|
||||||||||||||||
| Commercial Services – 7.4% |
| |||||||||||||||
| Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 8,064,375 | 10.827 | (b) | 08/17/26 | 8,084,536 | ||||||||||||
| Allied Universal Holdco LLC (B/B3) |
| |||||||||||||||
| (1 mo. EUR EURIBOR + 3.750%) |
| |||||||||||||||
| EUR | 658,125 | 7.580 | (b) | 05/12/28 | 698,750 | |||||||||||
| (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 10,884,546 | 9.180 | (b) | 05/12/28 | 10,866,804 | |||||||||||
| Amentum Government Services Holdings LLC (B/B2) |
| |||||||||||||||
| (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,407,748 | 9.445 | (b) | 01/29/27 | 2,410,758 | ||||||||||||
| (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 9,782,368 | 9.329 | (b) | 02/15/29 | 9,794,596 | ||||||||||||
| Ankura Consulting Group LLC (CCC/Caa2) (1 mo. USD Term SOFR + 8.000%) |
| |||||||||||||||
| 5,650,000 | 13.443 | (b) | 03/19/29 | 5,205,062 | ||||||||||||
| Ankura Consulting Group LLC (NR/B2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 5,802,310 | 9.565 | (b) | 03/17/28 | 5,807,126 | ||||||||||||
| Anticimex International AB (B/B2) (3 mo. USD Term SOFR + 3.150%) |
| |||||||||||||||
| 6,402,625 | 8.461 | (b) | 11/16/28 | 6,397,311 | ||||||||||||
| APi Group DE, Inc. (BB/Ba1) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 11,705,999 | 7.942 | (b) | 01/03/29 | 11,723,090 | ||||||||||||
| Biogroup-LCD (B-/B2) (3 mo. EUR EURIBOR + 3.500%) |
| |||||||||||||||
| EUR | 3,875,000 | 7.395 | (b) | 02/09/28 | 3,999,568 | |||||||||||
| Conservice Midco LLC (NR/B3) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 6,254,889 | 9.330 | (b) | 05/13/27 | 6,268,650 | |||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Commercial Services – (continued) |
| |||||||||||||||
| Da Vinci Purchaser Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 9,308,661 | 9.442 | %(b) | 01/08/27 | $ | 9,306,427 | ||||||||||
| Element Materials Technology Group U.S. Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 5,593,359 | 9.659 | %(b) | 07/06/29 | 5,588,716 | ||||||||||||
| Garda World Security Corp. (B/B2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 12,188,750 | 9.583 | (b) | 02/01/29 | 12,196,429 | ||||||||||||
| Groundworks LLC (B/B3) |
| |||||||||||||||
| 6,625,000 | 0.000 | %(c) | 03/14/31 | 6,618,905 | ||||||||||||
| Holding Socotec (B/B2) |
| |||||||||||||||
| (3 mo. EUR EURIBOR + 3.500%) |
| |||||||||||||||
| EUR | 1,025,000 | 7.402 | (b) | 06/02/28 | 1,092,463 | |||||||||||
| (3 mo. USD Term SOFR + 4.035%) |
| |||||||||||||||
| $ | 8,291,976 | 9.822 | (b) | 06/30/28 | 8,188,326 | |||||||||||
| Mavis Tire Express Services Topco Corp. (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 9,910,901 | 9.077 | (b) | 05/04/28 | 9,917,640 | ||||||||||||
| Thevelia (U.S.) LLC (B+/B1) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 7,456,553 | 9.459 | (b) | 06/18/29 | 7,463,637 | ||||||||||||
| Travelport Finance Luxembourg SARL (NR/WR) (3 mo. USD Term SOFR + 8.500%) |
| |||||||||||||||
| 1,310,555 | 13.860 | (b)(d) | 05/29/26 | 524,222 | ||||||||||||
| Vaco Holdings LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 7,040,281 | 10.434 | (b) | 01/21/29 | 6,950,517 | ||||||||||||
| Verscend Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 7,597,164 | 9.445 | (b) | 08/27/25 | 7,597,164 | ||||||||||||
| Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR) |
| |||||||||||||||
| 3,000,000 | 0.000 | (c) | 01/30/31 | 3,007,020 | ||||||||||||
|
|
|
|||||||||||||||
| 149,707,717 | ||||||||||||||||
|
|
||||||||||||||||
| Consumer Cyclical Services – 3.2% |
| |||||||||||||||
| APX Group, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.250%)–(3 mo. U.S. (Fed) Prime Rate + 2.250%) |
| |||||||||||||||
| 12,493,470 | 8.69–10.75 | (b) | 07/10/28 | 12,519,831 | ||||||||||||
| Asurion LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 3,395,232 | 8.692 | (b) | 12/23/26 | 3,321,250 | ||||||||||||
| BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 7,751,237 | 9.330 | (b) | 12/11/28 | 7,754,648 | ||||||||||||
| FCG Acquisitions, Inc. (B-/B2) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 4,475,254 | 10.059 | (b) | 03/31/28 | 4,483,667 | ||||||||||||
| Hertz Corp. (BB+/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 9,864,371 | 8.692 | %(b) | 06/30/28 | 9,534,211 | ||||||||||||
| IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 11,794,736 | 8.077 | 12/15/27 | 11,792,141 | |||||||||||||
| Stats Intermediate Holdings LLC (B-/B2) (3 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 2,926,131 | 10.831 | (b) | 07/10/26 | 2,877,352 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Consumer Cyclical Services – (continued) |
| |||||||||||||||
| Verisure Holding AB (B+/B1) (3 mo. EUR EURIBOR + 3.000%) |
| |||||||||||||||
| EUR | 12,040,000 | 6.902 | %(b) | 03/27/28 | $ | 12,921,938 | ||||||||||
|
|
|
|||||||||||||||
| 65,205,038 | ||||||||||||||||
|
|
||||||||||||||||
| Consumer Products – 0.9% |
| |||||||||||||||
| Knight Health Holdings LLC (B-/Caa2) (1 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| $ | 5,022,448 | 10.692 | (b) | 12/23/28 | 2,142,928 | |||||||||||
| Kronos Acquisition Holdings, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 10,855,116 | 9.063 | (b) | 12/22/26 | 10,859,241 | ||||||||||||
| MajorDrive Holdings IV LLC (B/B2) |
| |||||||||||||||
| 4,935,822 | 4.500 | (c) | 06/01/28 | 4,940,758 | ||||||||||||
|
|
|
|||||||||||||||
| 17,942,927 | ||||||||||||||||
|
|
||||||||||||||||
| Distributors(b) – 0.4% |
| |||||||||||||||
| UGI Energy Services LLC (NR/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 8,034,967 | 8.680 | 02/22/30 | 8,063,652 | |||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 2.9% |
| |||||||||||||||
| Advisor Group, Inc. (NR/B1) |
| |||||||||||||||
| 5,050,000 | 0.000 | (c) | 08/17/28 | 5,066,715 | ||||||||||||
| AllSpring Buyer LLC (BB-/Ba2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 4,023,825 | 9.302 | (b) | 11/01/28 | 4,017,346 | ||||||||||||
| DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 10,097,993 | 9.195 | (b) | 03/01/28 | 10,085,370 | ||||||||||||
| Edelman Financial Center LLC (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 10,255,753 | 8.945 | (b) | 04/07/28 | 10,253,292 | ||||||||||||
| Eisner Advisory Group LLC (B-/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 4,950,000 | 9.327 | (b) | 02/28/31 | 4,962,375 | ||||||||||||
| Focus Financial Partners LLC (B+/B1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 8,889,511 | 8.080 | (b) | 06/30/28 | 8,856,175 | ||||||||||||
| NEXUS Buyer LLC (B-/B2) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 4,375,000 | 9.827 | (b) | 12/13/28 | 4,335,363 | ||||||||||||
| Syncapay, Inc. (B/B2) (1 mo. USD Term SOFR + 6.500%) |
| |||||||||||||||
| 4,299,736 | 11.942 | (b) | 12/10/27 | 4,306,444 | ||||||||||||
| VFH Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 7,675,555 | 8.430 | (b) | 01/13/29 | 7,653,987 | ||||||||||||
|
|
|
|||||||||||||||
| 59,537,067 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Manufacturing(b) – 3.9% |
| |||||||||||||||
| Anvil International LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 3,930,726 | 10.413 | 05/28/26 | 3,899,280 | |||||||||||||
| Apex Tool Group LLC (NR/Caa3) (1 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 11,530,452 | 10.679 | 02/08/29 | 7,802,311 | |||||||||||||
| AZZ, Inc. (B/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 3,804,877 | 7.919 | 05/13/29 | 3,818,195 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Diversified Manufacturing(b) – (continued) |
| |||||||||||||||
| CeramTec AcquiCo GmbH (B/B2) (3 mo. EUR EURIBOR + 3.500%) |
| |||||||||||||||
| EUR | 7,950,000 | 7.452 | % | 03/16/29 | $ | 8,466,044 | ||||||||||
| Dynacast International LLC (NR/NR) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| $ | 4,141,359 | 10.193 | 07/22/25 | 3,942,573 | ||||||||||||
| Fluid-Flow Products, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 7,067,605 | 9.321 | 03/31/28 | 7,057,286 | |||||||||||||
| MKS Instruments, Inc. (BB/Ba1) |
| |||||||||||||||
| (1 mo. EUR EURIBOR + 3.000%) |
| |||||||||||||||
| EUR | 1,760,532 | 6.830 | 08/17/29 | 1,893,917 | ||||||||||||
| (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| $ | 5,607,938 | 7.823 | 08/17/29 | 5,603,283 | ||||||||||||
| Pelican Products, Inc. (B-/B2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 7,203,000 | 9.814 | 12/29/28 | 6,656,796 | |||||||||||||
| Titan Acquisition Ltd. (B-/B2) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 8,853,766 | 8.442 | 03/28/25 | 8,842,699 | |||||||||||||
| Touchdown Acquirer, Inc. (B/B2) |
| |||||||||||||||
| (3 mo. EUR EURIBOR + 4.000%) |
| |||||||||||||||
| EUR | 1,200,000 | 7.929 | 02/21/31 | 1,288,147 | ||||||||||||
| (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 430,689 | 9.314 | 02/21/31 | 431,765 | ||||||||||||
| Vertical U.S. Newco, Inc. (B/WR) ((3 mo. USD Term SOFR + 3.500%)-(6 mo. USD Term SOFR + 3.500%)) |
| |||||||||||||||
| 13,752,936 | 9.081 | 07/30/27 | 13,793,095 | |||||||||||||
| Victory Buyer LLC (CCC+/B3) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 6,238,190 | 9.342 | 11/19/28 | 5,910,686 | |||||||||||||
|
|
|
|||||||||||||||
| 79,406,077 | ||||||||||||||||
|
|
||||||||||||||||
| Electric – 0.9% |
| |||||||||||||||
| NRG Energy, Inc. (NR/NR) |
| |||||||||||||||
| 8,725,000 | 0.000 | (c) | 03/27/31 | 8,708,684 | ||||||||||||
| Pike Corp. (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 6,105,822 | 8.442 | (b) | 01/21/28 | 6,122,369 | ||||||||||||
| Trulite Glass & Aluminum Solutions LLC (B/B2) (1 mo. USD Term SOFR + 6.000%) |
| |||||||||||||||
| 4,180,000 | 11.329 | (b)(d) | 03/01/30 | 4,164,325 | ||||||||||||
|
|
|
|||||||||||||||
| 18,995,378 | ||||||||||||||||
|
|
||||||||||||||||
| Energy(b) – 0.9% |
| |||||||||||||||
| Delek U.S. Holdings, Inc. (BB+/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 12,883,274 | 8.930 | 11/19/29 | 12,867,170 | |||||||||||||
| WhiteWater DBR HoldCo LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 4,950,000 | 8.052 | 03/03/31 | 4,956,187 | |||||||||||||
|
|
|
|||||||||||||||
| 17,823,357 | ||||||||||||||||
|
|
||||||||||||||||
| Energy - Exploration & Production – 0.7% |
| |||||||||||||||
| Discovery Energy Holding Corp. (B/B1) |
| |||||||||||||||
| 4,975,000 | 0.000 | (c) | 01/30/31 | 4,979,129 | ||||||||||||
|
|
||||||||||||||||
| 86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Energy - Exploration & Production – (continued) |
| |||||||||||||||
| Parkway Generation LLC (B+/B1) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| $ | 8,748,668 | 10.324 | %(b) | 02/18/29 | $ | 8,715,860 | ||||||||||
|
|
|
|||||||||||||||
| 13,694,989 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(b) – 3.2% |
| |||||||||||||||
| Alterra Mountain Co. (B+/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 12,713,808 | 8.945 | % | 08/17/28 | 12,750,932 | ||||||||||||
| Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 4,966,327 | 9.192 | 11/24/28 | 4,974,621 | |||||||||||||
| Cinemark USA, Inc. (BB+/Ba1) ((1 mo. USD Term SOFR + 3.750%)-(3 mo. USD Term SOFR + 3.750%)) (1 mo. USD Term SOFR + 3.750%)-(3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 6,922,687 | 9.05–9.08 | 05/24/30 | 6,944,356 | |||||||||||||
| Fender Musical Instruments Corp. (B-/B3) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 8,383,792 | 9.429 | 12/01/28 | 8,223,074 | |||||||||||||
| GVC Holdings (Gibraltar) Ltd. (BB/Ba1) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 5,966,142 | 8.40–8.99 | 10/31/29 | 5,987,263 | |||||||||||||
| GVC Holdings (Gibraltar) Ltd. (BB/NR) (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 2,005,865 | 7.948 | 03/29/27 | 2,007,128 | |||||||||||||
| Motion Finco SARL (NR/B2) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 9,859,725 | 9.071 | 11/12/29 | 9,837,541 | |||||||||||||
| Playtika Holding Corp. (BB+/Ba2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 8,460,282 | 8.195 | 03/13/28 | 8,461,128 | |||||||||||||
| SeaWorld Parks & Entertainment, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 4,901,237 | 7.830 | 08/25/28 | 4,892,659 | |||||||||||||
|
|
|
|||||||||||||||
| 64,078,702 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(b) – 0.9% |
| |||||||||||||||
| Covanta Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 2,425,000 | 8.068 | % | 11/30/28 | 2,421,095 | ||||||||||||
| EnergySolutions LLC (B/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,313,375 | 9.313 | 09/20/30 | 2,321,773 | |||||||||||||
| Luna III SARL (BB-/B1) (6 mo. EUR EURIBOR + 4.175%) |
| |||||||||||||||
| EUR | 12,050,000 | 8.110 | 10/23/28 | 13,006,122 | ||||||||||||
|
|
|
|||||||||||||||
| 17,748,990 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Beverages(b) – 1.1% |
| |||||||||||||||
| Chef’s Warehouse Leasing Co. LLC (BB-/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| $ | 3,176,250 | 9.327 | 08/23/29 | 3,174,662 | ||||||||||||
| Chobani LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 3,915,237 | 8.945 | 10/25/27 | 3,921,775 | |||||||||||||
| Froneri International Ltd. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) |
| |||||||||||||||
| 5,319,730 | 7.680 | 01/29/27 | 5,320,794 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Food & Beverages(b) – (continued) |
| |||||||||||||||
| Pegasus Bidco BV (NR/B2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 10,231,949 | 9.630 | % | 07/12/29 | $ | 10,223,457 | ||||||||||
|
|
|
|||||||||||||||
| 22,640,688 | ||||||||||||||||
|
|
||||||||||||||||
| Health Care(b) – 0.8% |
| |||||||||||||||
| Catalent Pharma Solutions, Inc. (BB-/Ba2) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 3,000,000 | 8.329 | 02/22/28 | 3,003,750 | |||||||||||||
| Global Medical Response, Inc. (CCC+/Caa2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 3,349,861 | 9.824 | 03/14/25 | 3,116,074 | |||||||||||||
| Matrix Medical Network of Arizona LLC (B-/B3) (3 mo. U.S. (Fed) Prime Rate + 3.750%) |
| |||||||||||||||
| 2,965,344 | 12.250 | 02/17/25 | 2,911,968 | |||||||||||||
| Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 5,105,170 | 10.324 | 02/28/28 | 5,092,407 | |||||||||||||
| R1 RCM, Inc. (B+/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 1,873,093 | 8.327 | 06/21/29 | 1,877,195 | |||||||||||||
|
|
|
|||||||||||||||
| 16,001,394 | ||||||||||||||||
|
|
||||||||||||||||
| Health Care Products(b) – 0.7% |
| |||||||||||||||
| Iris BidCo GmbH (B-/B3) (3 mo. EUR EURIBOR + 5.000%) |
| |||||||||||||||
| EUR | 8,525,000 | 8.912 | 06/29/28 | 8,960,183 | ||||||||||||
| Medline Borrower LP (B+/B1) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| $ | 4,595,276 | 8.441 | 10/23/28 | 4,605,156 | ||||||||||||
|
|
|
|||||||||||||||
| 13,565,339 | ||||||||||||||||
|
|
||||||||||||||||
| Health Care Services(b) –3.3% |
| |||||||||||||||
| Accelerated Health Systems LLC (B-/Caa2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 6,624,394 | 9.702 | 02/15/29 | 4,915,830 | |||||||||||||
| CAB (B-/B2) (3 mo. EUR EURIBOR + 3.500%) |
| |||||||||||||||
| EUR | 1,350,000 | 7.395 | 02/09/28 | 1,407,904 | ||||||||||||
| Electron BidCo, Inc. (B/B1) (1 mo. USD Term SOFR + 0.000%) |
| |||||||||||||||
| $ | 4,862,595 | 8.445 | 11/01/28 | 4,870,181 | ||||||||||||
| Envision Healthcare Corp. (NR/WR) |
| |||||||||||||||
| 10,106,997 | 0.000 | (d)(e) | 10/10/25 | — | ||||||||||||
| Help At Home, Inc. (B-/B1) (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 12,130,251 | 10.440 | % | 10/29/27 | 12,054,437 | ||||||||||||
| LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 10,478,783 | 11.087 | 11/16/28 | 10,503,094 | |||||||||||||
| Lonza Group AG (B-/B2) (3 mo. USD Term SOFR + 3.925%) |
| |||||||||||||||
| 5,993,220 | 9.334 | 07/03/28 | 5,628,173 | |||||||||||||
| NAPA Management Services Corp. (B-/B3) (1 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 4,332,750 | 10.677 | 02/23/29 | 4,079,284 | |||||||||||||
| Phoenix Guarantor, Inc. (B+/B1) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 4,975,000 | 8.577 | 02/21/31 | 4,907,290 | |||||||||||||
| Summit Behavioral Healthcare LLC (B-/B3) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 9,819,155 | 10.355 | 11/24/28 | 9,819,156 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Health Care Services(b) – (continued) |
| |||||||||||||||
| U.S. Radiology Specialists, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| $ | 7,922,184 | 10.702 | % | 12/15/27 | $ | 7,929,630 | ||||||||||
|
|
|
|||||||||||||||
| 66,114,979 | ||||||||||||||||
|
|
||||||||||||||||
| Home Construction(b) – 0.8% |
| |||||||||||||||
| Core & Main LP (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 5,857,951 | 7.93 – 8.06 | 07/27/28 | 5,845,767 | |||||||||||||
| SRS Distribution, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 9,924,682 | 8.680 | 06/02/28 | 9,970,633 | |||||||||||||
|
|
|
|||||||||||||||
| 15,816,400 | ||||||||||||||||
|
|
||||||||||||||||
| Insurance – 2.5% |
| |||||||||||||||
| Acrisure LLC (B/B2) (1 mo. USD LIBOR + 3.500%) |
| |||||||||||||||
| 8,083,421 | 8.945 | (b) | 02/15/27 | 8,066,123 | ||||||||||||
| Alliant Holdings Intermediate LLC (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 4,876,514 | 8.827 | (b) | 11/06/30 | 4,894,801 | ||||||||||||
| AssuredPartners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 6,958,140 | 8.942 | (b) | 02/12/27 | 6,962,715 | ||||||||||||
| Hyperion Refinance SARL (B/B2) |
| |||||||||||||||
| 7,650,000 | 0.000 | (c) | 02/15/31 | 7,650,689 | ||||||||||||
| OneDigital Borrower LLC (B/B3) (1 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 3,928,396 | 9.680 | (b) | 11/16/27 | 3,923,485 | ||||||||||||
| Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 11,175,852 | 9.077 | (b) | 02/24/28 | 11,192,951 | ||||||||||||
| USI, Inc. (B/B1) (3 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 7,218,033 | 8.302 | (b) | 11/22/29 | 7,217,022 | ||||||||||||
|
|
|
|||||||||||||||
| 49,907,786 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(b) –1.3% |
| |||||||||||||||
| Caesars Entertainment, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 5,296,500 | 8.663 | 02/06/30 | 5,305,345 | |||||||||||||
| Hilton Grand Vacations Borrower LLC (BB+/Ba2) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 11,611,759 | 8.192 | 08/02/28 | 11,619,075 | |||||||||||||
| Playa Resorts Holding BV (B+/WR) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 7,375,500 | 8.579 | 01/05/29 | 7,392,390 | |||||||||||||
| Travel & Leisure Co. (BB-/Ba3) (1 mo. USD Term SOFR + 0.000%) |
| |||||||||||||||
| 2,119,688 | 8.679 | 12/14/29 | 2,122,867 | |||||||||||||
|
|
|
|||||||||||||||
| 26,439,677 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery – 1.3% |
| |||||||||||||||
| Chart Industries, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 7,915,186 | 8.673 | (b) | 03/15/30 | 7,925,079 | ||||||||||||
| Project Castle, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 7,156,617 | 10.798 | 06/01/29 | 6,476,739 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Machinery – (continued) |
| |||||||||||||||
| SPX FLOW, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| $ | 9,417,649 | 9.927 | %(b) | 04/05/29 | $ | 9,450,046 | ||||||||||
| TK Elevator Topco GmbH (B/B2) (6 mo. EUR EURIBOR + 3.625%) |
| |||||||||||||||
| EUR | 1,605,000 | 7.491 | (b) | 07/30/27 | 1,723,831 | |||||||||||
|
|
|
|||||||||||||||
| 25,575,695 | ||||||||||||||||
|
|
||||||||||||||||
| Media(b) – 0.4% |
| |||||||||||||||
| Cogeco Communications Finance (USA) LP (BB/B1) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| $ | 4,375,000 | 8.580 | 09/18/30 | 4,261,994 | ||||||||||||
| Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 4,446,680 | 9.309 | 03/22/29 | 4,444,812 | |||||||||||||
|
|
|
|||||||||||||||
| 8,706,806 | ||||||||||||||||
|
|
||||||||||||||||
| Media - Cable(b) – 1.9% |
| |||||||||||||||
| Altice Financing SA (B/B3) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 10,750,038 | 10.314 | 10/31/27 | 10,051,286 | |||||||||||||
| Altice France SA (CCC+/Caa1) (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 8,332,857 | 10.814 | 08/15/28 | 6,588,207 | |||||||||||||
| DirecTV Financing LLC (BB/Ba3) (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 1,438,291 | 10.445 | 08/02/27 | 1,438,895 | |||||||||||||
| Gray Television, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 1,960,030 | 8.442 | 12/01/28 | 1,832,628 | |||||||||||||
| Virgin Media Bristol LLC (B+/Ba3) |
| |||||||||||||||
| (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 10,583,080 | 7.940 | 01/31/28 | 10,415,126 | |||||||||||||
| (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 8,300,000 | 8.690 | 01/31/29 | 8,209,613 | |||||||||||||
|
|
|
|||||||||||||||
| 38,535,755 | ||||||||||||||||
|
|
||||||||||||||||
| Media - Non Cable(b) –1.9% |
| |||||||||||||||
| Audacy Capital Corp. (NR/Baa2) (3 mo. USD Term SOFR + 6.114%) |
| |||||||||||||||
| 323,629 | 11.445 | 08/19/24 | 322,820 | |||||||||||||
| CMG Media Corp. (B-/B3) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 953,681 | 8.909 | 12/17/26 | 828,682 | |||||||||||||
| Diamond Sports Group LLC (NR/NR) |
| |||||||||||||||
| 145,562 | 5.000 | 12/02/24 | 237,084 | |||||||||||||
| Diamond Sports Group LLC (NR/WR) |
| |||||||||||||||
| 2,687,115 | 0.000 | 08/24/26 | 72,230 | |||||||||||||
| Entercom Media Corp. (NR/WR) |
| |||||||||||||||
| 8,622,099 | 0.000 | 11/18/24 | 4,944,773 | |||||||||||||
| Fleet Midco I Ltd. (B+/B2) (3 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 4,950,000 | 8.580 | (d) | 02/21/31 | 4,950,000 | ||||||||||||
| Getty Images, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 7,954,801 | 9.909 | 02/19/26 | 7,942,391 | |||||||||||||
| iHeartCommunications, Inc. (B-/Caa1) |
| |||||||||||||||
| (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 1,258,982 | 8.445 | 05/01/26 | 1,098,349 | |||||||||||||
| (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 6,777,591 | 8.695 | 05/01/26 | 5,879,560 | |||||||||||||
|
|
||||||||||||||||
| 88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Media - Non Cable(b) – (continued) |
| |||||||||||||||
| NEP/NCP Holdco, Inc. (CCC/Caa3) (1 mo. USD Term SOFR + 7.000%) |
| |||||||||||||||
| $ | 3,200,000 | 12.445 | % | 10/19/26 | $ | 2,572,000 | ||||||||||
| Taboola.com Ltd. (BB-/B1) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 4,142,739 | 9.445 | 09/01/28 | 4,137,561 | |||||||||||||
| Voyage Digital Ltd. (BB-/Ba3) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 4,548,724 | 9.319 | 05/11/29 | 4,554,410 | |||||||||||||
|
|
|
|||||||||||||||
| 37,539,860 | ||||||||||||||||
|
|
||||||||||||||||
| Metals & Mining(b) – 0.5% |
| |||||||||||||||
| Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 2,562,141 | 9.080 | 08/18/30 | 2,567,906 | |||||||||||||
| Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,650,000 | 9.327 | 08/16/29 | 2,662,694 | |||||||||||||
| PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 5,922,214 | 9.723 | 04/23/29 | 5,856,714 | |||||||||||||
|
|
|
|||||||||||||||
| 11,087,314 | ||||||||||||||||
|
|
||||||||||||||||
| Midstream – 0.7% |
| |||||||||||||||
| AL GCX Holdings LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 4,627,759 | 8.571 | (b) | 05/17/29 | 4,637,014 | ||||||||||||
| AL NGPL Holdings LLC (B+/Ba3) (1 yr. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 7,305,283 | 8.579 | 04/13/28 | 7,319,894 | |||||||||||||
| Prairie ECI Acquiror LP (B/B3) (1 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 1,825,000 | 10.080 | (b) | 08/01/29 | 1,816,861 | ||||||||||||
|
|
|
|||||||||||||||
| 13,773,769 | ||||||||||||||||
|
|
||||||||||||||||
| Non Captive – 0.3% |
| |||||||||||||||
| Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 1,246,859 | 9.327 | (b) | 04/18/30 | 1,250,762 | ||||||||||||
| HUB International Ltd. (B/B2) |
| |||||||||||||||
| 4,950,000 | 0.000 | (c) | 06/20/30 | 4,950,891 | ||||||||||||
|
|
|
|||||||||||||||
| 6,201,653 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services(b) – 0.4% |
| |||||||||||||||
| BANGL LLC (BB-/B2) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 5,536,125 | 9.798 | 02/01/29 | 5,562,089 | |||||||||||||
| ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 1,966,680 | 8.180 | 06/07/29 | 1,972,580 | |||||||||||||
|
|
|
|||||||||||||||
| 7,534,669 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(b) – 3.9% |
| |||||||||||||||
| Berlin Packaging LLC (B-/B2) (1 mo. USD Term SOFR + 3.250%)–(3 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 8,776,228 | 8.58–8.69 | 03/11/28 | 8,736,735 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Packaging(b) – (continued) |
| |||||||||||||||
| Charter Next Generation, Inc. (B/B3) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| $ | 10,903,761 | 8.827 | % | 12/01/27 | $ | 10,919,899 | ||||||||||
| Clydesdale Acquisition Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 3.675%) |
| |||||||||||||||
| 10,212,208 | 9.105 | 04/13/29 | 10,222,726 | |||||||||||||
| Kloeckner Pentaplast of America, Inc. (B-/B3) (6 mo. USD Term SOFR + 4.725%) |
| |||||||||||||||
| 4,138,676 | 10.268 | 02/12/26 | 3,880,009 | |||||||||||||
| LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 9,463,774 | 10.427 | 10/29/28 | 9,256,233 | |||||||||||||
| Pretium Packaging LLC (B/B2) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 696,400 | 10.306 | 10/02/28 | 703,656 | |||||||||||||
| Pretium PKG Holdings, Inc. (CCC-/Ca) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,755,574 | 9.329 | 10/02/28 | 2,449,705 | |||||||||||||
| Proampac PG Borrower LLC (B-/B3) (1 mo. USD Term SOFR + 4.500%)–(3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 11,320,751 | 9.80–9.82 | 09/15/28 | 11,320,751 | |||||||||||||
| Tosca Services LLC (CCC+/Caa1) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 8,383,280 | 9.074 | 08/18/27 | 7,317,430 | |||||||||||||
| TricorBraun Holdings, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 8,990,122 | 8.692 | 03/03/28 | 8,877,746 | |||||||||||||
| ZoomInfo LLC (NR/Ba1) (1 mo. USD Term SOFR + 2.250%) |
| |||||||||||||||
| 4,669,169 | 7.577 | 02/28/30 | 4,657,496 | |||||||||||||
|
|
|
|||||||||||||||
| 78,342,386 | ||||||||||||||||
|
|
||||||||||||||||
| Paper(b) – 0.4% |
| |||||||||||||||
| Pregis TopCo Corp. (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 8,614,643 | 9.080 | 07/31/26 | 8,622,310 | |||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(b) – 1.8% |
| |||||||||||||||
| Amneal Pharmaceuticals LLC (B/B2) (1 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 4,074,375 | 10.830 | 05/04/28 | 4,062,926 | |||||||||||||
| Covetrus, Inc. (B-/B1) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 12,771,000 | 10.309 | 10/13/29 | 12,776,364 | |||||||||||||
| Gainwell Acquisition Corp. (B/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 6,514,156 | 9.409 | 10/01/27 | 6,217,762 | |||||||||||||
| Jazz Financing Lux SARL (BB-/Ba2) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 7,855,571 | 8.445 | 05/05/28 | 7,894,849 | |||||||||||||
| Organon & Co. (BB/Ba2) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 4,837,604 | 8.433 | 06/02/28 | 4,851,729 | |||||||||||||
|
|
|
|||||||||||||||
| 35,803,630 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines – 1.5% |
| |||||||||||||||
| CQP Holdco LP (BB/B1) (3 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 12,902,317 | 8.302 | (b) | 12/31/30 | 12,939,218 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Pipelines – (continued) |
| |||||||||||||||
| Medallion Midland Acquisition LP (NR/B2) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| $ | 6,422,776 | 8.830 | %(b) | 10/18/28 | $ | 6,428,107 | ||||||||||
| Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 11,198,609 | 8.436 | 10/05/28 | 11,232,653 | |||||||||||||
|
|
|
|||||||||||||||
| 30,599,978 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate(b) – 0.2% |
| |||||||||||||||
| Forest City Enterprises LP (B-/Caa1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 4,348,084 | 8.829 | 12/08/25 | 4,146,985 | |||||||||||||
|
|
||||||||||||||||
| Restaurants(b) – 0.5% |
| |||||||||||||||
| 1011778 BC Unlimited Liability Co. (BB+/Ba2) (1 mo. USD Term SOFR + 2.250%) |
| |||||||||||||||
| 9,950,063 | 7.580 | 09/20/30 | 9,940,113 | |||||||||||||
|
|
||||||||||||||||
| Retailers(b) – 2.0% |
| |||||||||||||||
| CNT Holdings I Corp. (B/B2) (1 mo. USD LIBOR + 3.500%) |
| |||||||||||||||
| 1,995,000 | 5.880 | 11/08/27 | 1,997,494 | |||||||||||||
| Constellation Automotive Ltd. (NR/B2) (6 mo. EUR EURIBOR + 4.000%) |
| |||||||||||||||
| EUR | 3,978,879 | 8.026 | 07/28/28 | 4,049,351 | ||||||||||||
| Constellation Automotive Ltd. (NR/Caa2) (Sterling Overnight Index Average + 7.500%) |
| |||||||||||||||
| GBP | 700,000 | 12.689 | 07/27/29 | 631,600 | ||||||||||||
| Dealer Tire Financial LLC (B-/B1) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 9,403,701 | 9.080 | 12/14/27 | 9,462,474 | ||||||||||||
| Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 9,071,694 | 8.195 | 10/19/27 | 9,062,350 | |||||||||||||
| Restoration Hardware, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 3,119,567 | 7.942 | 10/20/28 | 3,035,245 | |||||||||||||
| Shutterfly, Inc. (CCC+/Caa2) (3 mo. USD Term SOFR + 1.000%) |
| |||||||||||||||
| 4,660,221 | 6.302 | 10/01/27 | 3,658,274 | |||||||||||||
| Shutterfly, Inc. (NR/NR) (1 mo. USD Term SOFR + 6.000%) |
| |||||||||||||||
| 913,641 | 11.327 | 10/01/27 | 918,209 | |||||||||||||
| Staples, Inc. (B-/B3) (1 mo. USD LIBOR + 5.000%) |
| |||||||||||||||
| 2,926,617 | 10.443 | 04/16/26 | 2,894,014 | |||||||||||||
| TruGreen LP (B-/B3) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,517,108 | 9.430 | 11/02/27 | 2,446,327 | |||||||||||||
| TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%) |
| |||||||||||||||
| 2,200,000 | 14.074 | 11/02/28 | 1,705,000 | |||||||||||||
|
|
|
|||||||||||||||
| 39,860,338 | ||||||||||||||||
|
|
||||||||||||||||
| Technology – 1.1% |
| |||||||||||||||
| Ingram Micro, Inc. (BB-/B1) (3 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 6,436,473 | 8.571 | (b) | 06/30/28 | 6,444,518 | ||||||||||||
| Light & Wonder International, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 4,962,216 | 8.075 | (b) | 04/14/29 | 4,967,030 | ||||||||||||
| Project Boost Purchaser LLC (B-/B2) (1 mo. USD Term SOFR) |
| |||||||||||||||
| 2,000,000 | 4.000 | (c) | 05/30/26 | 2,003,920 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Technology – (continued) |
| |||||||||||||||
| Tempo Acquisition LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| $ | 1,967,289 | 8.080 | %(b) | 08/31/28 | $ | 1,972,207 | ||||||||||
| Ultra Clean Holdings, Inc. (B+/B1) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 6,064,918 | 9.192 | (b) | 08/27/25 | 6,068,739 | ||||||||||||
|
|
|
|||||||||||||||
| 21,456,414 | ||||||||||||||||
|
|
||||||||||||||||
| Technology - Hardware(b) – 0.8% |
| |||||||||||||||
| Altar Bidco, Inc. (B/B1) (3 mo.USD Term SOFR + 3.100%) |
| |||||||||||||||
| 1,994,924 | 8.400 | 02/01/29 | 1,990,934 | |||||||||||||
| Coherent Corp. (BB-/Ba1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 11,538,210 | 8.195 | 07/02/29 | 11,538,211 | |||||||||||||
| CommScope, Inc. (CCC+/B3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 3,199,242 | 8.695 | 04/06/26 | 2,895,314 | |||||||||||||
|
|
|
|||||||||||||||
| 16,424,459 | ||||||||||||||||
|
|
||||||||||||||||
| Technology - Software – 5.7% |
| |||||||||||||||
| Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 9,807,373 | 9.159 | (b) | 10/18/27 | 9,802,077 | ||||||||||||
| AppLovin Corp. (BB+/Ba3) (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 12,835,096 | 7.830 | (b) | 08/16/30 | 12,819,052 | ||||||||||||
| AppLovin Corp. (BB+/WR) (1 mo. USD Term SOFR + 3.100%) |
| |||||||||||||||
| 2,712,277 | 7.830 | (b) | 10/25/28 | 2,709,266 | ||||||||||||
| Atlas Purchaser, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 9.000%) |
| |||||||||||||||
| 1,225,000 | 14.586 | (b) | 05/07/29 | 265,421 | ||||||||||||
| Castle U.S. Holding Corp. (CCC+/Caa1) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 7,143,351 | 9.349 | (b) | 01/29/27 | 5,010,561 | ||||||||||||
| CentralSquare Technologies LLC (B-/Caa1) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 5,062,483 | 9.177 | (b) | 08/29/25 | 4,905,091 | ||||||||||||
| Cotiviti, Inc. (B/NR) |
| |||||||||||||||
| 4,925,000 | 0.000 | (c) | 02/21/31 | 4,912,688 | ||||||||||||
| DCert Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 6,875,872 | 9.330 | (b) | 10/16/26 | 6,838,123 | ||||||||||||
| DCert Buyer, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 7.000%) |
| |||||||||||||||
| 1,700,000 | 12.330 | (b) | 02/19/29 | 1,526,277 | ||||||||||||
| Isolved, Inc. (B/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 3,995,582 | 9.327 | (b) | 10/14/30 | 4,013,082 | ||||||||||||
| Loyalty Ventures, Inc. (NR/WR) (3 mo. U.S. (Fed) Prime Rate + 5.500%) |
| |||||||||||||||
| 11,629,469 | 14.000 | (b) | 11/03/27 | 101,758 | ||||||||||||
| Magenta Buyer LLC (CCC-/Caa2) (3 mo. USD Term SOFR + 8.250%) |
| |||||||||||||||
| 1,300,000 | 13.824 | (b) | 07/27/29 | 377,000 | ||||||||||||
| Magenta Buyer LLC (CCC+/B2) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 4,187,603 | 10.574 | (b) | 07/27/28 | 2,462,562 | ||||||||||||
| McAfee LLC (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 11,975,653 | 9.176 | (b) | 03/01/29 | 11,937,451 | ||||||||||||
|
|
||||||||||||||||
| 90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Technology - Software – (continued) |
| |||||||||||||||
| Peraton Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 11,311,975 | 9.180 | %(b) | 02/01/28 | $ | 11,290,821 | ||||||||||
| Peraton Corp. (NR/NR) (3 mo. USD Term SOFR + 7.750%) |
| |||||||||||||||
| 5,411,236 | 13.176 | (b) | 02/01/29 | 5,419,352 | ||||||||||||
| Physician Partners LLC (B+/B2) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 7,287,787 | 9.463 | (b) | 12/26/28 | 5,402,072 | ||||||||||||
| (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 2,892,750 | 10.813 | (b) | 12/23/28 | 2,574,548 | ||||||||||||
| Quartz Acquireco LLC (NR/B1) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 3,460,119 | 8.809 | (b) | 06/28/30 | 3,464,444 | ||||||||||||
| Severin Acquisition LLC (B/B2) (3 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 4,936,354 | 8.313 | (b) | 08/01/27 | 4,941,488 | ||||||||||||
| Virtusa Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 9,512,675 | 9.192 | (b) | 02/11/28 | 9,526,944 | ||||||||||||
| World Wide Technology Holding Co. LLC (BB/NR) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 5,888,769 | 8.175 | (b) | 03/01/30 | 5,925,574 | ||||||||||||
|
|
|
|||||||||||||||
| 116,225,652 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunications(b) – 0.9% |
| |||||||||||||||
| Adevinta ASA (BB-/Ba2) (3 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 2,710,484 | 8.332 | 06/26/28 | 2,709,644 | |||||||||||||
| Buzz Finco LLC (B/B1) |
| |||||||||||||||
| (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 3,765,809 | 8.177 | 01/29/27 | 3,770,516 | |||||||||||||
| (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 267,727 | 8.677 | 01/29/27 | 267,896 | |||||||||||||
| CCI Buyer, Inc. (B-/B1) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 2,775,000 | 9.302 | 12/17/27 | 2,756,657 | |||||||||||||
| Endure Digital, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 3,070,420 | 8.939 | 02/10/28 | 2,985,983 | |||||||||||||
| Lorca Holdco Ltd. (NR/Ba3) (6 mo. EUR EURIBOR + 3.700%) |
| |||||||||||||||
| EUR | 4,875,000 | 7.604 | 09/17/27 | 5,242,037 | ||||||||||||
| MLN U.S. HoldCo LLC (NR/NR) (3 mo. USD Term SOFR + 9.250%)–(6 mo. USD Term SOFR + 9.250%) |
| |||||||||||||||
| $ | 2,674,725 | 14.679 | 10/18/27 | 267,473 | ||||||||||||
|
|
|
|||||||||||||||
| 18,000,206 | ||||||||||||||||
|
|
||||||||||||||||
| Textiles(b) – 0.4% |
| |||||||||||||||
| Fanatics Commerce Intermediate Holdco LLC (BB-/B1) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 4,963,000 | 8.692 | 11/24/28 | 4,942,304 | |||||||||||||
| New Trojan Parent, Inc. (NR/NR) (3 mo. USD Term SOFR + 6.000%) |
| |||||||||||||||
| 1,429,202 | 11.310 | (d) | 10/24/24 | 1,429,202 | ||||||||||||
| New Trojan Parent, Inc. (NR/WR) |
| |||||||||||||||
| 6,466,706 | 0.000 | 01/06/28 | 1,298,709 | |||||||||||||
| 1,100,000 | 0.000 | 01/05/29 | 693 | |||||||||||||
|
|
|
|||||||||||||||
| 7,670,908 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Bank Loans(a) – (continued) |
| |||||||||||||||
| Transportation Services(b) – 0.9% |
| |||||||||||||||
| Kenan Advantage Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 5,899,993 | 9.080 | % | 01/25/29 | $ | 5,896,335 | ||||||||||
| LaserShip, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 2,488,061 | 10.071 | 05/07/28 | 2,312,653 | |||||||||||||
| MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 7,780,364 | 9.580 | 05/03/28 | 7,725,512 | |||||||||||||
| MH Sub I LLC (B/Caa1) (1 mo. USD Term SOFR + 6.250%) |
| |||||||||||||||
| 2,400,000 | 11.580 | 02/23/29 | 2,303,136 | |||||||||||||
|
|
|
|||||||||||||||
| 18,237,636 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL BANK LOANS (Cost $1,731,960,765) |
$ | 1,669,351,227 | ||||||||||||||
|
|
||||||||||||||||
| Corporate Obligations(f) – 5.9% |
| |||||||||||||||
| Automotive – 0.7% |
| |||||||||||||||
| Dornoch Debt Merger Sub, Inc. (CCC/Caa2) |
| |||||||||||||||
| $ | 5,970,000 | 6.625 | %(g)(h) | 10/15/29 | $ | 5,356,762 | ||||||||||
| Ford Motor Credit Co. LLC (BBB-/Ba1) |
| |||||||||||||||
| 650,000 | 4.687 | 06/09/25 | 641,673 | |||||||||||||
| 4,677,000 | 4.950 | 05/28/27 | 4,564,284 | |||||||||||||
| 3,600,000 | 7.350 | 11/04/27 | 3,776,544 | |||||||||||||
|
|
|
|||||||||||||||
| 14,339,263 | ||||||||||||||||
|
|
||||||||||||||||
| Banks(g) – 0.2% |
| |||||||||||||||
| Freedom Mortgage Corp. (B/B2) |
| |||||||||||||||
| 3,120,000 | 6.625 | 01/15/27 | 3,024,434 | |||||||||||||
|
|
||||||||||||||||
| Chemicals(g) – 0.4% |
| |||||||||||||||
| Axalta Coating Systems Dutch Holding B BV (BB-/Ba3) |
| |||||||||||||||
| 1,525,000 | 7.250 | 02/15/31 | 1,585,345 | |||||||||||||
| Olympus Water U.S. Holding Corp. (B-/B3) |
| |||||||||||||||
| 4,160,000 | 9.750 | 11/15/28 | 4,435,184 | |||||||||||||
| Polar U.S. Borrower LLC/Schenectady International Group, Inc. (CCC-/Caa3) |
| |||||||||||||||
| 8,835,000 | 6.750 | 05/15/26 | 2,093,188 | |||||||||||||
|
|
|
|||||||||||||||
| 8,113,717 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services(g) – 0.3% |
| |||||||||||||||
| APX Group, Inc. (B/Ba3) |
| |||||||||||||||
| 1,928,000 | 5.750 | 07/15/29 | 1,853,502 | |||||||||||||
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2) |
| |||||||||||||||
| 3,450,000 | 4.000 | (h) | 06/15/29 | 3,075,330 | ||||||||||||
| Verisure Midholding AB (B-/B3) |
| |||||||||||||||
| EUR | 1,075,000 | 5.250 | 02/15/29 | 1,119,172 | ||||||||||||
|
|
|
|||||||||||||||
| 6,048,004 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services(g) – 0.7% |
| |||||||||||||||
| LPL Holdings, Inc. (BBB-/Baa3) |
| |||||||||||||||
| $ | 2,489,000 | 4.000 | 03/15/29 | 2,290,676 | ||||||||||||
| United Wholesale Mortgage LLC (NR/Ba3) |
| |||||||||||||||
| 3,330,000 | 5.500 | 04/15/29 | 3,151,279 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations(f) – (continued) |
| |||||||||||||||
| Diversified Financial Services(g) – (continued) |
| |||||||||||||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B-/B3) |
