NPORT-EX 2 NPORT_58P8_62998723_1223.htm HTML

GOLDMAN SACHS BOND FUND

 

Schedule of Investments

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – 52.4%

Collateralized Mortgage Obligations – 3.3%

Interest Only(a) – 0.2%

Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE
(-1X 30 day USD SOFR Average + 5.936%)

$

     252,184       0.597 %(b)    03/15/44   $     25,659

Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI

    1,212,773       4.000     08/25/50   235,721

Federal National Mortgage Association REMICS Series 2017-31, Class SG (30 day USD SOFR Average + 5.986%)

    384,094       0.648 (b)    05/25/47   44,961

Federal National Mortgage Association REMICS Series 2018-17, Class CS (-1X 30 day USD SOFR Average + 3.336%)

    479,077       0.000 (b)    03/25/48   8,619

Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%)

    157,446       0.498 (b)    02/25/42   15,201

Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)

    134,143       0.628 (b)(c)(d)    10/20/43   6,961

Government National Mortgage Association REMICS Series 2015-168, Class SD (-1X 1 mo. USD Term SOFR + 6.086%)

    69,631       0.728 (b)(c)    11/20/45   7,827

Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%)

    106,740       0.128 (b)(c)(d)    09/20/44   8,664

Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%)

    350,468       0.728 (b)(c)    09/20/48   37,782

Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    78,498       0.578 (b)(c)    01/20/49   7,939

Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)

    71,249       0.578 (b)(c)(d)    01/20/49   7,018

Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%)

    89,139       0.128 (b)(c)    11/20/44   7,511

Government National Mortgage Association REMICS Series 2015-123, Class SP (1 mo. USD Term SOFR + 6.136%)

    145,074       0.778 (b)(c)(d)    09/20/45   16,438

Government National Mortgage Association REMICS Series 2016-27, Class IA

    123,126       4.000 (c)    06/20/45   15,534

Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%)

    230,251       0.728 (b)(c)(d)    09/20/48   24,451

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Interest Only(a) – (continued)

Government National Mortgage Association REMICS Series 2019-110, Class PS (-1X 1 mo. USD Term SOFR + 5.936%)

$

     167,671       0.578 %(b)(c)    09/20/49   $     19,353

Government National Mortgage Association REMICS Series 2019-153, Class EI

    1,060,623       4.000 (c)    12/20/49   196,995

Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%)

    378,552       0.778 (b)(c)    02/20/40   39,196

Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%)

    115,568       0.778 (b)(c)    08/20/45   12,947

Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%)

    186,469       0.628 (b)(c)    11/20/43   19,598

Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%)

    86,135       0.778 (b)(c)    11/20/45   9,141
       

 

  767,516

 

Sequential Fixed Rate – 0.8%

Federal National Mortgage Association REMICS Series 2012- 111, Class B

    14,217       7.000     10/25/42   15,417

Federal National Mortgage Association REMICS Series 2012- 153, Class B

    38,166       7.000     07/25/42   41,687

Federal National Mortgage Association REMICS Series 2011-52, Class GB

    157,460       5.000     06/25/41   160,372

Federal National Mortgage Association REMICS Series 2005-70, Class PA

    20,670       5.500     08/25/35   21,144

Government National Mortgage Association REMICS Series 2021-135, Class A

    2,657,447       2.000 (c)    08/20/51   2,228,036
       

 

  2,466,656

 

Sequential Floating Rate(c) – 2.3%

Angel Oak Mortgage Trust Series 2021-6, Class A1

    238,777       1.458 (b)(e)    09/25/66   191,582

Chase Home Lending Mortgage Trust Series 2023-RPL2, Class A1

    418,700       3.250 (b)(e)    03/25/63   370,994

CIM Trust Series 2019-INV3, Class A15

    55,797       3.500 (b)(e)    08/25/49   49,232

Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3
(1 mo. USD Term SOFR + 0.614%)

    1,148,923       5.970 (b)    11/25/36   947,052

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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-DNA4, Class B1 (30 day USD SOFR Average + 6.114%)

$

     617,610       11.452 %(b)(e)    08/25/50   $    694,487

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class B1 (30 day USD SOFR Average + 4.800%)

    754,000       10.137 (b)(e)    10/25/50   844,479

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA4, Class B1 (30 day USD SOFR Average + 5.364%)

    420,604       10.702 (b)(e)    09/25/50   457,095

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA3, Class B1 (30 day USD SOFR Average + 5.864%)

    611,045       11.202 (b)(e)    07/25/50   674,565

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class M2 (30 day USD SOFR Average + 2.600%)

    100,461       7.937 (b)(e)    11/25/50   102,219

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-HQA2, Class M1B (30 Day USD SOFR Average + 3.350%)

    258,000       8.687 (b)(e)    06/25/43   272,041

Federal National Mortgage Association Connecticut Avenue Securities Series 2018-R07, Class 1M2 (30 day USD SOFR Average + 2.514%)

    6,434       7.852 (b)(e)    04/25/31   6,447

Federal National Mortgage Association Connecticut Avenue Securities Series 2020-R01, Class 1M2 (30 day USD SOFR Average + 2.164%)

    11,093       7.502 (b)(e)    01/25/40   11,230

Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R07, Class 1M2 (30 day USD SOFR Average + 2.214%)

    1,390       7.552 (b)(e)    10/25/39   1,391

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (30 day USD SOFR Average + 3.900%)

    142,434       9.237 (b)(e)    04/25/43   152,479

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (30 day USD SOFR Average + 3.100%)

    130,000       8.437 (b)(e)    06/25/43   135,728

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (30 day USD SOFR Average + 2.500%)

    120,000       7.837 (b)(e)    10/25/43   122,645

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1B1

    330,000       8.887 (b)(e)    10/25/43   334,461

JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%)

    118,062       5.790 (b)    12/25/36   105,459

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate(c) – (continued)

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

$

     792,042       2.520 %(b)(e)    05/25/52   $    643,297

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    110,911       3.235 (b)(e)    07/25/59   106,334

Mill City Mortgage Loan Trust Series 2019-GS2, Class M1

    720,000       3.000 (b)(e)    08/25/59   638,989

Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2

    760,000       2.500 (b)(e)    11/25/60   638,583

Towd Point Mortgage Trust Series 2017-3, Class B2

    100,000       3.907 (b)(e)    07/25/57   87,452

Verus Securitization Trust Series 2022-INV1, Class A1

    87,719       5.041 (e)(f)    08/25/67   86,813

Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1

    25,765       3.500 (b)(e)    07/25/49   23,169
       

 

  7,698,223

 

TOTAL COLLATERALIZED MORTGAGE

OBLIGATIONS

   $ 10,932,395

 

Commercial Mortgage-Backed Securities – 5.0%

Sequential Fixed Rate – 3.1%

Bank Series 2021-BN35, Class A5

$

     950,000       2.285 %(c)    06/15/64   $    787,684

Bank Series 2023-BNK46, Class A4

    1,000,000       5.745 (c)    08/15/56   1,054,736

Bank Series 2017-BNK6, Class A5

    525,000       3.518 (c)    07/15/60   496,810

Benchmark Mortgage Trust Series 2021-B29, Class A5

    750,000       2.388 (c)    09/15/54   621,068

Benchmark Mortgage Trust Series 2023-B39, Class A5

    700,000       5.754 (c)    07/15/56   735,564

BMO Mortgage Trust Series 2022-C3, Class A5

    150,000       5.313 (c)    09/15/54   152,816

BMO Mortgage Trust Series 2023-C7, Class A5

    900,000       6.160 (c)    12/15/56   976,625

Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4

    255,000       3.102 (c)    12/15/72   228,709

DOLP Trust Series 2021-NYC, Class A

    1,100,000       2.956 (e)    05/10/41   905,888

GS Mortgage Securities Trust Series 2017-GS7, Class A4

    550,000       3.430 (c)    08/10/50   507,862

GS Mortgage Securities Trust Series 2020-GC45, Class A5

    600,000       2.911 (c)    02/13/53   531,485

Morgan Stanley Capital I Trust Series 2018-H4, Class A4

    400,000       4.310 (c)    12/15/51   384,123

MSWF Commercial Mortgage Trust Series 2023-2, Class A2

    800,000       6.890 (c)    12/15/56   837,580

One Bryant Park Trust Series 2019-OBP, Class A

    580,000       2.516 (e)    09/15/54   490,994

Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5

    1,125,000       3.418 (c)    09/15/50   1,052,269

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5

$

     825,000       2.626 %(c)    04/15/54   $    700,065
       

 

  10,464,278

 

Sequential Floating Rate(b) –1.9%

Bank Series 2022-BNK44, Class A5

    500,000       5.745 (c)    11/15/55   530,974

Bank5 Series 2023-5YR3, Class AS

    800,000       7.315 (c)    09/15/56   841,910

Bank5 Series 2023-5YR4, Class AS

    200,000       7.274 (c)    12/15/56   208,989

BBCMS Mortgage Trust Series 2023-5C23, Class A3

    1,000,000       6.675 (c)    12/15/56   1,066,209

BBCMS Mortgage Trust Series 2023-5C23, Class AS

    350,000       7.703 (c)    12/15/56   373,319

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    575,750       7.813 (e)    08/15/39   575,435

ELP Commercial Mortgage Trust Series 2021-ELP, Class A
(1 mo. USD Term SOFR + 0.815%)

    998,837       6.178 (e)    11/15/38   978,784

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (30 day USD SOFR Average + 0.680%)

    600,000       6.011 (c)    02/25/33   598,553

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%)

    290,974       6.000 (c)    11/25/29   290,073

Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4

    800,000       4.000 (c)    04/15/55   740,811
       

 

  6,205,057

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $ 16,669,335

 

Federal Agencies – 44.1%

Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%

(RFUCC1 yr. Treasury + 1.772%)

$

     17,122       6.018 %    09/01/35   $     17,320

 

Federal Home Loan Mortgage Corp. – 0.5%

    33,542       6.000     08/01/27   33,841
    5,752       5.000     08/01/33   5,804
    910       5.000     09/01/33   918
    1,338       5.000     10/01/33   1,350
    1,362       5.000     11/01/34   1,376
    52,239       5.000     12/01/34   52,782
    1,874       5.000     07/01/35   1,894
    2       5.000     11/01/35   2
    23,736       5.000     03/01/39   24,172
    1,583       5.000     05/01/39   1,612
    1,268       5.000     08/01/40   1,295
    13,947       4.000     02/01/41   13,559

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Federal Home Loan Mortgage Corp. – (continued)

$

     1,286       5.000 %    06/01/41   $      1,312
    350,906       4.000     03/01/48   338,341
    355,061       4.000     04/01/48   341,540
    999,463       4.500     08/01/48   991,977
       

 

        1,811,775

 

Federal National Mortgage Association – 0.8%

    2,892,409       3.500     09/01/62   2,600,933

 

Government National Mortgage Association – 14.9%

    13,301       5.500     11/15/32   13,579
    4,881       5.500     01/15/33   4,979
    15,427       5.500     02/15/33   15,852
    17,076       5.500     03/15/33   17,519
    22,947       5.500     07/15/33   23,491
    7,507       5.500     08/15/33   7,684
    3,195       5.500     09/15/33   3,254
    7,717       5.500     04/15/34   7,885
    6,491       5.500     05/15/34   6,629
    79,693       5.500     09/15/34   82,306
    79,335       5.500     12/15/34   82,049
    60,268       5.500     01/15/35   62,376
    171       5.500     05/15/36   175
    2,552       4.000     02/20/41   2,494
    4,076       4.000     11/20/41   3,981
    683       4.000     01/20/42   667
    2,172       4.000     04/20/42   2,121
    1,372       4.000     10/20/42   1,339
    345,730       4.000     08/20/43   337,229
    1,931       4.000     03/20/44   1,882
    2,383       4.000     05/20/44   2,322
    164,790       4.000     11/20/44   160,575
    39,764       4.000     12/20/44   38,747
    10,812       4.000     05/20/45   10,535
    39,060       4.000     07/20/45   38,061
    213,359       4.000     01/20/46   207,769
    1,181,442       3.500     04/20/47   1,115,517
    1,098,598       3.500     12/20/47   1,035,352
    684,630       4.500     05/20/48   676,603
    1,037,737       4.500     08/20/48   1,023,624
    119,550       5.000     08/20/48   120,052
    723,132       4.500     09/20/48   713,297
    866,469       5.000     10/20/48   870,107
    482,823       5.000     11/20/48   484,851
    489,802       5.000     12/20/48   491,705
    1,112,645       4.500     01/20/49   1,096,470
    903,018       5.000     01/20/49   906,528
    445,997       4.000     02/20/49   430,688
    918,098       4.500     02/20/49   904,464
    23,517       4.500     03/20/49   23,175
    285,672       4.000     03/20/49   275,867
    79,744       5.000     03/20/49   80,054
    489,388       4.000     04/20/49   472,590
    632,495       3.000     08/20/49   576,644
    283,588       4.500     10/20/49   279,554

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Government National Mortgage Association – (continued)

$

     287,795       4.500 %    12/20/49      $    283,611
    1,232,685       3.000     03/20/50      1,124,163
    263,504       4.000     01/20/51      252,771
    1,269,986       3.500     02/20/51      1,192,367
    70,289       3.500     03/20/51      65,993
    302,916       2.500     09/20/51      261,793
    2,602,740       3.000     11/20/51      2,355,625
    564,341       2.500     11/20/51      489,668
    1,672,282       3.000     12/20/51      1,518,183
    322,008       2.500     12/20/51      279,199
    966,879       2.500     01/20/52      835,014
    1,800,350       4.500     09/20/52      1,756,783
    2,000,000       2.000     TBA-30yr(g)   1,693,824
    3,000,000       2.500     TBA-30yr(g)   2,627,906
    6,000,000       5.000     TBA-30yr(g)   5,963,567
    3,000,000       5.500     TBA-30yr(g)   3,018,611
    4,000,000       6.000     TBA-30yr(g)   4,065,412
    9,000,000       6.500     TBA-30yr(g)   9,211,210
       

 

  49,708,342

 

Uniform Mortgage-Backed Security – 27.9%

    4,918       4.500     02/01/39      4,902
    1,599       4.500     04/01/39      1,597
    3,623       4.500     08/01/39      3,616
    46,800       4.500     12/01/39      46,716
    44,914       4.500     06/01/40      44,818
    19,825       4.500     08/01/41      19,790
    3,980       3.000     12/01/42      3,657
    9,154       3.000     12/01/42      8,450
    8,304       3.000     12/01/42      7,732
    11,182       3.000     12/01/42      10,341
    16,070       3.000     01/01/43      14,869
    11,393       3.000     01/01/43      10,464
    30,764       3.000     01/01/43      28,473
    8,966       3.000     01/01/43      8,247
    10,325       3.000     01/01/43      9,495
    21,399       3.000     02/01/43      19,757
    7,630       3.000     03/01/43      7,073
    18,648       3.000     04/01/43      17,202
    7,718       3.000     04/01/43      7,082
    12,473       3.000     04/01/43      11,470
    43,847       3.000     04/01/43      40,325
    35,275       3.000     04/01/43      32,428
    9,667       3.000     04/01/43      8,897
    9,800       3.000     05/01/43      9,008
    9,808       3.000     05/01/43      8,986
    16,727       3.000     06/01/43      15,349
    11,579       3.000     06/01/43      10,642
    8,109       3.000     07/01/43      7,445
    10,214       5.000     06/01/44      10,374
    266,301       4.000     12/01/44      257,035
    12,170       3.500     03/01/45      11,382
    898,563       4.500     04/01/45      897,546
    318,388       3.000     04/01/45      289,555
    111,822       4.500     05/01/45      111,556

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     407,514       4.500 %    06/01/45   $    404,394
    540,798       4.000     08/01/45   522,762
    181,548       4.000     11/01/45   175,208
    31,808       4.000     03/01/46   30,643
    27,468       4.000     03/01/46   26,509
    32,814       4.000     06/01/46   31,612
    9,741       4.000     08/01/46   9,384
    72,161       4.000     10/01/46   69,517
    11,437       4.000     10/01/46   11,018
    58,838       4.000     06/01/47   56,820
    324,121       4.500     07/01/47   321,020
    145,750       4.500     11/01/47   144,310
    190,297       4.000     12/01/47   183,831
    534,360       4.000     01/01/48   516,038
    420,688       4.000     02/01/48   406,264
    392,034       4.000     02/01/48   378,347
    133,949       4.000     02/01/48   129,733
    207,071       4.000     02/01/48   199,842
    461,602       4.000     03/01/48   445,342
    380,469       4.000     03/01/48   367,423
    463,440       4.500     05/01/48   457,412
    282,514       4.000     06/01/48   272,651
    262,692       4.000     06/01/48   253,521
    344,809       4.000     08/01/48   332,555
    258,440       4.500     09/01/48   256,210
    1,139,370       5.000     11/01/48   1,153,651
    80,313       4.500     06/01/49   78,947
    47,393       3.500     07/01/49   44,258
    459,771       3.500     07/01/49   429,358
    325,707       3.500     08/01/49   304,161
    1,690,507       3.000     09/01/49   1,527,905
    33,561       4.500     10/01/49   32,957
    6,596       4.500     01/01/50   6,505
    789,247       4.500     01/01/50   775,838
    2,043,703       4.000     03/01/50   1,964,687
    4,833,030       4.500     03/01/50   4,786,888
    883,067       2.500     09/01/50   765,879
    5,716,891       2.000     10/01/50   4,702,791
    1,020,378       3.000     10/01/50   914,739
    2,063,002       3.000     10/01/50   1,860,382
    2,046,628       3.000     10/01/50   1,834,743
    1,575,194       3.000     10/01/50   1,420,484
    2,075,480       3.000     11/01/50   1,863,851
    5,717,126       2.000     11/01/50   4,701,210
    2,453,272       3.000     12/01/50   2,204,654
    2,800,174       2.500     02/01/51   2,394,779
    1,770,913       2.500     05/01/51   1,530,922
    2,653,280       2.500     05/01/51   2,278,005
    6,600,979       2.000     05/01/51   5,409,270
    1,660,720       2.500     09/01/51   1,428,916
    1,673,021       2.500     09/01/51   1,439,500
    2,532,183       2.500     09/01/51   2,178,740
    8,460,955       2.000     03/01/52   6,918,638
    41,372       5.000     05/01/52   41,503
    52,392       5.000     06/01/52   52,705

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     711,652       5.000 %    06/01/52      $    715,902
    510,713       5.000     06/01/52      512,327
    902,131       5.000     07/01/52      903,290
    33,073       5.000     07/01/52      33,250
    23,728       5.000     07/01/52      23,789
    967,826       5.000     07/01/52      973,606
    1,194,230       5.000     07/01/52      1,198,003
    27,431       5.000     08/01/52      27,500
    926,230       5.500     09/01/52      942,789
    1,059,225       6.000     11/01/52      1,091,924
    2,167,625       6.000     11/01/52      2,234,542
    582,435       6.000     12/01/52      602,600
    2,935,547       4.500     05/01/53      2,883,607
    2,955,080       6.500     09/01/53      3,043,575
    6,000,000       3.500     TBA-30yr(g)   5,507,813
    2,000,000       6.500     TBA-30yr(g)   2,049,061
    3,000,000       7.000     TBA-30yr(g)   3,094,103
    4,000,000       7.000     TBA-30yr(g)   4,124,221
       

 

  93,007,413

 

TOTAL FEDERAL AGENCIES   $147,145,783

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $178,268,211)		   $174,747,513

 

       
Corporate Obligations – 38.3%

Aerospace & Defense(c) – 1.6%

Boeing Co.

$

     1,400,000       3.450 %    11/01/28      $  1,318,352
    1,350,000       5.150     05/01/30      1,374,462
    15,000       3.600     05/01/34      13,279
    80,000       3.250     02/01/35      67,546
    15,000       3.375     06/15/46      11,023

RTX Corp.

    5,000       3.500     03/15/27      4,819
    30,000       3.125     05/04/27      28,541
    5,000       4.125     11/16/28      4,884
    1,385,000       6.100     03/15/34      1,501,783

TransDigm, Inc.(e)

    166,000       6.250     03/15/26      165,802
    670,000       6.875     12/15/30      689,859
       

 

  5,180,350

 

Agriculture – 0.0%

Altria Group, Inc.

    25,000       3.400 (c)    02/04/41      18,351
    5,000       4.250     08/09/42      4,078
    10,000       4.450 (c)    05/06/50      7,946

BAT Capital Corp.(c)

    10,000       4.758     09/06/49      7,937

Philip Morris International, Inc.

    25,000       5.625 (c)    11/17/29      26,224
    10,000       4.375     11/15/41      8,872

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Agriculture – (continued)

Philip Morris International, Inc. – (continued)

$

     10,000       4.500 %    03/20/42   $      8,988
    10,000       4.125     03/04/43   8,486

Reynolds American, Inc.(c)

    10,000       5.700     08/15/35   9,868
    20,000       5.850     08/15/45   18,842
       

 

  119,592

 

Apparel(c) – 0.0%

NIKE, Inc.

    5,000       2.750     03/27/27   4,768

 

Automotive – 0.2%

American Honda Finance Corp.

    20,000       2.300     09/09/26   18,917

Aptiv PLC(c)

    10,000       3.100     12/01/51   6,529

Cummins, Inc.(c)

    30,000       2.600     09/01/50   19,904

General Motors Financial Co., Inc.(c)

    300,000       4.300     07/13/25   295,140
    500,000       2.350     01/08/31   413,500
       

 

  753,990

 

Banks – 10.1%

Banco do Brasil SA(b)(c) (10 yr. CMT + 4.398%)

    200,000       6.250     04/15/24   194,336

Banco Mercantil del Norte SA(b)(c)(e) (5 yr. CMT + 4.643%)

    260,000       5.875     01/24/27   237,999

Banco Santander SA

    800,000       2.746     05/28/25   772,240
    600,000       4.250     04/11/27   581,370
    200,000       2.749     12/03/30   166,080
    600,000       6.921     08/08/33   640,050

Bank of America Corp.(c)

    925,000       4.183     11/25/27   899,590

(3 mo. USD Term SOFR + 1.252%)

    75,000       2.496 (b)    02/13/31   64,458

(3 mo. USD Term SOFR + 1.302%)

    15,000       3.419 (b)    12/20/28   14,122

(3 mo. USD Term SOFR + 1.322%)

    45,000       3.559 (b)    04/23/27   43,326

(3 mo. USD Term SOFR + 1.572%)

    750,000       4.271 (b)    07/23/29   723,742

(3 mo. USD Term SOFR + 1.582%)

    10,000       4.078 (b)    04/23/40   8,771

(3 mo. USD Term SOFR + 1.837%)

    525,000       3.824 (b)    01/20/28   504,798

(3 mo. USD Term SOFR + 3.412%)

    5,000       4.083 (b)    03/20/51   4,222

(5 yr. CMT + 1.200%)

    475,000       2.482 (b)    09/21/36   376,879

(Secured Overnight Financing Rate + 0.910%)

    70,000       1.658 (b)    03/11/27   64,757

(Secured Overnight Financing Rate + 0.960%)

    45,000       1.734 (b)    07/22/27   41,219

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

Bank of America Corp.(c) – (continued)

(Secured Overnight Financing Rate + 1.050%)

$

     65,000       2.551 %(b)    02/04/28   $     60,229

(Secured Overnight Financing Rate + 1.060%)

    25,000       2.087 (b)    06/14/29   22,047

(Secured Overnight Financing Rate + 1.220%)

    550,000       2.651 (b)    03/11/32   464,805

(Secured Overnight Financing Rate + 1.330%)

    325,000       2.972 (b)    02/04/33   276,172

(Secured Overnight Financing Rate + 1.530%)

    600,000       1.898 (b)    07/23/31   490,074

(Secured Overnight Financing Rate + 1.630%)

    1,600,000       5.202 (b)    04/25/29   1,609,760

(Secured Overnight Financing Rate + 1.830%)

    275,000       4.571 (b)    04/27/33   262,312

(Secured Overnight Financing Rate + 2.040%)

    550,000       4.948 (b)    07/22/28   549,521

Bank of Montreal(b)(c) (Secured Overnight Financing Rate + 0.603%)

    70,000       0.949     01/22/27   64,608

Bank of New York Mellon Corp.(b)(c)

(3 mo. USD Term SOFR + 1.331%)

    30,000       3.442     02/07/28   28,878

(Secured Overnight Financing Rate + 1.169%)

    60,000       4.543     02/01/29   59,621

(Secured Overnight Financing Rate + 1.755%)

    70,000       4.596     07/26/30   69,628

Bank of Nova Scotia

    20,000       4.850     02/01/30   19,942

Barclays PLC(b)(c)

(1 yr. CMT + 3.050%)

    875,000       7.325     11/02/26   903,551

(Secured Overnight Financing Rate + 2.714%)

    825,000       2.852     05/07/26   796,372

BNP Paribas SA(e)

    550,000       3.375     01/09/25   538,494

(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.149%)

    200,000       6.625 (b)(c)    03/25/24   199,258

(Secured Overnight Financing Rate + 1.004%)

    725,000       1.323 (b)(c)    01/13/27   668,682

(Secured Overnight Financing Rate + 2.074%)

    350,000       2.219 (b)(c)    06/09/26   334,156

BPCE SA(e)

    525,000       4.625     09/12/28   513,644

Citigroup, Inc.

    125,000       4.300     11/20/26   122,499

(Secured Overnight Financing Rate + 0.765%)

    65,000       1.122 (b)(c)    01/28/27   59,745

(Secured Overnight Financing Rate + 0.770%)

    70,000       1.462 (b)(c)    06/09/27   64,063

(Secured Overnight Financing Rate + 1.146%)

    25,000       2.666 (b)(c)    01/29/31   21,701

(Secured Overnight Financing Rate + 1.280%)

    15,000       3.070 (b)(c)    02/24/28   14,136

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

Citigroup, Inc. – (continued)

(Secured Overnight Financing Rate + 1.422%)

$

     550,000       2.976 %(b)(c)    11/05/30   $    490,281

(Secured Overnight Financing Rate + 2.086%)

    800,000       4.910 (b)(c)    05/24/33   783,400

(Secured Overnight Financing Rate + 2.107%)

    10,000       2.572 (b)(c)    06/03/31   8,543

Credit Agricole SA(b)(c)(e)

(5 yr. USD Swap + 4.319%)

    250,000       6.875     09/23/24   248,448

(Secured Overnight Financing Rate + 1.676%)

    375,000       1.907     06/16/26   355,913

Credit Suisse AG

    300,000       2.950     04/09/25   290,688

Deutsche Bank AG(b)(c) (Secured Overnight Financing Rate + 1.870%)

    450,000       2.129     11/24/26   421,762

Fifth Third Bancorp(c)

    375,000       2.375     01/28/25   362,813

First Horizon Corp.(c)

    700,000       4.000     05/26/25   679,462

First-Citizens Bank & Trust Co.(b)(c) (3 mo. USD Term SOFR + 1.715%)

    600,000       2.969     09/27/25   585,528

HSBC Holdings PLC

    15,000       6.100     01/14/42   17,064

(3 mo. USD Term SOFR + 1.473%)

    600,000       3.803 (b)(c)    03/11/25   597,606

Huntington Bancshares, Inc.(c)

    825,000       4.000     05/15/25   808,384

ING Groep NV(b)(c)(e) (1 yr. CMT + 1.100%)

    950,000       1.400     07/01/26   893,807

JPMorgan Chase & Co.(c)

    425,000       3.625     12/01/27   407,486

(3 mo. USD Term SOFR + 1.207%)

    5,000       3.509 (b)    01/23/29   4,733

(3 mo. USD Term SOFR + 1.507%)

    475,000       3.960 (b)    01/29/27   464,013

(3 mo. USD Term SOFR + 1.599%)

    10,000       3.782 (b)    02/01/28   9,657

(3 mo. USD Term SOFR + 2.515%)

    200,000       2.956 (b)    05/13/31   175,926

(Secured Overnight Financing Rate + 0.885%)

    25,000       1.578 (b)    04/22/27   23,071

(Secured Overnight Financing Rate + 1.015%)

    60,000       2.069 (b)    06/01/29   53,195

(Secured Overnight Financing Rate + 1.170%)

    40,000       2.947 (b)    02/24/28   37,632

(Secured Overnight Financing Rate + 1.580%)

    25,000       3.328 (b)    04/22/52   18,747

(Secured Overnight Financing Rate + 1.800%)

    901,000       4.586 (b)    04/26/33   868,762

(Secured Overnight Financing Rate + 1.890%)

    55,000       2.182 (b)    06/01/28   50,250

(Secured Overnight Financing Rate + 2.440%)

    30,000       3.109 (b)    04/22/51   21,584

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

Macquarie Group Ltd.(b)(c)(e) (Secured Overnight Financing Rate + 1.069%)

$

     450,000       1.340 %    01/12/27   $      413,379

Mitsubishi UFJ Financial Group, Inc.