| |||||||||||||||
| $ | 6,805,000 | 7.875 | %(h) | 05/01/27 | $ | 5,762,202 | ||||||||||
| 2,965,000 | 6.375 | (h) | 02/01/30 | 2,187,725 | ||||||||||||
|
|
|
|||||||||||||||
| 13,391,882 | ||||||||||||||||
|
|
||||||||||||||||
| Healthcare Providers &Services(g) – 0.5% |
| |||||||||||||||
| CHS/Community Health Systems, Inc. (CCC-/Caa3) |
| |||||||||||||||
| 1,125,000 | 6.125 | 04/01/30 | 810,023 | |||||||||||||
| Medline Borrower LP (B+/B1) |
| |||||||||||||||
| 10,100,000 | 3.875 | 04/01/29 | 9,193,525 | |||||||||||||
|
|
|
|||||||||||||||
| 10,003,548 | ||||||||||||||||
|
|
||||||||||||||||
| Insurance(g) – 0.1% |
| |||||||||||||||
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) |
| |||||||||||||||
| 1,620,000 | 7.250 | 02/15/31 | 1,628,197 | |||||||||||||
|
|
||||||||||||||||
| Internet(g) – 0.3% |
| |||||||||||||||
| ANGI Group LLC (B/B2) |
| |||||||||||||||
| 4,485,000 | 3.875 | (h) | 08/15/28 | 3,892,666 | ||||||||||||
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) |
| |||||||||||||||
| 1,942,000 | 3.500 | 03/01/29 | 1,751,742 | |||||||||||||
| Match Group Holdings II LLC (BB/Ba3) |
| |||||||||||||||
| 665,000 | 3.625 | 10/01/31 | 565,204 | |||||||||||||
|
|
|
|||||||||||||||
| 6,209,612 | ||||||||||||||||
|
|
||||||||||||||||
| Leisure Time(g) – 0.3% |
| |||||||||||||||
| Carnival Corp. (BB-/B3) |
| |||||||||||||||
| 960,000 | 5.750 | 03/01/27 | 950,275 | |||||||||||||
| Carnival Corp. (BB+/Ba2) |
| |||||||||||||||
| 1,290,000 | 7.000 | 08/15/29 | 1,346,863 | |||||||||||||
| MajorDrive Holdings IV LLC (CCC+/Caa2) |
| |||||||||||||||
| 2,543,000 | 6.375 | 06/01/29 | 2,380,553 | |||||||||||||
| Royal Caribbean Cruises Ltd. (BB+/Ba2) |
| |||||||||||||||
| 1,860,000 | 5.500 | 04/01/28 | 1,837,234 | |||||||||||||
|
|
|
|||||||||||||||
| 6,514,925 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(g) – 0.2% |
| |||||||||||||||
| Travel & Leisure Co. (BB-/Ba3) |
| |||||||||||||||
| 4,332,000 | 4.500 | 12/01/29 | 3,976,733 | |||||||||||||
|
|
||||||||||||||||
| Machinery - Construction & Mining(g) – 0.4% |
| |||||||||||||||
| Vertiv Group Corp. (BB/Ba3) |
| |||||||||||||||
| 8,450,000 | 4.125 | 11/15/28 | 7,861,965 | |||||||||||||
|
|
||||||||||||||||
| Media – 0.3% |
| |||||||||||||||
| Cumulus Media New Holdings, Inc. (CC/Caa1) |
| |||||||||||||||
| 4,100,000 | 6.750 | (g)(h) | 07/01/26 | 2,406,782 | ||||||||||||
| Diamond Sports Group LLC/Diamond Sports Finance Co. (NR/WR) |
| |||||||||||||||
| 2,350,000 | 5.375 | (e)(g) | 08/15/26 | 66,411 | ||||||||||||
| 3,225,000 | 6.625 | (e)(g) | 08/15/27 | 91,783 | ||||||||||||
| iHeartCommunications, Inc. (B-/Caa1) |
| |||||||||||||||
| 3,100,000 | 6.375 | 05/01/26 | 2,639,402 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations(f) – (continued) |
| |||||||||||||||
| Media – (continued) |
| |||||||||||||||
| iHeartCommunications, Inc. (CCC-/Caa3) |
| |||||||||||||||
| $ | 1 | 8.375 | % | 05/01/27 | $ | 1 | ||||||||||
|
|
|
|||||||||||||||
| 5,204,379 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.0% |
| |||||||||||||||
| Hillenbrand, Inc. (BB+/Ba1) |
| |||||||||||||||
| 922,000 | 3.750 | 03/01/31 | 798,489 | |||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 0.3% |
| |||||||||||||||
| Kodiak Gas Services LLC (B+/B2) |
| |||||||||||||||
| 620,000 | 7.250 | (g) | 02/15/29 | 632,028 | ||||||||||||
| Noble Finance II LLC (BB-/B1) |
| |||||||||||||||
| 800,000 | 8.000 | (g) | 04/15/30 | 833,376 | ||||||||||||
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (B/B3) |
| |||||||||||||||
| 1,720,000 | 7.875 | (g) | 11/01/28 | 1,777,448 | ||||||||||||
| Sunoco LP/Sunoco Finance Corp. (BB/Ba3) |
| |||||||||||||||
| 2,070,000 | 7.000 | (g) | 09/15/28 | 2,115,374 | ||||||||||||
| 1,425,000 | 4.500 | 04/30/30 | 1,307,067 | |||||||||||||
|
|
|
|||||||||||||||
| 6,665,293 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(g) – 0.1% |
| |||||||||||||||
| LABL, Inc. (B-/B3) |
| |||||||||||||||
| 2,005,000 | 5.875 | 11/01/28 | 1,847,608 | |||||||||||||
|
|
||||||||||||||||
| Pipelines(g) – 0.1% |
| |||||||||||||||
| ITT Holdings LLC (B-/B3) |
| |||||||||||||||
| 2,305,000 | 6.500 | 08/01/29 | 2,104,742 | |||||||||||||
|
|
||||||||||||||||
| Real Estate(g)(h) – 0.1% |
| |||||||||||||||
| Realogy Group LLC/Realogy Co.-Issuer Corp. (CCC+/B3) |
| |||||||||||||||
| 2,885,000 | 5.250 | 04/15/30 | 1,961,338 | |||||||||||||
|
|
||||||||||||||||
| Retailing(g) – 0.1% |
| |||||||||||||||
| LCM Investments Holdings II LLC (B+/B2) |
| |||||||||||||||
| 2,285,000 | 4.875 | 05/01/29 | 2,099,824 | |||||||||||||
| Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3) |
| |||||||||||||||
| 855,000 | 6.375 | 09/30/26 | 848,459 | |||||||||||||
|
|
|
|||||||||||||||
| 2,948,283 | ||||||||||||||||
|
|
||||||||||||||||
| Software(g) – 0.7% |
| |||||||||||||||
| AthenaHealth Group, Inc. (CCC/Caa2) |
| |||||||||||||||
| 8,970,000 | 6.500 | 02/15/30 | 8,213,291 | |||||||||||||
| Castle U.S. Holding Corp. (CCC-/Caa3) |
| |||||||||||||||
| 7,910,000 | 9.500 | 02/15/28 | 3,931,349 | |||||||||||||
| Rackspace Technology Global, Inc. (D/B3) |
| |||||||||||||||
| 3,380,000 | 3.500 | 02/15/28 | 1,013,256 | |||||||||||||
|
|
|
|||||||||||||||
| 13,157,896 | ||||||||||||||||
|
|
||||||||||||||||
| Transportation(g)(h) – 0.1% |
| |||||||||||||||
| Rand Parent LLC (BB/Ba1) |
| |||||||||||||||
| 2,705,000 | 8.500 | 02/15/30 | 2,676,354 | |||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $142,889,243) |
$ | 118,476,662 | ||||||||||||||
|
|
||||||||||||||||
| 92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Asset-Backed Securities(b)(f)(g) – 1.5% |
| |||||||||||||||
| Collateralized Loan Obligations – 1.5% |
| |||||||||||||||
| Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3 mo. USD Term SOFR + 4.062%) |
| |||||||||||||||
| $ | 5,400,000 | 9.378 | % | 04/17/33 | $ | 5,399,854 | ||||||||||
| ICG U.S. CLO Ltd. Series 2015-2RA, Class C (NR/Baa3) (3 mo. USD Term SOFR + 3.762%) |
| |||||||||||||||
| 2,100,000 | 9.076 | 01/16/33 | 2,049,058 | |||||||||||||
| Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3 mo. USD Term SOFR + 3.762%) |
| |||||||||||||||
| 3,235,000 | 9.081 | 02/20/30 | 3,234,990 | |||||||||||||
| TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) |
| |||||||||||||||
| 4,900,000 | 9.257 | 08/16/34 | 4,899,628 | |||||||||||||
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) |
| |||||||||||||||
| 4,000,000 | 9.280 | 04/18/36 | 3,901,848 | |||||||||||||
| Tikehau U.S. CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3 mo. USD Term SOFR + 7.172%) |
| |||||||||||||||
| 5,000,000 | 12.470 | 01/18/35 | 4,666,605 | |||||||||||||
| Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) |
| |||||||||||||||
| 7,000,000 | 9.389 | 10/20/34 | 6,642,272 | |||||||||||||
|
|
||||||||||||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $31,221,997) |
$ | 30,794,255 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description | Value | ||||||||||||||
| Common Stocks(e) – 0.5% |
| |||||||||||||||
| Aerospace & Defense – 0.2% |
| |||||||||||||||
| 204,620 | Swissport Ltd. | $ | 4,459,236 | |||||||||||||
|
|
||||||||||||||||
| Media – 0.2% |
| |||||||||||||||
| 162,749 | Bright Pattern Holdco(d) | 163 | ||||||||||||||
| 579,399 | |
Clear Channel Outdoor Holdings, Inc. |
956,008 | |||||||||||||
| 591,024 | |
National CineMedia, Inc. |
3,043,774 | |||||||||||||
|
|
|
|||||||||||||||
| 3,999,945 | ||||||||||||||||
|
|
||||||||||||||||
| Specialty Retail – 0.1% |
| |||||||||||||||
| 9,541 | |
Neiman Marcus Group Ltd. LLC |
882,542 | |||||||||||||
|
|
||||||||||||||||
| TOTAL COMMON STOCKS (Cost $14,974,288) |
$ | 9,341,723 | ||||||||||||||
|
|
||||||||||||||||
| Units | Expiration Date |
Value | ||||||||||||||
| Warrants(e) – 0.0% |
| |||||||||||||||
| Aspect Software, Inc. (NR/NR)(d) |
| |||||||||||||||
| 162,749 | $ | 163 | ||||||||||||||
| Cineworld Group PLC (NR/NR) |
| |||||||||||||||
| 50,868 | 902,903 | |||||||||||||||
|
|
||||||||||||||||
| Units |
Expiration Date |
Value | ||||||
| Warrants(e) – (continued) |
| |||||||
| Noble Corp. PLC (NR/NR) |
| |||||||
| 6,346 | 02/04/28 | $ | 174,737 | |||||
| (Cost $15,865) | ||||||||
|
|
||||||||
| TOTAL WARRANTS (Cost $785,877) |
$ | 1,077,803 | ||||||
|
|
||||||||
| Shares | Description | Value | ||||||
| Exchange Traded Funds – 2.1% |
| |||||||
| 781,076 | Invesco Senior Loan ETF (NR/NR) | $ | 16,519,757 | |||||
| 66,678 | iShares iBoxx High Yield Corporate Bond ETF (NR/NR) | 5,182,881 | ||||||
| 472,562 | SPDR Blackstone Senior Loan ETF (NR/NR) | 19,899,586 | ||||||
|
|
||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $40,714,025) |
$ | 41,602,224 | ||||||
|
|
||||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company(i) – 5.1% |
| |||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||
| 102,352,239 | 5.211% | $ | 102,352,239 | |||||
| (Cost $102,352,239) | ||||||||
|
|
||||||||
| Securities Lending Reinvestment Vehicle(i) – 1.1% |
| |||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||
| 22,606,103 | 5.211% | $ | 22,606,103 | |||||
| (Cost $22,606,103) | ||||||||
|
|
||||||||
| TOTAL INVESTMENTS – 98.8% (Cost $2,087,504,537) |
$ | 1,995,602,236 | ||||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF |
$ | 24,730,744 | ||||||
|
|
||||||||
| NET ASSETS – 100.0% | $ | 2,020,332,980 | ||||||
|
|
||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Schedule of Investments (continued)
March 31, 2024 |
| (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 March 31, 2024. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. | |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2024. | |
| (c) | 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. | |
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. | |
| (e) | Security is currently in default and/or non-income producing. | |
| (f) | Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
| (g) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (h) | All or a portion of security is on loan. | |
| (i) | Represents an Affiliated Issuer. | |
|
Security ratings disclosed, if any, are obtained from S&P’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s statement of Additional Information | ||
| ADDITIONAL INVESTMENT INFORMATION |
UNFUNDED LOAN COMMITMENTS — At March 31, 2024, 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) | ||||||||||||
| New Trojan Parent, Inc. (NR/NR), due 10/24/24 |
$ | 597,576 | $ | 597,576 | $ | — | |||||||||
| Touchdown Acquirer, Inc. (NR/B2), due 02/21/31 |
94,311 | 94,547 | 236 | ||||||||||||
| TOTAL | $ | 236 | |||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||
|
|
||||||||||
| MS & Co. Int. PLC |
USD 87,269,264 | EUR 80,668,465 | 05/08/24 | $107,209 | ||||||
|
|
||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||
|
|
||||||||||
| MS & Co. Int. PLC |
EUR 6,417,065 | USD 6,972,951 | 05/08/24 | $(39,331 | ) | |||||
|
|
||||||||||
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 5 Year U.S. Treasury Notes |
(677 | ) | 06/28/24 | $(72,449,578 | ) | $(175,405 | ) | |||||||||
| Ultra 10-Year U.S. Treasury Note |
(59 | ) | 06/18/24 | (6,761,953 | ) | (42,225 | ) | |||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $(217,630 | ) | ||||||||||||||
|
|
||||||||||||||||
| 94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Currency Abbreviations: | ||
| EUR | —Euro | |
| GBP | —British Pound | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CLO | —Collateralized Loan Obligation | |
| ETF | —Exchange Traded Fund | |
| EURIBOR | —Euro Interbank Offered Rate | |
| LIBOR | —London Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| PLC | —Public Limited Company | |
| SOFR | —Secured Overnight Financing Rate | |
| USD | —US.Dollar | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 92.1% | ||||||||||||||||
| Aerospace & Defense – 1.7% | ||||||||||||||||
| Boeing Co. (a) |
||||||||||||||||
| $ | 1,150,000 | 2.196 | % | 02/04/26 | $ | 1,076,894 | ||||||||||
| 1,950,000 | 3.450 | 11/01/28 | 1,780,857 | |||||||||||||
| 1,375,000 | 3.250 | 02/01/35 | 1,083,197 | |||||||||||||
| 500,000 | 3.550 | 03/01/38 | 377,050 | |||||||||||||
| 1,306,000 | 3.375 | 06/15/46 | 882,595 | |||||||||||||
| 575,000 | 3.625 | 03/01/48 | 392,392 | |||||||||||||
| 900,000 | 3.850 | 11/01/48 | 633,600 | |||||||||||||
| Northrop Grumman Corp. |
| |||||||||||||||
| 75,000 | 4.750 | 06/01/43 | 69,111 | |||||||||||||
| RTX Corp. |
| |||||||||||||||
| 1,975,000 | 4.125 | (a) | 11/16/28 | 1,911,563 | ||||||||||||
| 2,425,000 | 6.100 | (a) | 03/15/34 | 2,593,537 | ||||||||||||
| 695,000 | 4.875 | 10/15/40 | 649,457 | |||||||||||||
|
|
|
|||||||||||||||
| 11,450,253 | ||||||||||||||||
|
|
||||||||||||||||
| Agriculture(a) – 0.6% | ||||||||||||||||
| Altria Group, Inc. |
||||||||||||||||
| 975,000 | 4.800 | 02/14/29 | 965,201 | |||||||||||||
| BAT Capital Corp. |
||||||||||||||||
| 875,000 | 3.215 | 09/06/26 | 832,974 | |||||||||||||
| 200,000 | 3.557 | 08/15/27 | 189,294 | |||||||||||||
| 1,350,000 | 2.259 | 03/25/28 | 1,203,052 | |||||||||||||
| 1,000,000 | 6.343 | 08/02/30 | 1,042,220 | |||||||||||||
|
|
|
|||||||||||||||
| 4,232,741 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive – 2.6% | ||||||||||||||||
| General Motors Co. (a) |
||||||||||||||||
| 2,925,000 | 6.800 | 10/01/27 | 3,064,405 | |||||||||||||
| 950,000 | 6.600 | 04/01/36 | 1,009,907 | |||||||||||||
| General Motors Financial Co., Inc. (a) |
||||||||||||||||
| 4,365,000 | 5.250 | 03/01/26 | 4,353,957 | |||||||||||||
| 2,575,000 | 1.500 | 06/10/26 | 2,369,592 | |||||||||||||
| 400,000 | 2.700 | 08/20/27 | 368,672 | |||||||||||||
| 775,000 | 3.850 | 01/05/28 | 738,459 | |||||||||||||
| Hyundai Capital America (a)(b) |
||||||||||||||||
| 1,450,000 | 5.600 | 03/30/28 | 1,466,632 | |||||||||||||
| 1,350,000 | 6.200 | 09/21/30 | 1,409,778 | |||||||||||||
| 280,000 | 5.400 | 01/08/31 | 280,955 | |||||||||||||
| Toyota Motor Credit Corp. |
||||||||||||||||
| 2,185,000 | 4.800 | 01/05/34 | 2,148,838 | |||||||||||||
|
|
|
|||||||||||||||
| 17,211,195 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 22.4% | ||||||||||||||||
| Banco Santander SA | ||||||||||||||||
| 1,600,000 | 6.921 | 08/08/33 | 1,673,168 | |||||||||||||
| (1 yr. CMT + 1.600%) |
||||||||||||||||
| 400,000 | 3.225 | (a)(c) | 11/22/32 | 331,752 | ||||||||||||
| Bank of America Corp. (a)(c) |
||||||||||||||||
| (3 mo. USD Term SOFR + 1.252%) |
||||||||||||||||
| 275,000 | 2.496 | 02/13/31 | 236,671 | |||||||||||||
| (3 mo. USD Term SOFR + 1.302%) |
||||||||||||||||
| 2,863,000 | 3.419 | 12/20/28 | 2,687,670 | |||||||||||||
| (3 mo. USD Term SOFR + 1.332%) |
||||||||||||||||
| 5,356,000 | 3.970 | 03/05/29 | 5,120,550 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Banks – (continued) | ||||||||||||||||
| (3 mo. USD Term SOFR + 1.572%) |
||||||||||||||||
| $ | 1,950,000 | 4.271 | % | 07/23/29 | $ | 1,879,819 | ||||||||||
| (5 yr. CMT + 1.200%) |
||||||||||||||||
| 1,025,000 | 2.482 | 09/21/36 | 818,934 | |||||||||||||
| (Secured Overnight Financing Rate + 1.330%) |
||||||||||||||||
| 1,825,000 | 2.972 | 02/04/33 | 1,548,366 | |||||||||||||
| (Secured Overnight Financing Rate + 1.570%) |
||||||||||||||||
| 6,115,000 | 5.819 | 09/15/29 | 6,271,116 | |||||||||||||
| (Secured Overnight Financing Rate + 1.630%) |
||||||||||||||||
| 1,210,000 | 5.202 | 04/25/29 | 1,211,270 | |||||||||||||
| (Secured Overnight Financing Rate + 1.830%) |
||||||||||||||||
| 8,215,000 | 4.571 | 04/27/33 | 7,801,539 | |||||||||||||
| Bank of New York Mellon Corp. (a)(c) (Secured Overnight Financing Rate + 2.074%) |
| |||||||||||||||
| 525,000 | 5.834 | 10/25/33 | 548,147 | |||||||||||||
| Barclays PLC |
||||||||||||||||
| 425,000 | 5.200 | 05/12/26 | 420,631 | |||||||||||||
| 1,850,000 | 4.836 | (a) | 05/09/28 | 1,796,442 | ||||||||||||
| BNP Paribas SA (a)(b)(c) |
||||||||||||||||
| (1 yr. CMT + 1.500%) |
||||||||||||||||
| 1,680,000 | 5.335 | 06/12/29 | 1,688,417 | |||||||||||||
| (Secured Overnight Financing Rate + 1.004%) |
||||||||||||||||
| 4,225,000 | 1.323 | 01/13/27 | 3,927,687 | |||||||||||||
| (Secured Overnight Financing Rate + 1.507%) |
||||||||||||||||
| 370,000 | 3.052 | 01/13/31 | 326,096 | |||||||||||||
| BPCE SA (b) |
||||||||||||||||
| 1,350,000 | 4.625 | 09/12/28 | 1,320,934 | |||||||||||||
| (Secured Overnight Financing Rate + 1.730%) |
||||||||||||||||
| 1,050,000 | 3.116 | (a)(c) | 10/19/32 | 859,876 | ||||||||||||
| (Secured Overnight Financing Rate + 2.865%) |
||||||||||||||||
| 1,690,000 | 5.748 | (a)(c) | 07/19/33 | 1,691,048 | ||||||||||||
| Citigroup, Inc. |
||||||||||||||||
| 925,000 | 4.750 | 05/18/46 | 822,686 | |||||||||||||
| (3 mo. USD Term SOFR + 1.825%) |
||||||||||||||||
| 6,098,000 | 3.887 | (a)(c) | 01/10/28 | 5,879,143 | ||||||||||||
| (Secured Overnight Financing Rate + 0.765%) |
||||||||||||||||
| 600,000 | 1.122 | (a)(c) | 01/28/27 | 555,024 | ||||||||||||
| (Secured Overnight Financing Rate + 1.351%) |
||||||||||||||||
| 800,000 | 3.057 | (a)(c) | 01/25/33 | 678,928 | ||||||||||||
| (Secured Overnight Financing Rate + 1.422%) |
||||||||||||||||
| 1,025,000 | 2.976 | (a)(c) | 11/05/30 | 910,313 | ||||||||||||
| (Secured Overnight Financing Rate + 2.338%) |
||||||||||||||||
| 1,645,000 | 6.270 | (a)(c) | 11/17/33 | 1,737,169 | ||||||||||||
| (Secured Overnight Financing Rate + 3.914%) |
||||||||||||||||
| 675,000 | 4.412 | (a)(c) | 03/31/31 | 643,613 | ||||||||||||
| Comerica, Inc. (a)(c) (Secured Overnight Financing Rate + 2.155%) |
| |||||||||||||||
| 965,000 | 5.982 | 01/30/30 | 953,960 | |||||||||||||
| Credit Agricole SA |
||||||||||||||||
| 1,950,000 | 4.375 | 03/17/25 | 1,920,243 | |||||||||||||
| 725,000 | 5.514 | (b) | 07/05/33 | 741,109 | ||||||||||||
| (5 yr. USD Swap + 4.319%) |
||||||||||||||||
| 500,000 | 6.875 | (a)(b)(c) | 09/23/24 | 499,655 | ||||||||||||
| Discover Bank (a) |
||||||||||||||||
| 1,500,000 | 4.650 | 09/13/28 | 1,451,580 | |||||||||||||
|
|
||||||||||||||||
| 96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Banks – (continued) | ||||||||||||||||
| First-Citizens Bank & Trust Co. (a)(c) (3 mo. USD Term SOFR + 1.715%) |
| |||||||||||||||
| $ | 2,550,000 | 2.969 | % | 09/27/25 | $ | 2,491,248 | ||||||||||
| HSBC Bank USA NA | ||||||||||||||||
| 800,000 | 5.625 | 08/15/35 | 787,264 | |||||||||||||
| HSBC Holdings PLC | ||||||||||||||||
| 600,000 | 7.625 | 05/17/32 | 659,568 | |||||||||||||
| (3 mo. USD Term SOFR + 1.609%) | ||||||||||||||||
| 1,875,000 | 4.292 | (a)(c) | 09/12/26 | 1,840,500 | ||||||||||||
| (Secured Overnight Financing Rate + 1.929%) | ||||||||||||||||
| 925,000 | 2.099 | (a)(c) | 06/04/26 | 887,084 | ||||||||||||
| (Secured Overnight Financing Rate + 2.870%) | ||||||||||||||||
| 216,000 | 5.402 | (a)(c) | 08/11/33 | 215,382 | ||||||||||||
| Huntington Bancshares, Inc. (a) | ||||||||||||||||
| 675,000 | 2.625 | 08/06/24 | 667,305 | |||||||||||||
| (Secured Overnight Financing Rate + 2.020%) | ||||||||||||||||
| 1,085,000 | 6.208 | (c) | 08/21/29 | 1,111,127 | ||||||||||||
| ING Groep NV (a)(c) | ||||||||||||||||
| (Secured Overnight Financing Rate + 1.005%) | ||||||||||||||||
| 1,725,000 | 1.726 | 04/01/27 | 1,601,335 | |||||||||||||
| (Secured Overnight Financing Rate + 1.440%) | ||||||||||||||||
| 1,620,000 | 5.335 | 03/19/30 | 1,615,950 | |||||||||||||
| JPMorgan Chase & Co. (a)(c) | ||||||||||||||||
| (3 mo. USD Term SOFR + 1.622%) | ||||||||||||||||
| 875,000 | 3.882 | 07/24/38 | 755,361 | |||||||||||||
| (3 mo. USD Term SOFR + 2.515%) | ||||||||||||||||
| 3,650,000 | 2.956 | 05/13/31 | 3,194,297 | |||||||||||||
| (Secured Overnight Financing Rate + 1.260%) | ||||||||||||||||
| 825,000 | 2.963 | 01/25/33 | 704,624 | |||||||||||||
| (Secured Overnight Financing Rate + 1.620%) | ||||||||||||||||
| 25,000 | 5.336 | 01/23/35 | 25,089 | |||||||||||||
| (Secured Overnight Financing Rate + 1.800%) | ||||||||||||||||
| 11,324,000 | 4.586 | 04/26/33 | 10,841,145 | |||||||||||||
| (Secured Overnight Financing Rate + 2.040%) | ||||||||||||||||
| 400,000 | 2.522 | 04/22/31 | 346,056 | |||||||||||||
| (Secured Overnight Financing Rate + 2.080%) | ||||||||||||||||
| 2,355,000 | 4.912 | 07/25/33 | 2,304,085 | |||||||||||||
| KeyCorp (a)(c) (Secured Overnight Financing Rate + 1.250%) |
| |||||||||||||||
| 2,775,000 | 3.878 | 05/23/25 | 2,762,568 | |||||||||||||
| Lloyds Banking Group PLC | ||||||||||||||||
| 1,575,000 | 4.582 | 12/10/25 | 1,544,114 | |||||||||||||
| (1 yr. CMT + 0.850%) | ||||||||||||||||
| 350,000 | 1.627 | (a)(c) | 05/11/27 | 322,273 | ||||||||||||
| M&T Bank Corp. (a)(c) (Secured Overnight Financing Rate + |
| |||||||||||||||
| 2.260%) | ||||||||||||||||
| 1,185,000 | 6.082 | 03/13/32 | 1,183,234 | |||||||||||||
| Macquarie Group Ltd. (a)(b)(c) | ||||||||||||||||
| (3 mo. USD LIBOR + 1.372%) | ||||||||||||||||
| 1,900,000 | 3.763 | 11/28/28 | 1,789,610 | |||||||||||||
| (Secured Overnight Financing Rate + 1.069%) | ||||||||||||||||
| 2,200,000 | 1.340 | 01/12/27 | 2,040,918 | |||||||||||||
| Morgan Stanley (a)(c) | ||||||||||||||||
| 2,720,000 | 3.971 | 07/22/38 | 2,327,096 | |||||||||||||
| (Secured Overnight Financing Rate + 1.143%) | ||||||||||||||||
| 650,000 | 2.699 | 01/22/31 | 568,068 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Banks – (continued) | ||||||||||||||||
| (Secured Overnight Financing Rate + 1.200%) | ||||||||||||||||
| $ | 500,000 | 2.511 | % | 10/20/32 | $ | 413,155 | ||||||||||
| (Secured Overnight Financing Rate + 1.290%) | ||||||||||||||||
| 972,000 | 2.943 | 01/21/33 | 825,685 | |||||||||||||
| (Secured Overnight Financing Rate + 1.360%) | ||||||||||||||||
| 725,000 | 2.484 | 09/16/36 | 573,076 | |||||||||||||
| (Secured Overnight Financing Rate + 1.590%) | ||||||||||||||||
| 1,645,000 | 5.164 | 04/20/29 | 1,643,964 | |||||||||||||
| (Secured Overnight Financing Rate + 1.610%) | ||||||||||||||||
| 625,000 | 4.210 | 04/20/28 | 607,306 | |||||||||||||
| (Secured Overnight Financing Rate + 1.630%) | ||||||||||||||||
| 6,385,000 | 5.449 | 07/20/29 | 6,439,975 | |||||||||||||
| (Secured Overnight Financing Rate + 1.730%) | ||||||||||||||||
| 255,000 | 5.466 | 01/18/35 | 257,275 | |||||||||||||
| (Secured Overnight Financing Rate + 2.076%) | ||||||||||||||||
| 2,831,000 | 4.889 | 07/20/33 | 2,745,985 | |||||||||||||
| Santander U.K. Group Holdings PLC (a)(c) | ||||||||||||||||
| (3 mo. USD LIBOR + 1.400%) | ||||||||||||||||
| 325,000 | 3.823 | 11/03/28 | 305,721 | |||||||||||||
| (Secured Overnight Financing Rate + 1.220%) | ||||||||||||||||
| 550,000 | 2.469 | 01/11/28 | 505,296 | |||||||||||||
| Shinhan Bank Co. Ltd. (b) | ||||||||||||||||
| 260,000 | 4.500 | 04/12/28 | 256,019 | |||||||||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||||||||||
| 1,555,000 | 5.808 | 09/14/33 | 1,631,459 | |||||||||||||
| Truist Financial Corp. (a)(c) | ||||||||||||||||
| (Secured Overnight Financing Rate + 1.922%) | ||||||||||||||||
| 685,000 | 5.711 | 01/24/35 | 688,172 | |||||||||||||
| (Secured Overnight Financing Rate + 2.050%) | ||||||||||||||||
| 700,000 | 6.047 | 06/08/27 | 709,380 | |||||||||||||
| U.S. Bancorp (a)(c) (Secured Overnight Financing Rate + 2.020%) |
| |||||||||||||||
| 1,260,000 | 5.775 | 06/12/29 | 1,282,151 | |||||||||||||
| UBS Group AG (a)(b) | ||||||||||||||||
| 7,097,000 | 4.282 | 01/09/28 | 6,846,263 | |||||||||||||
| (5 yr. CMT + 4.758%) | ||||||||||||||||
| 405,000 | 9.250 | (c) | 11/13/33 | 456,597 | ||||||||||||
| (Secured Overnight Financing Rate + 0.980%) | ||||||||||||||||
| 4,925,000 | 1.305 | (c) | 02/02/27 | 4,549,173 | ||||||||||||
| (Secured Overnight Financing Rate + 1.560%) | ||||||||||||||||
| 3,071,000 | 2.593 | (c) | 09/11/25 | 3,027,730 | ||||||||||||
| (Secured Overnight Financing Rate + 3.340%) | ||||||||||||||||
| 1,300,000 | 6.373 | (c) | 07/15/26 | 1,309,516 | ||||||||||||
| (Secured Overnight Financing Rate + 5.020%) | ||||||||||||||||
| 1,875,000 | 9.016 | (c) | 11/15/33 | 2,275,969 | ||||||||||||
| Wells Fargo & Co. (a)(c) | ||||||||||||||||
| (3 mo. USD Term SOFR + 1.572%) | ||||||||||||||||
| 2,573,000 | 3.584 | 05/22/28 | 2,445,353 | |||||||||||||
| (Secured Overnight Financing Rate + 1.510%) | ||||||||||||||||
| 1,325,000 | 3.526 | 03/24/28 | 1,261,228 | |||||||||||||
| (Secured Overnight Financing Rate + 1.980%) | ||||||||||||||||
| 1,135,000 | 4.808 | 07/25/28 | 1,118,418 | |||||||||||||
| (Secured Overnight Financing Rate + 2.100%) | ||||||||||||||||
| 3,403,000 | 4.897 | 07/25/33 | 3,276,851 | |||||||||||||
| Wells Fargo Bank NA | ||||||||||||||||
| 824,000 | 5.950 | 08/26/36 | 854,274 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Banks – (continued) | ||||||||||||||||
| Westpac Banking Corp. (a)(c) | ||||||||||||||||
| (5 yr. CMT + 1.350%) | ||||||||||||||||
| $ | 375,000 | 2.894 | % | 02/04/30 | $ | 364,883 | ||||||||||
| (5 yr. CMT + 2.000%) | ||||||||||||||||
| 1,300,000 | 4.110 | 07/24/34 | 1,202,032 | |||||||||||||
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 2.236%) |
| |||||||||||||||
| 125,000 | 4.322 | 11/23/31 | 120,619 | |||||||||||||
|
|
|
|||||||||||||||
| 149,532,382 | ||||||||||||||||
|
|
||||||||||||||||
| Beverages – 2.6% | ||||||||||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (a) |
| |||||||||||||||
| 6,400,000 | 4.700 | 02/01/36 | 6,211,904 | |||||||||||||
| Anheuser-Busch InBev Finance, Inc. (a) | ||||||||||||||||
| 600,000 | 4.700 | 02/01/36 | 577,272 | |||||||||||||
| Anheuser-Busch InBev Worldwide, Inc. | ||||||||||||||||
| 655,000 | 8.200 | 01/15/39 | 849,679 | |||||||||||||
| 175,000 | 5.450 | (a) | 01/23/39 | 180,611 | ||||||||||||
| Bacardi Ltd. (a)(b) | ||||||||||||||||
| 2,275,000 | 4.700 | 05/15/28 | 2,214,553 | |||||||||||||
| 700,000 | 5.300 | 05/15/48 | 656,901 | |||||||||||||
| Bacardi Ltd./Bacardi-Martini BV (a)(b) | ||||||||||||||||
| 1,475,000 | 5.900 | 06/15/43 | 1,482,478 | |||||||||||||
| Constellation Brands, Inc. (a) | ||||||||||||||||
| 450,000 | 4.350 | 05/09/27 | 440,640 | |||||||||||||
| 350,000 | 4.650 | 11/15/28 | 344,407 | |||||||||||||
| 455,000 | 4.800 | 01/15/29 | 451,037 | |||||||||||||
| 775,000 | 2.250 | 08/01/31 | 640,289 | |||||||||||||
| 1,256,000 | 4.750 | 05/09/32 | 1,227,125 | |||||||||||||
| 50,000 | 4.500 | 05/09/47 | 42,836 | |||||||||||||
| JDE Peet’s NV (a)(b) | ||||||||||||||||
| 1,970,000 | 2.250 | 09/24/31 | 1,564,771 | |||||||||||||
| Keurig Dr Pepper, Inc. (a) | ||||||||||||||||
| 325,000 | 4.500 | 11/15/45 | 284,814 | |||||||||||||
|
|
|
|||||||||||||||
| 17,169,317 | ||||||||||||||||
|
|
||||||||||||||||
| Biotechnology(a) – 2.2% | ||||||||||||||||
| Amgen, Inc. |
| |||||||||||||||
| 980,000 | 5.150 | 03/02/28 | 986,782 | |||||||||||||
| 2,065,000 | 5.250 | 03/02/30 | 2,097,586 | |||||||||||||
| 5,000,000 | 4.200 | 03/01/33 | 4,674,250 | |||||||||||||
| 1,773,000 | 5.250 | 03/02/33 | 1,788,070 | |||||||||||||
| 175,000 | 4.400 | 05/01/45 | 151,939 | |||||||||||||
| 2,923,000 | 5.650 | 03/02/53 | 2,978,946 | |||||||||||||
| Royalty Pharma PLC | ||||||||||||||||
| 2,050,000 | 1.750 | 09/02/27 | 1,830,629 | |||||||||||||
|
|
|
|||||||||||||||
| 14,508,202 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(a) – 0.4% | ||||||||||||||||
| Carrier Global Corp. |
| |||||||||||||||
| 2,205,000 | 5.900 | 03/15/34 | 2,318,315 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Building Materials(a) – (continued) | ||||||||||||||||
| Fortune Brands Innovations, Inc. | ||||||||||||||||
| $ | 672,000 | 4.000 | % | 03/25/32 | $ | 614,255 | ||||||||||
|
|
|
|||||||||||||||
| 2,932,570 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(a) – 1.3% | ||||||||||||||||
| Celanese U.S. Holdings LLC |
||||||||||||||||
| 1,240,000 | 6.165 | 07/15/27 | 1,263,027 | |||||||||||||
| 715,000 | 6.350 | 11/15/28 | 741,855 | |||||||||||||
| 1,250,000 | 6.550 | 11/15/30 | 1,316,150 | |||||||||||||
| DuPont de Nemours, Inc. | ||||||||||||||||
| 125,000 | 5.319 | 11/15/38 | 124,658 | |||||||||||||
| Eastman Chemical Co. | ||||||||||||||||
| 1,780,000 | 5.625 | 02/20/34 | 1,790,983 | |||||||||||||
| Huntsman International LLC | ||||||||||||||||
| 1,050,000 | 4.500 | 05/01/29 | 1,002,886 | |||||||||||||
| International Flavors & Fragrances, Inc. (b) | ||||||||||||||||
| 1,075,000 | 3.268 | 11/15/40 | 765,486 | |||||||||||||
| LYB International Finance BV | ||||||||||||||||
| 725,000 | 4.875 | 03/15/44 | 643,285 | |||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||
| 475,000 | 3.450 | 06/01/27 | 454,024 | |||||||||||||
| 475,000 | 4.000 | 12/15/42 | 391,847 | |||||||||||||
|
|
|
|||||||||||||||
| 8,494,201 | ||||||||||||||||
|
|
||||||||||||||||
| Coal(a) – 0.1% | ||||||||||||||||
| Teck Resources Ltd. |
| |||||||||||||||
| 692,000 | 3.900 | 07/15/30 | 638,162 | |||||||||||||
|
|
||||||||||||||||
| Commercial Services – 0.6% | ||||||||||||||||
| Ashtead Capital, Inc. (a)(b) |
| |||||||||||||||
| 925,000 | 1.500 | 08/12/26 | 843,008 | |||||||||||||
| 525,000 | 2.450 | 08/12/31 | 426,479 | |||||||||||||
| 1,206,000 | 5.800 | 04/15/34 | 1,205,180 | |||||||||||||
| DP World Ltd. | ||||||||||||||||
| 360,000 | 5.625 | 09/25/48 | 343,220 | |||||||||||||
| Global Payments, Inc. (a) | ||||||||||||||||
| 1,150,000 | 4.450 | 06/01/28 | 1,112,395 | |||||||||||||
|
|
|
|||||||||||||||
| 3,930,282 | ||||||||||||||||
|
|
||||||||||||||||
| Computers – 0.8% | ||||||||||||||||
| Dell International LLC/EMC Corp. (a) |
| |||||||||||||||
| 768,000 | 6.020 | 06/15/26 | 778,099 | |||||||||||||
| 375,000 | 4.900 | 10/01/26 | 372,499 | |||||||||||||
| 1,599,000 | 5.300 | 10/01/29 | 1,618,316 | |||||||||||||
| 225,000 | 6.200 | 07/15/30 | 236,925 | |||||||||||||
| Dell, Inc. | ||||||||||||||||
| 2,075,000 | 7.100 | 04/15/28 | 2,228,592 | |||||||||||||
| Hewlett Packard Enterprise Co. (a) | ||||||||||||||||
| 341,000 | 6.200 | 10/15/35 | 363,093 | |||||||||||||
| 80,000 | 6.350 | 10/15/45 | 85,503 | |||||||||||||
|
|
|
|||||||||||||||
| 5,683,027 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 4.9% | ||||||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a) |
| |||||||||||||||
| 5,485,000 | 6.500 | 07/15/25 | 5,541,331 | |||||||||||||
| 725,000 | 6.450 | (b) | 04/15/27 | 744,459 | ||||||||||||
|
|
||||||||||||||||
| 98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Diversified Financial Services – (continued) | ||||||||||||||||
| $ | 850,000 | 4.625 | % | 10/15/27 | $ | 828,946 | ||||||||||
| 775,000 | 3.000 | 10/29/28 | 701,964 | |||||||||||||
| 680,000 | 5.100 | 01/19/29 | 676,185 | |||||||||||||
| Air Lease Corp. (a) |
||||||||||||||||
| 2,150,000 | 3.375 | 07/01/25 | 2,095,110 | |||||||||||||
| 3,525,000 | 2.875 | 01/15/26 | 3,372,649 | |||||||||||||
| 1,475,000 | 3.750 | 06/01/26 | 1,422,903 | |||||||||||||
| 325,000 | 3.625 | 04/01/27 | 309,923 | |||||||||||||
| Ally Financial, Inc. | ||||||||||||||||
| 950,000 | 4.625 | 03/30/25 | 940,187 | |||||||||||||
| 1,335,000 | 4.750 | (a) | 06/09/27 | 1,297,153 | ||||||||||||
| 1,575,000 | 2.200 | (a) | 11/02/28 | 1,351,240 | ||||||||||||
| Aviation Capital Group LLC (a)(b) | ||||||||||||||||
| 2,675,000 | 1.950 | 01/30/26 | 2,496,470 | |||||||||||||
| Avolon Holdings Funding Ltd. (a)(b) | ||||||||||||||||
| 750,000 | 3.950 | 07/01/24 | 745,800 | |||||||||||||
| 3,750,000 | 4.250 | 04/15/26 | 3,622,575 | |||||||||||||
| 1,450,000 | 3.250 | 02/15/27 | 1,347,094 | |||||||||||||
| Capital One Financial Corp. (a)(c) (Secured Overnight Financing Rate + 3.070%) |
| |||||||||||||||
| 1,165,000 | 7.624 | 10/30/31 | 1,286,847 | |||||||||||||
| Charles Schwab Corp. (a)(c) (5 yr. CMT + 4.971%) | ||||||||||||||||
| 583,000 | 5.375 | 06/01/25 | 578,727 | |||||||||||||
| Discover Financial Services (a) |
||||||||||||||||
| 800,000 | 4.100 | 02/09/27 | 771,600 | |||||||||||||
| Macquarie Airfinance Holdings Ltd. (a)(b) |
||||||||||||||||
| 135,000 | 6.400 | 03/26/29 | 137,070 | |||||||||||||
| Nomura Holdings, Inc. |
||||||||||||||||
| 2,375,000 | 1.653 | 07/14/26 | 2,183,052 | |||||||||||||
|
|
|
|||||||||||||||
| 32,451,285 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical – 4.0% | ||||||||||||||||
| American Electric Power Co., Inc. (a) |
||||||||||||||||
| 350,000 | 2.300 | 03/01/30 | 297,808 | |||||||||||||
| Berkshire Hathaway Energy Co. |
||||||||||||||||
| 767,000 | 6.125 | 04/01/36 | 815,751 | |||||||||||||
| 500,000 | 2.850 | (a) | 05/15/51 | 321,780 | ||||||||||||
| CMS Energy Corp. (a) |
||||||||||||||||
| 500,000 | 4.875 | 03/01/44 | 466,320 | |||||||||||||
| Dominion Energy, Inc. (a) |
||||||||||||||||
| 2,325,000 | 3.375 | 04/01/30 | 2,115,587 | |||||||||||||
| DTE Energy Co. (a) |
||||||||||||||||
| 4,736,000 | 4.875 | 06/01/28 | 4,686,793 | |||||||||||||
| Duke Energy Corp. (a) |
||||||||||||||||
| 400,000 | 4.800 | 12/15/45 | 355,572 | |||||||||||||
| Duquesne Light Holdings, Inc. (a)(b) |
||||||||||||||||
| 1,075,000 | 2.532 | 10/01/30 | 890,895 | |||||||||||||
| Emera U.S. Finance LP (a) |
||||||||||||||||
| 575,000 | 3.550 | 06/15/26 | 551,793 | |||||||||||||
| NextEra Energy Capital Holdings, Inc. (a) |
||||||||||||||||
| 3,050,000 | 1.875 | 01/15/27 | 2,793,281 | |||||||||||||
| 2,055,000 | 1.900 | 06/15/28 | 1,820,709 | |||||||||||||
| Pacific Gas & Electric Co. (a) |
||||||||||||||||
| 250,000 | 2.950 | 03/01/26 | 238,753 | |||||||||||||
| 675,000 | 2.100 | 08/01/27 | 607,838 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Electrical – (continued) | ||||||||||||||||
| PacifiCorp (a) | ||||||||||||||||
| $ | 2,090,000 | 5.800 | % | 01/15/55 | $ | 2,060,677 | ||||||||||
| Progress Energy, Inc. |
||||||||||||||||
| 1,400,000 | 7.000 | 10/30/31 | 1,548,974 | |||||||||||||
| Public Service Electric & Gas Co. (a) |
||||||||||||||||
| 975,000 | 3.950 | 05/01/42 | 819,751 | |||||||||||||
| Sempra (a) |
||||||||||||||||
| 1,125,000 | 3.800 | 02/01/38 | 936,596 | |||||||||||||
| Southern California Edison Co. (a) |
||||||||||||||||
| 1,325,000 | 4.200 | 03/01/29 | 1,277,711 | |||||||||||||
| 275,000 | 4.050 | 03/15/42 | 226,765 | |||||||||||||
| Southern Co. (a) |
||||||||||||||||
| 900,000 | 4.400 | 07/01/46 | 776,547 | |||||||||||||
| Vistra Operations Co. LLC (a)(b) |
||||||||||||||||
| 975,000 | 4.300 | 07/15/29 | 915,135 | |||||||||||||
| Xcel Energy, Inc. (a) |
||||||||||||||||
| 2,380,000 | 3.350 | 12/01/26 | 2,257,287 | |||||||||||||
|
|
|
|||||||||||||||
| 26,782,323 | ||||||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(a) – 0.2% | ||||||||||||||||
| Mexico City Airport Trust |
||||||||||||||||
| 240,000 | 3.875 | (b) | 04/30/28 | 225,075 | ||||||||||||
| 800,000 | 5.500 | 07/31/47 | 675,250 | |||||||||||||
| 220,000 | 5.500 | (b) | 07/31/47 | 185,694 | ||||||||||||
|
|
|
|||||||||||||||
| 1,086,019 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(a) – 1.0% | ||||||||||||||||
| Warnermedia Holdings, Inc. |
||||||||||||||||
| 6,050,000 | 4.279 | 03/15/32 | 5,407,430 | |||||||||||||
| 1,291,000 | 5.050 | 03/15/42 | 1,107,523 | |||||||||||||
|
|
|
|||||||||||||||
| 6,514,953 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(a)(b) – 0.3% | ||||||||||||||||
| Veralto Corp. |
||||||||||||||||
| 775,000 | 5.500 | 09/18/26 | 777,868 | |||||||||||||
| 1,355,000 | 5.450 | 09/18/33 | 1,371,639 | |||||||||||||
|
|
|
|||||||||||||||
| 2,149,507 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing(a) – 1.6% | ||||||||||||||||
| Campbell Soup Co. |
||||||||||||||||
| 2,239,000 | 5.400 | 03/21/34 | 2,255,210 | |||||||||||||
| Grupo Bimbo SAB de CV |
||||||||||||||||
| 1,070,000 | 4.700 | 11/10/47 | 928,559 | |||||||||||||
| J M Smucker Co. |
||||||||||||||||
| 5,855,000 | 6.200 | 11/15/33 | 6,251,501 | |||||||||||||
| Sysco Corp. |
||||||||||||||||
| 1,250,000 | 3.300 | 07/15/26 | 1,200,537 | |||||||||||||
| 150,000 | 6.600 | 04/01/40 | 166,256 | |||||||||||||
| 75,000 | 4.450 | 03/15/48 | 63,759 | |||||||||||||
|
|
|
|||||||||||||||
| 10,865,822 | ||||||||||||||||
|
|
||||||||||||||||
| Gas(a) – 0.1% | ||||||||||||||||
| NiSource, Inc. |
||||||||||||||||
| 850,000 | 3.600 | 05/01/30 | 783,675 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Healthcare Providers & Services – 4.9% | ||||||||||||||||
| Baxter International, Inc. (a) | ||||||||||||||||
| $ | 375,000 | 1.915 | % | 02/01/27 | $ | 342,375 | ||||||||||
| Centene Corp. (a) | ||||||||||||||||
| 950,000 | 4.250 | 12/15/27 | 905,920 | |||||||||||||
| CommonSpirit Health | ||||||||||||||||
| 150,000 | 4.350 | 11/01/42 | 130,834 | |||||||||||||
| 510,000 | 6.461 | (a) | 11/01/52 | 586,077 | ||||||||||||
| GE HealthCare Technologies, Inc. (a) | ||||||||||||||||
| 4,900,000 | 5.650 | 11/15/27 | 4,989,425 | |||||||||||||
| 625,000 | 5.857 | 03/15/30 | 650,288 | |||||||||||||
| HCA, Inc. (a) | ||||||||||||||||
| 4,800,000 | 5.250 | 06/15/26 | 4,786,272 | |||||||||||||
| 4,030,000 | 3.500 | 09/01/30 | 3,642,475 | |||||||||||||
| 1,145,000 | 5.500 | 06/01/33 | 1,148,149 | |||||||||||||
| Humana, Inc. (a) | ||||||||||||||||
| 1,395,000 | 5.375 | 04/15/31 | 1,396,311 | |||||||||||||
| 1,075,000 | 5.950 | 03/15/34 | 1,116,893 | |||||||||||||
| IQVIA, Inc. (a) | ||||||||||||||||
| 1,140,000 | 6.250 | 02/01/29 | 1,183,901 | |||||||||||||
| Novant Health, Inc. (a) | ||||||||||||||||
| 710,000 | 3.168 | 11/01/51 | 496,232 | |||||||||||||
| Revvity, Inc. (a) | ||||||||||||||||
| 1,405,000 | 1.900 | 09/15/28 | 1,224,359 | |||||||||||||
| 1,200,000 | 3.300 | 09/15/29 | 1,089,444 | |||||||||||||
| Solventum Corp. (a)(b) | ||||||||||||||||
| 1,230,000 | 5.400 | 03/01/29 | 1,232,891 | |||||||||||||
| 2,130,000 | 5.600 | 03/23/34 | 2,136,709 | |||||||||||||
| STERIS Irish FinCo UnLtd Co. (a) | ||||||||||||||||
| 218,000 | 2.700 | 03/15/31 | 186,272 | |||||||||||||
| UnitedHealth Group, Inc. | ||||||||||||||||
| 1,100,000 | 5.800 | 03/15/36 | 1,179,948 | |||||||||||||
| 520,000 | 2.750 | (a) | 05/15/40 | 382,611 | ||||||||||||
| 766,000 | 5.050 | (a) | 04/15/53 | 744,698 | ||||||||||||
| 2,625,000 | 6.050 | (a) | 02/15/63 | 2,890,414 | ||||||||||||
|
|
|
|||||||||||||||
| 32,442,498 | ||||||||||||||||
|
|
||||||||||||||||
| Home Builders(a) – 0.1% | ||||||||||||||||
| Lennar Corp. |
||||||||||||||||
| 525,000 | 4.750 | 11/29/27 | 518,537 | |||||||||||||
|
|
||||||||||||||||
| Insurance – 1.2% | ||||||||||||||||
| American International Group, Inc. |
||||||||||||||||
| 700,000 | 6.250 | 05/01/36 | 736,330 | |||||||||||||
| 598,000 | 4.500 | (a) | 07/16/44 | 533,894 | ||||||||||||
| 200,000 | 4.800 | (a) | 07/10/45 | 186,280 | ||||||||||||
| Arch Capital Finance LLC (a) | ||||||||||||||||
| 400,000 | 4.011 | 12/15/26 | 388,052 | |||||||||||||
| Arch Capital Group Ltd. | ||||||||||||||||
| 595,000 | 7.350 | 05/01/34 | 672,582 | |||||||||||||
| Hartford Financial Services Group, Inc. | ||||||||||||||||
| 200,000 | 6.625 | 04/15/42 | 201,648 | |||||||||||||
| MetLife, Inc. | ||||||||||||||||
| 625,000 | 6.375 | 06/15/34 | 682,400 | |||||||||||||
| 475,000 | 4.721 | 12/15/44 | 426,346 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Insurance – (continued) | ||||||||||||||||
| Principal Financial Group, Inc. | ||||||||||||||||
| $ | 150,000 | 6.050 | % | 10/15/36 | $ | 160,262 | ||||||||||
| Prudential Financial, Inc. | ||||||||||||||||
| 1,850,000 | 5.700 | 12/14/36 | 1,943,166 | |||||||||||||
| Teachers Insurance & Annuity Association of America (b) |
| |||||||||||||||
| 890,000 | 4.900 | 09/15/44 | 815,961 | |||||||||||||
| Willis North America, Inc. (a) | ||||||||||||||||
| 1,200,000 | 2.950 | 09/15/29 | 1,075,752 | |||||||||||||
|
|
|
|||||||||||||||
| 7,822,673 | ||||||||||||||||
|
|
||||||||||||||||
| Internet – 1.3% | ||||||||||||||||
| Expedia Group, Inc. (a) |
||||||||||||||||
| 2,125,000 | 3.250 | 02/15/30 | 1,913,796 | |||||||||||||
| 196,000 | 2.950 | 03/15/31 | 170,845 | |||||||||||||
| Netflix, Inc. | ||||||||||||||||