    30,000       4.286     07/26/38   28,229

Morgan Stanley

    174,000       3.950     04/23/27   168,881

(3 mo. USD Term SOFR + 1.890%)

    200,000       4.431 (b)(c)    01/23/30   194,824

(Secured Overnight Financing Rate + 0.720%)

    70,000       0.985 (b)(c)    12/10/26   64,424

(Secured Overnight Financing Rate + 0.858%)

    40,000       1.512 (b)(c)    07/20/27   36,550

(Secured Overnight Financing Rate + 0.879%)

    70,000       1.593 (b)(c)    05/04/27   64,480

(Secured Overnight Financing Rate + 1.000%)

    10,000       2.475 (b)(c)    01/21/28   9,281

(Secured Overnight Financing Rate + 1.020%)

    20,000       1.928 (b)(c)    04/28/32   16,070

(Secured Overnight Financing Rate + 1.034%)

    760,000       1.794 (b)(c)    02/13/32   606,412

(Secured Overnight Financing Rate + 1.143%)

    725,000       2.699 (b)(c)    01/22/31   635,078

(Secured Overnight Financing Rate + 1.290%)

    141,000       2.943 (b)(c)    01/21/33   119,843

(Secured Overnight Financing Rate + 1.590%)

    1,395,000       5.164 (b)(c)    04/20/29   1,401,515

NatWest Group PLC(b)(c) (5 yr. CMT + 2.100%)

    200,000       3.754     11/01/29   195,070

Northern Trust Corp.(c)

    20,000       1.950     05/01/30   17,232

Royal Bank of Canada

    15,000       1.400     11/02/26   13,724

Santander Holdings USA, Inc.(c)

    10,000       3.244     10/05/26   9,475

State Street Corp.(b)(c) (Secured Overnight Financing Rate + 1.715%)

    60,000       5.820     11/04/28   62,258

Toronto-Dominion Bank

    625,000       4.456     06/08/32   607,325

Truist Financial Corp.(b)(c)

(Secured Overnight Financing Rate + 0.609%)

    35,000       1.267     03/02/27   32,071

(Secured Overnight Financing Rate + 0.862%)

    70,000       1.887     06/07/29   60,493

(Secured Overnight Financing Rate + 2.050%)

    150,000       6.047     06/08/27   152,691

U.S. Bancorp(b)(c)

(5 yr. CMT + 2.541%)

    650,000       3.700     01/15/27   512,934

(Secured Overnight Financing Rate + 1.230%)

    30,000       4.653     02/01/29   29,516

(Secured Overnight Financing Rate + 2.020%)

    60,000       5.775     06/12/29   61,627

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

UBS Group AG

$

     307,000       4.550 %    04/17/26   $      302,852
    2,025,000       4.282 (c)(e)    01/09/28   1,957,831

(5 yr. CMT + 4.758%)

    200,000       9.250 (b)(c)(e)    11/13/33   221,734

(Secured Overnight Financing Rate + 1.560%)

    302,000       2.593 (b)(c)(e)    09/11/25   295,474

Virgin Money U.K. PLC(b)(c) (5 yr. U.K. Government Bond + 8.307%)

GBP

     325,000       9.250     06/08/24   414,319

Wells Fargo & Co.

$

     675,000       3.000     10/23/26   640,973
    600,000       4.300     07/22/27   587,526
    75,000       4.150 (c)    01/24/29   72,965

(3 mo. USD Term SOFR + 1.262%)

    10,000       2.572 (b)(c)    02/11/31   8,646

(3 mo. USD Term SOFR + 1.432%)

    60,000       3.196 (b)(c)    06/17/27   57,367

(3 mo. USD Term SOFR + 1.432%)

    10,000       2.879 (b)(c)    10/30/30   8,886

(3 mo. USD Term SOFR + 1.572%)

    25,000       3.584 (b)(c)    05/22/28   23,821

(3 mo. USD Term SOFR + 4.502%)

    25,000       5.013 (b)(c)    04/04/51   23,846

(Secured Overnight Financing Rate + 1.980%)

    400,000       4.808 (b)(c)    07/25/28   397,320

(Secured Overnight Financing Rate + 2.100%)

    65,000       2.393 (b)(c)    06/02/28   59,530

(Secured Overnight Financing Rate + 2.100%)

    932,000       4.897 (b)(c)    07/25/33   908,532

Westpac Banking Corp.

    40,000       1.953     11/20/28   35,391
       

 

  33,761,007

 

Beverages – 1.3%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(c)

    700,000       4.700     02/01/36   698,628
    314,000       4.900     02/01/46   309,796

Anheuser-Busch InBev Finance, Inc.(c)

    35,000       4.900     02/01/46   34,121

Anheuser-Busch InBev Worldwide, Inc.

    80,000       8.200     01/15/39   106,864

Constellation Brands, Inc.(c)

    625,000       4.400     11/15/25   617,887
    500,000       3.600     02/15/28   480,195
    325,000       2.250     08/01/31   273,380

JDE Peet’s NV(c)(e)

    375,000       1.375     01/15/27   337,024

Keurig Dr Pepper, Inc.(c)

    575,000       4.597     05/25/28   575,989
    925,000       2.250     03/15/31   790,311

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Beverages – (continued)

PepsiCo, Inc.(c)

$

     10,000       1.625 %    05/01/30   $        8,522
       

 

        4,232,717

 

Biotechnology(c) – 1.2%

Amgen, Inc.

    15,000       2.600     08/19/26   14,253
    1,278,000       5.250     03/02/30   1,314,206
    1,400,000       4.200     03/01/33   1,332,086
    800,000       5.250     03/02/33   819,960

Biogen, Inc.

    25,000       3.150     05/01/50   17,535

CSL Finance PLC(e)

    100,000       3.850     04/27/27   97,335

Gilead Sciences, Inc.

    50,000       3.650     03/01/26   48,996
    40,000       4.000     09/01/36   36,823

Royalty Pharma PLC

    425,000       1.200     09/02/25   396,780
    10,000       3.300     09/02/40   7,539
    10,000       3.550     09/02/50   7,117
       

 

        4,092,630

 

Building Materials(c) – 0.5%

Carrier Global Corp.

    1,180,000       5.900 (e)    03/15/34   1,277,173
    35,000       3.577     04/05/50   27,432

Fortune Brands Innovations, Inc.

    5,000       4.500     03/25/52   4,214

Masco Corp.

    325,000       1.500     02/15/28   284,570

Vulcan Materials Co.

    20,000       3.900     04/01/27   19,345
       

 

        1,612,734

 

Chemicals – 1.2%

Albemarle Corp.(c)

    15,000       5.650     06/01/52   13,947

Ashland Services BV(c)

EUR

     650,000       2.000     01/30/28   667,517

Axalta Coating Systems LLC(c)(e)

$

     475,000       3.375     02/15/29   427,210

Celanese U.S. Holdings LLC(c)

    40,000       6.330     07/15/29   41,983

Dow Chemical Co.(c)

    35,000       6.300     03/15/33   38,623

Huntsman International LLC(c)

    350,000       4.500     05/01/29   337,715
    250,000       2.950     06/15/31   212,645

International Flavors & Fragrances, Inc.(c)

    650,000       1.832 (e)    10/15/27   569,523
    10,000       5.000     09/26/48   8,546

LYB International Finance BV

    20,000       5.250     07/15/43   19,137

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Chemicals – (continued)

PPG Industries, Inc.(c)

$

     5,000       1.200 %    03/15/26   $        4,623

Sasol Financing USA LLC(c)

    310,000       5.875     03/27/24   307,582

Sherwin-Williams Co.(c)

    500,000       3.450     06/01/27   482,965
    475,000       2.950     08/15/29   440,107

SNF Group SACA(c)(e)

    590,000       3.375     03/15/30   504,185
       

 

        4,076,308

 

Commercial Services(c) – 0.5%

CoStar Group, Inc.(e)

    625,000       2.800     07/15/30   534,812

Global Payments, Inc.

    15,000       5.950     08/15/52   15,346

MPH Acquisition Holdings LLC(e)

    542,000       5.750     11/01/28   447,313

TriNet Group, Inc.(e)

    500,000       7.125     08/15/31   515,530
       

 

        1,513,001

 

Computers(c) – 0.5%

Dell International LLC/EMC Corp.

    375,000       6.020     06/15/26   383,756
    75,000       5.300     10/01/29   77,270
    50,000       6.200     07/15/30   53,666
    35,000       8.350     07/15/46   46,130

Hewlett Packard Enterprise Co.

    909,000       4.900     10/15/25   905,818
    15,000       6.350     10/15/45   16,199

Western Digital Corp.

    30,000       2.850     02/01/29   25,739
       

 

        1,508,578

 

Cosmetics & Personal Care – 0.3%

Haleon U.S. Capital LLC(c)

    875,000       3.375     03/24/27   842,074

Procter & Gamble Co.

    60,000       2.800     03/25/27   57,473
       

 

        899,547

 

Diversified Financial Services(c) – 1.6%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    400,000       4.875     01/16/24   399,872
    295,000       6.500     07/15/25   299,390
    675,000       3.000     10/29/28   616,207
    275,000       3.400     10/29/33   236,269

Air Lease Corp.

    225,000       3.375     07/01/25   217,917
    875,000       3.750     06/01/26   845,434

(5 yr. CMT + 3.149%)

    750,000       4.125 (b)    12/15/26   582,570

American Express Co.

    25,000       1.650     11/04/26   23,075

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Diversified Financial Services(c) – (continued)

  

American Express Co. – (continued)

$

     5,000       2.550 %    03/04/27   $        4,684

(Secured Overnight Financing Rate + 1.280%)

    60,000       5.282 (b)    07/27/29   61,204

Aviation Capital Group LLC(e)

 
    375,000       1.950     01/30/26   347,400

Avolon Holdings Funding Ltd.(e)

 
    425,000       3.950     07/01/24   419,594
    675,000       2.875     02/15/25   651,834
    175,000       4.250     04/15/26   169,257

Brookfield Finance, Inc.

  
    20,000       3.500     03/30/51   14,635

Capital One Financial Corp.(b)

 

(Secured Overnight Financing Rate + 0.855%)

    55,000       1.878     11/02/27   49,455

(Secured Overnight Financing Rate + 1.790%)

  
    35,000       3.273     03/01/30   31,222

Charles Schwab Corp.(b)

 

(5 yr. CMT + 4.971%)

  
    322,000       5.375     06/01/25   317,717

(Secured Overnight Financing Rate + 1.878%)

    30,000       6.196     11/17/29   31,494

(Secured Overnight Financing Rate + 2.500%)

  
    20,000       5.853     05/19/34   20,617

Discover Financial Services

  
    60,000       4.100     02/09/27   57,590

Mastercard, Inc.

  
    5,000       3.300     03/26/27   4,850
    10,000       3.850     03/26/50   8,760

Synchrony Financial

  
    25,000       2.875     10/28/31   20,035

Visa, Inc.

  
    15,000       3.150     12/14/25   14,636
    55,000       4.150     12/14/35   53,931
       

 

  5,499,649

 

Electrical – 1.1%

  

AEP Texas, Inc.(c)

 
    40,000       3.950     06/01/28   38,548

Ameren Corp.(c)

 
    125,000       3.500     01/15/31   113,975

American Electric Power Co., Inc.(c)

 
    20,000       2.300     03/01/30   17,097

Appalachian Power Co.(c)

 
    30,000       3.700     05/01/50   22,503

Berkshire Hathaway Energy Co.(c)

 
    225,000       3.250     04/15/28   213,755
    400,000       3.700     07/15/30   378,896

Constellation Energy Generation LLC(c)

 
    15,000       5.600     06/15/42   15,007

Duke Energy Carolinas LLC(c)

 
    5,000       2.450     08/15/29   4,462

Duke Energy Progress LLC(c)

 
    15,000       3.450     03/15/29   14,306

Edison International(c)

 
    20,000       6.950     11/15/29   21,740

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Electrical – (continued)

  

Emera U.S. Finance LP(c)

 

$

     20,000       4.750 %    06/15/46   $       16,479

Entergy Louisiana LLC(c)

 
    25,000       4.750     09/15/52   22,997

Exelon Corp.(c)

 
    30,000       4.450     04/15/46   26,087

NextEra Energy Capital Holdings, Inc.(c)

 
    525,000       1.900     06/15/28   465,932

NRG Energy, Inc.(c)(e)

 
    675,000       3.750     06/15/24   666,502

Ohio Edison Co.

  
    5,000       6.875     07/15/36   5,621

Pacific Gas & Electric Co.(c)

 
    250,000       2.100     08/01/27   225,458
    5,000       4.500     07/01/40   4,224
    125,000       3.300     08/01/40   91,620
    5,000       4.000     12/01/46   3,661
    30,000       4.950     07/01/50   25,727

PacifiCorp(c)

 
    30,000       4.150     02/15/50   24,355

Public Service Co. of Colorado(c)

 
    35,000       4.500     06/01/52   30,650

Sempra(c)

 
    5,000       3.700     04/01/29   4,763

Southern California Edison Co.(c)

 
    450,000       4.200     03/01/29   441,081
    25,000       4.875     03/01/49   23,063

Southern Power Co.(c)

 
    30,000       4.950     12/15/46   26,957

Xcel Energy, Inc.(c)

 
    900,000       3.350     12/01/26   867,357
       

 

  3,812,823

 

Electronics(c) – 0.0%

  

Amphenol Corp.

  
    5,000       2.800     02/15/30   4,557

Flex Ltd.

  
    35,000       4.875     06/15/29   34,409
       

 

  38,966

 

Energy-Alternate Sources(c)(e) – 0.0%

  

Greenko Power II Ltd.

  
    180,000       4.300     12/13/28   163,350

 

Engineering & Construction(c) – 0.3%

  

MasTec, Inc.(e)

 
    610,000       4.500     08/15/28   573,339

Mexico City Airport Trust

  
    200,000       4.250     10/31/26   192,606
    250,000       3.875 (e)    04/30/28   234,162
       

 

  1,000,107

 

Entertainment(c) – 0.6%

  

Warnermedia Holdings, Inc.

  
    775,000       6.412     03/15/26   775,597
    450,000       4.054     03/15/29   426,699

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Entertainment(c) – (continued)

  

Warnermedia Holdings, Inc. – (continued)

  

$

     850,000       4.279 %    03/15/32   $      777,639
       

 

  1,979,935

 

Environmental(c) – 0.4%

  

Veralto Corp.(e)

 
    1,160,000       5.450     09/18/33   1,203,500

Waste Management, Inc.

  
    250,000       1.150     03/15/28   220,035
       

 

  1,423,535

 

Food & Drug Retailing – 0.7%

  

Conagra Brands, Inc.(c)

 
    5,000       5.300     11/01/38   4,890

General Mills, Inc.(c)

 
    300,000       4.200     04/17/28   296,082

J M Smucker Co.(c)

 
    449,000       5.900     11/15/28   472,770
    725,000       6.200     11/15/33   790,837

Kraft Heinz Foods Co.

  
    30,000       6.875     01/26/39   34,752

Kroger Co.(c)

 
    10,000       2.200     05/01/30   8,563

Post Holdings, Inc.(c)(e)

 
    498,000       5.625     01/15/28   492,895

Sysco Corp.(c)

 
    5,000       3.300     07/15/26   4,830
    50,000       6.600     04/01/40   56,346
    25,000       4.500     04/01/46   22,233

Tyson Foods, Inc.(c)

 
    20,000       5.100     09/28/48   18,177
       

 

  2,202,375

 

Gas(c) – 0.1%

  

East Ohio Gas Co.(e)

 
    150,000       1.300     06/15/25   141,853

NiSource, Inc.

  
    100,000       3.600     05/01/30   93,299
       

 

  235,152

 

Hand/Machine Tools(c) – 0.0%

  

Stanley Black & Decker, Inc.

  
    55,000       2.300     03/15/30   46,810
    5,000       4.850     11/15/48   4,512
       

 

  51,322

 

Healthcare Providers & Services – 1.0%

  

Abbott Laboratories(c)

 
    5,000       3.750     11/30/26   4,934

Baxter International, Inc.(c)

 
    179,000       1.915     02/01/27   164,055

Centene Corp.(c)

 
    55,000       4.625     12/15/29   52,843
    15,000       3.375     02/15/30   13,460

CommonSpirit Health(c)

 
    635,000       3.910     10/01/50   499,851

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Healthcare Providers & Services – (continued)

CommonSpirit Health(c) – (continued)

$

     610,000       6.461 %    11/01/52   $      714,325

Elevance Health, Inc.(c)

 
    25,000       6.100     10/15/52   28,428

HCA, Inc.(c)

 
    55,000       5.875     02/15/26   55,512
    5,000       5.500     06/15/47   4,814
    10,000       5.250     06/15/49   9,306
    685,000       5.900     06/01/53   703,379

Humana, Inc.(c)

 
    5,000       4.875     04/01/30   5,062

Laboratory Corp. of America Holdings(c)

 
    70,000       1.550     06/01/26   64,665

Quest Diagnostics, Inc.(c)

 
    10,000       2.950     06/30/30   8,951

Revvity, Inc.(c)

 
    20,000       3.300     09/15/29   18,147

STERIS Irish FinCo UnLtd Co.(c)

 
    218,000       2.700     03/15/31   187,447

Thermo Fisher Scientific, Inc.(c)

 
    135,000       1.750     10/15/28   120,446

UnitedHealth Group, Inc.

  
    525,000      
 5.300
 (c) 
 		   02/15/30   549,292
    10,000       6.875     02/15/38   12,086
    25,000       4.250 (c)    06/15/48   22,361
       

 

  3,239,364

 

Home Builders(c) – 0.0%

  

PulteGroup, Inc.

  
    5,000       5.500     03/01/26   5,066

 

Household Products(c) – 0.0%

  

Kimberly-Clark Corp.

  
    10,000       2.875     02/07/50   7,202

 

Insurance(c) – 0.3%

  

Acrisure LLC/Acrisure Finance, Inc.(e)

 
    536,000       4.250     02/15/29   488,435

Allstate Corp.

  
    70,000       0.750     12/15/25   64,560

American International Group, Inc.

  
    250,000       3.400     06/30/30   230,012
    10,000       4.750     04/01/48   9,475

Aon Corp.

  
    10,000       2.800     05/15/30   8,870

Berkshire Hathaway Finance Corp.

  
    35,000       3.850     03/15/52   29,365

Brighthouse Financial, Inc.

  
    20,000       4.700     06/22/47   15,893

Brown & Brown, Inc.

  
    20,000       2.375     03/15/31   16,413

Great-West Lifeco Finance 2018 LP(e)

 
    115,000       4.047     05/17/28   111,913

Progressive Corp.

  
    5,000       3.200     03/26/30   4,628

Reinsurance Group of America, Inc.

  
    40,000       3.900     05/15/29   38,116

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Insurance(c) – (continued)

Willis North America, Inc.

$

     70,000       2.950 %    09/15/29   $       62,764
       

 

  1,080,444

 

Internet – 1.0%

Amazon.com, Inc.(c)

    20,000       1.000     05/12/26   18,481
    10,000       3.875     08/22/37   9,281

eBay, Inc.(c)

    25,000       6.300     11/22/32   27,544

Expedia Group, Inc.(c)

    260,000       4.625     08/01/27   259,293
    200,000       3.250     02/15/30   183,412
    81,000       2.950     03/15/31   71,529

Meta Platforms, Inc.(c)

    950,000       3.500     08/15/27   924,654
    2,000       3.850     08/15/32   1,902

Netflix, Inc.

    495,000       6.375     05/15/29   538,758
    1,275,000       4.875 (c)(e)    06/15/30   1,289,344

Prosus NV(c)(e)

    200,000       3.832     02/08/51   125,750
       

 

  3,449,948

 

Iron/Steel – 0.1%

ArcelorMittal SA

    15,000       6.750     03/01/41   15,872

Nucor Corp.(c)

    5,000       3.125     04/01/32   4,496

Steel Dynamics, Inc.(c)

    150,000       2.400     06/15/25   143,680
    275,000       1.650     10/15/27   245,014
       

 

  409,062

 

Leisure Time(c) – 0.0%

Brunswick Corp.

    10,000       4.400     09/15/32   9,111

 

Lodging(c) – 0.4%

Hyatt Hotels Corp.

    475,000       1.800     10/01/24   460,997

Marriott International, Inc.

    475,000       5.000     10/15/27   480,942
    70,000       4.000     04/15/28   67,776

Sands China Ltd.

    200,000       5.650     08/08/28   197,300
       

 

  1,207,015

 

Machinery - Construction & Mining – 0.0%

Caterpillar Financial Services Corp.

    5,000       1.150     09/14/26   4,591

 

Machinery-Diversified(c) – 0.1%

Otis Worldwide Corp.

    175,000       2.293     04/05/27   163,077

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Machinery-Diversified(c) – (continued)

Otis Worldwide Corp. – (continued)

$

     25,000       2.565 %    02/15/30   $       22,259
       

 

  185,336

 

Media – 0.5%

Charter Communications Operating LLC/Charter Communications Operating Capital(c)

    425,000       4.908     07/23/25   421,035
    25,000       2.250     01/15/29   21,704
    5,000       6.384     10/23/35   5,077
    40,000       5.375     04/01/38   36,166
    5,000       6.484     10/23/45   4,912

Comcast Corp.

    256,000       3.300 (c)    02/01/27   247,132
    6,000       6.500     11/15/35   6,853
    75,000       3.750 (c)    04/01/40   64,528

Fox Corp.(c)

    300,000       4.030     01/25/24   299,604
    20,000       5.476     01/25/39   19,504

NBCUniversal Media LLC

    458,000       4.450     01/15/43   419,299

Time Warner Cable LLC

    5,000       6.550     05/01/37   4,930
    20,000       7.300     07/01/38   20,731

Walt Disney Co.(c)

    5,000       3.375     11/15/26   4,855
       

 

  1,576,330

 

Mining(c) – 0.2%

Freeport-McMoRan, Inc.

    25,000       4.375     08/01/28   24,051
    5,000       5.450     03/15/43   4,848

Glencore Funding LLC(e)

    450,000       1.625     04/27/26   416,786
    250,000       2.625     09/23/31   212,360

Newmont Corp./Newcrest Finance Pty. Ltd.(e)

    150,000       3.250     05/13/30   135,087
       

 

  793,132

 

Miscellaneous Manufacturing – 0.1%

3M Co.(c)

    70,000       2.375     08/26/29   61,980

Carlisle Cos., Inc.(c)

    5,000       2.750     03/01/30   4,437

GE Capital International Funding Co. Unlimited Co.

    230,000       4.418     11/15/35   223,316
       

 

  289,733

 

Multi-National(c)(e) – 0.1%

African Export-Import Bank

    270,000       2.634     05/17/26   249,351
    240,000       3.798     05/17/31   203,443
       

 

  452,794

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Office & Business Equipment(c) – 0.0%

CDW LLC/CDW Finance Corp.

$

     45,000       3.250 %    02/15/29   $       41,159

 

Oil Field Services – 1.3%

Aker BP ASA(c)(e)

    404,000       2.000     07/15/26   372,391

Apache Corp.

    20,000       6.000     01/15/37   19,676

BP Capital Markets America, Inc.(c)

    225,000       4.234     11/06/28   223,778

Devon Energy Corp.(c)

    221,000       5.875     06/15/28   222,951
    165,000       5.600     07/15/41   159,590

Diamondback Energy, Inc.(c)

    30,000       6.250     03/15/33   32,117

Ecopetrol SA(c)

    90,000       8.625     01/19/29   95,963
    40,000       6.875     04/29/30   39,400
    230,000       8.875     01/13/33   249,334

EQT Corp.(c)

    145,000       3.900     10/01/27   138,820
    45,000       7.000     02/01/30   48,286
    610,000       3.625 (e)    05/15/31   544,620

Exxon Mobil Corp.(c)

    60,000       3.043     03/01/26   58,275

Halliburton Co.

    5,000       6.700     09/15/38   5,846

Hess Corp.

    5,000       5.600     02/15/41   5,252

Marathon Petroleum Corp.(c)

    5,000       6.500     03/01/41   5,384

Occidental Petroleum Corp.

    278,000       7.875     09/15/31   315,853

Permian Resources Operating LLC(c)(e)

    471,000       7.000     01/15/32   485,775

Petroleos de Venezuela SA(h)

    2,950,000       0.000     10/28/22   213,285
    1,110,000       5.375     04/12/27   113,264

Phillips 66(c)

    200,000       1.300     02/15/26   185,682

Shell International Finance BV

    40,000       6.375     12/15/38   46,027

Sunoco LP/Sunoco Finance Corp.(c)(e)

    510,000       7.000     09/15/28   526,483

TotalEnergies Capital International SA(c)

    15,000       3.455     02/19/29   14,470
    50,000       2.829     01/10/30   45,987
    15,000       3.127     05/29/50   11,036
       

 

  4,179,545

 

Packaging(c) – 0.1%

Berry Global, Inc.

    375,000       1.570     01/15/26   348,720

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Pharmaceuticals(c) – 1.0%

AbbVie, Inc.

$

     800,000       4.500 %    05/14/35   $      782,432
    225,000       4.450     05/14/46   206,899

Becton Dickinson & Co.

    5,000       3.700     06/06/27   4,846
    20,000       1.957     02/11/31   16,672
    10,000       4.298     08/22/32   9,668

Bristol-Myers Squibb Co.

    15,000       3.200     06/15/26   14,559
    20,000       3.400     07/26/29   18,965
    255,000       6.250     11/15/53   292,125

Cencora, Inc.

    250,000       3.450     12/15/27   240,880

Cigna Group

    184,000       2.400     03/15/30   161,208
    5,000       4.800     08/15/38   4,843
    25,000       3.400     03/15/50   18,486

CVS Health Corp.

    1,388,000       4.780     03/25/38   1,312,090

Merck & Co., Inc.

    10,000       3.400     03/07/29   9,603

PRA Health Sciences, Inc.(e)

    200,000       2.875     07/15/26   187,138

Viatris, Inc.

    20,000       4.000     06/22/50   14,076
       

 

  3,294,490

 

Pipelines – 1.4%

Cheniere Energy Partners LP(c)(e)

    230,000       5.950     06/30/33   236,095

DCP Midstream Operating LP(c)

    455,000       3.250     02/15/32   394,958

Enbridge Energy Partners LP

    10,000       7.500     04/15/38   11,679

Energy Transfer LP(c)

    200,000       4.250     04/01/24   199,060
    20,000       4.400     03/15/27   19,569
    725,000       5.500     06/01/27   734,635
    550,000       5.250     04/15/29   554,334
    5,000       6.125     12/15/45   5,058
    75,000       5.400     10/01/47   69,991
    5,000       6.000     06/15/48   5,053
    20,000       6.250     04/15/49   20,745

Galaxy Pipeline Assets Bidco Ltd.(e)

    200,000       2.625     03/31/36   164,750

Kinder Morgan, Inc.