| 1,265,000 | 4.875 | 04/15/28 | 1,262,445 | |||||||||||||
| 4,565,000 | 4.875 | (a)(b) | 06/15/30 | 4,534,141 | ||||||||||||
| Prosus NV (a) | ||||||||||||||||
| 200,000 | 3.680 | (b) | 01/21/30 | 174,850 | ||||||||||||
| 200,000 | 3.680 | 01/21/30 | 174,850 | |||||||||||||
| 580,000 | 3.061 | 07/13/31 | 468,350 | |||||||||||||
|
|
|
|||||||||||||||
| 8,699,277 | ||||||||||||||||
|
|
||||||||||||||||
| Investment Companies(a) – 0.4% | ||||||||||||||||
| Blackstone Private Credit Fund |
||||||||||||||||
| 2,425,000 | 2.625 | 12/15/26 | 2,214,971 | |||||||||||||
| 125,000 | 3.250 | 03/15/27 | 115,342 | |||||||||||||
| JAB Holdings BV (b) | ||||||||||||||||
| 700,000 | 2.200 | 11/23/30 | 558,866 | |||||||||||||
|
|
|
|||||||||||||||
| 2,889,179 | ||||||||||||||||
|
|
||||||||||||||||
| Iron/Steel – 0.4% | ||||||||||||||||
| ArcelorMittal SA |
||||||||||||||||
| 950,000 | 4.550 | 03/11/26 | 935,465 | |||||||||||||
| POSCO (b) | ||||||||||||||||
| 240,000 | 5.750 | 01/17/28 | 243,225 | |||||||||||||
| Steel Dynamics, Inc. (a) | ||||||||||||||||
| 1,950,000 | 1.650 | 10/15/27 | 1,739,010 | |||||||||||||
|
|
|
|||||||||||||||
| 2,917,700 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 0.6% | ||||||||||||||||
| Marriott International, Inc. |
||||||||||||||||
| 543,000 | 4.000 | 04/15/28 | 522,724 | |||||||||||||
| 1,350,000 | 5.550 | 10/15/28 | 1,379,268 | |||||||||||||
| 675,000 | 4.650 | 12/01/28 | 663,579 | |||||||||||||
| 525,000 | 4.900 | 04/15/29 | 521,157 | |||||||||||||
| 759,000 | 4.875 | 05/15/29 | 751,623 | |||||||||||||
|
|
|
|||||||||||||||
| 3,838,351 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery - Construction & Mining(a)(b) – 0.1% | ||||||||||||||||
| Weir Group PLC |
||||||||||||||||
| 925,000 | 2.200 | 05/13/26 | 858,307 | |||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a) – 0.5% | ||||||||||||||||
| AGCO Corp. |
||||||||||||||||
| 625,000 | 5.800 | 03/21/34 | 632,838 | |||||||||||||
|
|
||||||||||||||||
| 100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Machinery-Diversified(a) – (continued) | ||||||||||||||||
| Ingersoll Rand, Inc. |
||||||||||||||||
| $ | 465,000 | 5.700 | % | 08/14/33 | $ | 477,132 | ||||||||||
| Nordson Corp. |
||||||||||||||||
| 2,075,000 | 5.800 | 09/15/33 | 2,165,864 | |||||||||||||
|
|
|
|||||||||||||||
| 3,275,834 | ||||||||||||||||
|
|
||||||||||||||||
| Media – 3.6% | ||||||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital (a) |
| |||||||||||||||
| 9,620,000 | 4.908 | 07/23/25 | 9,506,003 | |||||||||||||
| 1,050,000 | 3.750 | 02/15/28 | 974,159 | |||||||||||||
| 5,125,000 | 4.200 | 03/15/28 | 4,828,519 | |||||||||||||
| 256,000 | 6.650 | 02/01/34 | 262,377 | |||||||||||||
| 625,000 | 6.384 | 10/23/35 | 618,188 | |||||||||||||
| Comcast Corp. |
||||||||||||||||
| 150,000 | 3.250 | (a) | 11/01/39 | 117,633 | ||||||||||||
| 475,000 | 3.750 | (a) | 04/01/40 | 394,663 | ||||||||||||
| 75,000 | 4.750 | 03/01/44 | 68,904 | |||||||||||||
| Discovery Communications LLC (a) |
||||||||||||||||
| 3,125,000 | 4.900 | 03/11/26 | 3,093,812 | |||||||||||||
| Time Warner Cable Enterprises LLC |
||||||||||||||||
| 1,600,000 | 8.375 | 07/15/33 | 1,785,648 | |||||||||||||
| Time Warner Cable LLC (a) |
||||||||||||||||
| 675,000 | 5.875 | 11/15/40 | 588,890 | |||||||||||||
| Walt Disney Co. |
||||||||||||||||
| 1,400,000 | 6.400 | 12/15/35 | 1,564,570 | |||||||||||||
|
|
|
|||||||||||||||
| 23,803,366 | ||||||||||||||||
|
|
||||||||||||||||
| Mining(b) – 0.4% | ||||||||||||||||
| Glencore Finance Canada Ltd. |
||||||||||||||||
| 525,000 | 5.550 | 10/25/42 | 506,137 | |||||||||||||
| Glencore Funding LLC (a) |
||||||||||||||||
| 1,075,000 | 4.000 | 03/27/27 | 1,038,977 | |||||||||||||
| 925,000 | 2.850 | 04/27/31 | 789,635 | |||||||||||||
| 725,000 | 2.625 | 09/23/31 | 603,816 | |||||||||||||
|
|
|
|||||||||||||||
| 2,938,565 | ||||||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.3% | ||||||||||||||||
| GE Capital International Funding Co. Unlimited Co. |
||||||||||||||||
| 860,000 | 4.418 | 11/15/35 | 808,417 | |||||||||||||
| General Electric Co. |
||||||||||||||||
| 1,294,000 | 5.875 | 01/14/38 | 1,376,130 | |||||||||||||
|
|
|
|||||||||||||||
| 2,184,547 | ||||||||||||||||
|
|
||||||||||||||||
| Multi-National(a)(b) – 0.0% | ||||||||||||||||
| African Export-Import Bank |
||||||||||||||||
| 200,000 | 3.798 | 05/17/31 | 170,266 | |||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 2.7% | ||||||||||||||||
| Aker BP ASA (a)(b) |
||||||||||||||||
| 1,043,000 | 2.000 | 07/15/26 | 963,961 | |||||||||||||
| Canadian Natural Resources Ltd. (a) |
||||||||||||||||
| 1,400,000 | 3.850 | 06/01/27 | 1,349,544 | |||||||||||||
| Continental Resources, Inc. (a) |
||||||||||||||||
| 625,000 | 4.375 | 01/15/28 | 604,294 | |||||||||||||
| 925,000 | 5.750 | (b) | 01/15/31 | 919,589 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Oil Field Services – (continued) | ||||||||||||||||
| Diamondback Energy, Inc. (a) |
||||||||||||||||
| $ | 2,215,000 | 6.250 | % | 03/15/33 | $ | 2,361,899 | ||||||||||
| Marathon Oil Corp. |
||||||||||||||||
| 1,450,000 | 5.300 | (a) | 04/01/29 | 1,448,042 | ||||||||||||
| 900,000 | 6.800 | 03/15/32 | 971,244 | |||||||||||||
| Marathon Petroleum Corp. (a) |
||||||||||||||||
| 2,095,000 | 3.800 | 04/01/28 | 2,009,985 | |||||||||||||
| Occidental Petroleum Corp. (a) |
||||||||||||||||
| 2,500,000 | 8.875 | 07/15/30 | 2,916,350 | |||||||||||||
| Ovintiv, Inc. |
||||||||||||||||
| 800,000 | 5.375 | (a) | 01/01/26 | 797,440 | ||||||||||||
| 1,025,000 | 8.125 | 09/15/30 | 1,159,716 | |||||||||||||
| Pertamina Persero PT (a) |
||||||||||||||||
| 370,000 | 4.175 | 01/21/50 | 293,456 | |||||||||||||
| QatarEnergy (a)(b) |
||||||||||||||||
| 200,000 | 3.125 | 07/12/41 | 149,242 | |||||||||||||
| Reliance Industries Ltd. (b) |
||||||||||||||||
| 890,000 | 3.625 | 01/12/52 | 643,896 | |||||||||||||
| Saudi Arabian Oil Co. |
||||||||||||||||
| 1,100,000 | 3.500 | 04/16/29 | 1,025,035 | |||||||||||||
| Shell International Finance BV |
||||||||||||||||
| 225,000 | 6.375 | 12/15/38 | 254,837 | |||||||||||||
|
|
|
|||||||||||||||
| 17,868,530 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a) – 0.6% | ||||||||||||||||
| Berry Global, Inc. |
||||||||||||||||
| 1,800,000 | 1.570 | 01/15/26 | 1,685,196 | |||||||||||||
| 1,225,000 | 1.650 | 01/15/27 | 1,111,577 | |||||||||||||
| Smurfit Kappa Treasury ULC (b) |
||||||||||||||||
| 910,000 | 5.200 | 01/15/30 | 909,036 | |||||||||||||
|
|
|
|||||||||||||||
| 3,705,809 | ||||||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(a) – 4.1% | ||||||||||||||||
| AbbVie, Inc. |
||||||||||||||||
| 1,045,000 | 4.950 | 03/15/31 | 1,054,415 | |||||||||||||
| 1,520,000 | 5.050 | 03/15/34 | 1,538,802 | |||||||||||||
| 2,475,000 | 4.550 | 03/15/35 | 2,388,375 | |||||||||||||
| 2,850,000 | 4.500 | 05/14/35 | 2,740,931 | |||||||||||||
| 301,000 | 4.050 | 11/21/39 | 268,028 | |||||||||||||
| Becton Dickinson & Co. |
||||||||||||||||
| 439,000 | 4.685 | 12/15/44 | 396,689 | |||||||||||||
| Bristol-Myers Squibb Co. |
||||||||||||||||
| 1,684,000 | 5.200 | 02/22/34 | 1,710,304 | |||||||||||||
| 970,000 | 6.250 | 11/15/53 | 1,093,316 | |||||||||||||
| 940,000 | 5.550 | 02/22/54 | 967,580 | |||||||||||||
| Cardinal Health, Inc. |
||||||||||||||||
| 731,000 | 5.125 | 02/15/29 | 732,652 | |||||||||||||
| Cencora, Inc. |
||||||||||||||||
| 1,212,000 | 5.125 | 02/15/34 | 1,209,685 | |||||||||||||
| Cigna Group |
||||||||||||||||
| 1,598,000 | 2.400 | 03/15/30 | 1,380,161 | |||||||||||||
| 1,581,000 | 4.800 | 08/15/38 | 1,486,504 | |||||||||||||
| 1,675,000 | 4.900 | 12/15/48 | 1,526,076 | |||||||||||||
| CVS Health Corp. |
||||||||||||||||
| 2,925,000 | 3.000 | 08/15/26 | 2,789,134 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Pharmaceuticals(a) – (continued) | ||||||||||||||||
| $ | 1,125,000 | 4.875 | % | 07/20/35 | $ | 1,083,690 | ||||||||||
| 3,811,000 | 4.780 | 03/25/38 | 3,521,288 | |||||||||||||
| Perrigo Finance Unlimited Co. |
||||||||||||||||
| 1,425,000 | 4.375 | 03/15/26 | 1,387,166 | |||||||||||||
|
|
|
|||||||||||||||
| 27,274,796 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines – 5.0% | ||||||||||||||||
| Abu Dhabi Crude Oil Pipeline LLC (b) |
||||||||||||||||
| 490,000 | 4.600 | 11/02/47 | 439,775 | |||||||||||||
| Columbia Pipelines Operating Co. LLC (a)(b) |
||||||||||||||||
| 1,010,000 | 6.036 | 11/15/33 | 1,046,936 | |||||||||||||
| Enbridge, Inc. (a) |
||||||||||||||||
| 2,025,000 | 1.600 | 10/04/26 | 1,855,588 | |||||||||||||
| 940,000 | 6.200 | 11/15/30 | 996,522 | |||||||||||||
| 939,000 | 5.700 | 03/08/33 | 960,804 | |||||||||||||
| Energy Transfer LP (a) |
||||||||||||||||
| 550,000 | 5.950 | 12/01/25 | 553,349 | |||||||||||||
| 2,922,000 | 3.900 | 07/15/26 | 2,834,223 | |||||||||||||
| 525,000 | 4.200 | 04/15/27 | 510,694 | |||||||||||||
| 300,000 | 5.500 | 06/01/27 | 301,959 | |||||||||||||
| 354,000 | 4.950 | 05/15/28 | 351,090 | |||||||||||||
| 650,000 | 7.375 | (b) | 02/01/31 | 680,543 | ||||||||||||
| 1,472,000 | 6.550 | 12/01/33 | 1,577,425 | |||||||||||||
| 456,000 | 5.150 | 03/15/45 | 415,147 | |||||||||||||
| Enterprise Products Operating LLC |
||||||||||||||||
| 2,200,000 | 6.875 | 03/01/33 | 2,476,276 | |||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. (b) |
||||||||||||||||
| 200,000 | 2.625 | 03/31/36 | 163,188 | |||||||||||||
| Kinder Morgan Energy Partners LP |
||||||||||||||||
| 1,100,000 | 7.750 | 03/15/32 | 1,249,776 | |||||||||||||
| 650,000 | 6.550 | 09/15/40 | 681,980 | |||||||||||||
| MPLX LP (a) |
||||||||||||||||
| 1,750,000 | 2.650 | 08/15/30 | 1,505,945 | |||||||||||||
| 950,000 | 4.500 | 04/15/38 | 843,828 | |||||||||||||
| 520,000 | 5.500 | 02/15/49 | 495,726 | |||||||||||||
| ONEOK, Inc. (a) |
||||||||||||||||
| 1,668,000 | 5.550 | 11/01/26 | 1,684,180 | |||||||||||||
| 2,245,000 | 4.550 | 07/15/28 | 2,203,176 | |||||||||||||
| Plains All American Pipeline LP/PAA Finance Corp. (a) |
| |||||||||||||||
| 1,917,000 | 4.650 | 10/15/25 | 1,891,868 | |||||||||||||
| Sabine Pass Liquefaction LLC (a) |
||||||||||||||||
| 900,000 | 5.000 | 03/15/27 | 897,345 | |||||||||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. (a) |
| |||||||||||||||
| 775,000 | 4.875 | 02/01/31 | 743,473 | |||||||||||||
| Valero Energy Partners LP (a) |
||||||||||||||||
| 675,000 | 4.500 | 03/15/28 | 661,878 | |||||||||||||
| Western Midstream Operating LP (a) |
||||||||||||||||
| 2,307,000 | 5.450 | 04/01/44 | 2,118,680 | |||||||||||||
| Williams Cos., Inc. (a) |
||||||||||||||||
| 2,000,000 | 4.650 | 08/15/32 | 1,929,220 | |||||||||||||
| 950,000 | 5.650 | 03/15/33 | 975,602 | |||||||||||||
|
|
|
|||||||||||||||
| 33,046,196 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Real Estate(a) – 0.3% | ||||||||||||||||
| CBRE Services, Inc. |
||||||||||||||||
| $ | 450,000 | 5.500 | % | 04/01/29 | $ | 453,127 | ||||||||||
| 1,760,000 | 5.950 | 08/15/34 | 1,805,760 | |||||||||||||
|
|
|
|||||||||||||||
| 2,258,887 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust(a) – 3.9% | ||||||||||||||||
| Agree LP |
||||||||||||||||
| 295,000 | 4.800 | 10/01/32 | 278,934 | |||||||||||||
| American Homes 4 Rent LP |
||||||||||||||||
| 225,000 | 2.375 | 07/15/31 | 182,745 | |||||||||||||
| American Tower Corp. |
||||||||||||||||
| 2,475,000 | 3.375 | 10/15/26 | 2,365,605 | |||||||||||||
| Crown Castle, Inc. |
||||||||||||||||
| 3,025,000 | 4.000 | 03/01/27 | 2,927,020 | |||||||||||||
| 100,000 | 2.900 | 04/01/41 | 70,802 | |||||||||||||
| Digital Realty Trust LP |
||||||||||||||||
| 425,000 | 3.700 | 08/15/27 | 406,168 | |||||||||||||
| Essex Portfolio LP |
||||||||||||||||
| 2,375,000 | 3.000 | 01/15/30 | 2,106,910 | |||||||||||||
| GLP Capital LP/GLP Financing II, Inc. |
||||||||||||||||
| 2,886,000 | 5.375 | 04/15/26 | 2,862,219 | |||||||||||||
| 830,000 | 6.750 | 12/01/33 | 874,878 | |||||||||||||
| Healthcare Realty Holdings LP |
||||||||||||||||
| 875,000 | 2.050 | 03/15/31 | 675,045 | |||||||||||||
| Highwoods Realty LP |
||||||||||||||||
| 1,585,000 | 7.650 | 02/01/34 | 1,729,885 | |||||||||||||
| Invitation Homes Operating Partnership LP |
||||||||||||||||
| 600,000 | 2.300 | 11/15/28 | 531,048 | |||||||||||||
| 1,505,000 | 5.450 | 08/15/30 | 1,509,711 | |||||||||||||
| Kilroy Realty LP |
||||||||||||||||
| 670,000 | 6.250 | 01/15/36 | 655,287 | |||||||||||||
| Kimco Realty OP LLC |
||||||||||||||||
| 2,125,000 | 3.800 | 04/01/27 | 2,041,806 | |||||||||||||
| NNN REIT, Inc. |
||||||||||||||||
| 1,300,000 | 3.600 | 12/15/26 | 1,242,046 | |||||||||||||
| 870,000 | 5.600 | 10/15/33 | 880,553 | |||||||||||||
| Prologis Targeted U.S. Logistics Fund LP (b) |
||||||||||||||||
| 1,105,000 | 5.500 | 04/01/34 | 1,110,945 | |||||||||||||
| Realty Income Corp. |
||||||||||||||||
| 1,125,000 | 4.000 | 07/15/29 | 1,069,549 | |||||||||||||
| Retail Opportunity Investments Partnership LP |
||||||||||||||||
| 1,525,000 | 6.750 | 10/15/28 | 1,579,930 | |||||||||||||
| Simon Property Group LP |
||||||||||||||||
| 850,000 | 2.250 | 01/15/32 | 695,105 | |||||||||||||
| WP Carey, Inc. |
||||||||||||||||
| 50,000 | 2.400 | 02/01/31 | 41,550 | |||||||||||||
|
|
|
|||||||||||||||
| 25,837,741 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(a) – 1.2% | ||||||||||||||||
| 7-Eleven, Inc. (b) |
||||||||||||||||
| 1,280,000 | 2.500 | 02/10/41 | 861,837 | |||||||||||||
| AutoNation, Inc. |
||||||||||||||||
| 702,000 | 4.500 | 10/01/25 | 691,224 | |||||||||||||
| 1,425,000 | 4.750 | 06/01/30 | 1,369,625 | |||||||||||||
| 25,000 | 2.400 | 08/01/31 | 20,153 | |||||||||||||
|
|
||||||||||||||||
| 102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Retailing(a) – (continued) | ||||||||||||||||
| CK Hutchison International 23 Ltd. (b) |
||||||||||||||||
| $ | 220,000 | 4.750 | % | 04/21/28 | $ | 218,075 | ||||||||||
| Lowe’s Cos., Inc. |
||||||||||||||||
| 875,000 | 1.700 | 09/15/28 | 765,450 | |||||||||||||
| 300,000 | 5.000 | 04/15/33 | 298,905 | |||||||||||||
| 1,950,000 | 4.250 | 04/01/52 | 1,597,303 | |||||||||||||
| O’Reilly Automotive, Inc. |
||||||||||||||||
| 1,120,000 | 5.750 | 11/20/26 | 1,138,458 | |||||||||||||
| Tractor Supply Co. |
||||||||||||||||
| 680,000 | 5.250 | 05/15/33 | 683,978 | |||||||||||||
| Walgreens Boots Alliance, Inc. |
||||||||||||||||
| 243,000 | 4.100 | 04/15/50 | 178,607 | |||||||||||||
|
|
|
|||||||||||||||
| 7,823,615 | ||||||||||||||||
|
|
||||||||||||||||
| Savings & Loans(a)(b)(c) – 0.3% | ||||||||||||||||
| Nationwide Building Society (3 mo. USD LIBOR + 1.855%) |
| |||||||||||||||
| 2,525,000 | 3.960 | 07/18/30 | 2,337,594 | |||||||||||||
|
|
||||||||||||||||
| Semiconductors(a) – 2.8% | ||||||||||||||||
| Broadcom Corp./Broadcom Cayman Finance Ltd. |
||||||||||||||||
| 1,225,000 | 3.875 | 01/15/27 | 1,186,890 | |||||||||||||
| Broadcom, Inc. |
||||||||||||||||
| 1,175,000 | 3.459 | 09/15/26 | 1,130,573 | |||||||||||||
| 2,130,000 | 2.600 | (b) | 02/15/33 | 1,727,835 | ||||||||||||
| 1,025,000 | 3.419 | (b) | 04/15/33 | 887,353 | ||||||||||||
| 4,499,000 | 3.469 | (b) | 04/15/34 | 3,857,533 | ||||||||||||
| 3,289,000 | 3.137 | (b) | 11/15/35 | 2,658,663 | ||||||||||||
| 1,764,000 | 3.187 | (b) | 11/15/36 | 1,402,256 | ||||||||||||
| Intel Corp. | ||||||||||||||||
| 549,000 | 5.150 | 02/21/34 | 550,543 | |||||||||||||
| Marvell Technology, Inc. |
||||||||||||||||
| 660,000 | 5.950 | 09/15/33 | 684,050 | |||||||||||||
| Micron Technology, Inc. |
||||||||||||||||
| 450,000 | 4.975 | 02/06/26 | 447,669 | |||||||||||||
| 1,100,000 | 6.750 | 11/01/29 | 1,180,564 | |||||||||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
||||||||||||||||
| 1,050,000 | 3.875 | 06/18/26 | 1,019,319 | |||||||||||||
| 525,000 | 4.400 | 06/01/27 | 514,999 | |||||||||||||
| 730,000 | 4.300 | 06/18/29 | 703,282 | |||||||||||||
| 1,125,000 | 3.400 | 05/01/30 | 1,020,566 | |||||||||||||
|
|
|
|||||||||||||||
| 18,972,095 | ||||||||||||||||
|
|
||||||||||||||||
| Software(a) – 3.6% | ||||||||||||||||
| Black Knight InfoServ LLC (b) |
||||||||||||||||
| 350,000 | 3.625 | 09/01/28 | 330,925 | |||||||||||||
| Constellation Software, Inc. (b) |
||||||||||||||||
| 1,555,000 | 5.461 | 02/16/34 | 1,562,915 | |||||||||||||
| Fiserv, Inc. |
||||||||||||||||
| 2,575,000 | 3.200 | 07/01/26 | 2,468,189 | |||||||||||||
| MSCI, Inc. (b) |
||||||||||||||||
| 1,065,000 | 3.625 | 09/01/30 | 944,815 | |||||||||||||
| 1,945,000 | 3.875 | 02/15/31 | 1,733,656 | |||||||||||||
| 1,280,000 | 3.250 | 08/15/33 | 1,056,064 | |||||||||||||
| Oracle Corp. |
||||||||||||||||
| 1,267,000 | 2.800 | 04/01/27 | 1,188,750 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) | ||||||||||||||||
| Software(a) – (continued) | ||||||||||||||||
| $ | 2,062,000 | 2.950 | % | 04/01/30 | $ | 1,835,531 | ||||||||||
| 825,000 | 4.650 | 05/06/30 | 808,673 | |||||||||||||
| 3,200,000 | 2.875 | 03/25/31 | 2,783,104 | |||||||||||||
| 1,100,000 | 6.250 | 11/09/32 | 1,177,506 | |||||||||||||
| 837,000 | 4.900 | 02/06/33 | 819,314 | |||||||||||||
| 1,200,000 | 3.600 | 04/01/40 | 946,260 | |||||||||||||
| 1,500,000 | 4.000 | 11/15/47 | 1,171,485 | |||||||||||||
| 2,775,000 | 6.900 | 11/09/52 | 3,193,081 | |||||||||||||
| VMware LLC |
||||||||||||||||
| 1,075,000 | 1.800 | 08/15/28 | 936,906 | |||||||||||||
| Workday, Inc. |
||||||||||||||||
| 1,375,000 | 3.800 | 04/01/32 | 1,251,910 | |||||||||||||
|
|
|
|||||||||||||||
| 24,209,084 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services(a) – 5.7% | ||||||||||||||||
| AT&T, Inc. |
||||||||||||||||
| 6,017,000 | 3.800 | 02/15/27 | 5,826,261 | |||||||||||||
| 3,925,000 | 4.250 | 03/01/27 | 3,855,410 | |||||||||||||
| 875,000 | 2.250 | 02/01/32 | 711,323 | |||||||||||||
| 1,350,000 | 4.500 | 05/15/35 | 1,259,010 | |||||||||||||
| 175,000 | 4.900 | 08/15/37 | 165,946 | |||||||||||||
| 925,000 | 4.850 | 03/01/39 | 863,673 | |||||||||||||
| 75,000 | 4.350 | 06/15/45 | 63,956 | |||||||||||||
| 886,000 | 4.750 | 05/15/46 | 793,404 | |||||||||||||
| 775,000 | 5.150 | 11/15/46 | 732,515 | |||||||||||||
| Cisco Systems, Inc. |
||||||||||||||||
| 480,000 | 5.050 | 02/26/34 | 486,240 | |||||||||||||
| Rogers Communications, Inc. |
||||||||||||||||
| 3,328,000 | 3.800 | 03/15/32 | 2,995,366 | |||||||||||||
| 300,000 | 4.500 | 03/15/42 | 260,613 | |||||||||||||
| T-Mobile USA, Inc. |
||||||||||||||||
| 3,298,000 | 3.750 | 04/15/27 | 3,175,776 | |||||||||||||
| 425,000 | 4.750 | 02/01/28 | 419,441 | |||||||||||||
| 2,212,000 | 3.875 | 04/15/30 | 2,073,485 | |||||||||||||
| 1,055,000 | 2.875 | 02/15/31 | 917,449 | |||||||||||||
| 6,275,000 | 3.500 | 04/15/31 | 5,668,772 | |||||||||||||
| 1,975,000 | 5.200 | 01/15/33 | 1,977,172 | |||||||||||||
| 700,000 | 5.050 | 07/15/33 | 692,251 | |||||||||||||
| Verizon Communications, Inc. |
||||||||||||||||
| 476,000 | 4.016 | 12/03/29 | 454,275 | |||||||||||||
| 475,000 | 3.150 | 03/22/30 | 429,809 | |||||||||||||
| 1,950,000 | 1.750 | 01/20/31 | 1,583,068 | |||||||||||||
| 2,800,000 | 2.550 | 03/21/31 | 2,392,180 | |||||||||||||
|
|
|
|||||||||||||||
| 37,797,395 | ||||||||||||||||
|
|
||||||||||||||||
| Transportation – 0.3% | ||||||||||||||||
| Burlington Northern Santa Fe LLC |
||||||||||||||||
| 425,000 | 6.150 | 05/01/37 | 465,991 | |||||||||||||
| 1,225,000 | 5.750 | (a) | 05/01/40 | 1,294,519 | ||||||||||||
|
|
|
|||||||||||||||
| 1,760,510 | ||||||||||||||||
|
|
||||||||||||||||
| Trucking & Leasing(a)(b) – 0.4% | ||||||||||||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
||||||||||||||||
| 2,075,000 | 4.400 | 07/01/27 | 2,021,071 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – (continued) |
| |||||||||||||||
| Trucking & Leasing(a)(b) – (continued) |
| |||||||||||||||
| $ | 525,000 | 5.875 | % | 11/15/27 | $ | 534,030 | ||||||||||
|
|
|
|||||||||||||||
| 2,555,101 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $632,981,928) |
$ | 614,222,369 | ||||||||||||||
|
|
||||||||||||||||
| Sovereign Debt Obligations – 1.7% |
| |||||||||||||||
| Euro – 0.3% |
| |||||||||||||||
| Mexico Government International Bonds (a) |
||||||||||||||||
| EUR | 130,000 | 1.350 | % | 09/18/27 | $ | 130,521 | ||||||||||
| 1,152,000 | 1.450 | 10/25/33 | 975,237 | |||||||||||||
| Peru Government International Bonds (a) |
||||||||||||||||
| 100,000 | 1.250 | 03/11/33 | 85,600 | |||||||||||||
| Philippines Government International Bonds |
||||||||||||||||
| 450,000 | 0.700 | 02/03/29 | 423,316 | |||||||||||||
| Romania Government International Bonds (b) |
||||||||||||||||
| 90,000 | 2.124 | 07/16/31 | 79,376 | |||||||||||||
| 70,000 | 2.000 | 01/28/32 | 60,109 | |||||||||||||
|
|
|
|||||||||||||||
| 1,754,159 | ||||||||||||||||
|
|
||||||||||||||||
| United States Dollar – 1.4% |
| |||||||||||||||
| Chile Government International Bonds |
||||||||||||||||
| $ | 150,000 | 3.625 | 10/30/42 | 117,566 | ||||||||||||
| 200,000 | 3.500 | (a) | 01/25/50 | 145,730 | ||||||||||||
| Export-Import Bank of Korea |
||||||||||||||||
| 390,000 | 5.125 | 01/11/33 | 397,215 | |||||||||||||
| Hungary Government International Bonds |
||||||||||||||||
| 830,000 | 6.125 | 05/22/28 | 851,009 | |||||||||||||
| Indonesia Government International Bonds (b) |
||||||||||||||||
| 350,000 | 4.350 | 01/08/27 | 344,495 | |||||||||||||
| Mexico Government International Bonds (a) |
||||||||||||||||
| 2,540,000 | 3.250 | 04/16/30 | 2,261,870 | |||||||||||||
| 802,000 | 3.500 | 02/12/34 | 668,667 | |||||||||||||
| 1,399,000 | 3.771 | 05/24/61 | 911,099 | |||||||||||||
| 440,000 | 3.750 | 04/19/71 | 280,913 | |||||||||||||
| Panama Government International Bonds (a) |
||||||||||||||||
| 380,000 | 2.252 | 09/29/32 | 269,230 | |||||||||||||
| 650,000 | 6.853 | 03/28/54 | 587,275 | |||||||||||||
| 200,000 | 3.870 | 07/23/60 | 115,000 | |||||||||||||
| 390,000 | 4.500 | 01/19/63 | 249,356 | |||||||||||||
| Peru Government International Bonds (a) |
||||||||||||||||
| 430,000 | 2.780 | 12/01/60 | 248,191 | |||||||||||||
| Philippines Government International Bonds |
||||||||||||||||
| 210,000 | 2.650 | 12/10/45 | 139,059 | |||||||||||||
| Republic of Poland Government International Bonds (a) |
| |||||||||||||||
| 570,000 | 5.125 | 09/18/34 | 568,159 | |||||||||||||
| 700,000 | 5.500 | 03/18/54 | 694,785 | |||||||||||||
| Romania Government International Bonds |
||||||||||||||||
| 160,000 | 3.000 | (b) | 02/27/27 | 149,400 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Sovereign Debt Obligations – (continued) |
| |||||||||||||||
| United States Dollar – (continued) | ||||||||||||||||
| $ | 560,000 | 6.125 | % | 01/22/44 | $ | 545,825 | ||||||||||
|
|
|
|||||||||||||||
| 9,544,844 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $13,509,572) |
$ | 11,299,003 | ||||||||||||||
|
|
||||||||||||||||
| Municipal Debt Obligations – 0.5% | ||||||||||||||||
| California – 0.1% | ||||||||||||||||
| California State GO Bonds Build America Taxable Series 2009 |
| |||||||||||||||
| $ | 455,000 | 7.300 | % | 10/01/39 | $ | 535,187 | ||||||||||
|
|
||||||||||||||||
| Illinois – 0.4% | ||||||||||||||||
| Illinois State GO Bonds Build America Series 2010 |
||||||||||||||||
| 1,375,000 | 6.630 | 02/01/35 | 1,447,371 | |||||||||||||
| Illinois State GO Bonds Taxable-Pension Series 2003 |
||||||||||||||||
| 1,000,000 | 5.100 | 06/01/33 | 992,721 | |||||||||||||
|
|
|
|||||||||||||||
| 2,440,092 | ||||||||||||||||
|
|
||||||||||||||||
| Pennsylvania – 0.0% | ||||||||||||||||
| Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A |
| |||||||||||||||
| 335,000 | 2.991 | 06/01/42 | 253,851 | |||||||||||||
|
|
||||||||||||||||
| TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,153,291) |
$ | 3,229,130 | ||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations – 0.5% |
| |||||||||||||||
| U.S. Treasury Bonds | ||||||||||||||||
| $ | 2,470,000 | 2.250 | % | 02/15/52 | $ | 1,625,955 | ||||||||||
| 2,230,000 | 2.875 | (d) | 05/15/52 | 1,688,528 | ||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,331,041) |
$ | 3,314,483 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(e) – 0.9% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 5,607,607 | 5.211% | $ | 5,607,607 | |||||||||||||
| (Cost $5,607,607) | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 95.7% (Cost $658,583,439) |
$ | 637,672,592 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
28,951,163 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0 % | $ | 666,623,755 | ||||||||||||||
|
|
||||||||||||||||
| 104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| 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 March 31, 2024. | |
| (d) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. | |
| (e) | Represents an Affiliated Issuer. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain | ||||||||||||||||
|
|
||||||||||||||||||||
| BofA Securities LLC |
USD | 1,749,925 | EUR | 1,618,947 | 05/08/24 | $ 657 | ||||||||||||||
| MS & Co. Int PLC |
USD | 55,890 | CHF | 48,834 | 06/20/24 | 1,253 | ||||||||||||||
| UBS AG (London) |
USD | 192,175 | JPY | 28,300,663 | 06/20/24 | 2,889 | ||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $4,799 | |||||||||||||||||||
|
|
||||||||||||||||||||
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| |||||||||||||||||||
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss | ||||||||||||||||
|
|
||||||||||||||||||||
| BofA Securities LLC |
SEK | 778,990 | USD | 75,971 | 06/20/24 | $(2,951 | ) | |||||||||||||
| MS & Co. Int PLC |
GBP | 15,761 | USD | 20,062 | 06/20/24 | (161 | ) | |||||||||||||
| Westpac Banking Corp. |
NZD | 98,245 | USD | 60,180 | 06/20/24 | (1,481 | ) | |||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $(4,593 | ) | ||||||||||||||||||
|
|
||||||||||||||||||||
FUTURES CONTRACTS — At March 31, 2024, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
7 | 06/18/24 | $775,578 | $ 205 | ||||||||||||
| 20 Year U.S. Treasury Bonds |
196 | 06/18/24 | 23,605,750 | 333,765 | ||||||||||||
| Ultra Long U.S. Treasury Bonds |
447 | 06/18/24 | 57,663,000 | 964,048 | ||||||||||||
|
|
||||||||||||||||
| Total | $1,298,018 | |||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 5 Year U.S. Treasury Notes |
(92 | ) | 06/28/24 | (9,845,437 | ) | (600 | ) | |||||||||
| Ultra 10-Year U.S. Treasury Note |
(275 | ) | 06/18/24 | (31,517,578 | ) | (103,255 | ) | |||||||||
|
|
||||||||||||||||
| Total | $ (103,855 | ) | ||||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $1,194,163 | |||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
|
||||||||||||||||||||||
| 12M CDOR(b) |
4.250%(b) | 06/19/26 | CAD | 7,950 | $ | 27,658 | $ | 30,672 | $ (3,014 | ) | ||||||||||||
| 12M SOFR(c) |
3.730(c) | 11/28/27 | $ | 2,970 | 4,844 | 10,838 | (5,994 | ) | ||||||||||||||
| 3.975%(c) |
12M SOFR(c) | 08/31/28 | 18,970 | (1,806 | ) | (4,854 | ) | 3,048 | ||||||||||||||
| 2.680(c) |
12M SOFR(c) | 07/28/32 | 7,520 | 276,051 | 69,102 | 206,949 | ||||||||||||||||
| 12M SOFR(c) |
4.306(c) | 10/05/33 | 6,040 | 152,152 | (39,792 | ) | 191,944 | |||||||||||||||
| 12M SOFR(c) |
3.849(c) | 11/15/33 | 6,320 | 22,144 | 6,000 | 16,144 | ||||||||||||||||
| 3.000(b) |
6M EURO(c) | 06/19/34 | EUR | 1,040 | (44,676 | ) | (41,811 | ) | (2,865 | ) | ||||||||||||
| 12M SOFR(c) |
2.910(c) | 07/28/37 | $ | 18,320 | (533,876 | ) | (214,114 | ) | (319,762 | ) | ||||||||||||
| 12M SOFR(c) |
3.391(c) | 05/10/38 | 19,730 | (269,780 | ) | (172,834 | ) | (96,946 | ) | |||||||||||||
| 2.080(c) |
12M SOFR(c) | 07/28/47 | 18,180 | 514,907 | 309,006 | 205,901 | ||||||||||||||||
| 2.564(c) |
12M SOFR(c) | 05/11/53 | 16,790 | 348,602 | 136,262 | 212,340 | ||||||||||||||||
| 3.613(c) |
12M SOFR(c) | 11/15/53 | 3,930 | (88,913 | ) | (29,276 | ) | (59,637 | ) | |||||||||||||
| 3.512(c) |
12M SOFR(c) | 11/29/53 | 1,010 | (16,157 | ) | (19,304 | ) | 3,147 | ||||||||||||||
|
|
||||||||||||||||||||||
| TOTAL | $ | 391,150 | $ | 39,895 | $ 351,255 | |||||||||||||||||
|
|
||||||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
| (b) | Payments made semi-annually. |
| (c) | Payments made annually. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
|
|
||||||||||||||||||||||||
| Protection Sold: |
||||||||||||||||||||||||
| AT&T, Inc., 3.800%, 02/15/27 |
1.000% | 0.482% | 06/20/26 | $ | 2,375 | $ | 26,847 | $ | 19,554 | $ 7,293 | ||||||||||||||
| CDX.NA.IG Index 39 |
1.000 | 0.364 | 12/20/27 | 58,850 | 1,303,341 | 367,081 | 936,260 | |||||||||||||||||
| CDX.NA.IG Index 40 |
1.000 | 0.403 | 06/20/28 | 91,064 | 2,122,788 | 1,004,988 | 1,117,800 | |||||||||||||||||
| CDX.NA.IG Index 41 |
1.000 | 0.461 | 12/20/28 | 93,875 | 2,181,182 | 1,690,977 | 490,205 | |||||||||||||||||
| General Electric Co. 6.750%, 03/15/32 |
1.000 | 0.167 | 06/20/26 | 3,550 | 64,093 | 22,691 | 41,402 | |||||||||||||||||
| Nordstrom, Inc., 6.950%, 03/15/28 |
1.000 | 0.480 | 12/20/24 | 1,125 | 4,597 | (5,274 | ) | 9,871 | ||||||||||||||||
| Nordstrom, Inc., 6.950%, 03/15/28 |
1.000 | 0.307 | 06/20/24 | 1,825 | 3,519 | (388 | ) | 3,907 | ||||||||||||||||
| Republic of Chile, 3.240%, 02/06/28 |
1.000 | 0.496 | 12/20/28 | 3,150 | 68,994 | 68,505 | 489 | |||||||||||||||||
| Republic of Indonesia, 2.150%, 7/28/2031 |
1.000 | 0.732 | 06/20/29 | 3,150 | 40,220 | 37,956 | 2,264 | |||||||||||||||||
| Republic of Peru, 8.750%, 11/21/33 |
1.000 | 0.662 | 06/20/29 | 2,010 | 32,355 | 32,623 | (268) | |||||||||||||||||
| Republic of Peru, 8.750%, 11/21/33 |
1.000 | 0.600 | 12/20/28 | 1,130 | 19,885 | 8,175 | 11,710 | |||||||||||||||||
| Republic of the Philippines, 9.500%, 02/02/30 |
1.000 | 0.630 | 06/20/29 | 3,150 | 55,298 | 56,142 | (844) | |||||||||||||||||
| The Boeing Co., 8.750%, 06/20/24 |
1.000 | 0.339 | 06/20/24 | 1,750 | 3,246 | 1,664 | 1,582 | |||||||||||||||||
| 106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| 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 March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||||
| United Mexican States, 4.150%, 03/28/27 |
1.000% | 0.921% | 06/20/29 | $ | 3,180 | $ | 12,778 | $ | 10,556 | $ 2,222 | |||||||||||||||||||||||||
| TOTAL | $ | 5,939,143 | $ | 3,315,250 | $2,623,893 | ||||||||||||||||||||||||||||||
| (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. |
OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS
| Reference Obligation/Index | Financing Rate Paid/(Received) by the Fund(a) |
Counterparty | Termination Date# |
Notional Amount (000s) |
Unrealized Application/ (Depreciation)* | ||||||||||||||
| JPMBKTL2 Index | 3M SOFR | JPMorgan Securities, Inc. | 05/13/24 | $ | 20,000 | $ | (121,858 | ) | |||||||||||
| # | The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). |
| * | There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value. |
| (a) | Payments made quarterly. |
A basket (JPMBKTL2) of common stocks
| Common Stocks | Sector | Shares | Value | Weight | ||||
|
| ||||||||
| Kilroy Realty LP |
Financials | (15) | $(1,449) | 2.3 | ||||
| GE HealthCare Technologies, Inc. |
Health Care | (14) | (1,446) | 2.3 | ||||
| UBS Group AG |
Banks | (12) | (1,445) | 2.3 | ||||
| Highwoods Realty LP |
Financials | (13) | (1,437) | 2.3 | ||||
| B.A.T. Capital Corp. |
Consumer Staples | (14) | (1,435) | 2.3 | ||||
| Prologis Targeted U.S. Logistics Fund LP |
Financials | (14) | (1,434) | 2.3 | ||||
| FactSet Research Systems, Inc. |
Communication Services | (16) | (1,434) | 2.3 | ||||
| Celanese U.S. Holdings LLC |
Industrials | (14) | (1,434) | 2.3 | ||||
| Deutsche Bank AG |
Financials | (16) | (1,432) | 2.3 | ||||
| General Motors Co. |
Consumer Discretionary | (14) | (1,432) | 2.3 | ||||
| Charter Communications Operating LLC/Charter |
||||||||
| Communications Operating Capital |
Communication Services | (18) | (1,432) | 2.3 | ||||
| RTX Corp. |
Industrials | (13) | (1,432) | 2.3 | ||||
| Carrier Global Corp. |
Industrials | (14) | (1,432) | 2.3 | ||||
| Occidental Petroleum Corp. |
Industrials | (12) | (1,430) | 2.3 | ||||
| Oracle Corp. |
Information Technology | (13) | (1,430) | 2.3 | ||||
| Verizon Communications, Inc. |
Telecommunication Services | (17) | (1,429) | 2.3 | ||||
| Capital One Financial Corp. |
Financials | (13) | (1,428) | 2.3 | ||||
| Eastman Chemical Co. |
Industrials | (14) | (1,428) | 2.3 | ||||
| Broadcom, Inc. |
Telecommunication Services | (17) | (1,428) | 2.3 | ||||
| Bank of America Corp. |
Banks | (17) | (1,428) | 2.3 | ||||
| T-Mobile USA, Inc. |
Telecommunication Services | (15) | (1,427) | 2.3 | ||||
| MSCI, Inc. |
Information Technology | (16) | (1,426) | 2.3 | ||||
| JPMorgan Chase & Co. |
Banks | (16) | (1,426) | 2.3 | ||||
| Keurig Dr Pepper, Inc. |
Consumer Staples | (14) | (1,426) | 2.3 | ||||
| Morgan Stanley |
Banks | (18) | (1,425) | 2.3 | ||||
| Humana, Inc. |
Consumer Staples | (14) | (1,425) | 2.3 | ||||
| U.S. Bancorp |
Financials | (14) | (1,424) | 2.3 | ||||
| Amgen, Inc. |
Consumer Staples | (14) | (1,424) | 2.3 | ||||
| The accompanying notes are an integral part of these financial statements. | 107 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
A basket (JPMBKTL2) of common stocks (continued)
| Common Stocks | Sector | Shares | Value | Weight | ||||
|
| ||||||||
| JPMorgan Chase & Co. |
Banks | (15) | $(1,423) | 2.3 | ||||
| Citigroup, Inc. |
Banks | (15) | (1,423) | 2.3 | ||||
| HCA, Inc. |
Health Care | (14) | (1,423) | 2.3 | ||||
| PNC Financial Services Group, Inc. |
Financials | (14) | (1,422) | 2.3 | ||||
| Cigna Group |
Health Care | (14) | (1,422) | 2.3 | ||||
| J M Smucker Co. |
Utilities | (13) | (1,422) | 2.3 | ||||
| Netflix, Inc. |
Telecommunication Services | (14) | (1,421) | 2.3 | ||||
| Morgan Stanley |
Banks | (16) | (1,421) | 2.3 | ||||
| AbbVie, Inc. |
Health Care | (16) | (1,421) | 2.3 | ||||
| Solventum Corp. |
Consumer Staples | (14) | (1,421) | 2.3 | ||||
| Energy Transfer LP |
Utilities | (13) | (1,421) | 2.3 | ||||
| Hyundai Capital America |
Financials | (14) | (1,420) | 2.3 | ||||
| Cardinal Health, Inc. |
Health Care | (14) | (1,420) | 2.3 | ||||
| Barclays PLC |
Banks | (15) | (1,419) | 2.3 | ||||
| Bank of America Corp. |
Banks | (18) | (1,419) | 2.3 | ||||
| Wells Fargo & Co. |
Banks | (15) | (1,418) | 2.3 | ||||
|
| ||||||||
|
| ||
| Currency Abbreviations: | ||
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| EUR | —Euro | |
| GBP | —British Pound | |
| JPY | —Japanese Yen | |
| NZD | —New Zealand Dollar | |
| SEK | —Swedish Krona | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| GO | —General Obligation | |
| ICE | —Inter-Continental Exchange | |
| LIBOR | —London Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| PLC | —Public Limited Company | |
| RB | —Revenue Bond | |
| REIT | —Real Estate Investment Trust | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
|
| ||
| Abbreviations: | ||
| BofA Securities LLC | —Bank of America Securities LLC | |
| CDOR | —Canadian Dollar Offered Rate | |
| EURO | —Euro Offered Rate | |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| 108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Schedule of Investments
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – 54.2% |
| |||||||||||||||
| Advertising(b) – 0.7% |
| |||||||||||||||
| CMG Media Corp. (CCC/Caa3) |
| |||||||||||||||
| $ | 97,000 | 8.875 | % | 12/15/27 | $ | 63,746 | ||||||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) |
| |||||||||||||||
| 46,000 | 4.250 | 01/15/29 | 41,683 | |||||||||||||
| 279,000 | 4.625 | 03/15/30 | 250,266 | |||||||||||||
|
|
|
|||||||||||||||
| 355,695 | ||||||||||||||||
|
|
||||||||||||||||
| Aerospace & Defense – 1.0% |
| |||||||||||||||
| TransDigm, Inc. (B-/B3) |
| |||||||||||||||
| 203,000 | 5.500 | 11/15/27 | 198,725 | |||||||||||||
| 327,000 | 4.625 | 01/15/29 | 303,534 | |||||||||||||
|
|
|
|||||||||||||||
| 502,259 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive – 1.1% |
| |||||||||||||||
| Adient Global Holdings Ltd. (BB/B2) |
| |||||||||||||||
| 75,000 | 8.250 | (b) | 04/15/31 | 79,287 | ||||||||||||
| Allison Transmission, Inc. (NR/Ba2) |
| |||||||||||||||
| 226,000 | 3.750 | (b) | 01/30/31 | 197,332 | ||||||||||||
| Dana, Inc. (BB-/B1) |
| |||||||||||||||
| 162,000 | 5.625 | 06/15/28 | 158,073 | |||||||||||||
| Dealer Tire LLC/DT Issuer LLC (CCC/Caa1) |
| |||||||||||||||
| 107,000 | 8.000 | (b) | 02/01/28 | 106,721 | ||||||||||||
|
|
|
|||||||||||||||
| 541,413 | ||||||||||||||||
|
|
||||||||||||||||
| Banks – 1.7% |
| |||||||||||||||
| Freedom Mortgage Corp. (B/B2) |
| |||||||||||||||
| 139,000 | 6.625 | (b) | 01/15/27 | 134,742 | ||||||||||||
| JPMorgan Chase & Co. (BBB-/Baa2) (5 yr. CMT + 2.737%) |
| |||||||||||||||
| 350,000 | 6.875 | (c) | 06/01/29 | 362,786 | ||||||||||||
| UBS Group AG(BB/NR) (5 yr. CMT + 3.098%) |
| |||||||||||||||
| 256,000 | 3.875 | (b)(c) | 06/02/26 | 232,932 | ||||||||||||
| Wells Fargo & Co. (BB+/Baa2) (5 yr. CMT + 3.606%) |
| |||||||||||||||
| 80,000 | 7.625 | (c) | 09/15/28 | 85,457 | ||||||||||||
|
|
|
|||||||||||||||
| 815,917 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(b) – 1.1% |
| |||||||||||||||
| Builders FirstSource, Inc. (BB-/Ba2) |
| |||||||||||||||
| 248,000 | 4.250 | 02/01/32 | 222,511 | |||||||||||||
| CP Atlas Buyer, Inc. (CCC/Caa2) |
| |||||||||||||||
| 137,000 | 7.000 | 12/01/28 | 128,288 | |||||||||||||
| Standard Industries, Inc. (BB/B1) |
| |||||||||||||||
| 96,000 | 5.000 | 02/15/27 | 93,134 | |||||||||||||
| 95,000 | 4.375 | 07/15/30 | 85,315 | |||||||||||||
|
|
|
|||||||||||||||
| 529,248 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(b) – 2.8% |
| |||||||||||||||
| Ashland, Inc. (BB+/Ba1) |
| |||||||||||||||
| 141,000 | 3.375 | 09/01/31 | 119,318 | |||||||||||||
| Avient Corp. (BB-/Ba3) |
| |||||||||||||||
| 102,000 | 7.125 | 08/01/30 | 104,695 | |||||||||||||
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV(BB-/Ba3) |
| |||||||||||||||
| 333,000 | 4.750 | 06/15/27 | 321,402 | |||||||||||||
| Chemours Co. (BB-/B1) |
| |||||||||||||||
| 222,000 | 4.625 | 11/15/29 | 191,593 | |||||||||||||
| Element Solutions, Inc. (BB/B1) |
| |||||||||||||||
| 147,000 | 3.875 | 09/01/28 | 134,745 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – (continued) |
| |||||||||||||||
| Chemicals(b) – (continued) |
| |||||||||||||||
| Ingevity Corp. (NR/Ba3) |
| |||||||||||||||
| $ | 256,000 | 3.875 | % | 11/01/28 | $ | 231,275 | ||||||||||
| Vibrantz Technologies, Inc. (CCC+/Caa2) |
| |||||||||||||||
| 102,000 | 9.000 | 02/15/30 | 94,242 | |||||||||||||
| WR Grace Holdings LLC (CCC/WR) |
| |||||||||||||||
| 185,000 | 5.625 | 08/15/29 | 165,599 | |||||||||||||
|
|
|
|||||||||||||||
| 1,362,869 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services(b) – 1.2% |
| |||||||||||||||
| APi Group DE, Inc. (B+/B1) |
| |||||||||||||||
| 421,000 | 4.125 | 07/15/29 | 379,329 | |||||||||||||
| 28,000 | 4.750 | 10/15/29 | 25,767 | |||||||||||||
| APX Group, Inc. (B/Ba3) |
| |||||||||||||||
| 149,000 | 5.750 | 07/15/29 | 143,243 | |||||||||||||
| Mavis Tire Express Services Topco Corp. (CCC/Caa2) |
| |||||||||||||||
| 41,000 | 6.500 | 05/15/29 | 39,039 | |||||||||||||
|
|
|
|||||||||||||||
| 587,378 | ||||||||||||||||
|
|
||||||||||||||||
| Computers(b) – 0.3% |
| |||||||||||||||
| McAfee Corp. (CCC+/Caa2) |
| |||||||||||||||
| 135,000 | 7.375 | 02/15/30 | 124,555 | |||||||||||||
| Virtusa Corp. (CCC+/Caa1) |
| |||||||||||||||
| 39,000 | 7.125 | 12/15/28 | 35,161 | |||||||||||||
|
|
|
|||||||||||||||
| 159,716 | ||||||||||||||||
|
|
||||||||||||||||
| Distribution & Wholesale(b) – 0.6% |
| |||||||||||||||
| American Builders & Contractors Supply Co., Inc. (B+/Ba3) |
| |||||||||||||||
| 148,000 | 3.875 | 11/15/29 | 133,015 | |||||||||||||
| H&E Equipment Services, Inc. (BB-/B1) |
| |||||||||||||||
| 174,000 | 3.875 | 12/15/28 | 159,297 | |||||||||||||
|
|
|
|||||||||||||||
| 292,312 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services – 3.4% |