    500       7.750     01/15/32   572
    27,000       5.450 (c)    08/01/52   25,932

Kinetik Holdings LP(c)(e)

    435,000       6.625     12/15/28   444,144

MPLX LP(c)

    225,000       4.800     02/15/29   223,580
    200,000       4.500     04/15/38   178,078
    10,000       4.700     04/15/48   8,639

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Pipelines – (continued)

NuStar Logistics LP(c)

$

     165,000       5.750 %    10/01/25   $      164,614

Targa Resources Corp.(c)

    235,000       4.200     02/01/33   216,379

Targa Resources Partners LP/Targa Resources Partners Finance Corp.(c)

    25,000       5.500     03/01/30   24,974
    50,000       4.875     02/01/31   48,544

Western Midstream Operating LP(c)

    20,000       5.250     02/01/50   17,864

Williams Cos., Inc.(c)

    450,000       3.900     01/15/25   442,863
    425,000       5.650     03/15/33   444,337
    20,000       5.300     08/15/52   19,413
       

 

  4,675,860

 

Real Estate Investment Trust(c) – 1.8%

Alexandria Real Estate Equities, Inc.

    350,000       3.375     08/15/31   315,773

American Homes 4 Rent LP

    180,000       2.375     07/15/31   148,529

American Tower Corp.

    55,000       3.125     01/15/27   52,022
    5,000       3.650     03/15/27   4,812
    10,000       3.950     03/15/29   9,557
    20,000       2.300     09/15/31   16,561

Boston Properties LP

    25,000       2.750     10/01/26   23,192
    25,000       3.400     06/21/29   22,478
    10,000       2.900     03/15/30   8,567

Brixmor Operating Partnership LP

    5,000       3.900     03/15/27   4,765

Crown Castle, Inc.

    35,000       4.450     02/15/26   34,481
    45,000       4.000     03/01/27   43,559

CubeSmart LP

    265,000       2.500     02/15/32   220,173

Equinix, Inc.

    20,000       1.450     05/15/26   18,480
    45,000       2.900     11/18/26   42,811
    10,000       2.500     05/15/31   8,504

GLP Capital LP/GLP Financing II, Inc.

    60,000       5.375     04/15/26   59,728

Host Hotels & Resorts LP

    40,000       3.375     12/15/29   35,952
    224,000       2.900     12/15/31   188,227

Invitation Homes Operating Partnership LP

    300,000       2.300     11/15/28   267,117

Kilroy Realty LP

    397,000       4.750     12/15/28   378,210

NNN REIT, Inc.

    235,000       3.900     06/15/24   232,984
    400,000       4.000     11/15/25   391,800

Omega Healthcare Investors, Inc.

    15,000       3.625     10/01/29   13,277

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Real Estate Investment Trust(c) – (continued)

Prologis LP

$

     600,000       1.750 %    07/01/30   $      503,508

Public Storage Operating Co.

    40,000       1.950     11/09/28   35,704

Regency Centers LP

    700,000       2.950     09/15/29   627,438

Retail Opportunity Investments Partnership LP

    550,000       6.750     10/15/28   578,341

Simon Property Group LP

    60,000       3.300     01/15/26   58,200
    10,000       2.200     02/01/31   8,386

Trust Fibra Uno(e)

    300,000       5.250     12/15/24   296,062

UDR, Inc.

    150,000       2.100     08/01/32   117,900

VICI Properties LP

    15,000       5.625     05/15/52   14,386

VICI Properties LP/VICI Note Co., Inc.(e)

    590,000       3.750     02/15/27   557,249

Welltower OP LLC

    55,000       2.050     01/15/29   48,406
    5,000       4.125     03/15/29   4,824

Weyerhaeuser Co.

    10,000       4.000     11/15/29   9,564

WP Carey, Inc.

    155,000       4.600     04/01/24   154,270
    105,000       4.000     02/01/25   103,442
    425,000       3.850     07/15/29   398,493
       

 

  6,057,732

 

Retailing – 1.5%

Arko Corp.(c)(e)

    470,000       5.125     11/15/29   407,763

AutoNation, Inc.(c)

    317,000       4.500     10/01/25   310,565
    450,000       4.750     06/01/30   434,291

AutoZone, Inc.(c)

    5,000       3.750     04/18/29   4,779

CK Hutchison International 20 Ltd.(c)(e)

    200,000       2.500     05/08/30   174,368

Dollar General Corp.(c)

    10,000       3.500     04/03/30   9,216

Dollar Tree, Inc.(c)

    975,000       4.000     05/15/25   957,703

Home Depot, Inc.

    125,000       3.250 (c)    04/15/32   115,544
    45,000       5.875     12/16/36   50,315
    10,000       5.950 (c)    04/01/41   11,190

Lowe’s Cos., Inc.(c)

    125,000       3.100     05/03/27   119,815
    425,000       1.700     09/15/28   376,040
    650,000       1.700     10/15/30   540,449
    1,450,000       3.750     04/01/32   1,356,112

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Retailing – (continued)

McDonald’s Corp.

$

     30,000       6.300 %    03/01/38   $       34,116
       

 

  4,902,266

 

Semiconductors(c) –1.1%

Broadcom Corp./Broadcom Cayman Finance Ltd.

    25,000       3.875     01/15/27   24,398

Broadcom, Inc.(e)

    65,000       4.000     04/15/29   62,814
    302,000       4.150     04/15/32   285,019
    490,000       2.600     02/15/33   403,422
    640,000       3.469     04/15/34   557,062
    651,000       3.137     11/15/35   534,660
    650,000       3.500     02/15/41   515,866

Intel Corp.

    60,000       3.900     03/25/30   58,160
    650,000       5.200     02/10/33   679,139

Micron Technology, Inc.

    50,000       6.750     11/01/29   54,036
    350,000       2.703     04/15/32   293,783

NXP BV/NXP Funding LLC/NXP USA, Inc.

    275,000       3.400     05/01/30   252,676

Qorvo, Inc.

    20,000       4.375     10/15/29   19,066

QUALCOMM, Inc.

    40,000       3.250     05/20/27   38,727
    35,000       4.650     05/20/35   35,840
       

 

  3,814,668

 

Software – 1.6%

Autodesk, Inc.(c)

    10,000       2.850     01/15/30   9,021

Black Knight InfoServ LLC(c)(e)

    190,000       3.625     09/01/28   180,952

Fiserv, Inc.(c)

    60,000       3.200     07/01/26   57,753

MSCI, Inc.(c)(e)

    760,000       3.875     02/15/31   693,226

Oracle Corp.

    10,000       2.650 (c)    07/15/26   9,486
    2,239,000       2.950 (c)    04/01/30   2,020,809
    500,000       4.650 (c)    05/06/30   497,530
    490,000       2.875 (c)    03/25/31   433,934
    5,000       6.125     07/08/39   5,327
    30,000       3.600 (c)    04/01/40   23,992
    5,000       5.375     07/15/40   4,921
    10,000       4.125 (c)    05/15/45   8,191
    10,000       4.000 (c)    07/15/46   8,021
    10,000       3.950 (c)    03/25/51   7,860
    467,000       6.900 (c)    11/09/52   547,361

Salesforce, Inc.(c)

    10,000       2.900     07/15/51   7,160

Take-Two Interactive Software, Inc.(c)

    360,000       3.700     04/14/27   348,718

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Software – (continued)

VMware LLC(c)

$

     175,000       1.800 %    08/15/28   $      153,584

Workday, Inc.(c)

    225,000       3.500     04/01/27   217,580
    150,000       3.800     04/01/32   139,775
       

 

  5,375,201

 

Telecommunication Services – 2.2%

AT&T, Inc.(c)

    336,000       2.300     06/01/27   312,026
    100,000       1.650     02/01/28   89,049
    500,000       2.750     06/01/31   438,060
    694,000       2.550     12/01/33   566,200
    175,000       4.900     08/15/37   169,414
    450,000       3.500     06/01/41   357,646
    65,000       4.750     05/15/46   58,932
    100,000       5.150     11/15/46   96,349
    35,000       4.500     03/09/48   30,661

British Telecommunications PLC

    35,000       9.625     12/15/30   43,322

Cisco Systems, Inc.

    20,000       5.900     02/15/39   22,206

Deutsche Telekom International Finance BV

    50,000       8.750     06/15/30   60,275

Motorola Solutions, Inc.(c)

    30,000       2.750     05/24/31   25,619

Rogers Communications, Inc.(c)

    25,000       4.350     05/01/49   21,168

Telefonica Emisiones SA

    10,000       7.045     06/20/36   11,322

T-Mobile USA, Inc.(c)

    408,000       3.500     04/15/25   399,558
    375,000       1.500     02/15/26   349,312
    5,000       2.625     04/15/26   4,758
    225,000       3.750     04/15/27   218,340
    275,000       2.050     02/15/28   248,199
    10,000       3.375     04/15/29   9,291
    520,000       2.875     02/15/31   457,938
    1,500,000       3.500     04/15/31   1,372,050
    350,000       5.200     01/15/33   358,592
    450,000       3.000     02/15/41   337,320

Verizon Communications, Inc.

    467,000       4.329     09/21/28   462,209
    975,000       2.550 (c)    03/21/31   840,859
    80,000       2.875 (c)    11/20/50   54,507
       

 

  7,415,182

 

Toys/Games/Hobbies(c) – 0.0%

Hasbro, Inc.

    5,000       3.550     11/19/26   4,742
    10,000       3.900     11/19/29   9,320
       

 

  14,062

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Transportation – 0.3%

Canadian National Railway Co.(c)

$

     40,000       2.450 %    05/01/50   $       26,262

Canadian Pacific Railway Co.

    200,000       2.050 (c)    03/05/30   171,408
    25,000       5.950     05/15/37   26,706

CSX Corp.(c)

    625,000       3.800     03/01/28   614,144

FedEx Corp.(c)

    5,000       4.550     04/01/46   4,481
    5,000       4.050     02/15/48   4,168

Norfolk Southern Corp.(c)

    20,000       2.550     11/01/29   17,972
       

 

  865,141

 

TOTAL CORPORATE OBLIGATIONS
(Cost $132,841,928)		   $  127,855,590

 

       
Asset-Backed Securities(c) – 11.8%

Automotive – 0.9%

Bank of America Auto Trust Series 2023-2A, Class A2(e)

$

     575,000       5.850 %    08/17/26   $      578,350

Ford Credit Auto Owner Trust Series 2023-C, Class A2A

    1,125,000       5.680     09/15/26   1,130,107

Santander Drive Auto Receivables Trust Series 2023-6, Class A2

    1,000,000       6.080     05/17/27   1,003,527

World Omni Auto Receivables Trust Series 2023-B, Class A2A

    429,072       5.250     11/16/26   428,270
       

 

  3,140,254

 

Collateralized Loan Obligations – 8.5%

AGL CLO 3 Ltd. Series 2020-3A, Class A(b)(e) (3 mo. USD Term SOFR + 1.562%)

    1,300,000       6.956     01/15/33   1,300,233

AMMC CLO XI Ltd. Series 2012-11A, Class A1R2(b)(e) (3 mo. USD Term SOFR + 1.272%)

    656,923       6.662     04/30/31   656,893

ARES LXIV CLO Ltd. Series 2022-64A, Class A1(b)(e) (3 mo. USD Term SOFR + 1.440%)

    1,925,000       6.834     04/15/35   1,925,250

Balboa Bay Loan Funding Ltd. Series 2023-1A, Class A(b)(e) (3 mo. USD Term SOFR + 1.900%)

    2,400,000       7.316     04/20/35   2,401,419

Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A(b)(e) (3 mo. USD Term SOFR + 1.352%)

    1,936,342       6.767     04/20/31   1,936,011

Cathedral Lake VII Ltd. Series 2021-7RA, Class D(b)(e) (3 mo. USD Term SOFR + 4.542%)

    250,000       9.944     01/15/32   246,704

CBAM Ltd. Series 2017-2A, Class AR(b)(e) (3 mo. USD Term SOFR + 1.452%)

    2,000,000       6.854     07/17/34   1,995,728

CIFC Funding Ltd. Series 2023-3A, Class E(b)(e)

    500,000       0.000     01/20/37   500,000
    400,000       0.000     01/20/37   400,000

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Asset-Backed Securities(c) – (continued)

Collateralized Loan Obligations – (continued)

Dryden 68 CLO Ltd. Series 2019-68A, Class AR(b)(e)
(3 mo. USD Term SOFR + 1.432%)

$

     2,200,000       6.826 %    07/15/35   $    2,194,496

GoldenTree Loan Opportunities IX Ltd. Series 2014-9A, Class AR2(b)(e)
(3 mo. USD Term SOFR + 1.372%)

    424,066       6.762     10/29/29   424,094

Halseypoint CLO 5 Ltd. Series 2021-5A, Class A1A(b)(e) (3 mo. USD Term SOFR + 1.472%)

    1,300,000       6.862     01/30/35   1,296,927

Halseypoint CLO 7 Ltd. Series 2023-7A, Class A(b)(e) (3 mo. USD Term SOFR + 2.250%)

    1,750,000       7.509     07/20/36   1,762,948

Hayfin U.S. XII Ltd. Series 2018-8A, Class A(b)(e) (3 mo. USD Term SOFR + 1.382%)

    285,228       6.797     04/20/31   285,215

Helios Issuer LLC Series 2023-GRID1, Class 1A(e)

    98,384       5.750     12/20/50   100,437

Invesco CLO Ltd. Series 2021-2A, Class A(b)(e) (3 mo. USD Term SOFR + 1.382%)

    400,000       6.776     07/15/34   399,151

JP Morgan Mortgage Trust Series 2023-HE3, Class A1(b)(e) (30 day USD SOFR Average + 1.600%)

    340,000       6.937     05/25/54   340,000

Logan CLO I Ltd. Series 2021-1A, Class A(b)(e) (3 mo. USD Term SOFR + 1.422%)

    1,900,000       6.837     07/20/34   1,899,977

MidOcean Credit CLO VIII Series 2018-8X, Class A2(b) (3 mo. USD Term SOFR + 1.562%)

    500,000       6.929     02/20/31   496,974

Mountain View CLO LLC Series 2016-1A, Class AR(b)(e) (3 mo. USD Term SOFR + 1.622%)

    1,200,000       7.016     04/14/33   1,192,862

Neuberger Berman Loan Advisers CLO 44 Ltd. Series 2021-44A,
Class D(b)(e) (3 mo. USD Term SOFR + 3.112%)