| |||||||||||||||
| Castlelake Aviation Finance DAC (B+/B2) |
| |||||||||||||||
| 116,000 | 5.000 | (b) | 04/15/27 | 111,882 | ||||||||||||
| Coinbase Global, Inc. (BB-/B1) |
| |||||||||||||||
| 210,000 | 3.375 | (b) | 10/01/28 | 179,374 | ||||||||||||
| Global Aircraft Leasing Co. Ltd. (NR/B2) (PIK 7.250%, Cash 6.500%) |
| |||||||||||||||
| 105,209 | 6.500 | (b)(d) | 09/15/24 | 99,821 | ||||||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB/Ba3) |
| |||||||||||||||
| 122,000 | 4.750 | 09/15/24 | 121,287 | |||||||||||||
| Macquarie Airfinance Holdings Ltd. (NR/Baa3) |
| |||||||||||||||
| 15,000 | 6.400 | (b) | 03/26/29 | 15,230 | ||||||||||||
| Macquarie Airfinance Holdings Ltd. (BB+/NR) |
| |||||||||||||||
| 80,000 | 8.125 | (b) | 03/30/29 | 84,582 | ||||||||||||
| Navient Corp. (B+/Ba3) |
| |||||||||||||||
| 118,000 | 5.500 | 03/15/29 | 109,679 | |||||||||||||
| NFP Corp. (CCC+/Caa2) |
| |||||||||||||||
| 224,000 | 6.875 | (b) | 08/15/28 | 226,842 | ||||||||||||
| OneMain Finance Corp. (BB/Ba2) |
| |||||||||||||||
| 165,000 | 9.000 | 01/15/29 | 175,052 | |||||||||||||
| United Wholesale Mortgage LLC (NR/Ba3) |
| |||||||||||||||
| 138,000 | 5.500 | (b) | 04/15/29 | 130,593 | ||||||||||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B-/B3) |
| |||||||||||||||
| 243,000 | 7.875 | (b) | 05/01/27 | 205,763 | ||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 109 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – (continued) |
| |||||||||||||||
| Diversified Financial Services – (continued) |
| |||||||||||||||
| $ | 235,000 | 6.375 | %(b) | 02/01/30 | $ | 173,395 | ||||||||||
|
|
|
|||||||||||||||
| 1,633,500 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical(b) – 0.8% |
| |||||||||||||||
| NRG Energy, Inc. (BB/Ba2) |
| |||||||||||||||
| 50,000 | 3.375 | 02/15/29 | 44,471 | |||||||||||||
| 131,000 | 3.625 | 02/15/31 | 113,098 | |||||||||||||
| Pike Corp. (B-/B3) |
| |||||||||||||||
| 257,000 | 5.500 | 09/01/28 | 245,769 | |||||||||||||
|
|
|
|||||||||||||||
| 403,338 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical Components & Equipment(b) – 0.3% |
| |||||||||||||||
| WESCO Distribution, Inc. (BB/Ba3) |
| |||||||||||||||
| 138,000 | 7.250 | 06/15/28 | 140,901 | |||||||||||||
| 15,000 | 6.375 | 03/15/29 | 15,157 | |||||||||||||
| 10,000 | 6.625 | 03/15/32 | 10,166 | |||||||||||||
|
|
|
|||||||||||||||
| 166,224 | ||||||||||||||||
|
|
||||||||||||||||
| Electrical Equipment(b) – 0.3% |
| |||||||||||||||
| Vistra Operations Co. LLC (BB/Ba2) |
| |||||||||||||||
| 130,000 | 4.375 | 05/01/29 | 120,476 | |||||||||||||
|
|
||||||||||||||||
| Electronics(b) – 0.3% |
| |||||||||||||||
| Atkore, Inc. (BB+/Ba2) |
| |||||||||||||||
| 135,000 | 4.250 | 06/01/31 | 119,906 | |||||||||||||
| Sensata Technologies, Inc. (BB+/Ba2) |
| |||||||||||||||
| 17,000 | 3.750 | 02/15/31 | 14,710 | |||||||||||||
|
|
|
|||||||||||||||
| 134,616 | ||||||||||||||||
|
|
||||||||||||||||
| Energy - Services – 0.5% |
| |||||||||||||||
| AECOM (BB/Ba2) |
| |||||||||||||||
| 220,000 | 5.125 | 03/15/27 | 216,293 | |||||||||||||
|
|
||||||||||||||||
| Engineering & Construction(b) – 1.0% |
| |||||||||||||||
| Global Infrastructure Solutions, Inc. (BB-/B1) |
| |||||||||||||||
| 257,000 | 5.625 | 06/01/29 | 235,988 | |||||||||||||
| 241,000 | 7.500 | 04/15/32 | 235,676 | |||||||||||||
|
|
|
|||||||||||||||
| 471,664 | ||||||||||||||||
|
|
||||||||||||||||
| Entertainment(b) – 1.1% |
| |||||||||||||||
| Boyne USA, Inc. (B/B1) |
| |||||||||||||||
| 170,000 | 4.750 | 05/15/29 | 157,668 | |||||||||||||
| Caesars Entertainment, Inc. (B-/B3) |
| |||||||||||||||
| 88,000 | 4.625 | 10/15/29 | 80,414 | |||||||||||||
| Cinemark USA, Inc. (BB-/B2) |
| |||||||||||||||
| 125,000 | 5.250 | 07/15/28 | 118,355 | |||||||||||||
| SeaWorld Parks & Entertainment, Inc. (B/B2) |
| |||||||||||||||
| 204,000 | 5.250 | 08/15/29 | 192,395 | |||||||||||||
|
|
|
|||||||||||||||
| 548,832 | ||||||||||||||||
|
|
||||||||||||||||
| Environmental(b) – 0.3% |
| |||||||||||||||
| Stericycle, Inc. (BB-/NR) |
| |||||||||||||||
| 138,000 | 3.875 | 01/15/29 | 125,151 | |||||||||||||
|
|
||||||||||||||||
| Food & Drug Retailing(b) – 0.8% |
| |||||||||||||||
| Performance Food Group, Inc. (BB/B1) |
| |||||||||||||||
| 93,000 | 4.250 | 08/01/29 | 85,293 | |||||||||||||
| Post Holdings, Inc.(B+/B2) |
| |||||||||||||||
| 51,000 | 5.500 | 12/15/29 | 49,268 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – (continued) |
| |||||||||||||||
| Food & Drug Retailing(b) – (continued) |
| |||||||||||||||
| U.S. Foods, Inc. (BB-/B2) |
| |||||||||||||||
| $ | 176,000 | 4.750 | % | 02/15/29 | $ | 167,042 | ||||||||||
| 84,000 | 4.625 | 06/01/30 | 77,823 | |||||||||||||
|
|
|
|||||||||||||||
| 379,426 | ||||||||||||||||
|
|
||||||||||||||||
| Forest Products & Paper(b) – 0.2% |
| |||||||||||||||
| Glatfelter Corp. (CCC/Caa1) |
| |||||||||||||||
| 122,000 | 4.750 | 11/15/29 | 103,827 | |||||||||||||
|
|
||||||||||||||||
| Health Care - Services(b) – 0.1% |
| |||||||||||||||
| LifePoint Health, Inc. (CCC+/Caa2) |
| |||||||||||||||
| 85,000 | 5.375 | 01/15/29 | 69,854 | |||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services(b) – 0.8% |
| |||||||||||||||
| Charles River Laboratories International, Inc. (BB/Ba2) |
| |||||||||||||||
| 214,000 | 4.000 | 03/15/31 | 191,166 | |||||||||||||
| Medline Borrower LP (B-/Caa1) |
| |||||||||||||||
| 210,000 | 5.250 | 10/01/29 | 198,494 | |||||||||||||
|
|
|
|||||||||||||||
| 389,660 | ||||||||||||||||
|
|
||||||||||||||||
| Home Builders – 1.0% |
| |||||||||||||||
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1) |
| |||||||||||||||
| 141,000 | 4.875 | (b) | 02/15/30 | 126,381 | ||||||||||||
| Century Communities, Inc. (BB/Ba2) |
| |||||||||||||||
| 220,000 | 3.875 | (b) | 08/15/29 | 198,099 | ||||||||||||
| KB Home (BB+/Ba2) |
| |||||||||||||||
| 82,000 | 7.250 | 07/15/30 | 84,896 | |||||||||||||
| LGI Homes, Inc. (BB-/Ba2) |
| |||||||||||||||
| 108,000 | 4.000 | (b) | 07/15/29 | 94,369 | ||||||||||||
|
|
|
|||||||||||||||
| 503,745 | ||||||||||||||||
|
|
||||||||||||||||
| Housewares – 0.5% |
| |||||||||||||||
| Scotts Miracle-Gro Co. (B-/B2) |
| |||||||||||||||
| 251,000 | 4.375 | 02/01/32 | 216,492 | |||||||||||||
|
|
||||||||||||||||
| Insurance(b) – 0.5% |
| |||||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) |
| |||||||||||||||
| 90,000 | 6.000 | 08/01/29 | 82,572 | |||||||||||||
| HUB International Ltd. (B-/Caa2) |
| |||||||||||||||
| 90,000 | 7.375 | 01/31/32 | 90,698 | |||||||||||||
| USI, Inc. (CCC+/Caa1) |
| |||||||||||||||
| 45,000 | 7.500 | 01/15/32 | 45,049 | |||||||||||||
|
|
|
|||||||||||||||
| 218,319 | ||||||||||||||||
|
|
||||||||||||||||
| Internet(b) – 2.9% |
| |||||||||||||||
| ANGI Group LLC (B/B2) |
| |||||||||||||||
| 135,000 | 3.875 | 08/15/28 | 117,170 | |||||||||||||
| GrubHub Holdings, Inc. (B-/B3) |
| |||||||||||||||
| 263,000 | 5.500 | 07/01/27 | 238,638 | |||||||||||||
| Match Group Holdings II LLC (BB/Ba3) |
| |||||||||||||||
| 242,000 | 4.625 | 06/01/28 | 228,574 | |||||||||||||
| 590,000 | 4.125 | 08/01/30 | 525,301 | |||||||||||||
| Uber Technologies, Inc. (BB/Ba1) |
| |||||||||||||||
| 135,000 | 6.250 | 01/15/28 | 135,655 | |||||||||||||
| 147,000 | 4.500 | 08/15/29 | 139,791 | |||||||||||||
|
|
|
|||||||||||||||
| 1,385,129 | ||||||||||||||||
|
|
||||||||||||||||
| 110 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – (continued) |
| |||||||||||||||
| Iron/Steel(b) – 0.3% |
| |||||||||||||||
| Cleveland-Cliffs, Inc. (BB-/Ba3) |
| |||||||||||||||
| $ | 145,000 | 6.750 | % | 04/15/30 | $ | 145,589 | ||||||||||
|
|
||||||||||||||||
| Leisure Time(b) – 2.2% |
| |||||||||||||||
| Acushnet Co. (BB/Ba3) |
| |||||||||||||||
| 15,000 | 7.375 | 10/15/28 | 15,532 | |||||||||||||
| Carnival Corp. (BB-/B3) |
| |||||||||||||||
| 231,000 | 7.625 | 03/01/26 | 233,444 | |||||||||||||
| 186,000 | 6.000 | 05/01/29 | 183,660 | |||||||||||||
| MajorDrive Holdings IV LLC (CCC+/Caa2) |
| |||||||||||||||
| 148,000 | 6.375 | 06/01/29 | 138,546 | |||||||||||||
| NCL Corp. Ltd. (B/Caa1) |
| |||||||||||||||
| 71,000 | 3.625 | 12/15/24 | 70,020 | |||||||||||||
| Royal Caribbean Cruises Ltd. (BB+/Ba2) |
| |||||||||||||||
| 157,000 | 4.250 | 07/01/26 | 151,594 | |||||||||||||
| 143,000 | 5.500 | 04/01/28 | 141,250 | |||||||||||||
| 110,000 | 6.250 | 03/15/32 | 110,853 | |||||||||||||
|
|
|
|||||||||||||||
| 1,044,899 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(b) – 0.6% |
| |||||||||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (B+/B2) |
| |||||||||||||||
| 139,000 | 5.000 | 06/01/29 | 129,694 | |||||||||||||
| 193,000 | 4.875 | 07/01/31 | 172,891 | |||||||||||||
|
|
|
|||||||||||||||
| 302,585 | ||||||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(b) – 1.2% |
| |||||||||||||||
| Esab Corp. (BB+/Ba1) |
| |||||||||||||||
| 135,000 | 6.250 | 04/15/29 | 135,721 | |||||||||||||
| Titan Acquisition Ltd./Titan Co.-Borrower LLC (CCC/Caa2) |
| |||||||||||||||
| 419,000 | 7.750 | 04/15/26 | 418,669 | |||||||||||||
|
|
|
|||||||||||||||
| 554,390 | ||||||||||||||||
|
|
||||||||||||||||
| Media – 5.0% |
| |||||||||||||||
| Cable One, Inc. (BB-/B2) |
| |||||||||||||||
| 256,000 | 4.000 | (b) | 11/15/30 | 199,741 | ||||||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1) |
| |||||||||||||||
| 553,000 | 4.750 | (b) | 03/01/30 | 474,358 | ||||||||||||
| 320,000 | 4.250 | (b) | 01/15/34 | 241,510 | ||||||||||||
| CSC Holdings LLC (B-/B2) |
| |||||||||||||||
| 290,000 | 4.500 | (b) | 11/15/31 | 205,227 | ||||||||||||
| GCI LLC (B+/B3) |
| |||||||||||||||
| 190,000 | 4.750 | (b) | 10/15/28 | 174,350 | ||||||||||||
| Gray Television, Inc. (B-/Caa1) |
| |||||||||||||||
| 140,000 | 7.000 | (b) | 05/15/27 | 130,347 | ||||||||||||
| Nexstar Media, Inc. (BB+/B2) |
| |||||||||||||||
| 261,000 | 4.750 | (b) | 11/01/28 | 237,928 | ||||||||||||
| Sirius XM Radio, Inc. (BB/Ba3) |
| |||||||||||||||
| 209,000 | 4.000 | (b) | 07/15/28 | 191,235 | ||||||||||||
| 202,000 | 4.125 | (b) | 07/01/30 | 176,599 | ||||||||||||
| TEGNA, Inc. (BB+/Ba3) |
| |||||||||||||||
| 251,000 | 5.000 | 09/15/29 | 225,144 | |||||||||||||
| Ziggo Bond Co. BV (B-/B3) |
| |||||||||||||||
| 200,000 | 5.125 | (b) | 02/28/30 | 171,046 | ||||||||||||
|
|
|
|||||||||||||||
| 2,427,485 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – (continued) |
| |||||||||||||||
| Metal Fabricate & Hardware(b) – 0.3% |
| |||||||||||||||
| Roller Bearing Co. of America, Inc. (B+/B1) |
| |||||||||||||||
| $ | 153,000 | 4.375 | % | 10/15/29 | $ | 140,180 | ||||||||||
|
|
||||||||||||||||
| Mining(b) – 0.4% |
| |||||||||||||||
| Alcoa Nederland Holding BV (BB/Ba1) |
| |||||||||||||||
| 200,000 | 5.500 | 12/15/27 | 198,170 | |||||||||||||
|
|
||||||||||||||||
| Miscellaneous Manufacturing – 0.6% |
| |||||||||||||||
| Hillenbrand, Inc.(BB+/Ba1) |
| |||||||||||||||
| 321,000 | 3.750 | 03/01/31 | 277,999 | |||||||||||||
|
|
||||||||||||||||
| Oil Field Services – 6.1% |
| |||||||||||||||
| Archrock Partners LP/Archrock Partners Finance Corp. (BB-/B2) |
| |||||||||||||||
| 157,000 | 6.250 | (b) | 04/01/28 | 154,995 | ||||||||||||
| California Resources Corp. (BB-/B2) |
| |||||||||||||||
| 164,000 | 7.125 | (b) | 02/01/26 | 164,876 | ||||||||||||
| Callon Petroleum Co. (BB-/B2) |
| |||||||||||||||
| 77,000 | 7.500 | (b) | 06/15/30 | 81,525 | ||||||||||||
| Civitas Resources, Inc. (BB-/B1) |
| |||||||||||||||
| 179,000 | 8.375 | (b) | 07/01/28 | 188,297 | ||||||||||||
| CNX Resources Corp. (BB/B1) |
| |||||||||||||||
| 127,000 | 6.000 | (b) | 01/15/29 | 124,465 | ||||||||||||
| 90,000 | 7.375 | (b) | 01/15/31 | 91,575 | ||||||||||||
| 40,000 | 7.250 | (b) | 03/01/32 | 40,698 | ||||||||||||
| CrownRock LP/CrownRock Finance, Inc. (BB-/B1) |
| |||||||||||||||
| 84,000 | 5.000 | (b) | 05/01/29 | 83,013 | ||||||||||||
| Kodiak Gas Services LLC (B+/B2) |
| |||||||||||||||
| 45,000 | 7.250 | (b) | 02/15/29 | 45,873 | ||||||||||||
| Matador Resources Co. (BB-/B1) |
| |||||||||||||||
| 110,000 | 6.875 | (b) | 04/15/28 | 112,613 | ||||||||||||
| 55,000 | 6.500 | (b) | 04/15/32 | 55,096 | ||||||||||||
| MEG Energy Corp. (BB-/B1) |
| |||||||||||||||
| 80,000 | 5.875 | (b) | 02/01/29 | 78,680 | ||||||||||||
| Nabors Industries, Inc. (B-/Ba3) |
| |||||||||||||||
| 239,000 | 7.375 | (b) | 05/15/27 | 238,565 | ||||||||||||
| Noble Finance II LLC (BB-/B1) |
| |||||||||||||||
| 60,000 | 8.000 | (b) | 04/15/30 | 62,503 | ||||||||||||
| Permian Resources Operating LLC (BB-/B1) |
| |||||||||||||||
| 144,000 | 7.000 | (b) | 01/15/32 | 149,281 | ||||||||||||
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (B/B3) |
| |||||||||||||||
| 95,000 | 7.875 | (b) | 11/01/28 | 98,173 | ||||||||||||
| Southwestern Energy Co. (BB+/NR) |
| |||||||||||||||
| 124,000 | 5.375 | 02/01/29 | 120,511 | |||||||||||||
| Southwestern Energy Co. (BB+/Ba2) |
| |||||||||||||||
| 135,000 | 5.375 | 03/15/30 | 130,056 | |||||||||||||
| 67,000 | 4.750 | 02/01/32 | 61,683 | |||||||||||||
| Sunoco LP/Sunoco Finance Corp. (BB/Ba3) |
| |||||||||||||||
| 194,000 | 4.500 | 04/30/30 | 177,945 | |||||||||||||
| TechnipFMC PLC (BBB-/Ba1) |
| |||||||||||||||
| 188,000 | 6.500 | (b) | 02/01/26 | 187,372 | ||||||||||||
| Transocean, Inc. (B-/Caa1) |
| |||||||||||||||
| 207,000 | 11.500 | (b) | 01/30/27 | 215,789 | ||||||||||||
| USA Compression Partners LP/USA Compression Finance Corp. (B+/B2) |
| |||||||||||||||
| 166,000 | 7.125 | (b) | 03/15/29 | 167,881 | ||||||||||||
| Viper Energy, Inc. (BBB-/Ba3) |
| |||||||||||||||
| 125,000 | 7.375 | (b) | 11/01/31 | 129,991 | ||||||||||||
|
|
|
|||||||||||||||
| 2,961,456 | ||||||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 111 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – (continued) |
| |||||||||||||||
| Packaging(b) – 0.3% |
| |||||||||||||||
| Clearwater Paper Corp. (B/Ba3) |
| |||||||||||||||
| $ | 138,000 | 4.750 | % | 08/15/28 | $ | 128,322 | ||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(b) – 0.7% |
| |||||||||||||||
| AdaptHealth LLC (B/B1) |
| |||||||||||||||
| 84,000 | 6.125 | 08/01/28 | 78,873 | |||||||||||||
| 38,000 | 4.625 | 08/01/29 | 32,670 | |||||||||||||
| 49,000 | 5.125 | 03/01/30 | 42,737 | |||||||||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1) |
| |||||||||||||||
| 200,000 | 5.125 | 04/30/31 | 177,122 | |||||||||||||
|
|
|
|||||||||||||||
| 331,402 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines – 3.0% |
| |||||||||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. (BB/Ba3) |
| |||||||||||||||
| 75,000 | 6.625 | (b) | 02/01/32 | 75,320 | ||||||||||||
| DT Midstream, Inc. (BB+/Ba2) |
| |||||||||||||||
| 210,000 | 4.375 | (b) | 06/15/31 | 190,210 | ||||||||||||
| EQM Midstream Partners LP (BB-/Ba3) |
| |||||||||||||||
| 71,000 | 7.500 | (b) | 06/01/27 | 72,791 | ||||||||||||
| Global Partners LP/GLP Finance Corp. (B+/B2) |
| |||||||||||||||
| 124,000 | 6.875 | 01/15/29 | 123,215 | |||||||||||||
| 65,000 | 8.250 | (b) | 01/15/32 | 67,438 | ||||||||||||
| Howard Midstream Energy Partners LLC (B+/B2) |
| |||||||||||||||
| 217,000 | 6.750 | (b) | 01/15/27 | 216,436 | ||||||||||||
| 130,000 | 8.875 | (b) | 07/15/28 | 137,406 | ||||||||||||
| Kinetik Holdings LP (BB+/Ba1) |
| |||||||||||||||
| 216,000 | 5.875 | (b) | 06/15/30 | 211,239 | ||||||||||||
| NuStar Logistics LP (BB-/Ba3) |
| |||||||||||||||
| 60,000 | 6.000 | 06/01/26 | 59,816 | |||||||||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1) |
| |||||||||||||||
| 65,000 | 7.375 | (b) | 02/15/29 | 65,371 | ||||||||||||
| 107,000 | 6.000 | (b) | 12/31/30 | 101,605 | ||||||||||||
| 156,000 | 6.000 | (b) | 09/01/31 | 145,431 | ||||||||||||
|
|
|
|||||||||||||||
| 1,466,278 | ||||||||||||||||
|
|
||||||||||||||||
| Real Estate Investment Trust – 0.6% |
| |||||||||||||||
| Iron Mountain Information Management Services, Inc. (BB-/Ba3) |
| |||||||||||||||
| 105,000 | 5.000 | (b) | 07/15/32 | 95,841 | ||||||||||||
| SBA Communications Corp. (BB/Ba3) |
| |||||||||||||||
| 198,000 | 3.125 | 02/01/29 | 175,483 | |||||||||||||
|
|
|
|||||||||||||||
| 271,324 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing – 4.5% |
| |||||||||||||||
| Arko Corp. (B-/B3) |
| |||||||||||||||
| 211,000 | 5.125 | (b) | 11/15/29 | 174,917 | ||||||||||||
| Asbury Automotive Group, Inc. (BB/B1) |
| |||||||||||||||
| 86,000 | 4.500 | 03/01/28 | 81,750 | |||||||||||||
| 67,000 | 4.625 | (b) | 11/15/29 | 61,988 | ||||||||||||
| 132,000 | 4.750 | 03/01/30 | 121,461 | |||||||||||||
| 28,000 | 5.000 | (b) | 02/15/32 | 25,365 | ||||||||||||
| Beacon Roofing Supply, Inc. (B/B1) |
| |||||||||||||||
| 137,000 | 4.125 | (b) | 05/15/29 | 124,206 | ||||||||||||
| Foundation Building Materials, Inc. (CCC+/Caa1) |
| |||||||||||||||
| 221,000 | 6.000 | (b) | 03/01/29 | 203,378 | ||||||||||||
| Group 1 Automotive, Inc. (BB+/Ba2) |
| |||||||||||||||
| 145,000 | 4.000 | (b) | 08/15/28 | 133,636 | ||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Unsecured Debt Obligations(a) – (continued) |
| |||||||||||||||
| Retailing – (continued) |
| |||||||||||||||
| Ken Garff Automotive LLC (BB-/B1) |
| |||||||||||||||
| $ | 147,000 | 4.875 | %(b) | 09/15/28 | $ | 136,019 | ||||||||||
| LCM Investments Holdings II LLC (B+/B2) |
| |||||||||||||||
| 218,000 | 4.875 | (b) | 05/01/29 | 200,333 | ||||||||||||
| 40,000 | 8.250 | (b) | 08/01/31 | 41,814 | ||||||||||||
| Lithia Motors, Inc. (BB+/Ba2) |
| |||||||||||||||
| 93,000 | 3.875 | (b) | 06/01/29 | 83,906 | ||||||||||||
| 191,000 | 4.375 | (b) | 01/15/31 | 171,105 | ||||||||||||
| Murphy Oil USA, Inc. (BB+/Ba2) |
| |||||||||||||||
| 192,000 | 3.750 | (b) | 02/15/31 | 167,701 | ||||||||||||
| Penske Automotive Group, Inc. (BB-/Ba3) |
| |||||||||||||||
| 280,000 | 3.750 | 06/15/29 | 250,970 | |||||||||||||
| Sonic Automotive, Inc. (BB-/B1) |
| |||||||||||||||
| 174,000 | 4.625 | (b) | 11/15/29 | 156,238 | ||||||||||||
| 63,000 | 4.875 | (b) | 11/15/31 | 55,111 | ||||||||||||
|
|
|
|||||||||||||||
| 2,189,898 | ||||||||||||||||
|
|
||||||||||||||||
| Semiconductors(b) – 0.2% |
| |||||||||||||||
| Qorvo, Inc. (BBB-/Ba1) |
| |||||||||||||||
| 114,000 | 3.375 | 04/01/31 | 97,608 | |||||||||||||
|
|
||||||||||||||||
| Software – 1.9% |
| |||||||||||||||
| AthenaHealth Group, Inc. (CCC/Caa2) |
| |||||||||||||||
| 136,000 | 6.500 | (b) | 02/15/30 | 124,527 | ||||||||||||
| Castle U.S. Holding Corp. (CCC-/Caa3) |
| |||||||||||||||
| 111,000 | 9.500 | (b) | 02/15/28 | 55,168 | ||||||||||||
| Clarivate Science Holdings Corp. (B/Caa1) |
| |||||||||||||||
| 119,000 | 4.875 | (b) | 07/01/29 | 110,086 | ||||||||||||
| Open Text Corp. (BB-/Ba3) |
| |||||||||||||||
| 122,000 | 3.875 | (b) | 02/15/28 | 112,968 | ||||||||||||
| 159,000 | 3.875 | (b) | 12/01/29 | 141,807 | ||||||||||||
| Twilio, Inc. (BB/Ba3) |
| |||||||||||||||
| 200,000 | 3.625 | 03/15/29 | 179,914 | |||||||||||||
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B+/B1) |
| |||||||||||||||
| 186,000 | 3.875 | (b) | 02/01/29 | 167,283 | ||||||||||||
|
|
|
|||||||||||||||
| 891,753 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services(b) – 0.7% |
| |||||||||||||||
| Viasat, Inc. (B-/Caa1) |
| |||||||||||||||
| 348,000 | 5.625 | 09/15/25 | 339,136 | |||||||||||||
|
|
||||||||||||||||
| Transportation(b) – 0.3% |
| |||||||||||||||
| Cargo Aircraft Management, Inc. (BB/Ba2) |
| |||||||||||||||
| 171,000 | 4.750 | 02/01/28 | 154,531 | |||||||||||||
|
|
||||||||||||||||
| TOTAL UNSECURED DEBT OBLIGATIONS (Cost $27,267,232) |
$ | 26,156,358 | ||||||||||||||
|
|
||||||||||||||||
| Secured Debt Obligations – 37.6% |
| |||||||||||||||
| Bank Loans(e) – 20.1% |
| |||||||||||||||
| Aerospace & Defense(c) – 1.2% |
| |||||||||||||||
| ADS Tactical, Inc. (B+/B3) (1 mo. USD Term SOFR + 5.750%) |
| |||||||||||||||
| $ | 256,004 | 11.195 | % | 03/19/26 | $ | 256,431 | ||||||||||
| Propulsion (BC) Finco SARL (B/B2) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 232,561 | 9.058 | 09/14/29 | 232,603 | |||||||||||||
|
|
||||||||||||||||
| 112 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Aerospace & Defense(c) – (continued) |
| |||||||||||||||
| Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| $ | 100,000 | 9.563 | % | 01/15/27 | $ | 100,354 | ||||||||||
|
|
|
|||||||||||||||
| 589,388 | ||||||||||||||||
|
|
||||||||||||||||
| Airlines(c) – 0.2% |
| |||||||||||||||
| Air Canada (BB+/Ba1) (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
| 100,000 | 7.833 | 03/14/31 | 100,063 | |||||||||||||
|
|
||||||||||||||||
| Automotive(c) – 0.4% |
| |||||||||||||||
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 192,009 | 10.574 | 03/30/27 | 192,028 | |||||||||||||
|
|
||||||||||||||||
| Building & Construction(c) – 0.9% |
| |||||||||||||||
| DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 218,820 | 9.195 | 03/31/28 | 218,312 | |||||||||||||
| Energize HoldCo LLC (B/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 121,949 | 9.192 | 12/08/28 | 121,535 | |||||||||||||
| Energize HoldCo LLC (CCC+/Caa2) (1 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
| 100,000 | 12.192 | 12/07/29 | 95,500 | |||||||||||||
|
|
|
|||||||||||||||
| 435,347 | ||||||||||||||||
|
|
||||||||||||||||
| Building Materials(c) – 0.5% |
| |||||||||||||||
| Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 220,691 | 9.071 | 12/22/28 | 220,599 | |||||||||||||
| Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
| 50,000 | 12.321 | 12/21/29 | 48,250 | |||||||||||||
|
|
|
|||||||||||||||
| 268,849 | ||||||||||||||||
|
|
||||||||||||||||
| Capital Goods-Others – 1.2% |
| |||||||||||||||
| Engineered Machinery Holdings, Inc. (B-/B1) |
| |||||||||||||||
| (3 mo. EUR EURIBOR + 3.750%) |
| |||||||||||||||
| EUR | 121,875 | 7.652 | (c) | 05/21/28 | 129,940 | |||||||||||
| (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| $ | 96,137 | 9.321 | (c) | 05/19/28 | 95,717 | |||||||||||
| RC Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 242,566 | 8.942 | (c) | 07/28/28 | 241,511 | ||||||||||||
| Titan Acquisition Ltd. (NR/B3) |
| |||||||||||||||
| 125,000 | 0.000 | (f) | 02/01/29 | 125,260 | ||||||||||||
|
|
|
|||||||||||||||
| 592,428 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(c) – 1.1% |
| |||||||||||||||
| Chemours Co. (BB+/Ba1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 149,250 | 8.830 | 08/18/28 | 148,504 | |||||||||||||
| Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 145,235 | 8.945 | 12/31/29 | 145,326 | |||||||||||||
| Trident TPI Holdings, Inc. (B-/B2) |
| |||||||||||||||
| (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 198,936 | 9.813 | 09/15/28 | 198,962 | |||||||||||||
| (3 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 49,375 | 10.559 | 09/15/28 | 49,464 | |||||||||||||
|
|
|
|||||||||||||||
| 542,256 | ||||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Commercial Services – 1.5% |
| |||||||||||||||
| Garda World Security Corp. (B/B2) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| $ | 232,009 | 9.583 | %(c) | 02/01/29 | $ | 232,155 | ||||||||||
| Groundworks LLC (B/B3) |
| |||||||||||||||
| 150,000 | 0.000 | (f) | 03/14/31 | 149,862 | ||||||||||||
| Holding Socotec (B/B2) |
| |||||||||||||||
| (3 mo. EUR EURIBOR + 3.500%) |
| |||||||||||||||
| EUR | 100,000 | 7.402 | (c) | 06/02/28 | 106,582 | |||||||||||
| (3 mo. USD Term SOFR + 4.035%) |
| |||||||||||||||
| $ | 121,015 | 9.822 | (c) | 06/30/28 | 119,502 | |||||||||||
| Mavis Tire Express Services Topco Corp. (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 119,438 | 9.077 | (c) | 05/04/28 | 119,519 | ||||||||||||
|
|
|
|||||||||||||||
| 727,620 | ||||||||||||||||
|
|
||||||||||||||||
| Consumer Cyclical Services(c) – 0.9% |
| |||||||||||||||
| BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 244,341 | 9.330 | 12/11/28 | 244,449 | |||||||||||||
| FCG Acquisitions, Inc. (B-/B2) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| 216,700 | 10.059 | 03/31/28 | 217,107 | |||||||||||||
|
|
|
|||||||||||||||
| 461,556 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services(c) – 0.9% |
| |||||||||||||||
| DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 315,250 | 9.195 | 03/01/28 | 314,856 | |||||||||||||
| Eisner Advisory Group LLC (B-/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 100,000 | 9.327 | 02/28/31 | 100,250 | |||||||||||||
|
|
|
|||||||||||||||
| 415,106 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Manufacturing(c) – 0.6% |
| |||||||||||||||
| Apex Tool Group LLC (NR/Caa3) (1 mo. USD Term SOFR + 5.250%) |
| |||||||||||||||
| 99,787 | 10.679 | 02/08/29 | 67,523 | |||||||||||||
| Vertical U.S. Newco, Inc. (B/WR) ((3 mo. USD Term SOFR + 3.500%)-(6 mo. USD Term SOFR + 3.500%)) |
| |||||||||||||||
| 205,481 | 9.081 | 07/30/27 | 206,081 | |||||||||||||
|
|
|
|||||||||||||||
| 273,604 | ||||||||||||||||
|
|
||||||||||||||||
| Energy - Exploration & Production(f) – 0.4% |
| |||||||||||||||
| Discovery Energy Holding Corp. (B/B1) |
| |||||||||||||||
| 175,000 | 0.000 | 01/30/31 | 175,145 | |||||||||||||
|
|
||||||||||||||||
| Entertainment – 0.3% |
| |||||||||||||||
| Alterra Mountain Co. (B+/NR) |
| |||||||||||||||
| 20,000 | 0.000 | (f) | 05/31/30 | 20,075 | ||||||||||||
| Cinemark USA, Inc. (BB+/Ba1) ((1 mo. USD Term SOFR + 3.750%)-(3 mo. USD Term SOFR + 3.750%)) |
| |||||||||||||||
| 124,063 | 0.000 | (c) | 05/24/30 | 124,451 | ||||||||||||
|
|
|
|||||||||||||||
| 144,526 | ||||||||||||||||
|
|
||||||||||||||||
| Food & Beverage(c) – 0.5% |
| |||||||||||||||
| Chobani LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 241,250 | 8.945 | 10/25/27 | 241,653 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 113 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Health Care(c) – 0.6% |
| |||||||||||||||
| Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%) |
| |||||||||||||||
| $ | 291,750 | 10.324 | % | 02/28/28 | $ | 291,021 | ||||||||||
|
|
||||||||||||||||
| Health Care - Services(c) – 0.1% |
| |||||||||||||||
| LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
| 56,335 | 11.087 | 11/16/28 | 56,465 | |||||||||||||
|
|
||||||||||||||||
| Insurance(c) – 0.2% |
| |||||||||||||||
| Acrisure LLC (B/B2) (1 mo. USD LIBOR + 3.500%) |
| |||||||||||||||
| 92,412 | 8.945 | 02/15/27 | 92,214 | |||||||||||||
|
|
||||||||||||||||
| Machinery(c) – 0.7% |
| |||||||||||||||
| Chart Industries, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 125,000 | 8.673 | 03/15/30 | 125,156 | |||||||||||||
| SPX FLOW, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 217,853 | 9.927 | 04/05/29 | 218,603 | |||||||||||||
|
|
|
|||||||||||||||
| 343,759 | ||||||||||||||||
|
|
||||||||||||||||
| Media - Cable(c) – 0.3% |
| |||||||||||||||
| DirecTV Financing LLC (BB/Ba3) (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 130,662 | 10.445 | 08/02/27 | 130,717 | |||||||||||||
|
|
||||||||||||||||
| Metals & Mining(c) – 0.4% |
| |||||||||||||||
| Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 75,000 | 9.327 | 08/16/29 | 75,359 | |||||||||||||
| PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%) |
| |||||||||||||||
| 98,747 | 9.723 | 04/23/29 | 97,655 | |||||||||||||
|
|
|
|||||||||||||||
| 173,014 | ||||||||||||||||
|
|
||||||||||||||||
| Midstream – 0.7% |
| |||||||||||||||
| AL NGPL Holdings LLC (B+/Ba3) (1 yr. USD Term SOFR + 3.250%) |
| |||||||||||||||
| 125,838 | 8.579 | 04/13/28 | 126,090 | |||||||||||||
| M6 ETX Holdings II Midco LLC (B/B2) (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
| 197,500 | 9.927 | (c) | 09/19/29 | 197,640 | ||||||||||||
|
|
|
|||||||||||||||
| 323,730 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services(c) – 0.5% |
| |||||||||||||||
| ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%) |
| |||||||||||||||
| 246,138 | 8.180 | 06/07/29 | 246,877 | |||||||||||||
|
|
||||||||||||||||
| Packaging(c) – 1.7% |
| |||||||||||||||
| Charter Next Generation, Inc. (B/B3) (1 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
| 266,168 | 8.827 | 12/01/27 | 266,563 | |||||||||||||
| Clydesdale Acquisition Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 3.675%) |
| |||||||||||||||
| 218,520 | 9.105 | 04/13/29 | 218,745 | |||||||||||||
| LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 219,204 | 10.427 | 10/29/28 | 214,397 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Packaging(c) – (continued) |
| |||||||||||||||
| Pretium Packaging LLC (B/B2) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| $ | 126,061 | 10.306 | % | 10/02/28 | $ | 127,374 | ||||||||||
|
|
|
|||||||||||||||
| 827,079 | ||||||||||||||||
|
|
||||||||||||||||
| Pharmaceuticals(c) – 1.6% |
| |||||||||||||||
| Covetrus, Inc. (B-/B1) (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
| 272,250 | 10.309 | 10/13/29 | 272,364 | |||||||||||||
| Gainwell Acquisition Corp. (B/B2) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 290,250 | 9.409 | 10/01/27 | 277,044 | |||||||||||||
| Jazz Financing Lux SARL (BB-/Ba2) (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 232,623 | 8.445 | 05/05/28 | 233,786 | |||||||||||||
|
|
|
|||||||||||||||
| 783,194 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines(c) – 0.4% |
| |||||||||||||||
| CQP Holdco LP (BB/B1) (3 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
| 197,505 | 8.302 | 12/31/30 | 198,070 | |||||||||||||
|
|
||||||||||||||||
| Technology - Software(c) – 2.1% |
| |||||||||||||||
| Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 118,205 | 9.159 | 10/18/27 | 118,141 | |||||||||||||
| Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR +2.750%) |
| |||||||||||||||
| 189,936 | 8.077 | 01/31/31 | 189,794 | |||||||||||||
| Castle U.S. Holding Corp. (CCC+/Caa1) (3 mo. USD Term SOFR +3.750%) |
| |||||||||||||||
| 290,000 | 9.349 | 01/29/27 | 203,415 | |||||||||||||
| DCert Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 179,879 | 9.330 | 10/16/26 | 178,891 | |||||||||||||
| DCert Buyer, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 7.000%) |
| |||||||||||||||
| 125,000 | 12.330 | 02/19/29 | 112,226 | |||||||||||||
| Isolved, Inc. (B/B2) (1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 50,000 | 9.327 | 10/14/30 | 50,219 | |||||||||||||
| Loyalty Ventures, Inc. (NR/WR) (3 mo. U.S. (Fed) Prime Rate + 5.500%) |
| |||||||||||||||
| 239,876 | 14.000 | 11/03/27 | 2,099 | |||||||||||||
| Virtusa Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
| 142,135 | 9.192 | 02/11/28 | 142,348 | |||||||||||||
|
|
|
|||||||||||||||
| 997,133 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunications(c) – 0.2% |
| |||||||||||||||
| CCI Buyer, Inc. (B-/B1) (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
| 100,000 | 9.302 | 12/17/27 | 99,339 | |||||||||||||
|
|
||||||||||||||||
| TOTAL BANK LOANS | $ | 9,722,181 | ||||||||||||||
|
|
||||||||||||||||
| Other Secured Debt Obligations(b) – 17.5% |
| |||||||||||||||
| Advertising(a) – 0.1% |
| |||||||||||||||
| Clear Channel Outdoor Holdings, Inc. (B/B2) |
| |||||||||||||||
| $ | 60,000 | 7.875 | % | 04/01/30 | $ | 59,638 | ||||||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp. (BB/Ba1) |
| |||||||||||||||
| 10,000 | 7.375 | 02/15/31 | 10,491 | |||||||||||||
|
|
|
|||||||||||||||
| 70,129 | ||||||||||||||||
|
|
||||||||||||||||
| 114 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Aerospace & Defense(a) – 1.2% |
| |||||||||||||||
| TransDigm, Inc. (B+/Ba3) |
| |||||||||||||||
| $ | 295,000 | 6.750 | % | 08/15/28 | $ | 299,324 | ||||||||||
| Triumph Group, Inc. (CCC+/B2) |
| |||||||||||||||
| 261,000 | 9.000 | 03/15/28 | 275,183 | |||||||||||||
|
|
|
|||||||||||||||
| 574,507 | ||||||||||||||||
|
|
||||||||||||||||
| Airlines – 0.7% |
| |||||||||||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba1) |
| |||||||||||||||
| 42,261 | 5.750 | 04/20/29 | 41,572 | |||||||||||||
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.(NR/B2) |
| |||||||||||||||
| 139,170 | 5.750 | (a) | 01/20/26 | 130,930 | ||||||||||||
| United Airlines, Inc. (BB/Ba1) |
| |||||||||||||||
| 173,000 | 4.375 | (a) | 04/15/26 | 167,301 | ||||||||||||
|
|
|
|||||||||||||||
| 339,803 | ||||||||||||||||
|
|
||||||||||||||||
| Automotive(a) – 0.3% |
| |||||||||||||||
| Adient Global Holdings Ltd. (BBB-/Ba2) |
| |||||||||||||||
| 81,000 | 7.000 | 04/15/28 | 82,861 | |||||||||||||
| Phinia, Inc. (BB+/Ba1) |
| |||||||||||||||
| 55,000 | 6.750 | 04/15/29 | 55,535 | |||||||||||||
|
|
|
|||||||||||||||
| 138,396 | ||||||||||||||||
|
|
||||||||||||||||
| Chemicals(a) – 1.1% |
| |||||||||||||||
| ASP Unifrax Holdings, Inc. (CCC+/B2) |
| |||||||||||||||
| 182,000 | 5.250 | 09/30/28 | 117,461 | |||||||||||||
| Olympus Water U.S. Holding Corp. (B-/B3) |
| |||||||||||||||
| 200,000 | 4.250 | 10/01/28 | 181,184 | |||||||||||||
| WR Grace Holdings LLC (B-/B1) |
| |||||||||||||||
| 247,000 | 4.875 | 06/15/27 | 234,941 | |||||||||||||
|
|
|
|||||||||||||||
| 533,586 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Services(a) – 1.0% |
| |||||||||||||||
| ADT Security Corp. (BB/Ba2) |
| |||||||||||||||
| 266,000 | 4.125 | 08/01/29 | 242,946 | |||||||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B3) |
| |||||||||||||||
| 59,000 | 6.625 | 07/15/26 | 58,964 | |||||||||||||
| APX Group, Inc. (BB/Ba2) |
| |||||||||||||||
| 50,000 | 6.750 | 02/15/27 | 50,279 | |||||||||||||
| Garda World Security Corp. (B/B2) |
| |||||||||||||||
| 40,000 | 7.750 | 02/15/28 | 41,030 | |||||||||||||
| VT Topco, Inc. (B/B2) |
| |||||||||||||||
| 105,000 | 8.500 | 08/15/30 | 110,798 | |||||||||||||
|
|
|
|||||||||||||||
| 504,017 | ||||||||||||||||
|
|
||||||||||||||||
| Diversified Financial Services(a) – 0.2% |
| |||||||||||||||
| NFP Corp. (B/B1) |
| |||||||||||||||
| 87,000 | 4.875 | 08/15/28 | 87,164 | |||||||||||||
|
|
||||||||||||||||
| Electrical(a) – 0.5% |
| |||||||||||||||
| Calpine Corp. (BB+/Ba2) |
| |||||||||||||||
| 283,000 | 3.750 | 03/01/31 | 248,358 | |||||||||||||
|
|
||||||||||||||||
| Entertainment(a) – 0.4% |
| |||||||||||||||
| Caesars Entertainment, Inc. (BB-/Ba3) |
| |||||||||||||||
| 175,000 | 7.000 | 02/15/30 | 179,653 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Environmental(a) – 0.5% |
| |||||||||||||||
| GFL Environmental, Inc. (BB-/Ba3) |
| |||||||||||||||
| $ | 262,000 | 3.500 | % | 09/01/28 | $ | 239,940 | ||||||||||
|
|
||||||||||||||||
| Foods(a) – 0.1% |
| |||||||||||||||
| Post Holdings, Inc. (BB/Ba1) |
| |||||||||||||||
| 50,000 | 6.250 | 02/15/32 | 50,349 | |||||||||||||
|
|
||||||||||||||||
| Health Care - Services(a) – 0.1% |
| |||||||||||||||
| LifePoint Health, Inc. (B/B2) |
| |||||||||||||||
| 60,000 | 11.000 | 10/15/30 | 64,138 | |||||||||||||
|
|
||||||||||||||||
| Healthcare Providers & Services(a) – 0.5% |
| |||||||||||||||
| Medline Borrower LP (B+/B1) |
| |||||||||||||||
| 269,000 | 3.875 | 04/01/29 | 244,857 | |||||||||||||
|
|
||||||||||||||||
| Insurance(a) – 1.0% |
| |||||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. (B/B2) |
| |||||||||||||||
| 178,000 | 4.250 | 02/15/29 | 160,736 | |||||||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) |
| |||||||||||||||
| 160,000 | 6.750 | 04/15/28 | 161,003 | |||||||||||||
| Panther Escrow Issuer LLC (B/B2) |
| |||||||||||||||
| 155,000 | 7.125 | 06/01/31 | 157,765 | |||||||||||||
|
|
|
|||||||||||||||
| 479,504 | ||||||||||||||||
|
|
||||||||||||||||
| Leisure Time(a) – 0.3% |
| |||||||||||||||
| Carnival Corp. (BB+/Ba2) |
| |||||||||||||||
| 128,000 | 4.000 | 08/01/28 | 119,232 | |||||||||||||
| 40,000 | 7.000 | 08/15/29 | 41,763 | |||||||||||||
|
|
|
|||||||||||||||
| 160,995 | ||||||||||||||||
|
|
||||||||||||||||
| Lodging(a) – 0.4% |
| |||||||||||||||
| Travel &Leisure Co. (BB-/Ba3) |
| |||||||||||||||
| 191,000 | 4.500 | 12/01/29 | 175,336 | |||||||||||||
|
|
||||||||||||||||
| Machinery-Construction & Mining(a) – 0.3% |
| |||||||||||||||
| Vertiv Group Corp. (BB/Ba3) |
| |||||||||||||||
| 150,000 | 4.125 | 11/15/28 | 139,562 | |||||||||||||
|
|
||||||||||||||||
| Machinery-Diversified(a) – 0.5% |
| |||||||||||||||
| Chart Industries, Inc. (BB-/Ba3) |
| |||||||||||||||
| 100,000 | 7.500 | 01/01/30 | 103,863 | |||||||||||||
| Husky Injection Molding Systems Ltd./Titan Co.- Borrower LLC (B-/B3) |
| |||||||||||||||
| 110,000 | 9.000 | 02/15/29 | 113,766 | |||||||||||||
|
|
|
|||||||||||||||
| 217,629 | ||||||||||||||||
|
|
||||||||||||||||
| Media(a) – 2.9% |
| |||||||||||||||
| Altice Financing SA (B/B3) |
| |||||||||||||||
| 316,000 | 5.000 | 01/15/28 | 259,844 | |||||||||||||
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (BB/Ba3) |
| |||||||||||||||
| 126,000 | 5.875 | 08/15/27 | 119,212 | |||||||||||||
| DISH DBS Corp. (CCC/Caa1) |
| |||||||||||||||
| 195,000 | 5.250 | 12/01/26 | 153,795 | |||||||||||||
| DISH Network Corp. (CCC+/Caa1) |
| |||||||||||||||
| 145,000 | 11.750 | 11/15/27 | 148,116 | |||||||||||||
| Scripps Escrow II, Inc. (BB-/B2) |
| |||||||||||||||
| 124,000 | 3.875 | 01/15/29 | 98,823 | |||||||||||||
| Sinclair Television Group, Inc. (BB-/B2) |
| |||||||||||||||
| 227,000 | 4.125 | 12/01/30 | 165,058 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 115 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Media(a) – (continued) |
| |||||||||||||||
| Sunrise HoldCo IV BV(B/B3) |
| |||||||||||||||
| $ | 200,000 | 5.500 | % | 01/15/28 | $ | 192,520 | ||||||||||
| Urban One, Inc.(B-/B3) |
| |||||||||||||||
| 47,000 | 7.375 | 02/01/28 | 40,016 | |||||||||||||
| VZ Secured Financing BV(B+/B1) |
| |||||||||||||||
| 256,000 | 5.000 | 01/15/32 | 219,786 | |||||||||||||
|
|
|
|||||||||||||||
| 1,397,170 | ||||||||||||||||
|
|
||||||||||||||||
| Oil Field Services(a) – 0.6% |
| |||||||||||||||
| Transocean Poseidon Ltd.(B/B2) |
| |||||||||||||||
| 35,100 | 6.875 | 02/01/27 | 35,162 | |||||||||||||
| Transocean Titan Financing Ltd.(B/B2) |
| |||||||||||||||
| 150,000 | 8.375 | 02/01/28 | 156,108 | |||||||||||||
| Transocean, Inc.(B/B2) |
| |||||||||||||||
| 90,000 | 8.750 | 02/15/30 | 93,853 | |||||||||||||
|
|
|
|||||||||||||||
| 285,123 | ||||||||||||||||
|
|
||||||||||||||||
| Packaging(a) – 0.6% |
| |||||||||||||||
| Mauser Packaging Solutions Holding Co.(B/B2) |
| |||||||||||||||
| 130,000 | 7.875 | 08/15/26 | 132,473 | |||||||||||||
| Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.(B+/B1) |
| |||||||||||||||
| 85,000 | 4.375 | 10/15/28 | 79,353 | |||||||||||||
| Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC(B+/B1) |
| |||||||||||||||
| 87,000 | 4.000 | 10/15/27 | 81,273 | |||||||||||||
|
|
|
|||||||||||||||
| 293,099 | ||||||||||||||||
|
|
||||||||||||||||
| Pipelines(a) – 0.8% |
| |||||||||||||||
| Prairie Acquiror LP(B/B3) |
| |||||||||||||||
| 35,000 | 9.000 | 08/01/29 | 36,117 | |||||||||||||
| Venture Global LNG, Inc.(BB/B1) |
| |||||||||||||||
| 247,000 | 8.125 | 06/01/28 | 252,000 | |||||||||||||
| 105,000 | 9.500 | 02/01/29 | 113,193 | |||||||||||||
|
|
|
|||||||||||||||
| 401,310 | ||||||||||||||||
|
|
||||||||||||||||
| Retailing(a) – 1.6% |
| |||||||||||||||
| 1011778 BC ULC/New Red Finance, Inc.(B+/B2) |
| |||||||||||||||
| 192,000 | 4.375 | 01/15/28 | 181,498 | |||||||||||||
| 305,000 | 4.000 | 10/15/30 | 271,755 | |||||||||||||
| IRB Holding Corp.(B+/B2) |
| |||||||||||||||
| 167,000 | 7.000 | 06/15/25 | 167,214 | |||||||||||||
| Specialty Building Products Holdings LLC/SBP Finance Corp.(B/B3) |
| |||||||||||||||
| 158,000 | 6.375 | 09/30/26 | 156,791 | |||||||||||||
|
|
|
|||||||||||||||
| 777,258 | ||||||||||||||||
|
|
||||||||||||||||
| Software(a) – 0.4% |
| |||||||||||||||
| Camelot Finance SA(BB-/B1) |
| |||||||||||||||
| 28,000 | 4.500 | 11/01/26 | 26,939 | |||||||||||||
| Clarivate Science Holdings Corp.(BB-/B1) |
| |||||||||||||||
| 158,000 | 3.875 | 07/01/28 | 146,193 | |||||||||||||
|
|
|
|||||||||||||||
| 173,132 | ||||||||||||||||
|
|
||||||||||||||||
| Telecommunication Services(a) – 1.0% |
| |||||||||||||||
| Altice France SA(CCC+/Caa1) |
| |||||||||||||||
| 225,000 | 5.125 | 01/15/29 | 154,688 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Secured Debt Obligations – (continued) |
| |||||||||||||||
| Telecommunication Services(a) – (continued) |
| |||||||||||||||
| $ | 264,000 | 5.500 | % | 10/15/29 | $ | 177,706 | ||||||||||
| Frontier Communications Holdings LLC(CCC+/Caa2) |
| |||||||||||||||
| 161,000 | 6.750 | 05/01/29 | 143,461 | |||||||||||||
|
|
|
|||||||||||||||
| 475,855 | ||||||||||||||||
|
|
||||||||||||||||
| Transportation(a) – 0.4% |
| |||||||||||||||
| Rand Parent LLC(BB/Ba1) |
| |||||||||||||||
| 199,000 | 8.500 | 02/15/30 | 196,893 | |||||||||||||
|
|
||||||||||||||||
| TOTAL OTHER SECURED DEBT OBLIGATIONS | $ | 8,447,763 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL SECURED DEBT OBLIGATIONS (Cost $19,070,186) |
$ | 18,169,944 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description | Value | ||||||||||||||
| Common Stocks – 0.5% |
| |||||||||||||||
| Energy Equipment & Services – 0.4% |
| |||||||||||||||
| 3,489 | Noble Corp. PLC | $ | 169,182 | |||||||||||||
|
|
||||||||||||||||
| Oil, Gas & Consumable Fuels(g) – 0.1% |
| |||||||||||||||
| 1,141,924 | |
Prairie Provident Resources, Inc. |
63,227 | |||||||||||||
|
|
||||||||||||||||
| TOTAL COMMON STOCKS (Cost $2,968,823) |
$ | 232,409 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(h) – 6.7% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 3,211,304 | 5.211% | $ | 3,211,304 | |||||||||||||
| (Cost $3,211,304) |
| |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 99.0% (Cost $52,517,545) |
$ | 47,770,015 | ||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0% |
$ | 493,196 | ||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $ | 48,263,211 | ||||||||||||||
|
|
||||||||||||||||
| 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 March 31, 2024. | |
| (d) | Pay-in-kind securities. | |
| 116 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| (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 March 31, 2024. 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) | Represents an Affiliated Issuer. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain | ||||||||
|
| ||||||||||||
| Citibank NA |
USD | 238,043 | EUR | 220,156 | 05/08/24 | $165 | ||||||
|
| ||||||||||||
SWAP CONTRACTS — At March 31, 2024, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund(a) | Payments Received by Fund(a) |
Termination Date |
Notional Amount (000s)(b) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
|
| ||||||||||||||||||||||
| 3.750% |
12M SOFR | 06/20/31 | $ 2,220 | $10,511 | $20,153 | $(9,642) | ||||||||||||||||
|
| ||||||||||||||||||||||
| (a) | Payments made annually. |
| (b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024. |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
| Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at March 31, 2024(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Protection Purchased: |
||||||||||||||||||||||||||
| CDX.NA.HY Index 41 |
(5.000)% | 3.108 | % | 12/20/28 | $4,950 | $(374,427 | ) | $(38,380 | ) | $(336,047) | ||||||||||||||||
|
|
||||||||||||||||||||||||||
| (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 | |
| USD | —U.S. Dollar | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 117 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Schedule of Investments (continued)
March 31, 2024 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Investment Abbreviations: | ||
| CMT | —Constant Maturity Treasury Indexes | |
| EURIBOR | —Euro Interbank Offered Rate | |
| LIBOR | —London Interbank Offered Rate | |
| LLC | —Limited Liability Company | |
| LP | —Limited Partnership | |
| NR | —Not Rated | |
| PIK | —Payment in kind | |
| PLC | —Public Limited Company | |
| SOFR | —Secured Overnight Financing Rate | |
| WR | —Withdrawn Rating | |
|
| ||
|
| ||
| Abbreviations: | ||
| CDX.NA.HY Ind 41 | —CDX North America High Yield Index 41 | |
| SOFR | —Secured Overnight Financing Rate | |
|
| ||
| 118 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Emerging Markets Credit Fund |
Emerging Markets Debt Fund |
High Yield Fund |
||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Investments in unaffiliated issuers, at value (cost $34,513,505, $479,251,128 and $1,954,871,830, respectively)(a) |
$ 33,402,834 | $ 409,227,168 | $1,870,317,173 | |||||||||||||||||||||
| Investments in affiliated issuers, at value (cost $191,359, $0 and $51,815,710, respectively) |
191,359 | — | 51,815,710 | |||||||||||||||||||||
| Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
— | — | 51,348,393 | |||||||||||||||||||||
| Purchased options, at value (premium paid $0, $1,459,515 and $0, respectively) |
— | 1,415,728 | — | |||||||||||||||||||||
| Cash |
563,562 | 3,375,122 | 35,139,211 | |||||||||||||||||||||
| Foreign currencies, at value (cost $0, $269,824 and $1,361, respectively) |
8,568 | 119,299 | 138 | |||||||||||||||||||||
| Unrealized gain on forward foreign currency exchange contracts |
695 | 2,455,115 | 201,399 | |||||||||||||||||||||
| Variation margin on futures contracts |
3,129 | 377,211 | — | |||||||||||||||||||||
| Variation margin on swaps contracts |
54 | — | — | |||||||||||||||||||||
| Receivables: |
||||||||||||||||||||||||
| Interest and dividends |
589,869 | 5,928,389 | 29,324,473 | |||||||||||||||||||||
| Investments sold on an extended-settlement basis |
388,785 | 187,646 | 231,764 | |||||||||||||||||||||
| Investments sold |
159,080 | — | 239,162 | |||||||||||||||||||||
| Collateral on certain derivative contracts(b) |
134,938 | 6,016,260 | 9,119,563 | |||||||||||||||||||||
| Reimbursement from investment adviser |
70,110 | 68,805 | 54,975 | |||||||||||||||||||||
| Foreign tax reclaims |
26,704 | — | 493 | |||||||||||||||||||||
| Fund shares sold |
312 | 237,548 | 6,071,673 | |||||||||||||||||||||
| Securities lending income |
— | — | 64,977 | |||||||||||||||||||||
| Other assets |
49,008 | 50,145 | 554,663 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Total assets |
35,589,007 | 429,458,436 | 2,054,483,767 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Unrealized loss on forward foreign currency exchange contracts |
— | 1,758,960 | 40,224 | |||||||||||||||||||||
| Variation margin on futures contracts |
— | — | 151 | |||||||||||||||||||||
| Variation margin on swaps contracts |
— | 19,201 | 27,958 | |||||||||||||||||||||
| Written option contracts, at value (premium received $0, $1,170,183 and $0, respectively) |
— | 1,373,116 | — | |||||||||||||||||||||
| Payables: |
||||||||||||||||||||||||
| Investments purchased on an extended-settlement basis |
745,733 | 176,107 | 19,975,460 | |||||||||||||||||||||
| Fund shares redeemed |
54,537 | 473,447 | 4,532,506 | |||||||||||||||||||||
| Management fees |
23,267 | 289,026 | 1,041,592 | |||||||||||||||||||||
| Income distributions |
5,305 | 155,373 | 83,071 | |||||||||||||||||||||
| Distribution and Service fees and Transfer Agency fees |
3,659 | 22,804 | 79,140 | |||||||||||||||||||||
| Investments purchased |
1,095 | 24,404 | 25,762,396 | |||||||||||||||||||||
| Due to broker — upfront payment |
— | 15,542 | — | |||||||||||||||||||||
| Due to broker |
— | 680 | — | |||||||||||||||||||||
| Payable upon return of securities loaned |
— | — | 51,348,393 | |||||||||||||||||||||
| Accrued expenses |
283,752 | 423,195 | 323,394 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Total liabilities |
1,117,348 | 4,731,855 | 103,214,285 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Paid-in capital |
198,167,259 | 898,936,331 | 2,625,889,691 | |||||||||||||||||||||
| Total distributable loss |
(163,695,600 | ) | (474,209,750 | ) | (674,620,209 | ) | ||||||||||||||||||
|
| ||||||||||||||||||||||||
| NET ASSETS |
$ 34,471,659 | $ 424,726,581 | $1,951,269,482 | |||||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||
| Class A |
$ 2,680,503 | $ 24,264,923 | $ 85,375,715 | |||||||||||||||||||||
| Class C |
1,693,407 | 3,944,717 | 3,935,773 | |||||||||||||||||||||
| Institutional |
5,768,476 | 282,815,084 | 169,826,190 | |||||||||||||||||||||
| Service |
— | — | 4,375,451 | |||||||||||||||||||||
| Investor |
11,021,939 | 13,002,699 | 7,241,964 | |||||||||||||||||||||
| Class R6 |
13,584 | 65,816,212 | 37,844,112 | |||||||||||||||||||||
| Class R |
— | — | 4,512,389 | |||||||||||||||||||||
| Class P |
13,293,750 | 34,882,946 | 1,638,157,888 | |||||||||||||||||||||
| Total Net Assets |
$ 34,471,659 | $ 424,726,581 | $1,951,269,482 | |||||||||||||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||||||||||
| Class A |
671,065 | 2,545,537 | 15,324,426 | |||||||||||||||||||||
| Class C |
424,876 | 414,390 | 706,012 | |||||||||||||||||||||
| Institutional |
1,450,050 | 29,655,652 | 30,414,992 | |||||||||||||||||||||
| Service |
— | — | 786,131 | |||||||||||||||||||||
| Investor |
2,765,862 | 1,363,448 | 1,297,489 | |||||||||||||||||||||
| Class R6 |
3,415 | 6,900,617 | 6,765,225 | |||||||||||||||||||||
| Class R |
— | — | 810,896 | |||||||||||||||||||||
| Class P |
3,341,663 | 3,660,546 | 293,343,614 | |||||||||||||||||||||
| Net asset value, offering and redemption price per share:(c) |
||||||||||||||||||||||||
| Class A |
$3.99 | $9.53 | $5.57 | |||||||||||||||||||||
| Class C |
3.99 | 9.52 | 5.57 | |||||||||||||||||||||
| Institutional |
3.98 | 9.54 | 5.58 | |||||||||||||||||||||
| Service |
— | — | 5.57 | |||||||||||||||||||||
| Investor |
3.98 | 9.54 | 5.58 | |||||||||||||||||||||
| Class R6 |
3.98 | 9.54 | 5.59 | |||||||||||||||||||||
| Class R |
— | — | 5.56 | |||||||||||||||||||||
| Class P |
3.98 | 9.53 | 5.58 | |||||||||||||||||||||
| (a) | Includes loaned securities having a market value of $0, $0 and $50,423,459, respectively. |
| (b) | Segregated for initial margin and/or collateral as follows: |
| Fund | Futures | Swaps | ||||||||||
| Emerging Markets Credit |
$ | 108,362 | $ | 26,576 | ||||||||
| Emerging Markets Debt |
702,588 | 5,313,672 | ||||||||||
| High Yield |
2,816,896 | 6,302,667 | ||||||||||
| (c) | Maximum public offering price per share for Class A Shares of Emerging Markets Credit, Emerging Markets Debt and High Yield Funds is $4.18, $9.98 and $5.83, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| The accompanying notes are an integral part of these financial statements. | 119 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Statements of Assets and Liabilities (continued)
March 31, 2024
|
| High Yield Floating Rate Fund |
Investment Grade Credit Fund |
Short Duration High Yield Fund |
||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Investments in unaffiliated issuers, at value (cost $1,962,546,195, $652,975,832 and $49,306,241, respectively) |
$1,870,643,894 | $632,064,985 | $ 44,558,711 | |||||||||||||||||||||
| Investments in affiliated issuers, at value (cost $102,352,239, $5,607,607 and $3,211,304, respectively) |
102,352,239 | 5,607,607 | 3,211,304 | |||||||||||||||||||||
| Investments in affiliated securities lending reinvestment vehicle, at value which equals cost(a) |
22,606,103 | — | — | |||||||||||||||||||||
| Cash |
26,599,118 | 11,040,754 | 360,725 | |||||||||||||||||||||
| Foreign currencies, at value (cost $51,617, $23,107 and $4,348, respectively) |
33,944 | 22,454 | 4,345 | |||||||||||||||||||||
| Unrealized gain on forward foreign currency exchange contracts |
107,209 | 4,799 | 165 | |||||||||||||||||||||
| Unrealized gain on unfunded loan commitment |
236 | — | — | |||||||||||||||||||||
| Variation margin on futures contracts |
48 | 416,637 | — | |||||||||||||||||||||
| Receivables: |
||||||||||||||||||||||||
| Fund shares sold |
60,914,267 | 889,019 | 201,771 | |||||||||||||||||||||
| Investments sold |
35,461,756 | — | 18,897 | |||||||||||||||||||||
| Interest and dividends |
22,147,591 | 7,133,734 | 638,207 | |||||||||||||||||||||
| Collateral on certain derivative contracts(b) |
3,014,300 | 11,678,422 | 335,026 | |||||||||||||||||||||
| Securities lending income |
22,901 | — | — | |||||||||||||||||||||
| Investments sold on an extended-settlement basis |
— | — | 177,338 | |||||||||||||||||||||
| Reimbursement from investment adviser |
— | 40,550 | 29,663 | |||||||||||||||||||||
| Due from broker - upfront payment |
— | 35,936 | — | |||||||||||||||||||||
| Other assets |
579,195 | 56,809 | 71,719 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Total assets |
2,144,482,801 | 668,991,706 | 49,607,871 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Unrealized loss on forward foreign currency exchange contracts |
39,331 | 4,593 | — | |||||||||||||||||||||
| Unrealized loss on swap contracts |
— | 121,858 | — | |||||||||||||||||||||
| Variation margin on swaps contracts |
— | 282,724 | 2,115 | |||||||||||||||||||||
| Payables: |
||||||||||||||||||||||||
| Investments purchased |
91,214,921 | 29,456 | 464,211 | |||||||||||||||||||||
| Payable upon return of securities loaned |
22,606,103 | — | — | |||||||||||||||||||||
| Fund shares redeemed |
8,635,854 | 558,840 | 39,579 | |||||||||||||||||||||
| Management fees |
934,710 | 189,618 | 39,440 | |||||||||||||||||||||
| Distribution and Service fees and Transfer Agency fees |
55,036 | 20,062 | 1,556 | |||||||||||||||||||||
| Income distributions |
1,355 | 18,546 | 256 | |||||||||||||||||||||
| Investments purchased on an extended-settlement basis |
— | 908,908 | 592,059 | |||||||||||||||||||||
| Accrued expenses |
662,511 | 233,346 | 205,444 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Total liabilities |
124,149,821 | 2,367,951 | 1,344,660 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Paid-in capital |
2,702,143,784 | 749,286,874 | 100,077,896 | |||||||||||||||||||||
| Total distributable loss |
(681,810,804 | ) | (82,663,119 | ) | (51,814,685 | ) | ||||||||||||||||||
|
| ||||||||||||||||||||||||
| NET ASSETS |
$2,020,332,980 | $666,623,755 | $ 48,263,211 | |||||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||
| Class A |
$ 6,259,525 | $ 6,398,245 | $ 633,297 | |||||||||||||||||||||
| Class C |
897,637 | — | 80,137 | |||||||||||||||||||||
| Institutional |
200,198,879 | 74,961,916 | 9,188,645 | |||||||||||||||||||||
| Separate Account Institutional |
— | 92,291,006 | — | |||||||||||||||||||||
| Investor |
18,873,951 | 10,498,775 | 298,242 | |||||||||||||||||||||
| Class R6 |
27,820,265 | 214,349,868 | 8,085,551 | |||||||||||||||||||||
| Class R |
283,216 | — | — | |||||||||||||||||||||
| Class P |
1,765,999,507 | 268,123,945 | 29,977,339 | |||||||||||||||||||||
| Total Net Assets |
$2,020,332,980 | $666,623,755 | $ 48,263,211 | |||||||||||||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||||||||||
| Class A |
703,754 | 800,433 | 80,122 | |||||||||||||||||||||
| Class C |
100,884 | — | 10,152 | |||||||||||||||||||||
| Institutional |
22,509,002 | 9,375,430 | 1,164,095 | |||||||||||||||||||||
| Separate Account Institutional |
— | 11,539,916 | — | |||||||||||||||||||||
| Investor |
2,115,592 | 1,313,663 | 37,762 | |||||||||||||||||||||
| Class R6 |
3,123,352 | 26,804,093 | 1,024,827 | |||||||||||||||||||||
| Class R |
31,834 | — | — | |||||||||||||||||||||
| Class P |
198,142,609 | 33,545,352 | 3,802,256 | |||||||||||||||||||||
| Net asset value, offering and redemption price per share:(c) |
||||||||||||||||||||||||
| Class A |
$8.89 | $7.99 | $7.90 | |||||||||||||||||||||
| Class C |
8.90 | — | 7.89 | |||||||||||||||||||||
| Institutional |
8.89 | 8.00 | 7.89 | |||||||||||||||||||||
| Separate Account Institutional |
— | 8.00 | — | |||||||||||||||||||||
| Investor |
8.92 | 7.99 | 7.90 | |||||||||||||||||||||
| Class R6 |
8.91 | 8.00 | 7.89 | |||||||||||||||||||||
| Class R |
8.90 | — | — | |||||||||||||||||||||
| Class P |
8.91 | 7.99 | 7.88 | |||||||||||||||||||||
| (a) | Includes loaned securities having a market value of $22,150,462, $0 and $0, respectively. |
| (b) | Segregated for initial margin and/or collateral as follows: |
| Fund | Futures | Swaps | Forwards | |||||||||||||||||||||
| High Yield Floating Rate |
$ | 1,224,300 | $ | — | $ | 1,790,000 | ||||||||||||||||||
| Investment Grade Credit |
1,923,864 | 9,754,558 | — | |||||||||||||||||||||
| Short Duration High Yield |
— | 335,026 | — | |||||||||||||||||||||
| (c) | Maximum public offering price per share for Class A Shares of High Yield Floating Rate, Investment Grade Credit and Short Duration High Yield Funds is $9.09, $8.30 and $8.21, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| 120 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Statements of Operations
For the Fiscal Year Ended March 31, 2024 |
| Emerging Markets Credit Fund |
Emerging Markets Debt Fund |
High Yield Fund |
||||||||||||||||||||||
| Investment Income: | ||||||||||||||||||||||||
| Interest (net of foreign withholding taxes of $11,589, $0 and $0, respectively) |
$ 3,645,578 | $ 32,602,544 | $114,975,352 | |||||||||||||||||||||
| Dividends — affiliated issuers |
287,031 | 1,475,323 | 2,555,451 | |||||||||||||||||||||
| Dividends — unaffiliated issuers |
— | — | 1,516,113 | |||||||||||||||||||||
| Securities lending income, net of rebates received or paid to borrowers |
— | — | 1,100,924 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Total investment income |
3,932,609 | 34,077,867 | 120,147,840 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| Management fees |
427,395 | 4,256,646 | 12,237,857 | |||||||||||||||||||||
| Custody, accounting and administrative services |
297,880 | 387,287 | 210,670 | |||||||||||||||||||||
| Professional fees |
193,157 | 180,351 | 158,807 | |||||||||||||||||||||
| Registration fees |
86,943 | 127,631 | 152,853 | |||||||||||||||||||||
| Printing and mailing costs |
49,071 | 114,169 | 60,611 | |||||||||||||||||||||
| Transfer Agency fees(a) |
30,510 | 241,780 | 635,684 | |||||||||||||||||||||
| Trustee fees |
20,220 | 20,859 | 22,385 | |||||||||||||||||||||
| Distribution and Service (12b-1) fees(a) |
19,065 | 92,596 | 279,389 | |||||||||||||||||||||
| Prime broker fees |
12,099 | 78,003 | — | |||||||||||||||||||||
| Service fees — Class C |
4,096 | 11,321 | 8,848 | |||||||||||||||||||||
| Shareholder meeting expense |
2,338 | 14,393 | 10,987 | |||||||||||||||||||||
| Shareholder Administration fees — Service Class |
— | — | 9,852 | |||||||||||||||||||||
| Other |
16,320 | 38,937 | 88,358 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Total expenses |
1,159,094 | 5,563,973 | 13,876,301 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Less — expense reductions |
(649,454 | ) | (881,341 | ) | (1,631,526 | ) | ||||||||||||||||||
|
| ||||||||||||||||||||||||
| Net expenses |
509,640 | 4,682,632 | 12,244,775 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| NET INVESTMENT INCOME |
3,422,969 | 29,395,235 | 107,903,065 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Realized and unrealized gain (loss): | ||||||||||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||||||||||
| Investments — unaffiliated issuers |
(4,577,510 | ) | (103,817,549 | ) | (30,617,213 | ) | ||||||||||||||||||
| Purchased options |
(1,010,127 | ) | (7,517,011 | ) | 242,400 | |||||||||||||||||||
| Futures contracts |
219,940 | (5,065,220 | ) | (2,213,312 | ) | |||||||||||||||||||
| Written options |
1,013,351 | 7,819,674 | 88,573 | |||||||||||||||||||||
| Swap contracts |
(232,753 | ) | 1,511,478 | 784,280 | ||||||||||||||||||||
| Forward foreign currency exchange contracts |
(1,261,519 | ) | (548,923 | ) | 153,155 | |||||||||||||||||||
| Foreign currency transactions |
(11,134 | ) | (2,078,708 | ) | (555,756 | ) | ||||||||||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||||||||||||
| Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $7,491, $0 and $0, respectively) |
5,610,297 | 139,773,329 | 82,858,706 | |||||||||||||||||||||
| Purchased options |
266,655 | 2,048,731 | 191,293 | |||||||||||||||||||||
| Futures contracts |
22,445 | (2,793,090 | ) | (655,835 | ) | |||||||||||||||||||
| Written options |
(196,985 | ) | (2,113,361 | ) | (336,398 | ) | ||||||||||||||||||
| Swap contracts |
(19,923 | ) | (1,341,065 | ) | 2,114,294 | |||||||||||||||||||
| Forward foreign currency exchange contracts |
(66,541 | ) | 1,563,939 | 935,472 | ||||||||||||||||||||
| Foreign currency translation |
(154,348 | ) | 621,940 | 240,532 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
(398,152 | ) | 28,064,164 | 53,230,191 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ 3,024,817 | $ 57,459,399 | $161,133,256 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
| Emerging Markets Credit |
$ | 6,776 | $ | 12,289 | $ | — | $ | — | $ | 3,253 | $ | 1,966 | $ | 2,540 | $ | — | $ | 13,245 | $ | 5,134 | $ | — | $ | 4,372 | ||||||||||||||||||||||||
| Emerging Markets Debt |
58,633 | 33,963 | — | — | 28,144 | 5,434 | 131,769 | — | 32,040 | 34,748 | — | 9,645 | ||||||||||||||||||||||||||||||||||||
| High Yield |
222,191 | 26,543 | 9,852 | 20,803 | 106,652 | 4,247 | 67,892 | 1,576 | 9,225 | 6,588 | 4,993 | 434,511 | ||||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 121 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Statements of Operations (continued)
For the Fiscal Year Ended March 31, 2024 |
| High Yield Floating Rate Fund |
Investment Grade Credit Fund |
Short Duration High Yield Fund |
||||||||||||||
| Investment Income: | ||||||||||||||||
| Interest |
$191,314,216 | $ 27,644,732 | $ 3,470,596 | |||||||||||||
| Dividends — affiliated issuers |
2,680,737 | 526,334 | 119,629 | |||||||||||||
| Dividends — unaffiliated issuers |
3,814,522 | 337,546 | 3,838 | |||||||||||||
| Securities lending income, net of rebates received or paid to borrowers |
481,034 | — | — | |||||||||||||
|
| ||||||||||||||||
| Total investment income |
198,290,509 | 28,508,612 | 3,594,063 | |||||||||||||
|
| ||||||||||||||||
| Expenses: | ||||||||||||||||
| Management fees |
11,695,160 | 2,140,146 | 480,295 | |||||||||||||
| Interest expense |
1,980,829 | — | — | |||||||||||||
| Transfer Agency fees(a) |
646,230 | 209,919 | 17,093 | |||||||||||||
| Custody, accounting and administrative services |
554,979 | 147,504 | 86,180 | |||||||||||||
| Professional fees |
226,746 | 137,992 | 146,273 | |||||||||||||
| Registration fees |
128,454 | 88,172 | 105,806 | |||||||||||||
| Printing and mailing costs |
68,834 | 37,482 | 28,251 | |||||||||||||
| Trustee fees |
22,370 | 20,977 | 20,185 | |||||||||||||
| Distribution and Service (12b-1) fees(a) |
19,221 | 15,057 | 2,463 | |||||||||||||
| Shareholder meeting expense |
6,596 | 4,251 | 1,923 | |||||||||||||
| Prime broker fees |
3,109 | — | — | |||||||||||||
| Service fees — Class C |
2,061 | — | 220 | |||||||||||||
| Other |
3,951 | 30,858 | 16,306 | |||||||||||||
|
| ||||||||||||||||
| Total expenses |
15,358,540 | 2,832,358 | 904,995 | |||||||||||||
|
| ||||||||||||||||
| Less — expense reductions |
(82,008 | ) | (454,202 | ) | (361,497 | ) | ||||||||||
|
| ||||||||||||||||
| Net expenses |
15,276,532 | 2,378,156 | 543,498 | |||||||||||||
|
| ||||||||||||||||
| NET INVESTMENT INCOME |
183,013,977 | 26,130,456 | 3,050,565 | |||||||||||||
|
| ||||||||||||||||
| Realized and unrealized gain (loss): | ||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments — unaffiliated issuers |
(51,500,318 | ) | (20,518,717 | ) | (1,582,629 | ) | ||||||||||
| Purchased options |
— | (22,209 | ) | — | ||||||||||||
| Futures contracts |
2,548,074 | (2,387,008 | ) | (1,231 | ) | |||||||||||
| Written options |
— | 27,951 | — | |||||||||||||
| Swap contracts |
— | 3,414,723 | (1,132,192 | ) | ||||||||||||
| Forward foreign currency exchange contracts |
984,524 | (75,465 | ) | 4,686 | ||||||||||||
| Foreign currency transactions |
(772,072 | ) | (25,575 | ) | (2,507 | ) | ||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||||
| Investments — unaffiliated issuers |
89,657,890 | 22,544,865 | 3,219,887 | |||||||||||||
| Unfunded loan commitment |
236 | — | — | |||||||||||||
| Purchased options |
— | 178,318 | — | |||||||||||||
| Futures contracts |
1,386,559 | 556,183 | — | |||||||||||||
| Written options |
— | (271,169 | ) | — | ||||||||||||
| Swap contracts |
— | 2,003,072 | 335,520 | |||||||||||||
| Forward foreign currency exchange contracts |
1,320,929 | 121,358 | 2,559 | |||||||||||||
| Foreign currency translation |
359,031 | 18,218 | 1,147 | |||||||||||||
|
| ||||||||||||||||
| Net realized and unrealized gain |
43,984,853 | 5,564,545 | 845,240 | |||||||||||||
|
| ||||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$226,998,830 | $ 31,695,001 | $ 3,895,805 | |||||||||||||
|
| ||||||||||||||||
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
|
Distribution and/or Service (12b-1) Fees |
Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Class R |
Class A |
Class C |
Institutional |
Separate Account Institutional |
Investor |
Class R6 |
Class R |
Class P |
|||||||||||||||||||||||||||||||||||||||||||||||||
| High Yield Floating Rate |
$ | 11,705 | $ | 6,183 | $1,333 | $ | 5,618 | $ | 989 | $ | 53,865 | $ | — | $13,271 | $ 6,294 | $ | 320 | $ | 565,873 | |||||||||||||||||||||||||||||||||||||||||
| Investment Grade Credit |
15,057 | — | — | 7,227 | — | 27,632 | 28,136 | 11,673 | 71,899 | — | 63,352 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Short Duration High Yield |
1,684 | 659 | 120 | 808 | 105 | 3,787 | — | 1,375 | 2,043 | 29 | 8,946 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 122 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Statements of Changes in Net Assets
|
| Emerging Markets Credit Fund | Emerging Markets Debt Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 3,422,969 | $ | 2,806,131 | $ | 29,395,235 | $ | 36,040,459 | ||||||||||||
| Net realized loss |
(5,859,752 | ) | (4,936,657 | ) | (109,696,259 | ) | (139,847,403 | ) | ||||||||||||
| Net change in unrealized gain (loss) |
5,461,600 | 1,518,788 | 137,760,423 | (5,687,309 | ) | |||||||||||||||
|
| ||||||||||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
3,024,817 | (611,738 | ) | 57,459,399 | (109,494,253 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
(487,202 | ) | (252,619 | ) | (1,227,049 | ) | (1,793,014 | ) | ||||||||||||
| Class C Shares |
(275,361 | ) | (120,407 | ) | (204,003 | ) | (376,907 | ) | ||||||||||||
| Institutional Shares |
(1,136,209 | ) | (576,676 | ) | (18,288,312 | ) | (35,324,311 | ) | ||||||||||||
| Investor Shares |
(2,125,112 | ) | (523,757 | ) | (1,543,249 | ) | (2,482,796 | ) | ||||||||||||
| Class R6 Shares |
(1,021,605 | ) | (1,539,775 | ) | (6,529,146 | ) | (10,339,350 | ) | ||||||||||||
| Class P Shares |
(2,496,016 | ) | (1,362,172 | ) | (1,768,497 | ) | (2,356,053 | ) | ||||||||||||
| Return of capital: |
||||||||||||||||||||
| Class A Shares |
(43,090 | ) | — | — | — | |||||||||||||||
| Class C Shares |
(24,354 | ) | — | — | — | |||||||||||||||
| Institutional Shares |
(100,490 | ) | — | — | — | |||||||||||||||
| Investor Shares |
(187,953 | ) | — | — | — | |||||||||||||||
| Class R6 Shares |
(90,354 | ) | — | — | — | |||||||||||||||
| Class P Shares |
(220,757 | ) | — | — | — | |||||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(8,208,503 | ) | (4,375,406 | ) | (29,560,256 | ) | (52,672,431 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
18,759,032 | 29,451,105 | 128,179,557 | 511,425,652 | ||||||||||||||||
| Reinvestment of distributions |
7,969,524 | 4,289,198 | 27,140,791 | 49,302,790 | ||||||||||||||||
| Cost of shares redeemed |
(45,793,507 | ) | (21,403,280 | ) | (505,366,928 | ) | (674,272,076 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(19,064,951 | ) | 12,337,023 | (350,046,580 | ) | (113,543,634 | ) | |||||||||||||
|
| ||||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
(24,248,637 | ) | 7,349,879 | (322,147,437 | ) | (275,710,318 | ) | |||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
58,720,296 | 51,370,417 | 746,874,018 | 1,022,584,336 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 34,471,659 | $ | 58,720,296 | $ | 424,726,581 | $ | 746,874,018 | ||||||||||||
|
| ||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 123 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Statements of Changes in Net Assets (continued)
|
| High Yield Fund | High Yield Floating Rate Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 107,903,065 | $ | 85,332,423 | $ | 183,013,977 | $ | 225,127,236 | ||||||||||||
| Net realized loss |
(32,117,873 | ) | (88,994,849 | ) | (48,739,792 | ) | (140,571,283 | ) | ||||||||||||
| Net change in unrealized gain (loss) |
85,348,064 | (87,595,024 | ) | 92,724,645 | (101,177,716 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
161,133,256 | (91,257,450 | ) | 226,998,830 | (16,621,763 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
(5,165,591 | ) | (5,057,545 | ) | (390,118 | ) | (220,656 | ) | ||||||||||||
| Class C Shares |
(179,742 | ) | (191,004 | ) | (62,456 | ) | (53,680 | ) | ||||||||||||
| Institutional Shares |
(10,344,873 | ) | (11,633,080 | ) | (11,628,298 | ) | (9,142,854 | ) | ||||||||||||
| Service Shares |
(221,088 | ) | (249,238 | ) | — | — | ||||||||||||||
| Investor Shares |
(465,569 | ) | (706,523 | ) | (944,611 | ) | (408,711 | ) | ||||||||||||
| Class R6 Shares |
(1,334,304 | ) | (1,547,872 | ) | (1,809,462 | ) | (6,456,410 | ) | ||||||||||||
| Class R Shares |
(231,866 | ) | (209,436 | ) | (21,501 | ) | (8,936 | ) | ||||||||||||
| Class P Shares |
(88,399,199 | ) | (65,611,022 | ) | (162,940,729 | ) | (221,534,305 | ) | ||||||||||||
| Return of capital: |
||||||||||||||||||||
| Class A Shares |
(165,444 | ) | (332,122 | ) | (11,448 | ) | — | |||||||||||||
| Class C Shares |
(5,757 | ) | (12,543 | ) | (1,833 | ) | — | |||||||||||||
| Institutional Shares |
(331,326 | ) | (763,927 | ) | (341,259 | ) | — | |||||||||||||
| Service Shares |
(7,081 | ) | (16,367 | ) | — | — | ||||||||||||||
| Investor Shares |
(14,911 | ) | (46,396 | ) | (27,722 | ) | — | |||||||||||||
| Class R6 Shares |
(42,735 | ) | (101,647 | ) | (53,103 | ) | — | |||||||||||||
| Class R Shares |
(7,426 | ) | (13,753 | ) | (631 | ) | — | |||||||||||||
| Class P Shares |
(2,831,255 | ) | (4,308,580 | ) | (4,781,868 | ) | — | |||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(109,748,167 | ) | (90,801,055 | ) | (183,015,039 | ) | (237,825,552 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
611,135,035 | 610,264,246 | 628,309,539 | 1,454,069,033 | ||||||||||||||||
| Reinvestment of distributions |
109,109,521 | 89,352,530 | 182,953,460 | 237,740,242 | ||||||||||||||||
| Cost of shares redeemed |
(425,453,469 | ) | (808,300,869 | ) | (1,070,017,007 | ) | (3,893,329,697 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
294,791,087 | (108,684,093 | ) | (258,754,008 | ) | (2,201,520,422 | ) | |||||||||||||
|
| ||||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
346,176,176 | (290,742,598 | ) | (214,770,217 | ) | (2,455,967,737 | ) | |||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
1,605,093,306 | 1,895,835,904 | 2,235,103,197 | 4,691,070,934 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 1,951,269,482 | $ | 1,605,093,306 | $ | 2,020,332,980 | $ | 2,235,103,197 | ||||||||||||
|
| ||||||||||||||||||||
| 124 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Statements of Changes in Net Assets (continued)
|
| Investment Grade Credit Fund | Short Duration High Yield Fund | |||||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||||
| From operations: | ||||||||||||||||||||
| Net investment income |
$ | 26,130,456 | $ | 20,943,099 | $ | 3,050,565 | $ | 4,307,322 | ||||||||||||
| Net realized loss |
(19,586,300 | ) | (45,680,887 | ) | (2,713,873 | ) | (9,609,031 | ) | ||||||||||||
| Net change in unrealized gain (loss) |
25,150,845 | (14,411,553 | ) | 3,559,113 | (1,604,290 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
31,695,001 | (39,149,341 | ) | 3,895,805 | (6,905,999 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Class A Shares |
(220,159 | ) | (201,756 | ) | (38,247 | ) | (62,038 | ) | ||||||||||||
| Class C Shares |
— | — | (4,290 | ) | (6,044 | ) | ||||||||||||||
| Institutional Shares |
(2,726,285 | ) | (2,037,738 | ) | (577,515 | ) | (660,032 | ) | ||||||||||||
| Separate Account Institutional Shares |
(3,703,499 | ) | (3,423,254 | ) | — | — | ||||||||||||||
| Investor Shares |
(377,104 | ) | (240,367 | ) | (61,305 | ) | (105,432 | ) | ||||||||||||
| Class R6 Shares |
(9,398,302 | ) | (9,733,730 | ) | (416,079 | ) | (453,015 | ) | ||||||||||||
| Class R Shares |
— | — | (1,365 | ) | (1,360 | ) | ||||||||||||||
| Class P Shares |
(8,388,018 | ) | (5,038,884 | ) | (1,798,494 | ) | (3,078,001 | ) | ||||||||||||
| Return of capital: |
||||||||||||||||||||
| Class A Shares |
(33,020 | ) | (26,216 | ) | — | — | ||||||||||||||
| Institutional Shares |
(408,884 | ) | (264,780 | ) | — | — | ||||||||||||||
| Separate Account Institutional Shares |
(555,445 | ) | (444,811 | ) | — | — | ||||||||||||||
| Investor Shares |
(56,557 | ) | (31,233 | ) | — | — | ||||||||||||||
| Class R6 Shares |
(1,409,543 | ) | (1,264,781 | ) | — | — | ||||||||||||||
| Class P Shares |
(1,258,023 | ) | (654,743 | ) | — | — | ||||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(28,534,839 | ) | (23,362,293 | ) | (2,897,295 | ) | (4,365,922 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
209,366,095 | 130,950,734 | 9,165,553 | 16,870,115 | ||||||||||||||||
| Reinvestment of distributions |
28,309,958 | 23,170,246 | 2,893,595 | 4,362,398 | ||||||||||||||||
| Cost of shares redeemed |
(212,437,281 | ) | (152,627,882 | ) | (14,355,530 | ) | (103,573,300 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
25,238,772 | 1,493,098 | (2,296,382 | ) | (82,340,787 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
28,398,934 | (61,018,536 | ) | (1,297,872 | ) | (93,612,708 | ) | |||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
638,224,821 | 699,243,357 | 49,561,083 | 143,173,791 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 666,623,755 | $ | 638,224,821 | $ | 48,263,211 | $ | 49,561,083 | ||||||||||||
|
| ||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 125 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Goldman Sachs Emerging Markets Credit Fund | |||||||||||||||||||||||||||
| Class A Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 4.55 | $ | 5.00 | $ | 5.56 | $ | 4.98 | $ | 5.76 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.27 | 0.23 | 0.19 | 0.20 | 0.24 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.03 | (0.33 | ) | (0.55 | ) | 0.58 | (0.79) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.30 | (0.10 | ) | (0.36 | ) | 0.78 | (0.55) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.79 | ) | (0.35 | ) | (0.20 | ) | — | —(b) | |||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.07 | ) | — | — | (0.20 | ) | (0.23) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.86 | ) | (0.35 | ) | (0.20 | ) | (0.20 | ) | (0.23) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 3.99 | $ | 4.55 | $ | 5.00 | $ | 5.56 | $ | 4.98 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
7.31 | % | (1.79 | )% | (6.51 | )% | 15.65 | % | (10.05)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 2,681 | $ | 2,794 | $ | 3,842 | $ | 4,795 | $ | 4,808 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.19 | % | 1.22 | % | 1.21 | % | 1.21 | % | 1.23% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.54 | % | 2.49 | % | 1.74 | % | 1.84 | % | 1.63% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.18 | % | 5.08 | % | 3.44 | % | 3.56 | % | 4.13% | ||||||||||||||||||
| Portfolio turnover rate(d) |
203 | % | 168 | % | 123 | % | 111 | % | 84% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 126 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Credit Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 4.54 | $ | 5.00 | $ | 5.55 | $ | 4.98 | $ | 5.75 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.24 | 0.20 | 0.15 | 0.16 | 0.20 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.04 | (0.34 | ) | (0.54 | ) | 0.57 | (0.78) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.28 | (0.14 | ) | (0.39 | ) | 0.73 | (0.58) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.77 | ) | (0.32 | ) | (0.16 | ) | — | —(b) | |||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.06 | ) | — | — | (0.16 | ) | (0.19) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.83 | ) | (0.32 | ) | (0.16 | ) | (0.16 | ) | (0.19) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 3.99 | $ | 4.54 | $ | 5.00 | $ | 5.55 | $ | 4.98 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
6.51 | % | (2.54 | )% | (7.39 | )% | 15.02 | % | (10.74)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 1,693 | $ | 1,651 | $ | 1,879 | $ | 2,055 | $ | 2,526 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.94 | % | 1.97 | % | 1.96 | % | 1.96 | % | 1.98% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
3.30 | % | 3.24 | % | 2.50 | % | 2.58 | % | 2.38% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.43 | % | 4.34 | % | 2.69 | % | 2.82 | % | 3.44% | ||||||||||||||||||
| Portfolio turnover rate(d) |
203 | % | 168 | % | 123 | % | 111 | % | 84% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 127 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Credit Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 4.53 | $ | 4.99 | $ | 5.54 | $ | 4.97 | $ | 5.74 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.28 | 0.24 | 0.20 | 0.22 | 0.26 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.05 | (0.33 | ) | (0.53 | ) | 0.57 | (0.78) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.33 | (0.09 | ) | (0.33 | ) | 0.79 | (0.52) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.81 | ) | (0.37 | ) | (0.22 | ) | — | —(b) | |||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.07 | ) | — | — | (0.22 | ) | (0.25) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.88 | ) | (0.37 | ) | (0.22 | ) | (0.22 | ) | (0.25) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 3.98 | $ | 4.53 | $ | 4.99 | $ | 5.54 | $ | 4.97 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
7.67 | % | (1.31 | )% | (6.43 | )% | 16.26 | % | (9.82)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 5,768 | $ | 6,569 | $ | 11,750 | $ | 11,320 | $ | 16,667 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.90 | % | 0.92 | % | 0.92 | % | 0.91 | % | 0.93% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.19 | % | 2.14 | % | 1.41 | % | 1.51 | % | 1.29% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.50 | % | 5.36 | % | 3.72 | % | 3.86 | % | 4.48% | ||||||||||||||||||
| Portfolio turnover rate(d) |
203 | % | 168 | % | 123 | % | 111 | % | 84% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 128 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Credit Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 4.54 | $ | 4.99 | $ | 5.55 | $ | 4.97 | $ | 5.74 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.28 | 0.24 | 0.20 | 0.21 | 0.26 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.04 | (0.32 | ) | (0.55 | ) | 0.58 | (0.79) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.32 | (0.08 | ) | (0.35 | ) | 0.79 | (0.53) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.81 | ) | (0.37 | ) | (0.21 | ) | — | —(b) | |||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.07 | ) | — | — | (0.21 | ) | (0.24) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.88 | ) | (0.37 | ) | (0.21 | ) | (0.21 | ) | (0.24) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 3.98 | $ | 4.54 | $ | 4.99 | $ | 5.55 | $ | 4.97 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