    550,000       8.506     10/16/34   542,396

Neuberger Berman Loan Advisers CLO 45 Ltd. Series 2021-45A,
Class A(b)(e) (3 mo. USD Term SOFR + 1.392%)

    460,000       6.786     10/14/35   459,979

Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1R(b)(e)
(3 mo. USD Term SOFR + 1.432%)

    900,000       6.847     01/20/35   899,970

OHA Credit Funding 15 Ltd. Series 2023-15A, Class A(b)(e) (3 mo. USD Term SOFR + 1.830%)

    900,000       6.949     04/20/35   905,022

Pikes Peak CLO 3 Series 2019-3A, Class ARR(b)(e) (3 mo. USD Term SOFR + 1.462%)

    900,000       6.840     10/25/34   898,987

Southwick Park CLO LLC Series 2019-4A, Class A1R(b)(e) (3 mo. USD Term SOFR + 1.322%)

    1,000,000       6.737     07/20/32   997,082

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Asset-Backed Securities(c) – (continued)

Collateralized Loan Obligations – (continued)

TCW CLO Ltd. Series 2023-1A, Class A1N(b)(e) (3 mo. USD Term SOFR + 2.070%)

$

     1,800,000       7.460 %    04/28/36   $    1,811,891
       

 

  28,270,646

 

Credit Card – 1.0%

Barclays Dryrock Issuance Trust Series 2023-1, Class A

    1,200,000       4.720     02/15/29   1,198,362

(30 day USD SOFR Average + 0.900%)

    1,000,000       6.227 (b)    08/15/28   1,001,349

Discover Card Execution Note Trust Series 2023-A1, Class A

    1,000,000       4.310     03/15/28   992,047
       

 

  3,191,758

 

Home Equity(b) – 0.4%

Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2
(1 mo. USD Term SOFR + 0.789%)

    206,830       6.145     10/25/35   199,034

Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1 mo. USD Term SOFR + 0.734%)

    383       5.077     01/25/32   365

Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%)

    257       6.070     11/25/32   230

Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%)

    451,828       5.700     04/25/37   425,259

Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%)

    2,425,324       5.910     04/25/37   618,757

Soundview Home Loan Trust Series 2007-NS1, Class A3 (1 mo. USD Term SOFR + 0.314%)

    15,889       5.670     01/25/37   15,851
       

 

  1,259,496

 

Student Loan(b) – 1.0%

AccessLex Institute Series 2004-1, Class A2 (90 day USD SOFR Average + 0.472%)

    280,939       5.824     09/26/33   277,174

Navient Student Loan Trust Series 2017-2A, Class A(e) (30 day USD SOFR Average + 1.164%)

    2,468,450       6.502     12/27/66   2,453,129

PHEAA Student Loan Trust Series 2016-1A, Class A(e) (30 day USD SOFR Average + 1.264%)

    645,190       6.602     09/25/65   646,172
       

 

  3,376,475

 

TOTAL ASSET-BACKED SECURITIES
(Cost $39,349,707)		   $   39,238,629

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Agency Debentures – 1.6%

Sovereign – 1.6%

Federal Farm Credit Banks Funding Corp.

$

     1,650,000       2.850 %    03/28/34   $    1,431,755
    1,700,000       3.500     09/01/32   1,597,303
    3,120,000       1.700     04/23/35   2,336,630

 

TOTAL AGENCY DEBENTURES
(Cost $6,340,849)		   $    5,365,688

 

       
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   $      265,148

East Bay Municipal Utility District Water System RB Build America Sub Series 2010

    900,000       5.874     06/01/40   986,669
       

 

  1,251,817

 

Illinois – 0.4%

Illinois State GO Bonds Build America Series 2010

    731,868       7.350     07/01/35   790,814

Illinois State GO Bonds Taxable-Pension Series 2003

    530,000       5.100     06/01/33   524,403
       

 

  1,315,217

 

New York – 0.3%

New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B

    800,000       5.175     11/15/49   779,970

Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015

    375,000       4.810     10/15/65   364,215
       

 

  1,144,185

 

Ohio – 0.1%

American Municipal Power-Ohio, Inc. RB Build America Taxable
Series 2010

    240,000       6.270     02/15/50   261,634

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $4,027,638)		   $    3,972,853

 

       
Sovereign Debt Obligations – 0.6%

Euro – 0.1%

Ivory Coast Government International Bonds

EUR

     120,000       4.875 %    01/30/32   $      111,361

Romania Government International Bonds (e)

    70,000       2.000     01/28/32   59,522
    80,000       3.375     01/28/50   59,970
       

 

  230,853

 

Sovereign – 0.3%

Ecuador Government International Bonds(e)(i)

$

     41,572       0.000     07/31/30   11,785

 

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Sovereign Debt Obligations – (continued)

Sovereign – (continued)

Ivory Coast Government International Bonds

$

     200,000       6.125 %    06/15/33   $    183,625

EUR

     130,000       6.625     03/22/48   114,093

Mexico Government International Bonds(c)

$

     624,000       3.771     05/24/61   421,785

Romania Government International Bonds

EUR

     10,000       2.875     03/11/29   9,980
    190,000       3.624 (e)    05/26/30   192,589
    70,000       3.375     01/28/50   52,474
       

 

  986,331

 

United States Dollar – 0.2%

Hungary Government International Bonds

$

     400,000       6.125     05/22/28   416,064

Israel Government AID Bonds(j)

    40,000       5.500     09/18/33   44,010

Panama Government International Bonds(c)

    200,000       4.500     01/19/63   130,688

Peru Government International Bonds(c)

    20,000       2.780     12/01/60   12,444
    100,000       3.230 (k)    07/28/21   62,156
       

 

  665,362

 

TOTAL SOVEREIGN DEBT OBLIGATIONS

(Cost $2,388,060)

   $  1,882,546

 

       
U.S. Treasury Obligations – 2.5%

U.S. Treasury Bonds

$

     1,664,000       4.375 %    05/15/41   $  1,717,300
    2,630,000       4.000     11/15/42   2,560,551
    1,460,000       4.750     11/15/43   1,568,816

U.S. Treasury Inflation-Indexed Bonds

    2,691,156       1.500     02/15/53   2,449,489

U.S. Treasury Notes

    2,600       3.500     04/30/30   2,542

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $8,147,694)		   $  8,298,698

 

       
Shares    

Dividend

Rate

   Value
Investment Company(l) – 0.4%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    1,423,078       5.248%   $  1,423,078

(Cost $1,423,078)

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 108.8%
(Cost $372,787,165)		   $362,784,595

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments(b) – 0.3%

Certificates of Deposit – 0.3%

Banco Santander SA (Secured Overnight Financing Rate + 0.490%)

$

     1,000,000       5.890 %    02/09/24   $  1,000,486

(Cost $1,000,000)

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,000,000)		   $  1,000,486

 

TOTAL INVESTMENTS – 109.1%
(Cost $373,787,165)		   $363,785,081

 

LIABILITIES IN EXCESS OF
 OTHER ASSETS – (9.1)%		   (30,378,248)

 

NET ASSETS – 100.0%

 

     $333,406,833

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(b)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(c)   Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)   Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(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 $41,355,728 which represents approximately 12.4% of net assets as of December 31, 2023.
(h)   Security is currently in default and/or non-income producing.
(i)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(j)   Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $44,010, which represents approximately 0% of the Fund’s net assets as of December 31, 2023
(k)   Actual maturity date is July 28, 2121.
(l)   Represents an affiliated Issuer.
 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2023, 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

      438,000        JPY      41,087,947          03/21/24        $ 4,056  
    

AUD

      3,630,670        USD      2,364,263          02/12/24          113,290  
    

AUD

      5,383,056        USD      3,584,934          03/20/24          92,231  
    

CAD

      2,107,358        USD      1,540,246          02/09/24          51,042  
    

CAD

      5,285,442        USD      3,940,249          03/20/24          52,995  
    

CHF

      195,901        EUR      208,320          01/15/24          3,187  
    

CHF

      1,238,828        EUR      1,317,154          01/25/24          21,398  
    

CHF

      916,049        USD      1,055,655          02/23/24          39,543  
    

CHF

      2,512,669        USD      2,887,225          03/20/24          125,250  
    

CNH

      8,214,141        USD      1,158,000          03/20/24          1,234  
    

COP

      1,536,610,964        USD      371,871          02/07/24          21,501  
    

COP

      1,008,725,225        USD      244,782          02/09/24          13,359  
    

COP

      2,647,869,473        USD      607,380          02/16/24          69,384  
    

COP

        2,065,542,421        USD      498,756          05/10/24          20,653  
    

EUR

      764,718        CZK      18,813,855          01/25/24          4,583  
    

EUR

      217,461        GBP      188,463          01/25/24          64  
    

EUR

      2,978,417        GBP      2,571,114          03/20/24          20,123  
    

EUR

      267,000        PLN      1,156,377          03/20/24          2,147  
    

EUR

      1,447,874        SEK        16,044,898          01/25/24          7,563  
    

EUR

      2,153,451        USD      2,370,950          01/02/24          6,536  
    

EUR

      3,402,220        USD      3,728,668          01/18/24          30,061  
    

EUR

      12,238,481        USD      13,294,267          02/14/24          240,891  
    

EUR

      8,048,329        USD      8,757,004          02/23/24          147,026  
    

EUR

      2,427,367        USD      2,660,374          02/26/24          25,369  
    

EUR

      2,000,724        USD      2,188,571          03/20/24          27,287  
    

EUR

      10,169,420        USD      10,955,559          04/05/24          314,390  
    

GBP

      231,392        EUR      266,760          01/15/24          296  
    

GBP

      1,221,398        USD      1,484,184          01/10/24          72,760  
    

GBP

      1,788,014        USD      2,247,716          02/09/24          31,878  
    

GBP

      1,864,192        USD      2,358,664          03/20/24          18,463  
    

ILS

      596,318        USD      162,228          03/20/24          2,881  
    

JPY

      91,795,013        USD      626,823          02/13/24          28,658  
    

JPY

      798,701,743        USD      5,551,115          03/21/24          186,255  
    

KRW

      755,279,750        USD      575,000          03/20/24          10,961  
    

MXN

      13,558,314        USD      749,549          02/07/24          43,755  
    

MXN

      5,990,427        USD      329,281          03/08/24          19,576  
    

MXN

      1,910,765        USD      107,919          03/20/24          3,137  
    

MXN

      14,578,512        USD      789,534          04/10/24          54,949  
    

NOK

      13,829,618        USD      1,244,445          02/05/24          117,982  
    

NOK

      15,791,592        USD      1,484,198          03/20/24          72,875  
    

NZD

      1,285,449        AUD      1,189,000          01/25/24          1,725  
    

NZD

      1,773,417        USD      1,091,194          03/07/24          30,097  
    

NZD

      1,349,869        USD      842,111          03/20/24          11,378  
    

PLN

      6,773,134        USD      1,676,881          03/20/24          42,580  
    

SEK

      24,877,559        EUR      2,226,346          01/25/24          8,804  
    

SEK

      60,095,242        USD      5,556,448          01/30/24          409,614  
    

SEK

      33,159,431        USD      3,235,070          03/20/24          63,028  
    

SGD

      301,461        USD      228,200          01/16/24          405  
    

SGD

      1,929,214        USD      1,455,517          01/25/24          8,137  
    

SGD

      2,382,586        USD      1,779,744          03/20/24          32,306  
    

TWD

      34,193,586        USD      1,097,517          03/13/24          34,671  
    

USD

      8,550        COP      30,585,944          02/16/24          732  

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

 

Counterparty     

Currency

Purchased

        Currency
Sold		        Settlement
Date		        Unrealized
Gain		  

 

  

JPMorgan Securities, Inc. (continued)

     

USD

      178,128        COP      700,220,067          05/10/24        $ 2,047  
    

USD

      907,282        EUR      817,872          01/18/24          3,708  
    

USD

      350,679        EUR      314,334          02/23/24          2,924  
    

USD

      10,229        EUR      8,898          02/26/24          384  
    

USD

      10,353        EUR      8,874          04/05/24          519  
    

USD

      17,336        MXN      293,980          02/07/24          135  
    

ZAR

      5,331,857        USD      285,819          03/20/24          3,612  

 

  

TOTAL

                           $ 2,776,395  

 

  
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Loss		  

 

  

JPMorgan Securities, Inc.