7.58 | % | (1.56 | )% | (6.29 | )% | 15.97 | % | (9.69)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 11,022 | $ | 6,364 | $ | 8,364 | $ | 4,781 | $ | 5,557 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.95 | % | 0.97 | % | 0.96 | % | 0.96 | % | 0.98% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.32 | % | 2.24 | % | 1.50 | % | 1.60 | % | 1.38% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.41 | % | 5.31 | % | 3.70 | % | 3.80 | % | 4.35% | ||||||||||||||||||
| Portfolio turnover rate(d) |
203 | % | 168 | % | 123 | % | 111 | % | 84% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 129 |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Credit Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 4.53 | $ | 4.99 | $ | 5.55 | $ | 4.97 | $ | 5.74 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.29 | 0.25 | 0.21 | 0.22 | 0.27 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.04 | (0.34 | ) | (0.55 | ) | 0.58 | (0.79) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.33 | (0.09 | ) | (0.34 | ) | 0.80 | (0.52) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.86 | ) | (0.37 | ) | (0.22 | ) | — | —(b) | |||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | (0.22 | ) | (0.25) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.88 | ) | (0.37 | ) | (0.22 | ) | (0.22 | ) | (0.25) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 3.98 | $ | 4.53 | $ | 4.99 | $ | 5.55 | $ | 4.97 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
7.92 | % | (1.52 | )% | (6.42 | )% | 16.27 | % | (9.82)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 14 | $ | 25,147 | $ | 4,672 | $ | 24,800 | $ | 30,325 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.91% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.88 | % | 2.14 | % | 1.36 | % | 1.48 | % | 1.28% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.43 | % | 5.56 | % | 3.72 | % | 3.87 | % | 4.60% | ||||||||||||||||||
| Portfolio turnover rate(d) |
203 | % | 168 | % | 123 | % | 111 | % | 84% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 130 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Credit Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 4.53 | $ | 4.99 | $ | 5.55 | $ | 4.97 | $ | 5.74 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.28 | 0.24 | 0.21 | 0.22 | 0.26 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.05 | (0.33 | ) | (0.55 | ) | 0.58 | (0.78) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.33 | (0.09 | ) | (0.34 | ) | 0.80 | (0.52) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.81 | ) | (0.37 | ) | (0.22 | ) | — | —(b) | |||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.07 | ) | — | — | (0.22 | ) | (0.25) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.88 | ) | (0.37 | ) | (0.22 | ) | (0.22 | ) | (0.25) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 3.98 | $ | 4.53 | $ | 4.99 | $ | 5.55 | $ | 4.97 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
7.68 | % | (1.30 | )% | (6.42 | )% | 16.27 | % | (9.82)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 13,294 | $ | 16,196 | $ | 20,864 | $ | 29,194 | $ | 30,957 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.89 | % | 0.91 | % | 0.91 | % | 0.90 | % | 0.92% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.18 | % | 2.15 | % | 1.41 | % | 1.50 | % | 1.28% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.49 | % | 5.38 | % | 3.73 | % | 3.87 | % | 4.48% | ||||||||||||||||||
| Portfolio turnover rate(d) |
203 | % | 168 | % | 123 | % | 111 | % | 84% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 131 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Financial Highlights
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Debt Fund | |||||||||||||||||||||||||||
| Class A Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.89 | $ | 10.65 | $ | 11.98 | $ | 10.36 | $ | 12.20 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.47 | 0.44 | 0.44 | 0.43 | 0.51 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.64 | (1.52 | ) | (1.32 | ) | 1.61 | (1.85) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
1.11 | (1.08 | ) | (0.88 | ) | 2.04 | (1.34) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.47 | ) | (0.68 | ) | (0.45 | ) | (0.42 | ) | (0.26) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | — | (0.24) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.47 | ) | (0.68 | ) | (0.45 | ) | (0.42 | ) | (0.50) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.53 | $ | 8.89 | $ | 10.65 | $ | 11.98 | $ | 10.36 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
12.87 | % | (10.08 | )% | (7.64 | )% | 19.75 | % | (11.48)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 24,265 | $ | 23,037 | $ | 29,940 | $ | 43,340 | $ | 46,179 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.14 | % | 1.16 | % | 1.16 | % | 1.17 | % | 1.19% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.36 | % | 1.29 | % | 1.22 | % | 1.25 | % | 1.26% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.21 | % | 4.73 | % | 3.62 | % | 3.60 | % | 4.17% | ||||||||||||||||||
| Portfolio turnover rate(c) |
27 | % | 53 | % | 32 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 132 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Debt Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.87 | $ | 10.64 | $ | 11.97 | $ | 10.35 | $ | 12.19 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.40 | 0.37 | 0.35 | 0.34 | 0.42 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.65 | (1.53 | ) | (1.32 | ) | 1.61 | (1.85) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
1.05 | (1.16 | ) | (0.97 | ) | 1.95 | (1.43) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.40 | ) | (0.61 | ) | (0.36 | ) | (0.33 | ) | (0.22) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | — | (0.19) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.40 | ) | (0.61 | ) | (0.36 | ) | (0.33 | ) | (0.41) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.52 | $ | 8.87 | $ | 10.64 | $ | 11.97 | $ | 10.35 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
12.05 | % | (10.76 | )% | (8.34 | )% | 18.76 | % | (12.07)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 3,945 | $ | 5,112 | $ | 8,088 | $ | 10,192 | $ | 13,742 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.89 | % | 1.91 | % | 1.91 | % | 1.92 | % | 1.94% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.11 | % | 2.04 | % | 1.97 | % | 2.00 | % | 2.01% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.49 | % | 3.95 | % | 2.88 | % | 2.86 | % | 3.42% | ||||||||||||||||||
| Portfolio turnover rate(c) |
27 | % | 53 | % | 32 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 133 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Debt Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.89 | $ | 10.66 | $ | 11.99 | $ | 10.37 | $ | 12.21 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.50 | 0.46 | 0.47 | 0.47 | 0.55 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.65 | (1.53 | ) | (1.31 | ) | 1.61 | (1.85) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
1.15 | (1.07 | ) | (0.84 | ) | 2.08 | (1.30) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.50 | ) | (0.70 | ) | (0.49 | ) | (0.46 | ) | (0.29) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | — | (0.25) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.50 | ) | (0.70 | ) | (0.49 | ) | (0.46 | ) | (0.54) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.54 | $ | 8.89 | $ | 10.66 | $ | 11.99 | $ | 10.37 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
13.30 | % | (9.90 | )% | (7.35 | )% | 19.99 | % | (11.10)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 282,815 | $ | 407,041 | $ | 726,607 | $ | 916,157 | $ | 825,481 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.87% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.02 | % | 0.96 | % | 0.89 | % | 0.92 | % | 0.92% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.52 | % | 4.98 | % | 3.94 | % | 3.92 | % | 4.48% | ||||||||||||||||||
| Portfolio turnover rate(c) |
27 | % | 53 | % | 32 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 134 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Debt Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.89 | $ | 10.67 | $ | 12.00 | $ | 10.38 | $ | 12.21 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.52 | 0.47 | 0.47 | 0.46 | 0.54 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.63 | (1.55 | ) | (1.32 | ) | 1.61 | (1.83) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
1.15 | (1.08 | ) | (0.85 | ) | 2.07 | (1.29) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.50 | ) | (0.70 | ) | (0.48 | ) | (0.45 | ) | (0.29) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | — | (0.25) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.50 | ) | (0.70 | ) | (0.48 | ) | (0.45 | ) | (0.54) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.54 | $ | 8.89 | $ | 10.67 | $ | 12.00 | $ | 10.38 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
13.15 | % | (9.84 | )% | (7.47 | )% | 20.02 | % | (11.16)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 13,003 | $ | 119,488 | $ | 38,862 | $ | 75,617 | $ | 70,616 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.89 | % | 0.89 | % | 0.91 | % | 0.92 | % | 0.94% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.07 | % | 1.04 | % | 0.97 | % | 1.00 | % | 1.01% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.80 | % | 5.15 | % | 3.86 | % | 3.85 | % | 4.42% | ||||||||||||||||||
| Portfolio turnover rate(c) |
27 | % | 53 | % | 32 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 135 |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Debt Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.89 | $ | 10.66 | $ | 11.99 | $ | 10.37 | $ | 12.21 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.50 | 0.47 | 0.47 | 0.47 | 0.55 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.65 | (1.53 | ) | (1.31 | ) | 1.61 | (1.85) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
1.15 | (1.06 | ) | (0.84 | ) | 2.08 | (1.30) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.50 | ) | (0.71 | ) | (0.49 | ) | (0.46 | ) | (0.28) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | — | (0.26) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.50 | ) | (0.71 | ) | (0.49 | ) | (0.46 | ) | (0.54) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.54 | $ | 8.89 | $ | 10.66 | $ | 11.99 | $ | 10.37 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
13.31 | % | (9.89 | )% | (7.34 | )% | 20.12 | % | (11.17)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 65,816 | $ | 161,802 | $ | 183,368 | $ | 214,558 | $ | 184,389 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.86% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.01 | % | 0.95 | % | 0.88 | % | 0.91 | % | 0.91% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.60 | % | 5.01 | % | 3.94 | % | 3.92 | % | 4.50% | ||||||||||||||||||
| Portfolio turnover rate(c) |
27 | % | 53 | % | 32 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 136 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS DEBT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Emerging Markets Debt Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.88 | $ | 10.65 | $ | 11.99 | $ | 10.37 | $ | 12.20 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.50 | 0.46 | 0.47 | 0.48 | 0.55 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.65 | (1.52 | ) | (1.32 | ) | 1.60 | (1.84) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
1.15 | (1.06 | ) | (0.85 | ) | 2.08 | (1.29) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.50 | ) | (0.71 | ) | (0.49 | ) | (0.46 | ) | (0.29) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | — | (0.25) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.50 | ) | (0.71 | ) | (0.49 | ) | (0.46 | ) | (0.54) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 9.53 | $ | 8.88 | $ | 10.65 | $ | 11.99 | $ | 10.37 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
13.19 | % | (9.81 | )% | (7.43 | )% | 20.12 | % | (11.10)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 34,883 | $ | 30,394 | $ | 35,720 | $ | 35,499 | $ | 14,207 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.86% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.02 | % | 0.95 | % | 0.88 | % | 0.90 | % | 0.91% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.48 | % | 5.03 | % | 3.97 | % | 3.96 | % | 4.49% | ||||||||||||||||||
| Portfolio turnover rate(c) |
27 | % | 53 | % | 32 | % | 79 | % | 87% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 137 |
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Class A Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.42 | $ | 6.00 | $ | 6.39 | $ | 5.47 | $ | 6.32 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.28 | 0.26 | 0.31 | 0.33 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.16 | (0.56 | ) | (0.36 | ) | 0.93 | (0.83) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.48 | (0.28 | ) | (0.10 | ) | 1.24 | (0.50) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.28 | ) | (0.26 | ) | (0.32 | ) | (0.35) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.03 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.30 | ) | (0.29 | ) | (0.32 | ) | (0.35) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.57 | $ | 5.42 | $ | 6.00 | $ | 6.39 | $ | 5.47 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
9.07 | % | (4.51 | )% | (1.77 | )% | 23.07 | % | (8.50)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 85,376 | $ | 96,399 | $ | 111,249 | $ | 126,459 | $ | 120,003 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.98 | % | 0.99 | % | 1.00 | % | 1.03 | % | 1.03% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.11 | % | 1.11 | % | 1.10 | % | 1.11 | % | 1.11% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.89 | % | 5.18 | % | 4.15 | % | 5.04 | % | 5.26% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 138 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.42 | $ | 6.01 | $ | 6.40 | $ | 5.47 | $ | 6.32 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.28 | 0.24 | 0.22 | 0.26 | 0.29 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.16 | (0.57 | ) | (0.37 | ) | 0.95 | (0.84) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.44 | (0.33 | ) | (0.15 | ) | 1.21 | (0.55) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.24 | ) | (0.22 | ) | (0.28 | ) | (0.30) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.02 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.29 | ) | (0.26 | ) | (0.24 | ) | (0.28 | ) | (0.30) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.57 | $ | 5.42 | $ | 6.01 | $ | 6.40 | $ | 5.47 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
8.26 | % | (5.38 | )% | (2.50 | )% | 22.12 | % | (9.02)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 3,936 | $ | 3,721 | $ | 5,607 | $ | 6,448 | $ | 9,942 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.73 | % | 1.74 | % | 1.75 | % | 1.78 | % | 1.78% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.86 | % | 1.86 | % | 1.85 | % | 1.86 | % | 1.86% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.14 | % | 4.41 | % | 3.40 | % | 4.27 | % | 4.52% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 139 |
GOLDMAN SACHS HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.43 | $ | 6.02 | $ | 6.41 | $ | 5.48 | $ | 6.33 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.34 | 0.30 | 0.28 | 0.33 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.57 | ) | (0.36 | ) | 0.94 | (0.83) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.49 | (0.27 | ) | (0.08 | ) | 1.27 | (0.48) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.30 | ) | (0.28 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.03 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.32 | ) | (0.31 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.58 | $ | 5.43 | $ | 6.02 | $ | 6.41 | $ | 5.48 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
9.38 | % | (4.38 | )% | (1.48 | )% | 23.34 | % | (8.05)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 169,826 | $ | 178,298 | $ | 263,256 | $ | 295,209 | $ | 250,926 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.69 | % | 0.71 | % | 0.72 | % | 0.75 | % | 0.75% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.78 | % | 0.78 | % | 0.77 | % | 0.78 | % | 0.77% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.19 | % | 5.44 | % | 4.43 | % | 5.29 | % | 5.55% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 140 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Service Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.41 | $ | 6.00 | $ | 6.39 | $ | 5.46 | $ | 6.31 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.27 | 0.25 | 0.30 | 0.32 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.16 | (0.57 | ) | (0.37 | ) | 0.94 | (0.84) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.47 | (0.30 | ) | (0.12 | ) | 1.24 | (0.52) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.27 | ) | (0.24 | ) | (0.31 | ) | (0.33) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.03 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.31 | ) | (0.29 | ) | (0.27 | ) | (0.31 | ) | (0.33) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.57 | $ | 5.41 | $ | 6.00 | $ | 6.39 | $ | 5.46 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return (c) |
9.04 | % | (4.89 | )% | (1.99 | )% | 22.80 | % | (8.56)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 4,375 | $ | 4,258 | $ | 6,867 | $ | 8,331 | $ | 5,563 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.19 | % | 1.21 | % | 1.22 | % | 1.25 | % | 1.25% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.28 | % | 1.28 | % | 1.27 | % | 1.28 | % | 1.27% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.68 | % | 4.92 | % | 3.94 | % | 4.80 | % | 5.05% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 141 |
GOLDMAN SACHS HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.43 | $ | 6.02 | $ | 6.40 | $ | 5.48 | $ | 6.33 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.30 | 0.28 | 0.33 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.16 | (0.57 | ) | (0.36 | ) | 0.93 | (0.83) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.49 | (0.27 | ) | (0.08 | ) | 1.26 | (0.48) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.30 | ) | (0.27 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.03 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.32 | ) | (0.30 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.58 | $ | 5.43 | $ | 6.02 | $ | 6.40 | $ | 5.48 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
9.33 | % | (4.25 | )% | (1.52 | )% | 23.34 | % | (8.25)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 7,242 | $ | 7,715 | $ | 16,174 | $ | 14,217 | $ | 13,268 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.73 | % | 0.74 | % | 0.75 | % | 0.78 | % | 0.78% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.86 | % | 0.86 | % | 0.85 | % | 0.86 | % | 0.86% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.14 | % | 5.40 | % | 4.40 | % | 5.29 | % | 5.52% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 142 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.44 | $ | 6.03 | $ | 6.42 | $ | 5.49 | $ | 6.34 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.34 | 0.29 | 0.28 | 0.33 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.56 | ) | (0.36 | ) | 0.94 | (0.83) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.49 | (0.27 | ) | (0.08 | ) | 1.27 | (0.48) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.30 | ) | (0.28 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.03 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.32 | ) | (0.31 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.59 | $ | 5.44 | $ | 6.03 | $ | 6.42 | $ | 5.49 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
9.39 | % | (4.36 | )% | (1.46 | )% | 23.32 | % | (8.02)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 37,844 | $ | 16,748 | $ | 70,219 | $ | 41,825 | $ | 49,791 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.68 | % | 0.70 | % | 0.71 | % | 0.74 | % | 0.74% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.77 | % | 0.77 | % | 0.76 | % | 0.77 | % | 0.76% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.17 | % | 5.31 | % | 4.45 | % | 5.31 | % | 5.55% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 143 |
GOLDMAN SACHS HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Class R Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.41 | $ | 6.00 | $ | 6.38 | $ | 5.47 | $ | 6.31 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.31 | 0.27 | 0.25 | 0.30 | 0.32 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.57 | ) | (0.36 | ) | 0.92 | (0.83) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.46 | (0.30 | ) | (0.11 | ) | 1.22 | (0.51) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.27 | ) | (0.24 | ) | (0.31 | ) | (0.33) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.03 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.31 | ) | (0.29 | ) | (0.27 | ) | (0.31 | ) | (0.33) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.56 | $ | 5.41 | $ | 6.00 | $ | 6.38 | $ | 5.47 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
8.80 | % | (4.92 | )% | (1.87 | )% | 22.57 | % | (8.58)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 4,512 | $ | 3,816 | $ | 4,551 | $ | 6,089 | $ | 9,899 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.23 | % | 1.24 | % | 1.25 | % | 1.28 | % | 1.28% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.36 | % | 1.36 | % | 1.35 | % | 1.36 | % | 1.36% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.64 | % | 4.93 | % | 3.90 | % | 4.84 | % | 5.01% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 144 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 5.43 | $ | 6.02 | $ | 6.41 | $ | 5.48 | $ | 6.33 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.34 | 0.30 | 0.28 | 0.33 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.57 | ) | (0.36 | ) | 0.94 | (0.83) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.49 | (0.27 | ) | (0.08 | ) | 1.27 | (0.48) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.33 | ) | (0.30 | ) | (0.28 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.01 | ) | (0.02 | ) | (0.03 | ) | — | —(b) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.34 | ) | (0.32 | ) | (0.31 | ) | (0.34 | ) | (0.37) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 5.58 | $ | 5.43 | $ | 6.02 | $ | 6.41 | $ | 5.48 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(c) |
9.39 | % | (4.37 | )% | (1.47 | )% | 23.35 | % | (8.04)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 1,638,158 | $ | 1,294,140 | $ | 1,417,912 | $ | 1,575,340 | $ | 1,331,465 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.68 | % | 0.70 | % | 0.71 | % | 0.74 | % | 0.74% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.77 | % | 0.77 | % | 0.76 | % | 0.77 | % | 0.76% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.19 | % | 5.47 | % | 4.44 | % | 5.31 | % | 5.55% | ||||||||||||||||||
| Portfolio turnover rate(d) |
26 | % | 39 | % | 56 | % | 71 | % | 80% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 145 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Floating Rate Fund | |||||||||||||||||||||||||||
| Class A Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.71 | $ | 9.23 | $ | 9.36 | $ | 7.89 | $ | 9.36 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.75 | 0.52 | 0.29 | 0.32 | 0.45 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.46 | ) | (0.13 | ) | 1.48 | (1.47) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.93 | 0.06 | 0.16 | 1.80 | (1.02) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.73 | ) | (0.58 | ) | (0.29 | ) | (0.33 | ) | (0.45) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.75 | ) | (0.58 | ) | (0.29 | ) | (0.33 | ) | (0.45) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.89 | $ | 8.71 | $ | 9.23 | $ | 9.36 | $ | 7.89 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
11.23 | % | 0.77 | % | 1.83 | % | 22.96 | % | (11.44)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 6,260 | $ | 2,959 | $ | 3,623 | $ | 3,583 | $ | 2,788 | |||||||||||||||||
| Ratio of net expenses to average net assets after interest expense |
1.07 | % | 1.06 | % | 0.96 | % | 1.06 | % | 1.04% | ||||||||||||||||||
| Ratio of net expenses to average net assets before interest expense |
1.03 | % | 0.99 | % | 0.94 | % | 1.01 | % | 1.03% | ||||||||||||||||||
| Ratio of total expenses to average net assets after interest expense |
1.08 | % | 1.07 | % | 0.98 | % | 1.11 | % | 1.04% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
8.55 | % | 5.89 | % | 3.05 | % | 3.62 | % | 4.86% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 24 | % | 26 | % | 53 | % | 39% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 146 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Floating Rate Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.71 | $ | 9.23 | $ | 9.36 | $ | 7.89 | $ | 9.36 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.69 | 0.44 | 0.22 | 0.26 | 0.38 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.45 | ) | (0.13 | ) | 1.47 | (1.47) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.88 | (0.01 | ) | 0.09 | 1.73 | (1.09) | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.67 | ) | (0.51 | ) | (0.22 | ) | (0.26 | ) | (0.38) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.69 | ) | (0.51 | ) | (0.22 | ) | (0.26 | ) | (0.38) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.90 | $ | 8.71 | $ | 9.23 | $ | 9.36 | $ | 7.89 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
10.41 | % | 0.02 | % | 0.96 | % | 22.18 | % | (12.10)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 898 | $ | 731 | $ | 1,178 | $ | 578 | $ | 673 | |||||||||||||||||
| Ratio of net expenses to average net assets after interest expense |
1.83 | % | 1.80 | % | 1.71 | % | 1.81 | % | 1.79% | ||||||||||||||||||
| Ratio of net expenses to average net assets before interest expense |
1.77 | % | 1.74 | % | 1.69 | % | 1.76 | % | 1.77% | ||||||||||||||||||
| Ratio of total expenses to average net assets after interest expense |
1.83 | % | 1.81 | % | 1.73 | % | 1.87 | % | 1.79% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
7.77 | % | 5.01 | % | 2.31 | % | 2.93 | % | 4.12% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 24 | % | 26 | % | 53 | % | 39% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 147 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Floating Rate Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.71 | $ | 9.23 | $ | 9.36 | $ | 7.90 | $ | 9.36 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.78 | 0.58 | 0.32 | 0.36 | 0.48 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.49 | ) | (0.13 | ) | 1.46 | (1.45) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.96 | 0.09 | 0.19 | 1.82 | (0.97) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.76 | ) | (0.61 | ) | (0.32 | ) | (0.36 | ) | (0.49) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.78 | ) | (0.61 | ) | (0.32 | ) | (0.36 | ) | (0.49) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.89 | $ | 8.71 | $ | 9.23 | $ | 9.36 | $ | 7.90 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
11.59 | % | 1.10 | % | 2.06 | % | 23.34 | % | (11.03)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 200,199 | $ | 131,964 | $ | 71,792 | $ | 75,149 | $ | 79,977 | |||||||||||||||||
| Ratio of net expenses to average net assets after interest expense |
0.75 | % | 0.75 | % | 0.63 | % | 0.72 | % | 0.70% | ||||||||||||||||||
| Ratio of net expenses to average net assets before interest expense |
0.70 | % | 0.67 | % | 0.61 | % | 0.67 | % | 0.68% | ||||||||||||||||||
| Ratio of total expenses to average net assets after interest expense |
0.75 | % | 0.75 | % | 0.65 | % | 0.76 | % | 0.70% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
8.88 | % | 6.58 | % | 3.38 | % | 3.99 | % | 5.16% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 24 | % | 26 | % | 53 | % | 39% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 148 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Floating Rate Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.73 | $ | 9.25 | $ | 9.38 | $ | 7.91 | $ | 9.38 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.77 | 0.57 | 0.31 | 0.34 | 0.48 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.20 | (0.49 | ) | (0.13 | ) | 1.48 | (1.47) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.97 | 0.08 | 0.18 | 1.82 | (0.99) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.76 | ) | (0.60 | ) | (0.31 | ) | (0.35 | ) | (0.48) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.78 | ) | (0.60 | ) | (0.31 | ) | (0.35 | ) | (0.48) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.92 | $ | 8.73 | $ | 9.25 | $ | 9.38 | $ | 7.91 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
11.62 | % | 1.04 | % | 1.98 | % | 23.35 | % | (11.18)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 18,874 | $ | 6,217 | $ | 6,293 | $ | 3,825 | $ | 705 | |||||||||||||||||
| Ratio of net expenses to average net assets after interest expense |
0.82 | % | 0.83 | % | 0.71 | % | 0.80 | % | 0.78% | ||||||||||||||||||
| Ratio of net expenses to average net assets before interest expense |
0.77 | % | 0.75 | % | 0.69 | % | 0.75 | % | 0.77% | ||||||||||||||||||
| Ratio of total expenses to average net assets after interest expense |
0.82 | % | 0.83 | % | 0.73 | % | 0.84 | % | 0.78% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
8.74 | % | 6.45 | % | 3.30 | % | 3.74 | % | 5.14% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 24 | % | 26 | % | 53 | % | 39% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 149 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Floating Rate Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.72 | $ | 9.24 | $ | 9.36 | $ | 7.90 | $ | 9.37 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.78 | 0.43 | 0.32 | 0.33 | 0.49 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.34 | ) | (0.12 | ) | 1.49 | (1.47) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.97 | 0.09 | 0.20 | 1.82 | (0.98) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.76 | ) | (0.61 | ) | (0.32 | ) | (0.36 | ) | (0.49) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.78 | ) | (0.61 | ) | (0.32 | ) | (0.36 | ) | (0.49) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.91 | $ | 8.72 | $ | 9.24 | $ | 9.36 | $ | 7.90 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return (b) |
11.60 | % | 1.12 | % | 2.18 | % | 23.35 | % | (11.11)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 27,820 | $ | 17,687 | $ | 355,784 | $ | 143,999 | $ | 24,486 | |||||||||||||||||
| Ratio of net expenses to average net assets after interest expense |
0.73 | % | 0.63 | % | 0.62 | % | 0.70 | % | 0.69% | ||||||||||||||||||
| Ratio of net expenses to average net assets before interest expense |
0.69 | % | 0.62 | % | 0.62 | % | 0.57 | % | 0.67% | ||||||||||||||||||
| Ratio of total expenses to average net assets after interest expense |
0.74 | % | 0.64 | % | 0.64 | % | 0.75 | % | 0.69% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
8.86 | % | 4.84 | % | 3.41 | % | 3.59 | % | 5.20% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 24 | % | 26 | % | 53 | % | 39% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 150 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Floating Rate Fund | |||||||||||||||||||||||||||
| Class R Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.71 | $ | 9.23 | $ | 9.35 | $ | 7.89 | $ | 9.36 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.73 | 0.59 | 0.26 | 0.30 | 0.44 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | (0.56 | ) | (0.11 | ) | 1.47 | (1.48) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.92 | 0.03 | 0.15 | 1.77 | (1.04) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.71 | ) | (0.55 | ) | (0.27 | ) | (0.31 | ) | (0.43) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.73 | ) | (0.55 | ) | (0.27 | ) | (0.31 | ) | (0.43) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.90 | $ | 8.71 | $ | 9.23 | $ | 9.35 | $ | 7.89 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
10.96 | % | 0.52 | % | 1.58 | % | 22.69 | % | (11.64)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 283 | $ | 249 | $ | 68 | $ | 13 | $ | 11 | |||||||||||||||||
| Ratio of net expenses to average net assets after interest expense |
1.33 | % | 1.38 | % | 1.18 | % | 1.29 | % | 1.27% | ||||||||||||||||||
| Ratio of net expenses to average net assets before interest expense |
1.28 | % | 1.27 | % | 1.17 | % | 1.25 | % | 1.26% | ||||||||||||||||||
| Ratio of total expenses to average net assets after interest expense |
1.33 | % | 1.39 | % | 1.20 | % | 1.34 | % | 1.27% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
8.30 | % | 6.68 | % | 2.79 | % | 3.38 | % | 4.75% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 24 | % | 26 | % | 53 | % | 39% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 151 |
GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs High Yield Floating Rate Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 8.73 | $ | 9.25 | $ | 9.37 | $ | 7.91 | $ | 9.37 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.78 | 0.55 | 0.32 | 0.35 | 0.49 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | (0.46 | ) | (0.12 | ) | 1.47 | (1.46) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.96 | 0.09 | 0.20 | 1.82 | (0.97) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.76 | ) | (0.61 | ) | (0.32 | ) | (0.36 | ) | (0.49) | ||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.02 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.78 | ) | (0.61 | ) | (0.32 | ) | (0.36 | ) | — | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.91 | $ | 8.73 | $ | 9.25 | $ | 9.37 | $ | 7.91 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
11.60 | % | 1.13 | % | 2.18 | % | 23.49 | % | (11.11)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 1,766,000 | $ | 2,075,297 | $ | 4,252,333 | $ | 1,681,575 | $ | 1,132,605 | |||||||||||||||||
| Ratio of net expenses to average net assets after interest expense |
0.74 | % | 0.71 | % | 0.62 | % | 0.71 | % | 0.69% | ||||||||||||||||||
| Ratio of net expenses to average net assets before interest expense |
0.69 | % | 0.65 | % | 0.62 | % | 0.70 | % | 0.67% | ||||||||||||||||||
| Ratio of total expenses to average net assets after interest expense |
0.74 | % | 0.72 | % | 0.64 | % | 0.76 | % | 0.69% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
8.89 | % | 6.16 | % | 3.40 | % | 3.94 | % | 5.22% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 24 | % | 26 | % | 53 | % | 39% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 152 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Investment Grade Credit Fund | |||||||||||||||||||||||||||
| Class A Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | $ | 9.16 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.30 | 0.24 | 0.20 | 0.24 | 0.27 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.05 | (0.76 | ) | (0.58 | ) | 0.77 | (0.06) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.35 | (0.52 | ) | (0.38 | ) | 1.01 | 0.21 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.29 | ) | (0.24 | ) | (0.17 | ) | (0.25 | ) | (0.29) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.22 | ) | (0.13 | ) | (0.12) | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.04 | ) | (0.03 | ) | (0.06 | ) | — | — | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.33 | ) | (0.27 | ) | (0.45 | ) | (0.38 | ) | (0.41) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.99 | $ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
4.53 | % | (5.71 | )% | (4.42 | )% | 11.23 | % | 1.98% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 6,398 | $ | 6,130 | $ | 8,652 | $ | 9,743 | $ | 9,832 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.71 | % | 0.71 | % | 0.71 | % | 0.72 | % | 0.72% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.78 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.81% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
3.82 | % | 3.02 | % | 2.04 | % | 2.40 | % | 2.86% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 58 | % | 31 | % | 69 | % | 76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 153 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Investment Grade Credit Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | $ | 9.17 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.27 | 0.23 | 0.27 | 0.30 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.06 | (0.76 | ) | (0.58 | ) | 0.78 | (0.07) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.39 | (0.49 | ) | (0.35 | ) | 1.05 | 0.23 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.27 | ) | (0.20 | ) | (0.29 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.22 | ) | (0.13 | ) | (0.12) | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.03 | ) | (0.06 | ) | — | — | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.30 | ) | (0.48 | ) | (0.42 | ) | (0.44) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.00 | $ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
4.87 | % | (5.50 | )% | (4.00 | )% | 11.47 | % | 2.44% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 74,962 | $ | 64,706 | $ | 66,925 | $ | 123,553 | $ | 51,976 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.45 | % | 0.46 | % | 0.46 | % | 0.45 | % | 0.47% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.15 | % | 3.38 | % | 2.38 | % | 2.69 | % | 3.19% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 58 | % | 31 | % | 69 | % | 76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 154 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Investment Grade Credit Fund | |||||||||||||||||||||||||||
| Separate Account Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.97 | $ | 8.76 | $ | 9.60 | $ | 8.97 | $ | 9.17 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.27 | 0.23 | 0.27 | 0.31 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.06 | (0.76 | ) | (0.59 | ) | 0.78 | (0.07) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.39 | (0.49 | ) | (0.36 | ) | 1.05 | 0.24 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.27 | ) | (0.20 | ) | (0.29 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.22 | ) | (0.13 | ) | (0.12) | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.03 | ) | (0.06 | ) | — | — | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.30 | ) | (0.48 | ) | (0.42 | ) | (0.44) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.00 | $ | 7.97 | $ | 8.76 | $ | 9.60 | $ | 8.97 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
4.88 | % | (5.38 | )% | (4.09 | )% | 11.60 | % | 2.45% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 92,291 | $ | 102,580 | $ | 123,397 | $ | 176,606 | $ | 226,962 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.44 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.46% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.16 | % | 3.38 | % | 2.39 | % | 2.75 | % | 3.21% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 58 | % | 31 | % | 69 | % | 76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 155 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Investment Grade Credit Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | $ | 9.17 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.27 | 0.22 | 0.26 | 0.30 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.05 | (0.77 | ) | (0.58 | ) | 0.78 | (0.07) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.37 | (0.50 | ) | (0.36 | ) | 1.04 | 0.23 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.26 | ) | (0.19 | ) | (0.28 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.22 | ) | (0.13 | ) | (0.12) | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.03 | ) | (0.06 | ) | — | — | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.35 | ) | (0.29 | ) | (0.47 | ) | (0.41 | ) | (0.44) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.99 | $ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
4.79 | % | (5.58 | )% | (4.07 | )% | 11.38 | % | 2.35% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 10,499 | $ | 11,844 | $ | 3,815 | $ | 5,364 | $ | 4,628 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.47% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.53 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.56% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.07 | % | 3.39 | % | 2.30 | % | 2.63 | % | 3.10% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 58 | % | 31 | % | 69 | % | 76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 156 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Investment Grade Credit Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | $ | 9.17 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.32 | 0.27 | 0.22 | 0.27 | 0.31 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.07 | (0.76 | ) | (0.57 | ) | 0.78 | (0.08) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.39 | (0.49 | ) | (0.35 | ) | 1.05 | 0.23 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.27 | ) | (0.20 | ) | (0.29 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.22 | ) | (0.13 | ) | (0.12) | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.03 | ) | (0.06 | ) | — | — | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.30 | ) | (0.48 | ) | (0.42 | ) | (0.44) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 8.00 | $ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
4.88 | % | (5.38 | )% | (3.99 | )% | 11.48 | % | 2.45% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 214,350 | $ | 274,325 | $ | 320,086 | $ | 1,228 | $ | 978 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.44 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.46% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.14 | % | 3.38 | % | 2.35 | % | 2.74 | % | 3.20% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 58 | % | 31 | % | 69 | % | 76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 157 |
GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Investment Grade Credit Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | $ | 9.16 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.33 | 0.27 | 0.23 | 0.27 | 0.31 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.05 | (0.76 | ) | (0.58 | ) | 0.78 | (0.07) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.38 | (0.49 | ) | (0.35 | ) | 1.05 | 0.24 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.27 | ) | (0.20 | ) | (0.29 | ) | (0.32) | ||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | — | (0.22 | ) | (0.13 | ) | (0.12) | ||||||||||||||||||||
| Distributions to shareholders from return of capital |
(0.05 | ) | (0.03 | ) | (0.06 | ) | — | — | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total distributions |
(0.36 | ) | (0.30 | ) | (0.48 | ) | (0.42 | ) | (0.44) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.99 | $ | 7.97 | $ | 8.76 | $ | 9.59 | $ | 8.96 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
4.88 | % | (5.39 | )% | (4.10 | )% | 11.61 | % | 2.45% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 268,124 | $ | 178,640 | $ | 176,368 | $ | 156,039 | $ | 189,611 | |||||||||||||||||
| Ratio of net expenses to average net assets |
0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
0.44 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.46% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
4.18 | % | 3.39 | % | 2.38 | % | 2.73 | % | 3.22% | ||||||||||||||||||
| Portfolio turnover rate(c) |
49 | % | 58 | % | 31 | % | 69 | % | 76% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 158 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration High Yield Fund | |||||||||||||||||||||||||||
| Class A Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.74 | $ | 8.52 | $ | 8.92 | $ | 7.93 | $ | 8.71 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.47 | 0.37 | 0.28 | 0.28 | 0.33 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.14 | (0.73 | ) | (0.35 | ) | 0.99 | (0.73) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.61 | (0.36 | ) | (0.07 | ) | 1.27 | (0.40) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.45 | ) | (0.42 | ) | (0.33 | ) | (0.28 | ) | (0.38) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.90 | $ | 7.74 | $ | 8.52 | $ | 8.92 | $ | 7.93 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
8.09 | % | (4.11 | )% | (0.91 | )% | 16.07 | % | (4.90)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 633 | $ | 818 | $ | 1,486 | $ | 1,894 | $ | 978 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.46 | % | 1.45 | % | 1.46 | % | 1.46 | % | 1.47% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.21 | % | 1.88 | % | 1.70 | % | 1.72 | % | 1.84% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.03 | % | 4.67 | % | 3.14 | % | 3.19 | % | 3.74% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 22 | % | 56 | % | 112 | % | 164% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 159 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration High Yield Fund | |||||||||||||||||||||||||||
| Class C Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.73 | $ | 8.52 | $ | 8.91 | $ | 7.93 | $ | 8.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.41 | 0.31 | 0.21 | 0.22 | 0.26 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.14 | (0.74 | ) | (0.34 | ) | 0.97 | (0.72) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.55 | (0.43 | ) | (0.13 | ) | 1.19 | (0.46) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.39 | ) | (0.36 | ) | (0.26 | ) | (0.21 | ) | (0.31) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.89 | $ | 7.73 | $ | 8.52 | $ | 8.91 | $ | 7.93 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
7.30 | % | (4.95 | )% | (1.54 | )% | 15.08 | % | (5.50)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 80 | $ | 112 | $ | 179 | $ | 423 | $ | 543 | |||||||||||||||||
| Ratio of net expenses to average net assets |
2.22 | % | 2.21 | % | 2.20 | % | 2.21 | % | 2.22% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
2.97 | % | 2.64 | % | 2.45 | % | 2.51 | % | 2.60% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
5.30 | % | 3.93 | % | 2.36 | % | 2.52 | % | 3.00% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 22 | % | 56 | % | 112 | % | 164% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 160 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration High Yield Fund | |||||||||||||||||||||||||||
| Institutional Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.73 | $ | 8.51 | $ | 8.91 | $ | 7.92 | $ | 8.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.49 | 0.40 | 0.31 | 0.31 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.73 | ) | (0.36 | ) | 0.99 | (0.72) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.64 | (0.33 | ) | (0.05 | ) | 1.30 | (0.37) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.48 | ) | (0.45 | ) | (0.35 | ) | (0.31 | ) | (0.41) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.89 | $ | 7.73 | $ | 8.51 | $ | 8.91 | $ | 7.92 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
8.45 | % | (3.80 | )% | (0.59 | )% | 16.47 | % | (4.59)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 9,189 | $ | 8,574 | $ | 15,884 | $ | 14,905 | $ | 14,592 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.13 | % | 1.12 | % | 1.12 | % | 1.13 | % | 1.13% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.88 | % | 1.55 | % | 1.37 | % | 1.42 | % | 1.50% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.35 | % | 4.98 | % | 3.46 | % | 3.57 | % | 4.07% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 22 | % | 56 | % | 112 | % | 164% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 161 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration High Yield Fund | |||||||||||||||||||||||||||
| Investor Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.73 | $ | 8.52 | $ | 8.92 | $ | 7.93 | $ | 8.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.49 | 0.39 | 0.30 | 0.31 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.74 | ) | (0.35 | ) | 0.98 | (0.72) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.64 | (0.35 | ) | (0.05 | ) | 1.29 | (0.37) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.47 | ) | (0.44 | ) | (0.35 | ) | (0.30 | ) | (0.40) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.90 | $ | 7.73 | $ | 8.52 | $ | 8.92 | $ | 7.93 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
8.50 | % | (4.00 | )% | (0.66 | )% | 16.36 | % | (4.56)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 298 | $ | 1,414 | $ | 2,633 | $ | 2,406 | $ | 2,187 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.21 | % | 1.20 | % | 1.20 | % | 1.21 | % | 1.22% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.96 | % | 1.63 | % | 1.45 | % | 1.49 | % | 1.59% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.36 | % | 4.91 | % | 3.38 | % | 3.49 | % | 3.99% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 22 | % | 56 | % | 112 | % | 164% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 162 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration High Yield Fund | |||||||||||||||||||||||||||
| Class R6 Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.73 | $ | 8.52 | $ | 8.91 | $ | 7.93 | $ | 8.70 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.49 | 0.40 | 0.31 | 0.31 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.74 | ) | (0.34 | ) | 0.98 | (0.71) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.64 | (0.34 | ) | (0.03 | ) | 1.29 | (0.36) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.48 | ) | (0.45 | ) | (0.36 | ) | (0.31 | ) | (0.41) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.89 | $ | 7.73 | $ | 8.52 | $ | 8.91 | $ | 7.93 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
8.46 | % | (3.91 | )% | (0.46 | )% | 16.33 | % | (4.46)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 8,086 | $ | 6,984 | $ | 5,353 | $ | 1,654 | $ | 2,218 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.12 | % | 1.11 | % | 1.11 | % | 1.12 | % | 1.12% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.87 | % | 1.55 | % | 1.36 | % | 1.39 | % | 1.50% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.34 | % | 5.06 | % | 3.51 | % | 3.57 | % | 4.07% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 22 | % | 56 | % | 112 | % | 164% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 163 |
GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Short Duration High Yield Fund | |||||||||||||||||||||||||||
| Class P Shares | |||||||||||||||||||||||||||
| Year Ended March 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
| Per Share Data | |||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.72 | $ | 8.50 | $ | 8.90 | $ | 7.92 | $ | 8.69 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.49 | 0.38 | 0.31 | 0.31 | 0.35 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.71 | ) | (0.35 | ) | 0.98 | (0.71) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total from investment operations |
0.64 | (0.33 | ) | (0.04 | ) | 1.29 | (0.36) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.48 | ) | (0.45 | ) | (0.36 | ) | (0.31 | ) | (0.41) | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 7.88 | $ | 7.72 | $ | 8.50 | $ | 8.90 | $ | 7.92 | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Total return(b) |
8.46 | % | (3.80 | )% | (0.58 | )% | 16.35 | % | (4.47)% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 29,977 | $ | 31,632 | $ | 117,611 | $ | 106,377 | $ | 76,234 | |||||||||||||||||
| Ratio of net expenses to average net assets |
1.12 | % | 1.12 | % | 1.11 | % | 1.12 | % | 1.12% | ||||||||||||||||||
| Ratio of total expenses to average net assets |
1.87 | % | 1.48 | % | 1.36 | % | 1.38 | % | 1.49% | ||||||||||||||||||
| Ratio of net investment income to average net assets |
6.37 | % | 4.75 | % | 3.47 | % | 3.55 | % | 4.08% | ||||||||||||||||||
| Portfolio turnover rate(c) |
29 | % | 22 | % | 56 | % | 112 | % | 164% | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 164 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| Fund | Share Classes Offered | Diversified/ Non-diversified | ||
| Emerging Markets Credit | A, C, Institutional, Investor, R6 and P |
Non-diversified | ||
| Emerging Markets Debt and Short Duration High Yield | A, C, Institutional, Investor, R6 and P |
Diversified | ||
| High Yield | A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
| High Yield Floating Rate | A, C, Institutional, Investor, R6, R and P |
Diversified | ||
| Investment Grade Credit | A, Institutional, Separate Account Institutional, Investor, R6 and P |
Diversified | ||
Class A Shares of the Emerging Markets Credit, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit and Short Duration High Yield Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 4.50%, 2.25%, 3.75% and 3.75%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class R, Class R6 and Class P Shares are not subject to a sales charge. At the close of business on February 13, 2024, Class R Shares of the Short Duration High Yield Fund liquidated.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities
| 165 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
(“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| Investment Income Dividends
|
Capital Gains Distributions
| |||
| Fund | Declared/Paid | Declared/Paid | ||
| Emerging Markets Credit | Daily/Monthly | Annually | ||
| Emerging Markets Debt | Daily/Monthly | Annually | ||
| High Yield | Daily/Monthly | Annually | ||
| High Yield Floating Rate | Daily/Monthly | Annually | ||
| Investment Grade Credit | Daily/Monthly | Annually | ||
| Short Duration High Yield | Daily/Monthly | Annually | ||
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to
| 166 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the valuation procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the valuation procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are
| 167 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.
The High Yield Floating Rate and Short Duration High Yield Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. The Funds are obligated to fund these commitments at the borrower’s discretion. The Funds may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.
ii. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
iii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.
iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to
| 168 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
iii. Options Contracts — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
| 169 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.
The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent
| 170 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2024:
| EMERGING MARKETS CREDIT | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 31,506,961 | $ | — | ||||||
| Sovereign Debt Obligations |
— | 1,895,873 | — | |||||||||
| Investment Company |
191,359 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 191,359 | $ | 33,402,834 | $ | — | ||||||
|
|
||||||||||||
| Derivative Type |
||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 695 | $ | — | ||||||
| Futures Contracts |
23,018 | — | — | |||||||||
| Interest Rate Swap Contracts |
— | 382 | — | |||||||||
| Credit Default Swap Contracts |
— | 1,333 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 23,018 | $ | 2,410 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Futures Contracts |
$ | (504 | ) | $ | — | $ | — | |||||
| Interest Rate Swap Contracts |
— | (3,578 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (504 | ) | $ | (3,578 | ) | $ | — | ||||
|
|
||||||||||||
| EMERGING MARKETS DEBT | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Sovereign Debt Obligations |
$ | — | $309,550,867 | $ | — | |||||||
| Corporate Obligations |
— | 99,607,677 | — | |||||||||
| Common Stock and/or Other Equity Investments(b) |
||||||||||||
| Asia |
— | 68,624 | — | |||||||||
|
|
||||||||||||
| Total |
$ | — | $409,227,168 | $ | — | |||||||
|
|
||||||||||||
| 171 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| EMERGING MARKETS DEBT (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | 2,455,115 | $ | — | ||||||
| Futures Contracts(a) |
125,328 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 1,926,784 | — | |||||||||
| Credit Default Swap Contracts(a) |
— | 26,078 | — | |||||||||
| Purchased Option Contracts |
— | 1,415,728 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 125,328 | $ | 5,823,705 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | (1,758,960 | ) | $ | — | |||||
| Futures Contracts(a) |
(13,109 | ) | — | — | ||||||||
| Interest Rate Swap Contracts(a) |
— | (2,626,565 | ) | — | ||||||||
| Credit Default Swap Contracts(a) |
— | (26,276 | ) | — | ||||||||
| Written Option Contracts |
— | (1,373,116 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (13,109 | ) | $ | (5,784,917 | ) | $ | — | ||||
|
|
||||||||||||
| HIGH YIELD | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 1,688,345,342 | $ | — | ||||||
| Bank Loans |
— | 143,989,109 | 2,875,000 | |||||||||
| Securities Lending Reinvestment Vehicle |
51,348,393 | — | — | |||||||||
| Common Stock and/or Other Equity Investments(b) |
||||||||||||
| Europe |
32,832 | 6,002,892 | — | |||||||||
| North America |
5,356,335 | 1,414,211 | — | |||||||||
| Warrants |
— | 129,595 | — | |||||||||
| Exchange Traded Funds |
22,171,857 | — | — | |||||||||
| Investment Company |
51,815,710 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 130,725,127 | $ | 1,839,881,149 | $ | 2,875,000 | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 201,399 | $ | — | ||||||
| Futures Contracts |
235,993 | — | — | |||||||||
| Interest Rate Swap Contracts |
— | 1,361,594 | — | |||||||||
| Credit Default Swap Contracts |
— | 1,766,759 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 235,993 | $ | 3,329,752 | $ | — | ||||||
|
|
||||||||||||
| 172 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| HIGH YIELD (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (40,224 | ) | $ | — | |||||
| Futures Contracts |
(130,633 | ) | — | — | ||||||||
| Interest Rate Swap Contracts |
— | (991,561 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (130,633 | ) | $ | (1,031,785 | ) | $ | — | ||||
|
|
||||||||||||
| HIGH YIELD FLOATING RATE | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Bank Loans |
$ | — | $ | 1,658,283,478 | $ | 11,067,749 | ||||||
| Corporate Obligations |
— | 118,476,662 | — | |||||||||
| Asset-Backed Securities |
— | 30,794,255 | — | |||||||||
| Unfunded Loan Committments(a) |
— | 236 | — | |||||||||
| Securities Lending Reinvestment Vehicle |
22,606,103 | — | — | |||||||||
| Common Stock and/or Other Equity Investments(b) |
||||||||||||
| Europe |
— | 4,459,236 | — | |||||||||
| North America |
3,999,782 | 882,542 | 163 | |||||||||
| Warrants |
— | 1,077,640 | 163 | |||||||||
| Exchange Traded Funds |
41,602,224 | — | — | |||||||||
| Investment Company |
102,352,239 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 170,560,348 | $ | 1,813,974,049 | $ | 11,068,075 | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 107,209 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (39,331 | ) | $ | — | |||||
| Futures Contracts |
(217,630 | ) | — | — | ||||||||
|
|
||||||||||||
| Total |
$ | (217,630 | ) | $ | (39,331 | ) | $ | — | ||||
|
|
||||||||||||
| 173 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| INVESTMENT GRADE CREDIT | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 614,222,369 | $ | — | ||||||
| Sovereign Debt Obligations |
— | 11,299,003 | — | |||||||||
| U.S. Treasury Obligations |
3,314,483 | — | — | |||||||||
| Municipal Debt Obligations |
— | 3,229,130 | — | |||||||||
| Investment Company |
5,607,607 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 8,922,090 | $ | 628,750,502 | $ | — | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 4,799 | $ | — | ||||||
| Futures Contracts |
1,298,018 | — | — | |||||||||
| Interest Rate Swap Contracts |
— | 839,473 | — | |||||||||
| Credit Default Swap Contracts |
— | 2,625,005 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 1,298,018 | $ | 3,469,277 | $ | — | ||||||
|
|
||||||||||||
| Liabilities(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (4,593 | ) | $ | — | |||||
| Futures Contracts |
(103,855 | ) | — | — | ||||||||
| Interest Rate Swap Contracts |
— | (488,218 | ) | — | ||||||||
| Credit Default Swap Contracts |
— | (1,112 | ) | — | ||||||||
| Total Return Swap Contracts |
— | (121,858 | ) | — | ||||||||
|
|
||||||||||||
| Total |
$ | (103,855 | ) | $ | (615,781 | ) | $ | — | ||||
|
|
||||||||||||
| SHORT DURATION HIGH YIELD | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Corporate Obligations |
$ | — | $ | 34,604,121 | $ | — | ||||||
| Bank Loans |
— | 9,722,181 | — | |||||||||
| Common Stock and/or Other Equity Investments(b) |
||||||||||||
| North America |
232,409 | — | — | |||||||||
| Investment Company |
3,211,304 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 3,443,713 | $ | 44,326,302 | $ | — | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets(a) |
||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 165 | $ | — | ||||||
|
|
||||||||||||
| 174 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| SHORT DURATION HIGH YIELD (continued) | ||||||||||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||||||||||
|
|
||||||||||||||||||||
| Liabilities(a) |
||||||||||||||||||||
| Interest Rate Swap Contracts |
$ | — | $ | (9,642 | ) | $ | — | |||||||||||||
| Credit Default Swap Contracts |
— | (336,047 | ) | — | ||||||||||||||||
|
|
||||||||||||||||||||
| Total |
$ | — | $ | (345,689 | ) | $ | — | |||||||||||||
|
|
||||||||||||||||||||
| (a) | Amount shown represents unrealized gain (loss) at period end. |
| (b) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
| Emerging Markets Credit | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit | Variation margin on swap contracts | $ | 1,333 | (a) | — | $ | — | |||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 695 | — | — | ||||||||
| Interest rate | Variation margin on swap contracts; Variation margin on futures contracts |
23,400 | (a) | Variation margin on swap contracts; Variation margin on futures Contracts |
(4,082 | )(a) | ||||||
| Total |
$ | 25,428 | $ | (4,082 | ) | |||||||
| Emerging Markets Debt | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit | Variation margin on swap contracts | $ | 26,078 | (a) | Variation margin on swap contracts | $ | (26,276 | )(a) | ||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 3,870,843 | Payable for unrealized loss on forward foreign currency exchange contracts | (3,132,076 | ) | |||||||
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value |
2,052,112 | (a) | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value |
(2,639,674 | )(a) | ||||||
| Total |
$ | 5,949,033 | $ | (5,798,026 | ) | |||||||
| 175 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| High Yield | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit | Variation margin on swap contracts | $ | 1,766,759 | — | $ | — | ||||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts. | 201,399 | Receivable for unrealized loss on forward foreign currency exchange contracts. | (40,224 | ) | |||||||
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts |
1,597,587 | Variation margin on futures contracts; Variation margin on swap contracts |
(1,122,194 | ) | |||||||
| Total |
$ | 3,565,745 | $ | (1,162,418 | ) | |||||||
| High Yield Floating Rate | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $ | 107,209 | Receivable for unrealized loss on forward foreign currency exchange contracts | $ | (39,331 | ) | |||||
| Interest rate | — | — | Variation margin on futures contracts | (217,630 | ) | |||||||
| Total |
$ | 107,209 | $ | (256,961 | ) | |||||||
| Investment Grade Credit | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit | Variation margin on swap contracts | $ | 2,625,005 | (a) | Variation margin on swap contracts | $ | (1,112 | )(a) | ||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 4,799 | Payable for unrealized loss on forward foreign currency exchange contracts | (4,593 | ) | |||||||
| Equity | — | — | Payable for unrealized loss on swap contracts; | (121,858 | )(b) | |||||||
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts |
2,137,491 | (a) | Variation margin on futures contracts; Variation margin on swap contracts |
(592,073 | )(a) | ||||||
| Total |
$ | 4,767,295 | $ | (719,636 | ) | |||||||
| 176 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Short Duration High Yield | ||||||||||||
| Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
| Credit | — | $ | — | Variation margin on swap contracts | $ | (336,047 | )(a) | |||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 165 | — | — | ||||||||
| Interest rate | — | — | Variation margin on swap contracts | (9,642 | )(a) | |||||||
| Total |
$ | 165 | $ | (345,689 | ) | |||||||
| (a) | Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information section of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
| (b) | Aggregate of amounts include $121,858 for the Investment Grade Credit Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return. |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| Emerging Markets Credit | ||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Credit | Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | (307 | ) | $ | 1,333 | ||||||
| Currency | Net realized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts. | (1,258,295 | ) | 3,129 | ||||||||
| Interest rate | Net realized gain (loss) on futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts; non-deliverable bond forward contracts and swap contracts | (12,506 | ) | 1,189 | ||||||||
| Total |
$ | (1,271,108 | ) | $ | 5,651 | |||||||
| 177 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Emerging Markets Debt | ||||||||||||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||||||||||||
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ 801,411 | $ | 5,065 | ||||||||||||||||||
| Currency | Net realized gain (loss) from purchased options, written options and forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts, purchased option and written option contracts. | (621,077 | ) | 1,728,486 | ||||||||||||||||||
| Interest rate | Net realized gain (loss) from futures contracts, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, Purchased options, written options and swap contracts | (3,980,336 | ) | (4,368,397 | ) | |||||||||||||||||
| Total |
$(3,800,002 | ) | $ | (2,634,846 | ) | |||||||||||||||||
| High Yield | ||||||||||||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||||||||||||
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ 1,220,429 | $ | 2,003,680 | ||||||||||||||||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 153,155 | 935,472 | |||||||||||||||||||
| Interest rate | Net realized gain (loss) from purchased options contracts, futures contracts, written options and swap contracts /Net change in unrealized gain (loss) on written futures contracts, purchased options contracts, written options and swap contracts | (2,318,488 | ) | (690,326 | ) | |||||||||||||||||
| Total |
$ (944,904 | ) | $ | 2,248,826 | ||||||||||||||||||
| High Yield Floating Rate | ||||||||||||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||||||||||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/ Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $ 984,524 | $ | 1,320,929 | ||||||||||||||||||
| Interest rate | Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts | 2,548,074 | 1,386,559 | |||||||||||||||||||
| Total |
$ 3,532,598 | $ | 2,707,488 | |||||||||||||||||||
| 178 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Investment Grade Credit | ||||||||||||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||||||||||||
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | 4,519,713 | $ | 1,935,540 | |||||||||||||||||
| Currency | Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (75,465 | ) | 121,358 | ||||||||||||||||||
| Equity | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | (414,478 | ) | (121,858 | ) | |||||||||||||||||
| Interest rate | Net realized gain (loss) from purchased options contracts, futures contracts, written options and swap contracts /Net change in unrealized gain (loss) on written futures contracts, purchased options contracts, written options and swap contracts | (3,071,778 | ) | 652,722 | ||||||||||||||||||
| Total |
$ | 957,992 | $ | 2,587,762 | ||||||||||||||||||
| Short Duration High Yield |
|
|||||||||||||||||||||
| Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||||||||||||
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $ | (1,253,577 | ) | $ | 311,413 | ||||||||||||||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 4,686 | 2,559 | |||||||||||||||||||
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on swap contracts | 120,154 | 24,107 | |||||||||||||||||||
| Total |
$ | (1,128,737 | ) | $ | 338,079 | |||||||||||||||||
| 179 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended March 31, 2024, the relevant values for each derivative type were as follows:
| Average Number of Contracts, Notional Amounts, or Shares/Units(a) | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Fund | Futures Contracts |
Forward Contracts |
Swap Agreements |
Purchased Options |
Purchased Swaptions |
Written Options |
Written Swaptions |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Emerging Markets Credit |
70 | $ | 104,611,510 | $ | 43,029,044 | 24,927,240 | $ | — | 21,404,217 | $ | — | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Emerging Markets Debt |
678 | 541,385,687 | 369,981,157 | 117,540,702 | 16,560,000 | 109,162,775 | 33,120,000 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| High Yield |
1,098 | 66,234,779 | 223,314,309 | — | 17,560,000 | — | 35,120,000 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| High Yield Floating Rate |
809 | 87,794,365 | — | — | — | — | — | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Investment Grade Credit |
1,223 | 5,225,523 | 440,422,090 | — | 23,525,000 | — | 51,517,333 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short Duration High Yield |
— | 237,003 | 11,978,333 | — | — | — | — | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the fiscal year ended March 31, 2024. |
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.
Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.
Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.
Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.
| 180 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2024:
| Emerging Markets Debt Fund |
| |||||||||||||||||||||||||||||||||||||||||||||
| Derivative Assets
|
Derivative Liabilities
|
|||||||||||||||||||||||||||||||||||||||||||||
| Counterparty | Options Purchased |
Forward Currency Contracts |
Total | Forward Currency Contracts |
Options Written |
Total | Net Derivative Asset (Liabilities) |
Collateral (Received) Pledged |
Net Amount |
|||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||
| Barclays Bank PLC |
$ | 55,628 | $ | — | $ | 55,628 | $ | — | $ | (96,150 | ) $ | (96,150 | ) | $ (40,522 | ) | $— | $ | (40,522 | ) | |||||||||||||||||||||||||||
| BNP Paribas SA |
204,511 | — | 204,511 | — | (191,546 | ) | (191,546 | ) | 12,965 | — | 12,965 | |||||||||||||||||||||||||||||||||||
| BofA Securities LLC |
94,517 | — | 94,517 | — | (100,316 | ) | (100,316 | ) | (5,799 | ) | — | (5,799 | ) | |||||||||||||||||||||||||||||||||
| Citibank NA |
219,582 | — | 219,582 | — | (189,387 | ) | (189,387 | ) | 30,195 | — | 30,195 | |||||||||||||||||||||||||||||||||||
| Deutsche Bank AG (London) |
88,732 | — | 88,732 | — | (104,730 | ) | (104,730 | ) | (15,998 | ) | — | (15,998 | ) | |||||||||||||||||||||||||||||||||
| HSBC Bank PLC |
110,214 | — | 110,214 | — | (55,738 | ) | (55,738 | ) | 54,476 | — | 54,476 | |||||||||||||||||||||||||||||||||||
| JPMorgan Securities, Inc. |
65,524 | 2,455,115 | 2,520,639 | (1,758,960 | ) | (138,599 | ) | (1,897,559 | ) | 623,080 | — | 623,080 | ||||||||||||||||||||||||||||||||||
| MS & Co. Int PLC |
133,774 | — | 133,774 | — | (107,629 | ) | (107,629 | ) | 26,145 | — | 26,145 | |||||||||||||||||||||||||||||||||||
| UBS AG (London) |
443,246 | — | 443,246 | — | (389,021 | ) | (389,021 | ) | 54,225 | — | 54,225 | |||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,415,728 | $ | 2,455,115 | $ | 3,870,843 | $ | (1,758,960 | ) | $ | (1,373,116 | ) | $ | (3,132,076 | ) | $738,767 | $— | $ | 738,767 | |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the fiscal year ended March 31, 2024, contractual and effective net management fees with GSAM were at the following rates:
| Contractual Management Rate
|
Effective Net Management | |||||||||||||
| Fund |
First |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
Effective Rate | ||||||||
|
| ||||||||||||||
| Emerging Markets Credit |
0.80% | 0.80% | 0.72% | 0.68% | 0.67% | 0.80% | 0.78% | |||||||
|
| ||||||||||||||
| Emerging Markets Debt |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.79 | |||||||
|
| ||||||||||||||
| High Yield |
0.70 | 0.70 | 0.63 | 0.60 | 0.59 | 0.70 | 0.64** | |||||||
|
| ||||||||||||||
| High Yield Floating Rate |
0.60 | 0.54 | 0.51 | 0.50 | 0.49 | 0.57 | 0.56 | |||||||
|
| ||||||||||||||
| Investment Grade Credit |
0.34 | 0.31 | 0.29 | 0.28 | 0.28 | 0.34 | 0.34 | |||||||
|
| ||||||||||||||
| Short Duration High Yield |
1.00 | 0.90 | 0.86 | 0.84 | 0.82 | 1.00 | 0.99 | |||||||
|
| ||||||||||||||
| ^ | The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
| ** | The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage rate for the Fund’s average daily net assets. This arrangement will remain in effect through at least July 28, 2024. Prior to July 28, 2023, the Investment advisor agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.67% as an annual percentage rate for the Fund’s average daily net assets. |
| 181 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended March 31, 2024, the management fee waived by GSAM for each Fund was as follows:
| Fund | Management Fee Waived |
|||
|
|
||||
| Emerging Markets Credit |
$ | 9,057 | ||
|
|
||||
| Emerging Markets Debt |
48,747 | |||
|
|
||||
| High Yield |
79,178 | |||
|
|
||||
| High Yield Floating Rate |
81,978 | |||
|
|
||||
| Investment Grade Credit |
16,351 | |||
|
|
||||
| Short Duration High Yield |
3,632 | |||
|
|
||||
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| Distribution and/or Service Plan Rates
|
||||||||||||||||
| Class A* | Class C | Service | Class R* | |||||||||||||
|
|
||||||||||||||||
| Distribution and/or Service Plan |
0.25% | 0.75% | 0.25% | 0.50% | ||||||||||||
|
|
||||||||||||||||
| * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
| 182 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2024, Goldman Sachs retained the following amounts:
| Front End Sales Charge
|
||||
| Fund Name |
Class A |
|||
|
|
||||
| Emerging Markets Credit |
$ | 15 | ||
|
|
||||
| Emerging Markets Debt |
154 | |||
|
|
||||
| High Yield |
3,355 | |||
|
|
||||
| High Yield Floating Rate |
1,173 | |||
|
|
||||
| Investment Grade Credit |
572 | |||
|
|
||||
| Short Duration High Yield |
131 | |||
|
|
||||
During the fiscal year ended March 31, 2024, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.
D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares; and 0.03% of average daily net assets with respect to the Investment Grade Credit Fund’s Separate Account Institutional Shares.
Effective July 28, 2023, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Credit Fund, 0.06% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, and 0.03% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund. This arrangement will remain in effect through at least July 28, 2024 or with respect to the Emerging Markets Credit Fund, July 29, 2025, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to July 28, 2023, Goldman Sachs had agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, and 0.05% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund.
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Credit, Emerging Markets Debt, High
| 183 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Yield, High Yield Floating Rate, Investment Grade Credit and Short Duration High Yield Funds are 0.004%, 0.004%, 0.004%, 0.104%, 0.004% and 0.094%, respectively. These Other Expense limitations will remain in place through at least July 28, 2024 (or, with respect to the Emerging Markets Credit Fund, July 29, 2025), and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above. Prior to July 28, 2023, the Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Debt was 0.024%. Prior to November 1, 2023, the Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Credit was 0.074%.
For the fiscal year ended March 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| Fund | Management Fee Waiver |
Transfer Agency Waivers/Credits |
|
Other Expense |
|
Total Expense | ||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
| Emerging Markets Credit |
$ 9,057 | $ 4,658 | $635,739 | $ | 649,454 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Emerging Markets Debt |
48,747 | 27,592 | 805,002 | 881,341 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| High Yield |
968,961 | 38,812 | 623,753 | 1,631,526 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| High Yield Floating Rate |
81,978 | 30 | — | 82,008 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Investment Grade Credit |
16,351 | 45 | 437,806 | 454,202 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Short Duration High Yield |
3,632 | 11 | 357,854 | 361,497 | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
G. Line of Credit Facility — As of March 31, 2024, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000. The facility was changed to $1,150,000,000 effective April 16, 2024.
In addition, the High Yield Floating Rate Fund also participated in a $300,000,000 committed, unsecured credit facility for the purpose of providing short-term, temporary working capital to the Fund (the “Credit Facility”). The Credit Facility is intended to enable the Fund to more efficiently manage various factors associated with the length of settlement of bank loan transactions and may also be used to satisfy redemption requests. The interest rate on borrowings is based on the federal funds rate as defined in the credit agreement and the Fund is required to pay a fee based on the amount of the commitment that has not been utilized. Under the Credit Facility, the Fund had an average outstanding balance and weighted average annual interest rate for the fiscal year ended March 31, 2024 of $66,250,000 and 6.36%, respectively. As of March 31, 2024, there was no outstanding borrowings under the Credit Facility. The facility was changed to $200,000,000 effective April 22, 2024.