     

AUD

      3,379,341        NZD      3,650,960          01/25/24        $ (3,318 ) 
    

CHF

      741,300        EUR      801,027          01/25/24          (1,404 ) 
    

CNH

      4,267,528        USD      603,508          03/20/24          (1,246 ) 
    

CZK

      7,882,515        EUR      320,412          01/25/24          (1,937 ) 
    

EUR

      353,142        AUD      579,047          03/20/24          (4,432 ) 
    

EUR

      739,829        CHF      695,286          01/25/24          (11,367 ) 
    

EUR

      523,000        CHF      491,165          03/20/24          (9,628 ) 
    

EUR

      216,936        CZK      5,366,887          01/25/24          (29 ) 
    

EUR

      1,069,757        GBP      928,343          01/25/24          (1,267 ) 
    

EUR

      1,097,922        NOK      13,041,295          03/20/24          (69,909 ) 
    

EUR

      458,000        SEK      5,165,246          03/20/24          (6,497 ) 
    

EUR

      249,158        USD      276,418          02/26/24          (739 ) 
    

GBP

      182,931        EUR      211,712          01/25/24          (762 ) 
    

GBP

      1,094,449        EUR      1,272,762          03/20/24          (14,032 ) 
    

GBP

      695,637        USD      889,446          03/20/24          (2,404 ) 
    

NZD

      1,349,254        AUD      1,252,415          01/25/24          (1,189 ) 
    

NZD

      437,531        AUD      406,127          03/20/24          (786 ) 
    

SEK

      10,179,357        EUR      922,251          01/25/24          (8,862 ) 
    

SEK

        12,952,400        USD      1,294,334          03/20/24          (6,064 ) 
    

SGD

      322,605        USD      245,293          01/25/24          (539 ) 
    

TRY

      8,287,966        USD      261,533          03/20/24          (702 ) 
    

USD

      2,325,923        AUD      3,571,794          02/12/24          (111,453 ) 
    

USD

      1,617,718        CAD      2,213,356          02/09/24          (53,609 ) 
    

USD

      3,860,736        CAD      5,190,485          03/20/24          (60,766 ) 
    

USD

      1,123,741        CHF      975,082          02/23/24          (42,035 ) 
    

USD

      2,562,386        CHF      2,207,728          03/20/24          (84,492 ) 
    

USD

      3,410,480        CNH        24,376,311          03/20/24          (29,667 ) 
    

USD

      976,532        COP        4,020,117,313          02/09/24          (52,247 ) 
    

USD

      476,793        COP      2,059,149,602          02/16/24          (49,501 ) 
    

USD

      1,074,528        COP      4,433,005,667          05/10/24          (40,215 ) 
    

USD

      551,795        CZK      12,495,955          03/20/24          (5,793 ) 
    

USD

      2,356,030        EUR      2,152,610          01/02/24          (20,527 ) 
    

USD

      2,020,097        EUR      1,833,990          01/18/24          (6,072 ) 
    

USD

      13,370,216        EUR      12,313,474          02/14/24          (247,880 ) 
    

USD

      9,507,943        EUR      8,837,299          02/23/24          (268,939 ) 
    

USD

      1,001,107        EUR      910,751          02/26/24          (6,587 ) 
    

USD

      4,810,262        EUR      4,439,464          03/20/24          (106,573 ) 
    

USD

      10,103,479        EUR      9,407,596          04/05/24          (322,201 ) 
    

USD

      2,646,479        GBP      2,177,651          01/10/24          (129,421 ) 
    

USD

      2,244,716        GBP      1,786,342          02/09/24          (32,748 ) 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

 

Counterparty     

Currency

Purchased

        Currency
Sold		        Settlement
Date		        Unrealized
Loss		  

 

  

JPMorgan Securities, Inc. (continued)

     

USD

      4,111,781          GBP        3,265,822          03/20/24        $ (52,635 ) 
    

USD

      450,804          ILS        1,667,270          03/20/24          (10,833 ) 
    

USD

      1,275,237          JPY        186,751,892          02/13/24          (58,303 ) 
    

USD

      5,202,540          JPY          729,383,204          03/21/24          (36,888 ) 
    

USD

      375,571          KRW        490,390,138          03/20/24          (4,882 ) 
    

USD

      746,983          MXN        13,264,333          02/07/24          (29,119 ) 
    

USD

      338,427          MXN        5,990,427          03/08/24          (10,430 ) 
    

USD

      176,950          MXN        3,134,943          03/20/24          (5,256 ) 
    

USD

      818,783          MXN        14,578,513          04/10/24          (25,700 ) 
    

USD

        1,197,448          NOK        13,307,332          02/05/24          (113,527 ) 
    

USD

      215,047          NOK        2,355,261          03/20/24          (17,185 ) 
    

USD

      1,230,141          NZD        1,999,235          03/07/24          (33,929 ) 
    

USD

      2,589,382          NZD        4,214,288          03/20/24          (75,209 ) 
    

USD

      579,000          PLN        2,282,153          03/20/24          (359 ) 
    

USD

      6,343,623          SEK        68,108,584          01/30/24          (417,976 ) 
    

USD

      2,854,698          SEK        29,849,918          03/20/24          (114,230 ) 
    

USD

      792,017          SGD        1,048,219          01/25/24          (3,246 ) 
    

USD

      581,000          SGD        770,949          03/20/24          (5,337 ) 
    

USD

      856,003          ZAR        16,474,991          03/20/24          (38,314 ) 

 

  

TOTAL

                           $ (2,871,197 ) 

 

  
FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

 

 

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

 

  

Government National Mortgage Association

        3.000 %       TBA - 30yr          01/22/24        $ (3,000,000)        $ (2,717,905)  

Government National Mortgage Association

        3.500        TBA - 30yr          01/16/24          (1,000,000)          (931,438)  

Uniform Mortgage-Backed Security

        2.000        TBA - 30yr          01/16/24          (2,000,000)          (1,635,344)  

Uniform Mortgage-Backed Security

        3.000        TBA - 30yr          01/16/24          (5,000,000)          (4,425,781)  

Uniform Mortgage-Backed Security

        4.500        TBA - 30yr          01/16/24          (16,000,000)          (15,522,493)  

Uniform Mortgage-Backed Security

        5.000        TBA - 30yr          01/16/24          (15,000,000)          (14,849,993)  

Uniform Mortgage-Backed Security

        4.000        TBA - 30yr          01/16/24          (3,000,000)          (2,839,217)  

Uniform Mortgage-Backed Security

        5.500        TBA - 30yr          01/16/24          (11,000,000)          (11,054,146)  

 

  

(PROCEEDS RECEIVABLE: $(53,121,660))

                        $ (53,976,317)  

 

  

 

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

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FUTURES CONTRACTS — At December 31, 2023, 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

      85      03/19/24      $ 9,595,703      $ (6,782 ) 

2 Year U.S. Treasury Notes

      132      03/28/24        27,180,656        89,921  

20 Year U.S. Treasury Bonds

      70      03/19/24        8,745,625        256,081  

5 Year U.S. Treasury Notes

      323      03/28/24        35,133,820        108,346  

Ultra Long U.S. Treasury Bonds

      164      03/19/24        21,909,375        1,404,299  

 

  

Total

                   $ 1,851,865  

 

  

Short position contracts:

                  

10 Year U.K. Long Gilt

      (1)      03/26/24        (130,843 )       (8,453 ) 

5 Year German Euro-Bobl

      (92)      03/07/24        (12,114,484 )       (166,886 ) 

5 Year German Euro-Bund

      (4)      03/07/24        (605,936 )       (10,891 ) 

5 Year German Euro-Oat

      (5)      03/07/24        (725,902 )       (3,949 ) 

Ultra 10-Year U.S. Treasury Note

      (45)      03/19/24        (5,310,703 )       (226,863 ) 

 

  

Total

                   $ (417,042 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ 1,434,823  

 

  

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made

by the Fund

   

Payments

Received

by Fund

   Termination
Date		  

Notional

Amount

(000s)

     Market
Value		     Upfront
Premium
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

1M BID Average(a)

     13.950%(a)    01/02/24   BRL 2,500 (b)    $ 3,444     $ (8,562 )    $ 12,006  

12.300%(a)

    1M BID Average(a)   01/02/24     140 (b)      89       (1 )      90  

11.814(a)

    1M BID Average(a)   01/02/24     2 (b)      5       1       4  

1M BID Average(a)

    12.060(a)    01/02/25     4,500 (b)      1,087       98,706       (97,619 ) 

1M BID Average(a)

    12.063(a)    01/02/25     5,320 (b)      11,274       116,231       (104,957 ) 

13.300(a)

    1M BID Average(a)   01/02/25     3,370 (b)      (18,839 )      (96,743 )      77,904  

6M EURO(c)

     3.720(d)    03/18/25   EUR 39,060       300,225       (56,496 )      356,721  

1M BID Average(a)

    10.850(a)    01/02/26   BRL 16,520 (b)      36,167       3,788       32,379  

9.500(a)

    Mexico Interbank TIIE 28 Days(a)   03/18/26   MXN 9,930       (1,936 )      (261 )      (1,675 ) 

1.250(d)

    12M CHFOR(d)   03/20/26   CHF 40,360       (183,835 )      (202,997 )      19,162  

3.000(d)

    12M EURO(d)   03/20/26   EUR 66,710       (960,450 )      (888,218 )      (72,232 ) 

4M CNRR(c)

     2.000(c)    03/20/26   CNY 8,770       (292 )      (2,790 )      2,498  

3M STIBOR(c)

     3.500(d)    03/20/26   SEK 390,720       626,996       403,799       223,197  

3M KWCDC(c)

     3.750(c)    03/20/26   KRW 1,677,240       15,669       4,141       11,528  

12M CDOR(e)

     3.750(e)    03/20/26   CAD 20,760       46,528       (24,626 )      71,154  

3.750(c)

    3M AUDOR(c)   03/20/26   AUD 32,060       17,334       134,390       (117,056 ) 

12M SOFR(d)

     4.000(d)    03/20/26   $ 14,190       48,546       14,505       34,041  

6M NIBOR(e)

     4.250(d)    03/20/26   NOK 208,580       201,715       156,159       45,556  

12M GBP(d)

     5.250(d)    03/20/26   GBP 35,630       1,253,433       894,147       359,286  

3M JIBAR(c)

     8.000(c)    03/20/26   ZAR 23,740       7,903       8,113       (210 ) 

12M JYOR(d)

     0.500(d)    08/02/26   JPY  1,349,550       30,517       6,595       23,922  

1M BID Average(a)

    13.030(a)    01/04/27   BRL 930 (b)      12,982       —       12,982  

11.230(a)

    1M BID Average(a)   01/04/27     2,840 (b)      (9,594 )      5,450       (15,044 ) 

10.286(a)

    1M BID Average(a)   01/04/27     3,450 (b)      (6,432 )      —       (6,432 ) 

12M SOFR(d)

     3.350(d)    10/06/27   $ 44,210       207,247       (157,896 )      365,143  

6M EURO(e)

     3.000(d)    10/20/27   EUR 19,130       358,752       (142,440 )      501,192  

12M SOFR(d)

     3.730(d)    11/28/27   $ 8,540       98,103       41,446       56,657  

12M EURO(d)

     2.673(d)    04/22/28   EUR 20,080       511,427       83,326       428,101  

2.852(d)

    3M EURO(c)   04/22/28     20,080       (500,584 )      (71,843 )      (428,741 ) 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

 

Payments Made

by the Fund

   

Payments

Received

by Fund

   Termination
Date		    

Notional

Amount

(000s)

    Market
Value		     Upfront
Premium
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

0.500%(d)

    12M JYOR(d)     08/03/28     JPY 2,810,140     $ 60,434     $ (34,974 )    $ 95,408  

12M SOFR(d)

      3.696%(d)     09/22/28     $ 36,080       357,102       (76,498 )      433,600  

12M EURO(d)

     2.500(d)      10/19/28     EUR 10,800       203,013       75,504       127,509  

11.500(a)

    1M BID Average(a)     01/02/29     BRL 3,620 (b)      (33,285 )      (13,682 )      (19,603 ) 

1.250(d)

    12M CHFOR(d)     03/20/29     CHF 1,890       (23,166 )      (20,008 )      (3,158 ) 

2.750(d)

    12M EURO(d)     03/20/29     EUR 2,090       (70,355 )      (43,161 )      (27,194 ) 

4M CNRR (c)

     2.500(c)      03/20/29     CNY 5,710       8,006       1,823       6,183  

3M KWCDC(c)

     3.750(c)      03/20/29     KRW 1,936,790       55,490       12,527       42,963  

6M NIBOR(e)

     3.750(d)      03/20/29     NOK 44,840       81,806       70,884       10,922  

8.500(c)

    3M JIBAR(c)     03/20/29     ZAR 14,600       (13,962 )      (14,385 )      423  

12M SOFR(d)

     4.250(d)      03/20/29     $ 12,240       456,268       388,392       67,876  

12M GBP(d)

     4.750(d)      03/20/29     GBP 4,110       348,385       201,127       147,258  

4.000(e)

    6M AUDOR(e)     03/20/29     AUD 4,290       (11,462 )      50,330       (61,792 ) 

3.000(d)

    6M EURO(e)     03/20/29     EUR 1,110       (36,964 )      (29,345 )      (7,619 ) 

0.500(d)

    12M JYOR(d)     03/21/29     JPY 8,005,000       32,548       561,449       (528,901 ) 

2.680(d)

    12M SOFR(d)     07/28/32     $ 10,090       254,403       125,890       128,513  

12M JYOR(d)

     1.250(d)      08/02/33     JPY 579,210       9,522       (1,635 )      11,157  

1.250(d)

    12M JYOR(d)     08/03/33       776,000       (12,665 )      (41,401 )      28,736  

12M SOFR(d)

     4.306(d)      10/05/33     $ 15,330       550,940       1,758       549,182  

6M EURO(e)

     3.000(d)      11/10/33     EUR 14,390       301,100       184,595       116,505  

12M SOFR(d)

     3.500(d)      12/20/33     $ 140 (b)      300       718       (418 ) 

9.000(a)

    Mexico Interbank TIIE 28 Days(a)     03/08/34     MXN 5,690       (14,308 )      (11,190 )      (3,118 ) 

12M CHFOR(d)

     1.500(d)      03/20/34     CHF 2,390       90,856       85,082       5,774  

3.250(e)

    12M CDOR(e)     03/20/34     CAD 580       (8,060 )      1,716       (9,776 ) 

12M EURO(d)

     2.750(d)      03/20/34     EUR 2,070       101,161       59,345       41,816  

6M EURO(e)

     3.000(d)      03/20/34       2,760       145,712       128,689       17,023  

3M KWCDC(c)

     3.750(c)      03/20/34     KRW  517,690       27,704       19,875       7,829  

3.000(d)

    3M STIBOR(c)     03/20/34     SEK 49,970       (301,541 )      (207,244 )      (94,297 ) 

6M AUDOR(e)

     4.250(e)      03/20/34     AUD 3,610       13,526       (83,944 )      97,470  

12M GBP(d)

     4.250(d)      03/20/34     GBP 140       14,975       7,563       7,412  

12M SOFR(d)

     4.250(d)      03/20/34     $ 7,140       496,734       455,016       41,718  

3M NZDOR(c)

     4.750(e)      03/20/34     NZD 3,230       106,287       3,735       102,552  

6M WIBOR(e)

     5.000(d)      03/20/34     PLN 2,530       28,742       26,877       1,865  

3.750(d)

    6M NIBOR(e)     03/20/34     NOK 11,080       (42,877 )      (29,300 )      (13,577 ) 

3M JIBAR(c)

     9.500(c)      03/20/34     ZAR 4,960       5,883       3,197       2,686  

1.000(d)

    12M JYOR(d)     03/21/34     JPY 537,000       (42,163 )      30,341       (72,504 ) 

3.240(d)

    12M SOFR(d)     10/06/35     $ 10,150       65,702       (93,091 )      158,793  

3.781(d)

    12M SOFR(d)     09/22/36       8,140       (256,368 )      119,870       (376,238 ) 

12M SOFR(d)

     2.910(d)      07/28/37       27,130       (593,461 )      (375,955 )      (217,506 ) 

6M EURO(e)

     2.152(d)      08/09/37     EUR 11,580       (283,689 )      (520,124 )      236,435  

12M SOFR(d)

     3.391(d)      05/10/38     $ 28,210       (169,531 )      (230,346 )      60,815  

12M JYOR(d)

     1.500(d)      08/03/38     JPY 841,000       (43,896 )      (63,611 )      19,715  

1.451(d)

    6M EURO(e)     08/10/42     EUR 29,640       1,081,952       868,499       213,453  

2.080(d)

    12M SOFR(d)     07/28/47     $ 26,920       611,722       432,164       179,558  

6M EURO(e)

     1.051(d)      08/11/47     EUR 17,340       (535,866 )      (376,787 )      (159,079 ) 

2.564(d)

    12M SOFR(d)     05/11/53     $ 24,010       255,219       191,978       63,241  

2.000(d)

    6M EURO(e)     05/17/53     EUR 5,330       18,468       30,256       (11,788 ) 

2.500(d)

    6M EURO(e)     11/10/53       6,420       (308,282 )      (221,203 )      (87,079 ) 

3.613(d)

    12M SOFR(d)     11/15/53     $ 8,180       (353,015 )      (54,327 )      (298,688 ) 

3.512(d)

    12M SOFR(d)     11/29/53       2,700       (97,451 )      (48,572 )      (48,879 ) 

2.500(d)

    6M EURO(e)     03/20/54     EUR 1,700       (77,552 )      (50,049 )      (27,503 ) 

 

  

TOTAL

          $ 4,561,522     $ 1,816,292     $ 2,745,230  

 

  

 

(a)   Payments made at monthly.
(b)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.
(c)   Payments made quarterly.
(d)   Payments made annually.
(e)   Payments made semi-annually.