H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2024, Goldman Sachs earned $5,936, $38,686 and $41,687, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Credit, Emerging Markets Debt and Investment Grade Credit Funds, respectively.
| 184 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
As of March 31, 2024, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:
| Fund | Goldman Sachs VIT Multi Strategic Alternative Portfolio |
|||||
|
| ||||||
| Short Duration High Yield |
17% | |||||
|
| ||||||
As of March 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:
| Fund | Class C | Class R6 | Class R | |||||||||
|
|
||||||||||||
| Emerging Markets Credit |
—% | 73% | —% | |||||||||
|
|
||||||||||||
| High Yield Floating Rate |
— | — | 5 | |||||||||
|
|
||||||||||||
| Short Duration High Yield |
33 | — | — | |||||||||
|
|
||||||||||||
The following table provides information about the Fund’s investments in the Government Money Market Fund as of and for the fiscal year ended March 31, 2024.
| Fund | Underlying Fund | Beginning Value as of March 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Ending Value as of March 31, |
Shares as of March 31, |
Dividend Income |
|||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Emerging Markets Credit |
Goldman Sachs Financial Square Government Fund — Institutional Shares | $ | 8,328,316 | $ | 62,708,965 | $ | (70,845,922 | ) | $ | 191,359 | 191,359 | $ | 287,031 | |||||||||||||
|
|
||||||||||||||||||||||||||
| Emerging Markets Debt |
Goldman Sachs Financial Square Government Fund — Institutional Shares | 95,100,844 | 278,809,866 | (373,910,710 | ) | — | — | 1,475,323 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| High Yield |
Goldman Sachs Financial Square Government Fund — Institutional Shares | 50,132,617 | 541,041,397 | (539,358,304 | ) | 51,815,710 | 51,815,710 | 2,555,451 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| High Yield Floating Rate |
Goldman Sachs Financial Square Government Fund — Institutional Shares | 75,331,714 | 905,571,865 | (878,551,340 | ) | 102,352,239 | 102,352,239 | 2,680,737 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Investment Grade Credit |
Goldman Sachs Financial Square Government Fund — Institutional Shares | 5,304,595 | 253,471,826 | (253,168,814 | ) | 5,607,607 | 5,607,607 | 526,334 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| Short Duration High Yield |
Goldman Sachs Financial Square Government Fund — Institutional Shares | — | 20,527,552 | (17,316,248 | ) | 3,211,304 | 3,211,304 | 119,629 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||
| 185 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2024, were as follows:
| Fund | Purchases of U.S. Government and Agency Obligations |
Purchases (Excluding U.S. Government and Agency Obligations) |
Sales and Maturities of U.S. Government and Agency Obligations |
Sales and Maturities of (Excluding U.S. Government and Agency Obligations) | ||||||||||||||||
| Emerging Markets Credit |
$ | 20,258,453 | $ | 67,989,465 | $ | 20,357,406 | $ | 79,987,811 | ||||||||||||
| Emerging Markets Debt |
— | 126,480,062 | — | 374,309,926 | ||||||||||||||||
| High Yield |
— | 740,268,967 | — | 427,939,840 | ||||||||||||||||
| High Yield Floating Rate |
— | 579,048,674 | — | 848,504,637 | ||||||||||||||||
| Investment Grade Credit |
3,983,118 | 312,556,877 | — | 289,838,627 | ||||||||||||||||
| Short Duration High Yield |
— | 13,052,958 | — | 17,908,453 | ||||||||||||||||
| 7. SECURITIES LENDING |
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The
| 186 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 7. SECURITIES LENDING (continued) |
Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of March 31, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended March 31, 2024, are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
| For the Fiscal Year Ended March 31, 2024
|
Amounts Payable to | ||||||||||||||
| Fund | Earnings of GSAL Loaned |
Amounts Received by the Funds from Lending to Goldman Sachs |
Goldman Sachs Upon Return of | ||||||||||||
| High Yield |
$ | 123,686 | $229,149 | $11,806,896 | |||||||||||
| High Yield Floating Rate |
53,642 | 32,261 | 5,769,120 | ||||||||||||
The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended March 31, 2024:
| Fund | Beginning Value as of March 31, 2023 |
Purchases at cost |
Proceeds from Sales |
Ending Value as of March 31, 2024 |
Shares as of March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
| High Yield |
$ | 40,565,774 | $ | 277,395,465 | $ | (266,612,846 | ) | $51,348,393 | 51,348,393 | ||||||||||||||||||||||||||||||||||||
| High Yield Floating Rate |
14,260,368 | 185,003,020 | (176,657,285 | ) | 22,606,103 | 22,606,103 | |||||||||||||||||||||||||||||||||||||||
| 8. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended March 31, 2024 was as follows:
| Emerging Markets Credit |
Emerging Markets Debt |
High Yield | High Yield Floating Rate |
Investment Grade Credit |
Short Duration High Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Distributions paid from: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Ordinary income
|
$
|
7,541,505
|
|
$
|
29,560,256
|
|
$
|
106,342,232
|
|
$
|
177,797,175
|
|
|
$24,813,367
|
|
$
|
2,897,295
|
| |||||||||||||||||||||||||||||||||||||
|
Total taxable distributions
|
$
|
7,541,505
|
|
$
|
29,560,256
|
|
$
|
106,342,232
|
|
$
|
177,797,175
|
|
|
$24,813,367
|
|
$
|
2,897,295
|
| |||||||||||||||||||||||||||||||||||||
|
Tax return of capital
|
$
|
666,998
|
|
$
|
—
|
|
$
|
3,405,935
|
|
$
|
5,217,864
|
|
|
$ 3,721,472
|
|
$
|
—
|
| |||||||||||||||||||||||||||||||||||||
|
The tax character of distributions paid during the fiscal year ended March 31, 2023 was as follows:
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Emerging Markets Credit |
Emerging Markets Debt |
High Yield | High Yield Floating Rate |
Investment Grade Credit |
Short Duration High Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Distributions paid from:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ordinary income
|
$
|
4,375,406
|
|
$
|
52,672,431
|
|
|
$85,205,720
|
|
$
|
237,825,552
|
|
|
$20,675,730
|
|
$
|
4,365,922
|
| |||||||||||||||||||||||||||||||||||||
|
Total taxable distributions
|
$
|
4,375,406
|
|
$
|
52,672,431
|
|
|
$85,205,720
|
|
$
|
237,825,552
|
|
|
$20,675,730
|
|
$
|
4,365,922
|
| |||||||||||||||||||||||||||||||||||||
|
Tax return of capital
|
$
|
—
|
|
$
|
—
|
|
|
$ 5,595,335
|
|
$
|
—
|
|
|
$2,686,563
|
|
$
|
—
|
| |||||||||||||||||||||||||||||||||||||
| 187 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 8. TAX INFORMATION (continued) |
As of March 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| Emerging Markets Credit |
Emerging Markets Debt |
High Yield | High Yield Floating Rate |
Investment Grade Credit |
Short Duration High Yield |
|||||||||||||||||||
|
|
||||||||||||||||||||||||
| Undistributed ordinary income — net |
$ | — | $ | 9,837,863 | $ | — | $ | — | $ | — | $ | 1,560,400 | ||||||||||||
|
|
||||||||||||||||||||||||
| Capital loss carryforwards: |
||||||||||||||||||||||||
| Perpetual Short-Term |
(108,990,210 | ) | (91,475,233 | ) | (172,361,736 | ) | (184,254,937 | ) | (23,281,290 | ) | (31,737,725 | ) | ||||||||||||
| Perpetual Long-Term |
(45,263,233 | ) | (290,324,871 | ) | (413,956,131 | ) | (386,066,313 | ) | (42,264,988 | ) | (16,378,335 | ) | ||||||||||||
|
|
||||||||||||||||||||||||
| Total capital loss carryforwards |
(154,253,443 | ) | (381,800,104 | ) | (586,317,867 | ) | (570,321,250 | ) | (65,546,278 | ) | (48,116,060 | ) | ||||||||||||
|
|
||||||||||||||||||||||||
| Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Dividends Payable/Straddle Loss Deferral/Defaulted Bonds) |
$ | (8,342,835 | ) | $ | (28,896,928 | ) | $ | (11,264,481 | ) | $ | (22,123,407 | ) | $ | (142,363 | ) | $ | (1,009,808 | ) | ||||||
| Unrealized gains (loss) — net |
(1,099,322 | ) | (73,350,581 | ) | (77,037,861 | ) | (89,366,147 | ) | (16,974,478 | ) | (4,249,217 | ) | ||||||||||||
|
|
||||||||||||||||||||||||
| Total accumulated earnings (loss) net |
$ | (163,695,600 | ) | $ | (474,209,750 | ) | $ | (674,620,209 | ) | $ | (681,810,804 | ) | $ | (82,663,119 | ) | $ | (51,814,685 | ) | ||||||
|
|
||||||||||||||||||||||||
|
As of March 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
|
| |||||||||||||||||||||||
| Emerging Markets Credit |
Emerging Markets Debt |
High Yield | High Yield Floating Rate |
Investment Grade Credit |
Short Duration High Yield |
|||||||||||||||||||
|
|
||||||||||||||||||||||||
| Tax Cost |
$ | 34,730,879 | $ | 483,722,755 | $ | 2,052,784,109 | $ | 2,084,821,478 | $ | 658,663,757 | $ | 51,681,955 | ||||||||||||
|
|
||||||||||||||||||||||||
| Gross unrealized gain |
1,588,326 | 11,564,926 | 31,012,756 | 14,906,178 | 7,621,676 | 623,843 | ||||||||||||||||||
| Gross unrealized loss |
(2,687,648 | ) | (84,915,507 | ) | (108,050,617 | ) | (104,272,325 | ) | (24,596,154 | ) | (4,873,060 | ) | ||||||||||||
|
|
||||||||||||||||||||||||
| Net unrealized loss |
$ | (1,099,322 | ) | $ | (73,350,581 | ) | $ | (77,037,861 | ) | $ | (89,366,147 | ) | $ | (16,974,478 | ) | $ | (4,249,217 | ) | ||||||
|
|
||||||||||||||||||||||||
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of partnership investments, swap transactions, market discount accretion and premium amortization, and underlying fund investments.
The Emerging Markets Credit Fund reclassed $7,734,467 from distributable earnings to paid in capital for the year ending March 31, 2024. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses.
The Short Duration High Yield Fund reclassed $582 from paid in capital to distributable earnings for the year ending March 31, 2024. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from certain non-deductible expenses.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 188 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be
| 189 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 9. OTHER RISKS (continued) |
subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate
| 190 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 9. OTHER RISKS (continued) |
environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.
Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Non-Diversification Risk — Emerging Markets Credit Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.
| 191 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 11. SUBSEQUENT EVENTS |
Upon the recommendation of GSAM, the Board of Trustees of the Goldman Sachs Trust recently approved changes to the Goldman Sachs Long Short Credit Strategies Fund’s name, investment objective, principal investment strategy, contractual management fee rate and benchmark index effective after the close of business on April 17, 2024. The Fund’s name changed to the “Goldman Sachs Short Duration High Yield Fund.” The Fund’s benchmark index changed from the ICE Bank of America US 3-Month Treasury Bill Index to the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index.
All other subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
| 192 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| Emerging Markets Credit Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
79,151 | $ | 340,435 | 108,688 | $ | 486,641 | ||||||||||
| Reinvestment of distributions |
128,617 | 523,288 | 55,788 | 250,902 | ||||||||||||
| Shares redeemed |
(150,805 | ) | (637,895 | ) | (318,118 | ) | (1,437,343 | ) | ||||||||
|
|
||||||||||||||||
| 56,963 | 225,828 | (153,642 | ) | (699,800 | ) | |||||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
66,523 | 279,334 | 52,926 | 242,268 | ||||||||||||
| Reinvestment of distributions |
73,969 | 299,715 | 26,859 | 120,400 | ||||||||||||
| Shares redeemed |
(79,017 | ) | (342,545 | ) | (92,489 | ) | (417,979 | ) | ||||||||
|
|
||||||||||||||||
| 61,475 | 236,504 | (12,704 | ) | (55,311 | ) | |||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
732,471 | 3,325,414 | 106,294 | 479,195 | ||||||||||||
| Reinvestment of distributions |
255,664 | 1,037,689 | 109,548 | 492,718 | ||||||||||||
| Shares redeemed |
(987,259 | ) | (4,319,193 | ) | (1,123,714 | ) | (5,275,914 | ) | ||||||||
|
|
||||||||||||||||
| 876 | 43,910 | (907,872 | ) | (4,304,001 | ) | |||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
2,795,106 | 12,461,833 | 785,428 | 3,561,822 | ||||||||||||
| Reinvestment of distributions |
570,644 | 2,312,793 | 116,493 | 523,714 | ||||||||||||
| Shares redeemed |
(2,002,015 | ) | (8,525,508 | ) | (1,174,911 | ) | (5,134,538 | ) | ||||||||
|
|
||||||||||||||||
| 1,363,735 | 6,249,118 | (272,990 | ) | (1,049,002 | ) | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
381,466 | 1,804,084 | 5,097,196 | 23,600,021 | ||||||||||||
| Reinvestment of distributions |
239,988 | 1,079,266 | 347,192 | 1,539,292 | ||||||||||||
| Shares redeemed |
(6,169,149 | ) | (27,463,086 | ) | (829,753 | ) | (3,890,986 | ) | ||||||||
|
|
||||||||||||||||
| (5,547,695 | ) | (24,579,736 | ) | 4,614,635 | 21,248,327 | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
123,572 | 547,932 | 253,233 | 1,081,158 | ||||||||||||
| Reinvestment of distributions |
668,242 | 2,716,773 | 303,460 | 1,362,172 | ||||||||||||
| Shares redeemed |
(1,021,928 | ) | (4,505,280 | ) | (1,167,680 | ) | (5,246,520 | ) | ||||||||
|
|
||||||||||||||||
| (230,114 | ) | (1,240,575 | ) | (610,987 | ) | (2,803,190 | ) | |||||||||
|
|
||||||||||||||||
| NET INCREASE (DECREASE) |
(4,294,760 | ) | $ | (19,064,951 | ) | 2,656,440 | $ | 12,337,023 | ||||||||
|
|
||||||||||||||||
| 193 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Emerging Markets Debt Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
1,761,192 | $ | 15,941,952 | 1,880,140 | $ | 17,076,076 | ||||||||||
| Reinvestment of distributions |
77,844 | 706,844 | 125,068 | 1,136,566 | ||||||||||||
| Shares redeemed |
(1,886,042 | ) | (17,063,846 | ) | (2,224,108 | ) | (20,409,493 | ) | ||||||||
|
|
||||||||||||||||
| (47,006 | ) | (415,050 | ) | (218,900 | ) | (2,196,851 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
23,576 | 211,932 | 31,330 | 292,388 | ||||||||||||
| Reinvestment of distributions |
22,015 | 199,362 | 40,533 | 368,042 | ||||||||||||
| Shares redeemed |
(207,265 | ) | (1,885,082 | ) | (255,761 | ) | (2,396,919 | ) | ||||||||
|
|
||||||||||||||||
| (161,674 | ) | (1,473,788 | ) | (183,898 | ) | (1,736,489 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
9,651,274 | 87,139,307 | 26,455,433 | 243,175,976 | ||||||||||||
| Reinvestment of distributions |
1,815,086 | 16,441,487 | 3,602,334 | 32,870,527 | ||||||||||||
| Shares redeemed |
(27,600,946 | ) | (247,033,130 | ) | (52,419,923 | ) | (489,446,106 | ) | ||||||||
|
|
||||||||||||||||
| (16,134,586 | ) | (143,452,336 | ) | (22,362,156 | ) | (213,399,603 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
588,797 | 5,298,336 | 12,598,182 | 113,406,345 | ||||||||||||
| Reinvestment of distributions |
172,523 | 1,542,140 | 273,710 | 2,481,887 | ||||||||||||
| Shares redeemed |
(12,833,476 | ) | (112,568,527 | ) | (3,080,092 | ) | (27,685,085 | ) | ||||||||
|
|
||||||||||||||||
| (12,072,156 | ) | (105,728,051 | ) | 9,791,800 | 88,203,147 | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
2,081,821 | 18,583,650 | 14,410,634 | 137,469,694 | ||||||||||||
| Reinvestment of distributions |
719,312 | 6,482,461 | 1,105,497 | 10,089,715 | ||||||||||||
| Shares redeemed |
(14,098,911 | ) | (126,232,944 | ) | (14,517,008 | ) | (132,549,793 | ) | ||||||||
|
|
||||||||||||||||
| (11,297,778 | ) | (101,166,833 | ) | 999,123 | 15,009,616 | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
109,522 | 1,004,380 | 535 | 5,173 | ||||||||||||
| Reinvestment of distributions |
194,572 | 1,768,497 | 259,507 | 2,356,053 | ||||||||||||
| Shares redeemed |
(65,115 | ) | (583,399 | ) | (191,621 | ) | (1,784,680 | ) | ||||||||
|
|
||||||||||||||||
| 238,979 | 2,189,478 | 68,421 | 576,546 | |||||||||||||
|
|
||||||||||||||||
| NET DECREASE |
(39,474,221 | ) | $ | (350,046,580 | ) | (11,905,610 | ) | $ | (113,543,634 | ) | ||||||
|
|
||||||||||||||||
| 194 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| High Yield Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
2,297,327 | $ | 12,528,137 | 2,213,783 | $ | 11,972,281 | ||||||||||
| Reinvestment of distributions |
927,519 | 5,047,598 | 939,267 | 5,087,467 | ||||||||||||
| Shares redeemed |
(5,694,551 | ) | (30,904,799 | ) | (3,885,071 | ) | (21,103,954 | ) | ||||||||
|
|
||||||||||||||||
| (2,469,705 | ) | (13,329,064 | ) | (732,021 | ) | (4,044,206 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
172,441 | 949,346 | 111,240 | 605,966 | ||||||||||||
| Reinvestment of distributions |
33,820 | 184,354 | 37,223 | 201,897 | ||||||||||||
| Shares redeemed |
(186,650 | ) | (1,012,903 | ) | (395,084 | ) | (2,150,898 | ) | ||||||||
|
|
||||||||||||||||
| 19,611 | 120,797 | (246,621 | ) | (1,343,035 | ) | |||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
5,588,503 | 30,502,559 | 13,131,419 | 72,197,375 | ||||||||||||
| Reinvestment of distributions |
1,894,230 | 10,335,782 | 2,086,993 | 11,337,563 | ||||||||||||
| Shares redeemed |
(9,905,549 | ) | (54,146,510 | ) | (26,121,787 | ) | (142,328,176 | ) | ||||||||
|
|
||||||||||||||||
| (2,422,816 | ) | (13,308,169 | ) | (10,903,375 | ) | (58,793,238 | ) | |||||||||
|
|
||||||||||||||||
| Service Shares |
||||||||||||||||
| Shares sold |
255,037 | 1,399,100 | 113,442 | 628,016 | ||||||||||||
| Reinvestment of distributions |
40,532 | 220,623 | 46,864 | 254,075 | ||||||||||||
| Shares redeemed |
(296,128 | ) | (1,609,043 | ) | (518,165 | ) | (2,802,220 | ) | ||||||||
|
|
||||||||||||||||
| (559 | ) | 10,680 | (357,859 | ) | (1,920,129 | ) | ||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
426,713 | 2,335,734 | 549,515 | 2,986,817 | ||||||||||||
| Reinvestment of distributions |
88,098 | 480,168 | 138,697 | 752,908 | ||||||||||||
| Shares redeemed |
(638,806 | ) | (3,479,585 | ) | (1,955,478 | ) | (10,564,672 | ) | ||||||||
|
|
||||||||||||||||
| (123,995 | ) | (663,683 | ) | (1,267,266 | ) | (6,824,947 | ) | |||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
4,879,635 | 27,332,485 | 2,461,029 | 13,741,243 | ||||||||||||
| Reinvestment of distributions |
249,515 | 1,371,357 | 286,357 | 1,576,099 | ||||||||||||
| Shares redeemed |
(1,443,635 | ) | (7,946,020 | ) | (11,315,593 | ) | (62,000,593 | ) | ||||||||
|
|
||||||||||||||||
| 3,685,515 | 20,757,822 | (8,568,207 | ) | (46,683,251 | ) | |||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
223,528 | 1,209,515 | 127,541 | 716,033 | ||||||||||||
| Reinvestment of distributions |
43,956 | 239,190 | 41,235 | 222,919 | ||||||||||||
| Shares redeemed |
(161,771 | ) | (886,363 | ) | (222,451 | ) | (1,219,415 | ) | ||||||||
|
|
||||||||||||||||
| 105,713 | 562,342 | (53,675 | ) | (280,463 | ) | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
97,947,618 | 534,878,159 | 93,648,233 | 507,416,515 | ||||||||||||
| Reinvestment of distributions |
16,702,871 | 91,230,449 | 12,880,716 | 69,919,602 | ||||||||||||
| Shares redeemed |
(59,629,931 | ) | (325,468,246 | ) | (103,781,129 | ) | (566,130,941 | ) | ||||||||
|
|
||||||||||||||||
| 55,020,558 | 300,640,362 | 2,747,820 | 11,205,176 | |||||||||||||
|
|
||||||||||||||||
| NET INCREASE (DECREASE) |
53,814,322 | $ | 294,791,087 | (19,381,204 | ) | $ | (108,684,093 | ) | ||||||||
|
|
||||||||||||||||
| 195 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
|
High Yield Floating Rate Fund |
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
983,348 | $ | 8,689,313 | 261,991 | $ | 2,354,126 | ||||||||||
| Reinvestment of distributions |
44,923 | 396,460 | 24,372 | 213,664 | ||||||||||||
| Shares redeemed |
(664,201 | ) | (5,889,055 | ) | (339,177 | ) | (2,972,267 | ) | ||||||||
|
|
||||||||||||||||
| 364,070 | 3,196,718 | (52,814 | ) | (404,477 | ) | |||||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
55,602 | 491,312 | 49,920 | 448,253 | ||||||||||||
| Reinvestment of distributions |
7,288 | 64,289 | 6,122 | 53,680 | ||||||||||||
| Shares redeemed |
(45,899 | ) | (405,976 | ) | (99,744 | ) | (880,855 | ) | ||||||||
|
|
||||||||||||||||
| 16,991 | 149,625 | (43,702 | ) | (378,922 | ) | |||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
11,685,915 | 103,570,771 | 45,541,885 | 406,601,883 | ||||||||||||
| Reinvestment of distributions |
1,354,765 | 11,940,489 | 1,036,526 | 9,097,630 | ||||||||||||
| Shares redeemed |
(5,683,950 | ) | (49,862,742 | ) | (39,203,406 | ) | (349,544,207 | ) | ||||||||
|
|
||||||||||||||||
| 7,356,730 | 65,648,518 | 7,375,005 | 66,155,306 | |||||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
1,795,395 | 15,868,751 | 923,346 | 8,137,353 | ||||||||||||
| Reinvestment of distributions |
109,733 | 972,321 | 46,529 | 408,705 | ||||||||||||
| Shares redeemed |
(501,266 | ) | (4,419,669 | ) | (938,155 | ) | (8,240,940 | ) | ||||||||
|
|
||||||||||||||||
| 1,403,862 | 12,421,403 | 31,720 | 305,118 | |||||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
1,411,779 | 12,447,458 | 2,324,362 | 20,305,144 | ||||||||||||
| Reinvestment of distributions |
210,526 | 1,859,718 | 727,527 | 6,455,624 | ||||||||||||
| Shares redeemed |
(527,054 | ) | (4,665,764 | ) | (39,539,101 | ) | (350,263,715 | ) | ||||||||
|
|
||||||||||||||||
| 1,095,251 | 9,641,412 | (36,487,212 | ) | (323,502,947 | ) | |||||||||||
|
|
||||||||||||||||
| Class R Shares |
||||||||||||||||
| Shares sold |
1,261 | 11,052 | 21,961 | 191,057 | ||||||||||||
| Reinvestment of distributions |
2,511 | 22,132 | 1,021 | 8,936 | ||||||||||||
| Shares redeemed |
(512 | ) | (4,509 | ) | (1,784 | ) | (15,441 | ) | ||||||||
|
|
||||||||||||||||
| 3,260 | 28,675 | 21,198 | 184,552 | |||||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
55,345,074 | 487,230,882 | 114,031,351 | 1,016,031,217 | ||||||||||||
| Reinvestment of distributions |
19,002,935 | 167,698,051 | 25,207,004 | 221,502,003 | ||||||||||||
| Shares redeemed |
(114,018,211 | ) | (1,004,769,292 | ) | (361,275,254 | ) | (3,181,412,272 | ) | ||||||||
|
|
||||||||||||||||
| (39,670,202 | ) | (349,840,359 | ) | (222,036,899 | ) | (1,943,879,052 | ) | |||||||||
|
|
||||||||||||||||
| NET DECREASE |
(29,430,038 | ) | $ | (258,754,008 | ) | (251,192,704 | ) | $ | (2,201,520,422 | ) | ||||||
|
|
||||||||||||||||
| 196 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
|
Investment Grade Credit Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
191,231 | $ | 1,513,766 | 101,210 | $ | 798,031 | ||||||||||
| Reinvestment of distributions |
32,299 | 253,172 | 28,832 | 227,586 | ||||||||||||
| Shares redeemed |
(192,217 | ) | (1,494,399 | ) | (348,928 | ) | (2,769,324 | ) | ||||||||
|
|
||||||||||||||||
| 31,313 | 272,539 | (218,886 | ) | (1,743,707 | ) | |||||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
3,227,554 | 25,380,241 | 4,188,365 | 32,458,970 | ||||||||||||
| Reinvestment of distributions |
399,482 | 3,134,192 | 290,782 | 2,292,869 | ||||||||||||
| Shares redeemed |
(2,367,883 | ) | (18,503,019 | ) | (4,004,456 | ) | (31,605,029 | ) | ||||||||
|
|
||||||||||||||||
| 1,259,153 | 10,011,414 | 474,691 | 3,146,810 | |||||||||||||
|
|
||||||||||||||||
| Separate Account Institutional Shares |
||||||||||||||||
| Shares sold |
657,008 | 5,177,374 | 1,246,357 | 9,998,799 | ||||||||||||
| Reinvestment of distributions |
514,094 | 4,035,090 | 466,993 | 3,684,934 | ||||||||||||
| Shares redeemed |
(2,495,052 | ) | (19,627,244 | ) | (2,934,294 | ) | (23,684,928 | ) | ||||||||
|
|
||||||||||||||||
| (1,323,950 | ) | (10,414,780 | ) | (1,220,944 | ) | (10,001,195 | ) | |||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
630,889 | 4,960,010 | 1,307,523 | 10,576,428 | ||||||||||||
| Reinvestment of distributions |
55,297 | 433,618 | 34,519 | 271,587 | ||||||||||||
| Shares redeemed |
(858,810 | ) | (6,758,075 | ) | (291,287 | ) | (2,411,688 | ) | ||||||||
|
|
||||||||||||||||
| (172,624 | ) | (1,364,447 | ) | 1,050,755 | 8,436,327 | |||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
4,740,601 | 37,237,646 | 2,001,555 | 16,180,238 | ||||||||||||
| Reinvestment of distributions |
1,376,557 | 10,807,845 | 1,395,408 | 10,999,643 | ||||||||||||
| Shares redeemed |
(13,717,140 | ) | (105,620,207 | ) | (5,532,216 | ) | (43,427,527 | ) | ||||||||
|
|
||||||||||||||||
| (7,599,982 | ) | (57,574,716 | ) | (2,135,253 | ) | (16,247,646 | ) | |||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
17,586,702 | 135,097,058 | 7,646,214 | 60,938,268 | ||||||||||||
| Reinvestment of distributions |
1,228,547 | 9,646,041 | 721,778 | 5,693,627 | ||||||||||||
| Shares redeemed |
(7,685,299 | ) | (60,434,337 | ) | (6,095,345 | ) | (48,729,386 | ) | ||||||||
|
|
||||||||||||||||
| 11,129,950 | 84,308,762 | 2,272,647 | 17,902,509 | |||||||||||||
|
|
||||||||||||||||
| NET INCREASE |
3,323,860 | $ | 25,238,772 | 223,010 | $ | 1,493,098 | ||||||||||
|
|
||||||||||||||||
| 197 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
| Notes to Financial Statements (continued)
March 31, 2024 |
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Short Duration High Yield Fund
|
||||||||||||||||
| For the Fiscal Year Ended March 31, 2024 |
For the Fiscal Year Ended March 31, 2023 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
||||||||||||||||
| Shares sold |
6,308 | $ | 49,345 | 6,823 | $ | 55,202 | ||||||||||
| Reinvestment of distributions |
4,897 | 38,247 | 7,934 | 62,039 | ||||||||||||
| Shares redeemed |
(36,740 | ) | (285,552 | ) | (83,414 | ) | (657,635 | ) | ||||||||
|
|
||||||||||||||||
| (25,535 | ) | (197,960 | ) | (68,657 | ) | (540,394 | ) | |||||||||
|
|
||||||||||||||||
| Class C Shares |
||||||||||||||||
| Shares sold |
674 | 5,300 | — | — | ||||||||||||
| Reinvestment of distributions |
545 | 4,249 | 771 | 6,026 | ||||||||||||
| Shares redeemed |
(5,495 | ) | (42,313 | ) | (7,414 | ) | (58,151 | ) | ||||||||
|
|
||||||||||||||||
| (4,276 | ) | (32,764 | ) | (6,643 | ) | (52,125 | ) | |||||||||
|
|
||||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
395,166 | 3,061,815 | 222,963 | 1,769,261 | ||||||||||||
| Reinvestment of distributions |
73,534 | 573,989 | 83,863 | 656,559 | ||||||||||||
| Shares redeemed |
(414,134 | ) | (3,223,104 | ) | (1,063,217 | ) | (8,352,135 | ) | ||||||||
|
|
||||||||||||||||
| 54,566 | 412,700 | (756,391 | ) | (5,926,315 | ) | |||||||||||
|
|
||||||||||||||||
| Investor Shares |
||||||||||||||||
| Shares sold |
138,164 | 1,069,581 | 5,676 | 45,647 | ||||||||||||
| Reinvestment of distributions |
7,899 | 61,216 | 13,455 | 105,398 | ||||||||||||
| Shares redeemed |
(291,115 | ) | (2,239,923 | ) | (145,284 | ) | (1,148,379 | ) | ||||||||
|
|
||||||||||||||||
| (145,052 | ) | (1,109,126 | ) | (126,153 | ) | (997,334 | ) | |||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
170,833 | 1,340,000 | 1,546,575 | 12,679,005 | ||||||||||||
| Reinvestment of distributions |
53,314 | 416,079 | 57,988 | 453,015 | ||||||||||||
| Shares redeemed |
(103,412 | ) | (800,000 | ) | (1,329,030 | ) | (10,550,000 | ) | ||||||||
|
|
||||||||||||||||
| 120,735 | 956,079 | 275,533 | 2,582,020 | |||||||||||||
|
|
||||||||||||||||
| Class R Shares(a) |
||||||||||||||||
| Shares sold |
2 | 12 | — | — | ||||||||||||
| Reinvestment of distributions |
169 | 1,321 | 174 | 1,360 | ||||||||||||
| Shares redeemed |
(3,655 | ) | (28,765 | ) | — | — | ||||||||||
|
|
||||||||||||||||
| (3,484 | ) | (27,432 | ) | 174 | 1,360 | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
464,025 | 3,639,500 | 293,023 | 2,321,000 | ||||||||||||
| Reinvestment of distributions |
230,810 | 1,798,494 | 390,584 | 3,078,001 | ||||||||||||
| Shares redeemed |
(990,627 | ) | (7,735,873 | ) | (10,419,545 | ) | (82,807,000 | ) | ||||||||
|
|
||||||||||||||||
| (295,792 | ) | (2,297,879 | ) | (9,735,938 | ) | (77,407,999 | ) | |||||||||
|
|
||||||||||||||||
| NET DECREASE |
(298,838 | ) | $ | (2,296,382 | ) | (10,418,075 | ) | $ | (82,340,787 | ) | ||||||
|
|
||||||||||||||||
| (a) | At the close of business on February 13, 2024, Class R Shares of the Fund were liquidated. |
| 198 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Credit Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund and Goldman Sachs Short Duration High Yield Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Credit Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund and Goldman Sachs Short Duration High Yield Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the five years in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
May 28, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
| 199 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Separate Account Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Separate Account Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024, which represents a period of 183 days of a 366-day year. This projection assumes that annualized expense ratios were in effect during the period.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Emerging Markets Credit Fund | Emerging Markets Debt Fund | High Yield Fund | ||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses 6 months ended |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses 6 months ended |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses 6 months ended |
|||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||
|
Actual |
$1,000.00 | $1,081.40 | $6.03 | $1,000.00 | $1,116.00 | $5.90 | $1,000.00 | $1,074.80 | $5.08 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,019.20 | + | 5.85 | 1,000.00 | 1,019.40 | + | 5.63 | 1,000.00 | 1,020.10 | + | 4.94 | ||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,074.90 | 9.89 | 1,000.00 | 1,112.00 | 9.85 | 1,000.00 | 1,070.80 | 8.95 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,015.50 | + | 9.61 | 1,000.00 | 1,015.70 | + | 9.40 | 1,000.00 | 1,016.40 | + | 8.71 | ||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,083.50 | 4.47 | 1,000.00 | 1,118.70 | 4.47 | 1,000.00 | 1,076.30 | 3.52 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.70 | + | 4.33 | 1,000.00 | 1,020.80 | + | 4.27 | 1,000.00 | 1,021.60 | + | 3.43 | ||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | — | — | — | 1,000.00 | 1,075.80 | 6.12 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | — | — | — | — | 1,000.00 | 1,019.10 | + | 5.95 | ||||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,082.80 | 4.73 | 1,000.00 | 1,118.60 | 4.58 | 1,000.00 | 1,076.10 | 3.78 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.50 | + | 4.59 | 1,000.00 | 1,020.70 | + | 4.37 | 1,000.00 | 1,021.40 | + | 3.68 | ||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,083.50 | 4.51 | 1,000.00 | 1,118.80 | 4.41 | 1,000.00 | 1,076.30 | 3.47 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.70 | + | 4.38 | 1,000.00 | 1,020.80 | + | 4.21 | 1,000.00 | 1,021.70 | + | 3.38 | ||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | — | — | — | 1,000.00 | 1,073.60 | 6.37 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | — | — | — | — | 1,000.00 | 1,018.90 | + | 6.20 | ||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,083.50 | 4.42 | 1,000.00 | 1,117.60 | 4.42 | 1,000.00 | 1,076.40 | 3.47 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.80 | + | 4.29 | 1,000.00 | 1,020.80 | + | 4.22 | 1,000.00 | 1,021.70 | + | 3.38 | ||||||||||||||||||||||||
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Institutional | Service | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||||||||||
| Emerging Markets Credit |
1.16 | % | 1.91 | % | 0.86 | % | — | % | 0.91 | % | 0.87 | % | — | % | 0.85 | % | ||||||||||||||||||||||||||
| Emerging Markets Debt |
1.12 | 1.87 | 0.85 | — | 0.87 | 0.84 | — | 0.84 | ||||||||||||||||||||||||||||||||||
| High Yield |
0.98 | 1.73 | 0.68 | 1.18 | 0.73 | 0.67 | 1.23 | 0.67 | ||||||||||||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
200
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Fund Expenses — Six Month Period Ended March 31, 2024 (Unaudited) (continued)
| High Yield Floating Rate Fund | Investment Grade Credit Fund | Short Duration High Yield Fund | ||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses 6 months ended |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses 6 months ended |
Beginning Account Value 10/1/23 |
Ending Account Value 3/31/24 |
Expenses 6 months ended |
|||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||
|
Actual |
$1,000.00 | $1,050.00 | $5.52 | $1,000.00 | $1,083.00 | $3.70 | $1,000.00 | $1,054.30 | $ 7.46 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,019.60 | + | 5.44 | 1,000.00 | 1,021.50 | + | 3.59 | 1,000.00 | 1,017.70 | + | 7.33 | ||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,046.10 | 9.33 | — | — | — | 1,000.00 | 1,050.40 | 11.38 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,015.90 | + | 9.20 | — | — | — | 1,000.00 | 1,013.90 | + | 11.18 | |||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,051.70 | 3.86 | 1,000.00 | 1,083.30 | 1.98 | 1,000.00 | 1,056.00 | 5.77 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.30 | + | 3.80 | 1,000.00 | 1,023.10 | + | 1.93 | 1,000.00 | 1,019.40 | + | 5.67 | ||||||||||||||||||||||||
| Separate Account Institutional | ||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | 1,000.00 | 1,084.70 | 1.93 | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | — | 1,000.00 | 1,023.20 | + | 1.88 | — | — | — | ||||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,052.40 | 4.17 | 1,000.00 | 1,084.30 | 2.40 | 1,000.00 | 1,057.00 | 6.16 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.00 | + | 4.10 | 1,000.00 | 1,022.70 | + | 2.33 | 1,000.00 | 1,019.00 | + | 6.05 | ||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,051.70 | 3.73 | 1,000.00 | 1,084.70 | 1.93 | 1,000.00 | 1,057.50 | 5.73 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.40 | + | 3.67 | 1,000.00 | 1,023.20 | + | 1.88 | 1,000.00 | 1,019.40 | + | 5.62 | ||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,048.70 | 6.81 | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,018.40 | + | 6.71 | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,052.90 | 3.80 | 1,000.00 | 1,084.80 | 1.93 | 1,000.00 | 1,056.10 | 5.72 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.30 | + | 3.74 | 1,000.00 | 1,023.20 | + | 1.88 | 1,000.00 | 1,019.40 | + | 5.62 | ||||||||||||||||||||||||
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Institutional | Separate Account Institutional |
Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||||||||||
| High Yield Floating Rate |
1.08 | % | 1.83 | % | 0.75 | % | — | % | 0.81 | % | 0.73 | % | 1.33 | % | 0.74 | % | ||||||||||||||||||||||||||
| Investment Grade Credit |
0.71 | — | 0.38 | 0.37 | 0.46 | 0.37 | — | 0.37 | ||||||||||||||||||||||||||||||||||
| Short Duration High Yield |
1.46 | 2.22 | 1.13 | — | 1.21 | 1.12 | — | 1.12 | ||||||||||||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
201
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
| 202 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:
| Proposal Election of Trustees |
For | Withheld | ||
|
| ||||
| Cheryl K. Beebe |
169,452,067,796 | 5,900,273,020 | ||
|
| ||||
| John G. Chou |
173,279,757,273 | 2,072,583,543 | ||
|
| ||||
| Eileen H. Dowling |
173,287,456,218 | 2,064,884,598 | ||
|
| ||||
| Lawrence Hughes |
173,486,691,901 | 1,865,648,915 | ||
|
| ||||
| John F. Killian |
173,511,167,174 | 1,841,173,642 | ||
|
| ||||
| Steven D. Krichmar |
173,484,256,228 | 1,868,084,588 | ||
|
| ||||
| Michael Latham |
173,498,020,286 | 1,854,320,530 | ||
|
| ||||
| Lawrence W. Stranghoener |
173,455,949,165 | 1,896,391,651 | ||
|
| ||||
| Paul C. Wirth |
173,324,070,424 | 2,028,270,39 | ||
|
| ||||
| 203 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Gregory G. Weaver Age: 72 |
Chair of the Board of Trustees | Since 2023 (Trustee since 2015) | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).
Chair of the Board of Trustees—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Verizon Communications Inc. | |||||
| Cheryl K. Beebe Age: 68 |
Trustee | Since 2024 | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008–Present); Director, The Mosaic Company (2019–Present); Director, HanesBrands Inc. (2020–Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015–2018); and formerly held the position of Executive Vice President, (2010–2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004–2014).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
| Dwight L. Bush Age: 67 |
Trustee | Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | MoneyLion, Inc. (an operator of a data-driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 70 |
Trustee | Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| John G. Chou Age: 67 |
Trustee | Since 2022 | Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None |
| 204 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Joaquin Delgado Age: 64 |
Trustee |
Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Stepan Company (a specialty chemical manufacturer) | |||||
| Eileen H. Dowling Age: 61 |
Trustee |
Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017–2021), Multinational Corporations (2019–2021), the Institutional Product Group (2015–2019) and Institutional Marketing (2013–2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock.
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
| Lawrence Hughes Age: 65 |
Trustee |
Since 2024 | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | None | |||||
| John F. Killian Age: 69 |
Trustee |
Since 2024 | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 | Consolidated Edison, Inc. (a utility holding company) | |||||
| Steven D. Krichmar Age: 65 |
Trustee |
Since 2024 | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 |
None | |||||
| 205 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Michael Latham Age:58 |
Trustee |
Since 2024 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Real Estate Diversified Income Fund; and Goldman Sachs Credit Income Fund. |
181 | None | |||||
| Lawrence W. Stranghoener Age:69 |
Trustee |
Since 2024 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011- 2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund. |
181 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
| Paul C. Wirth Age:66 |
Trustee |
Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023-Present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.
Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; and Goldman Sachs Real Estate Diversified Income Fund. |
180 |
None | |||||
| 206 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Interested Trustee
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| James A. McNamara* Age:61 |
President and Trustee |
Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
181 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” of the Trust because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of March 31, 2024. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2024, Goldman Sachs Trust consisted of 87 portfolios (85 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 7 portfolios; Goldman Sachs ETF Trust consisted of 68 portfolios (36 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public and has since been deregistered as an investment company. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Information as of the date of this shareholder report. Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
| 207 |
GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 | Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupations During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 61 |
President and Trustee |
Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (a financial services firm) (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer |
Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Robert Griffith 200 West Street New York, NY 10282 Age: 49 |
Secretary |
Since 2023 | Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel,Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010).
Secretary — Goldman Sachs Trust (previously Assistant Secretary (2022)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II (previously Assistant Secretary (2022)); and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)). | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384. |
| 1 | Information is provided as of March 31, 2024. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Single Sector Fixed Income Funds Tax Information (Unaudited)
For the fiscal year ended March 31, 2024, 0.02% of the dividends paid from net investment company taxable income by the High Yield Floating Rate Fund qualifies for the dividends received deduction available to corporations.
For the fiscal year ended March 31, 2024, the Emerging Markets Debt, High Yield Floating Rate, High Yield, Investment Grade Credit, and Short Duration High Yield Funds, respectively, designate 97.25%, 100%, 98.88%, 100%, and 100% respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
For the year ended March 31, 2024, 0.03% and 0.08% of the dividends paid from net investment company taxable income by the High Yield and Short Duration High Yield Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
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FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
| ∎ | Financial Square Treasury Solutions Fund1 |
| ∎ | Financial Square Government Fund1 |
| ∎ | Financial Square Money Market Fund2 |
| ∎ | Financial Square Prime Obligations Fund2 |
| ∎ | Financial Square Treasury Instruments Fund1 |
| ∎ | Financial Square Treasury Obligations Fund1 |
| ∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
| ∎ | Investor Money Market Fund3 |
| ∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
| ∎ | Enhanced Income Fund |
| ∎ | Short-Term Conservative Income Fund |
| ∎ | Short Duration Government Fund |
| ∎ | Short Duration Bond Fund |
| ∎ | Government Income Fund |
| ∎ | Inflation Protected Securities Fund |
| ∎ | U.S. Mortgages Fund |
Multi-Sector
| ∎ | Bond Fund |
| ∎ | Core Fixed Income Fund |
| ∎ | Global Core Fixed Income Fund |
| ∎ | Strategic Income Fund |
| ∎ | Income Fund |
Municipal and Tax-Free
| ∎ | High Yield Municipal Fund |
| ∎ | Dynamic Municipal Income Fund |
| ∎ | Short Duration Tax-Free Fund |
| ∎ | Municipal Income Completion Fund |
Single Sector
| ∎ | Investment Grade Credit Fund |
| ∎ | High Yield Fund |
| ∎ | High Yield Floating Rate Fund |
| ∎ | Emerging Markets Debt Fund |
| ∎ | Emerging Markets Credit Fund4 |
| ∎ | Short Duration High Yield Fund5 |
Fundamental Equity
| ∎ | Equity Income Fund |
| ∎ | Small Cap Growth Fund |
| ∎ | Small Cap Value Fund |
| ∎ | Small/Mid Cap Value Fund |
| ∎ | Mid Cap Value Fund |
| ∎ | Large Cap Value Fund |
| ∎ | Focused Value Fund |
| ∎ | Large Cap Core Fund |
| ∎ | Strategic Growth Fund |
| ∎ | Small/Mid Cap Growth Fund |
| ∎ | Enhanced Core Equity Fund6 |
| ∎ | Technology Opportunities Fund |
| ∎ | Mid Cap Growth Fund |
| ∎ | Rising Dividend Growth Fund |
| ∎ | U.S. Equity ESG Fund |
| ∎ | Income Builder Fund |
Tax-Advantaged Equity
| ∎ | U.S. Tax-Managed Equity Fund |
| ∎ | International Tax-Managed Equity Fund |
| ∎ | U.S. Equity Dividend and Premium Fund |
| ∎ | International Equity Dividend and Premium Fund |
Equity Insights
| ∎ | Small Cap Equity Insights Fund |
| ∎ | U.S. Equity Insights Fund |
| ∎ | Small Cap Growth Insights Fund |
| ∎ | Large Cap Growth Insights Fund |
| ∎ | Large Cap Value Insights Fund |
| ∎ | Small Cap Value Insights Fund |
| ∎ | International Small Cap Insights Fund |
| ∎ | International Equity Insights Fund |
| ∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| ∎ | International Equity Income Fund |
| ∎ | International Equity ESG Fund |
| ∎ | China Equity Fund |
| ∎ | Emerging Markets Equity Fund |
| ∎ | Emerging Markets Equity ex. China Fund |
| ∎ | ESG Emerging Markets Equity Fund |
Alternative
| ∎ | Clean Energy Income Fund |
| ∎ | Real Estate Securities Fund |
| ∎ | Commodity Strategy Fund |
| ∎ | Global Real Estate Securities Fund |
| ∎ | Absolute Return Tracker Fund |
| ∎ | Managed Futures Strategy Fund |
| ∎ | MLP Energy Infrastructure Fund |
| ∎ | Energy Infrastructure Fund |
| ∎ | Multi-Strategy Alternatives Fund7 |
| ∎ | Global Infrastructure Fund |
Total Portfolio Solutions
| ∎ | Global Managed Beta Fund |
| ∎ | Multi-Manager Non-Core Fixed Income Fund |
| ∎ | Multi-Manager Global Equity Fund |
| ∎ | Multi-Manager International Equity Fund |
| ∎ | Tactical Tilt Overlay Fund |
| ∎ | Balanced Strategy Portfolio |
| ∎ | Multi-Manager U.S. Small Cap Equity Fund |
| ∎ | Multi-Manager Real Assets Strategy Fund |
| ∎ | Growth and Income Strategy Portfolio |
| ∎ | Growth Strategy Portfolio |
| ∎ | Dynamic Global Equity Fund |
| ∎ | Enhanced Dividend Global Equity Portfolio |
| ∎ | Tax-Advantaged Global Equity Portfolio |
| ∎ | Strategic Factor Allocation Fund |
| ∎ | Strategic Volatility Premium Fund |
| ∎ | GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
| 4 | Effective after the close of business on October 31, 2023, the Goldman Sachs Local Emerging Markets Debt Fund was renamed the Goldman Sachs Emerging Markets Credit Fund. |
| 5 | Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
| 6 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
| 7 | Effective after the close of business on September 22, 2023, the Goldman Sachs Multi-Manager Alternatives Fund was renamed the Goldman Sachs Multi-Strategy Alternatives Fund. |
| Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
| * | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn more about our exchange-traded funds. |
| ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b) Not applicable.
(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(e) Not applicable.
(f) A copy of the Code of Ethics is available as provided in Item 14(a)(1) of this report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.
| 2024 | 2023 |
Description of Services Rendered | ||||||||
| Audit Fees: |
||||||||||
| • PricewaterhouseCoopers LLP (“PwC”) |
$ | 3,834,921 | $ | 2,590,218 | Financial Statement audits. | |||||
| Audit-Related Fees: |
||||||||||
| • PwC |
$ | 233,100 | $ | 516,600 | Other attest services. | |||||
| Tax Fees: |
||||||||||
| • PwC |
$ | 0 | $ | 0 | ||||||
Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.
| 2024 | 2023 | Description of Services Rendered | ||||||||
| Audit-Related Fees: |
||||||||||
| • PwC |
$ | 2,122,312 | $ | 2,075,449 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser. | |||||
| * | These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”). |
Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.
De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.
Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.
Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.
Item 4(f) – Not applicable.
Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2024 and March 31, 2023 were approximately $233,100 and $516,600, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2023 and December 31, 2022 were approximately $18.0 million and $17.1 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2023 and 2022 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.
Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.
Item 4(i) – Not applicable.
Item 4(j) – Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
| Not applicable. |
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. |
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. |
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
| Not applicable. |
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. |
| ITEM 13. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not Applicable. |
| (b) | Not Applicable. |
| ITEM 14. | EXHIBITS. |
| (a)(1) | Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 26, 2022. | |||
| (a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
| (a)(3) | Not applicable to open-end investment companies. | |||
| (a)(4) | There was no change in the registrant’s independent public accountant for the period covered by this report. | |||
| (b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Goldman Sachs Trust | ||
| By: | /s/ James A. McNamara | |
| James A. McNamara | ||
| President/Chief Executive Officer | ||
| Goldman Sachs Trust | ||
| Date: | June 3, 2024 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James A. McNamara | |
| James A. McNamara | ||
| President/Chief Executive Officer | ||
| Goldman Sachs Trust | ||
| Date: | June 3, 2024 | |
| By: | /s/ Joseph F. DiMaria | |
| Joseph F. DiMaria | ||
| Principal Financial Officer | ||
| Goldman Sachs Trust | ||
| Date: | June 3, 2024 | |