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index		   

Financing Rate

Paid by

the Fund(a)

     Credit
Spread at
December 31,
2023(b)		     Counterparty      Termination
Date		      Notional
Amount
(000s)		      Value     Upfront
Premiums
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

                    

CMBX.NA.AAA.16

      0.500%       0.766%       MS & Co. Int. PLC        04/17/65      $ 7,900      $ (139,763 )    $ (155,540 )    $ 15,777  

 

  

TOTAL

                 $ (139,763 )    $ (155,540 )    $ 15,777  

 

  

 

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced Obligation/Index   Financing Rate
Received/(Paid) by
the Fund(a)		     Credit
Spread at
December 31,
2023(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%       0.285%       06/20/26     $ 1,525       $ 26,256     $ 10,257     $ 15,999  

The Boeing Co., 8.750%, 15/08/21

     1.000         0.225         06/20/24       500         2,001       1,016       985  

 

  

TOTAL

             $ 28,257     $ 11,273     $ 16,984  

 

  

 

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

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

 

Description   Counterparty   

Exercise

Rate

     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		    

Premiums Paid

(Received)

by Fund

    

Unrealized
Appreciation/

(Depreciation)

  

 

  

Purchased option contracts

 

      

Calls

                 

3M IRS

  

MS & Co. Int. PLC

      3.425%       03/13/2024       24,350,000     $ 24,350,000     $ 9,409     $ 26,232     $ (16,823 ) 

3M IRS

   MS & Co. Int. PLC      3.800         03/13/2024       48,700,000       48,700,000       3,903       14,308       (10,405 ) 

 

  
           73,050,000     $ 73,050,000     $ 13,312     $ 40,540     $ (27,228 ) 

 

  

Puts

                 

3M IRS

   Citibank NA      4.050         02/05/2024       11,820,000       11,820,000       83       2,318       (2,235 ) 

3M IRS

   Citibank NA      3.700         02/05/2024       11,820,000       11,820,000       725       13,667       (12,942 ) 

3M IRS

   Citibank NA      3.750         02/05/2024       11,820,000       11,820,000       530       10,494       (9,964 ) 

3M IRS

   Citibank NA      4.000         02/05/2024       11,820,000       11,820,000       112       2,929       (2,817 ) 

 

  
           47,280,000     $ 47,280,000     $ 1,450     $ 29,408     $ (27,958 ) 

 

  

Total purchased option contracts

          120,330,000     $ 120,330,000     $ 14,762     $ 69,948     $ (55,186 ) 

 

  

Written option contracts

               

Calls

                 

6M IRS

   Citibank NA      3.720         03/14/2024       (22,060,000)       (22,060,000 )      (172,471 )      (50,129 )      (122,342 ) 

6M IRS

   Citibank NA      3.744         03/14/2024       (22,060,000)       (22,060,000 )      (177,869 )      (48,800 )      (129,069 ) 

1M IRS

   JPMorgan Securities, Inc.      2.378         01/29/2024       (2,430,000)       (2,430,000 )      (16,880 )      (26,989 )      10,109  

1M IRS

   MS & Co. Int. PLC      3.835         01/11/2024       (2,420,000)       (2,420,000 )      (78,284 )      (29,161 )      (49,123 ) 

1M IRS

   MS & Co. Int. PLC      3.550         01/18/2024       (2,430,000)       (2,430,000 )      (32,973 )      (27,034 )      (5,939 ) 

1M IRS

   MS & Co. Int. PLC      3.392         01/29/2024       (2,440,000)       (2,440,000 )      (20,934 )      (27,206 )      6,272  

2M IRS

   MS & Co. Int. PLC      3.948         01/03/2024       (2,410,000)       (2,410,000 )      (98,214 )      (26,329 )      (71,885 ) 

3M IRS

   MS & Co. Int. PLC      3.650         03/13/2024       (73,050,000)       (73,050,000 )      (11,016 )      (34,975 )      23,959  

1M IRS

   UBS AG (London)      2.660         01/15/2024       (2,420,000)       (2,420,000 )      (6,896 )      (25,280 )      18,384  

1M IRS

   UBS AG (London)      2.431         01/22/2024       (2,430,000)       (2,430,000 )      (17,973 )      (24,972 )      6,999  

 

  
           (134,150,000)     $ (134,150,000 )    $ (633,510 )    $ (320,875 )    $ (312,635 ) 

 

  

Puts

                 

3M IRS

   Citibank NA      3.900         02/05/2024       (23,640,000)       (23,640,000 )      (415 )      (9,274 )      8,859  

3M IRS

   Citibank NA      3.850         02/05/2024       (23,640,000)       (23,640,000 )      (566 )      (12,655 )      12,089  

6M IRS

   Citibank NA      3.720         03/14/2024       (22,060,000)       (22,060,000 )      (2,477 )      (50,129 )      47,652  

6M IRS

   Citibank NA      3.744         03/14/2024       (22,060,000)       (22,060,000 )      (2,241 )      (48,800 )      46,559  

1M IRS

   JPMorgan Securities, Inc.      2.378         01/29/2024       (2,430,000)       (2,430,000 )      (40,918 )      (26,989 )      (13,929 ) 

1M IRS

   MS & Co. Int. PLC      3.835         01/11/2024       (2,420,000)       (2,420,000 )      (1,282 )      (29,161 )      27,879  

1M IRS

   MS & Co. Int. PLC      3.550         01/18/2024       (2,430,000)       (2,430,000 )      (12,975 )      (27,034 )      14,059  

1M IRS

   MS & Co. Int. PLC      3.392         01/29/2024       (2,440,000)       (2,440,000 )      (31,979 )      (27,206 )      (4,773 ) 

2M IRS

   MS & Co. Int. PLC      3.948         01/03/2024       (2,410,000)       (2,410,000 )      —       (26,329 )      26,329  

1M IRS

   UBS AG (London)      2.660         01/15/2024       (2,420,000)       (2,420,000 )      (47,848 )      (25,280 )      (22,568 ) 

1M IRS

   UBS AG (London)      2.431         01/22/2024       (2,430,000)       (2,430,000 )      (30,343 )      (24,972 )      (5,371 ) 

 

  
           (108,380,000)     $ (108,380,000 )    $ (171,044 )    $ (307,829 )    $ 136,785  

 

  

Total written option contracts

          (242,530,000)     $ (242,530,000 )    $ (804,554 )    $ (628,704 )    $ (175,850 ) 

 

  

TOTAL

            (122,200,000)     $ (122,200,000 )    $ (789,792 )    $ (558,756 )    $ (231,036 ) 

 

  

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

 

Description    Counterparty  

Exercise

Rate

     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

              

Calls

                 

Call USD/Put COP

    Barclays Bank PLC     4,232.000%       05/08/2024       552,000     $ 552,000     $ 10,923     $ 25,337     $ (14,414 ) 

Call EUR/Put USD

    Deutsche Bank AG         1.107         01/16/2024       4,276,000       4,276,000       25,009       25,588       (579 ) 

Call USD/Put COP

    MS & Co. Int. PLC     4,300.000         02/07/2024       588,000       588,000       1,696       26,372       (24,676 ) 

Call USD/Put MXN

    MS & Co. Int. PLC        17.875         02/05/2024       592,000       592,000       2,250       20,448       (18,198 ) 

Call USD/Put COP

    UBS AG (London)     4,200.000         02/14/2024       578,000       578,000       3,470       28,455       (24,985 ) 

 

  
           6,586,000     $ 6,586,000     $ 43,348     $ 126,200     $ (82,852 ) 

 

  

Puts

                 

Put USD/Call COP

    Barclays Bank PLC     4,232.000         05/08/2024       552,000       552,000       45,964       25,337       20,627  

Put USD/Call MXN

    BofA Securities LLC        17.875         02/05/2024       592,000       592,000       30,208       20,448       9,760  

Put EUR/Call USD

    Capital Securities Corp         1.091         01/16/2024       4,261,831       4,261,831       9,339       23,573       (14,234 ) 

Put EUR/Call USD

    Capital Securities Corp         1.083         02/22/2024       3,064,000       3,064,000       10,726       21,767       (11,041 ) 

Put GBP/Call USD

    HSBC Bank PLC         1.198         02/07/2024       1,766,000       1,766,000       288       13,586       (13,298 ) 

Put EUR/Call USD

    MS & Co. Int. PLC         1.060         04/03/2024       3,336,569       3,336,569       7,849       75,883       (68,034 ) 

Put USD/Call COP

    MS & Co. Int. PLC     4,200.000         02/14/2024       578,000       578,000       46,052       22,629       23,423  

Put EUR/Call USD

    UBS AG (London)        1.082         02/21/2024       4,234,000       4,234,000       13,849       58,359       (44,510 ) 

Put USD/Call COP

    UBS AG (London)     4,300.000         02/07/2024       588,000       588,000       60,752       26,372       34,380  

 

  
           18,972,400     $ 18,972,400     $ 225,027     $ 287,954     $ (62,927 ) 

 

  

Total purchased option contracts

         25,558,400     $ 25,558,400     $ 268,375     $ 414,154     $ (145,779 ) 

 

  

Written option contracts

              

Calls

                 

Call EUR/Put SEK

    Barclays Bank PLC        11.275         01/10/2024       (748,000)       (748,000 )      (851 )      (6,643 )      5,792  

Call EUR/Put CZK

    BofA Securities LLC        24.320         01/02/2024       (723,000)       (723,000 )      (11,875 )      (4,349 )      (7,526 ) 

Call USD/Put MXN

    BofA Securities LLC        17.875         02/05/2024       (592,000)       (592,000 )      (2,250 )      (21,318 )      19,068  

Call EUR/Put GBP

    Capital Securities Corp         0.858         01/04/2024       (741,000)       (741,000 )      (7,946 )      (4,512 )      (3,434 ) 

Call EUR/Put USD

    Capital Securities Corp         1.107         01/16/2024       (4,276,000)       (4,276,000 )      (25,009 )      (14,847 )      (10,162 ) 

Call AUD/Put NZD

    Citibank NA         1.074         01/12/2024       (1,219,000)       (1,219,000 )      (5,027 )      (4,383 )      (644 ) 

Call AUD/Put NZD

    Citibank NA         1.079         01/18/2024       (1,210,000)       (1,210,000 )      (3,459 )      (4,368 )      909  

Call EUR/Put SEK

    Deutsche Bank AG        11.300         01/04/2024       (742,000)       (742,000 )      (144 )      (6,471 )      6,327  

Call EUR/Put CHF

    HSBC Bank PLC         0.947         01/04/2024       (742,000)       (742,000 )      (57 )      (4,855 )      4,798  

Call AUD/Put NZD

    JPMorgan Securities, Inc.         1.071         01/04/2024       (1,212,000)       (1,212,000 )      (5,825 )      (3,979 )      (1,846 ) 

Call USD/Put SGD

    JPMorgan Securities, Inc.         1.322         01/25/2024       (817,000)       (817,000 )      (3,337 )      (4,255 )      918  

Call AUD/Put NZD

    MS & Co. Int. PLC         1.081         01/25/2024       (1,204,000)       (1,204,000 )      (3,436 )      (4,518 )      1,082  

Call EUR/Put CHF

    MS & Co. Int. PLC         0.942         01/25/2024       (744,000)       (744,000 )      (1,605 )      (5,366 )      3,761  

Call EUR/Put SEK

    MS & Co. Int. PLC        11.125         01/25/2024       (744,000)       (744,000 )      (6,296 )      (7,003 )      707  

Call USD/Put SGD

    MS & Co. Int. PLC         1.340         01/12/2024       (802,000)       (802,000 )      (347 )      (4,312 )      3,965  

Call EUR/Put CHF

    UBS AG (London)         0.948         01/18/2024       (745,000)       (745,000 )      (612 )      (4,820 )      4,208  

Call EUR/Put CZK

    UBS AG (London)        24.650         01/25/2024       (744,000)       (744,000 )      (5,854 )      (4,814 )      (1,040 ) 

Call EUR/Put SEK

    UBS AG (London)        11.080         01/29/2024       (742,000)       (742,000 )      (8,467 )      (7,042 )      (1,425 ) 

Call USD/Put SGD

    UBS AG (London)         1.327         01/17/2024       (815,000)       (815,000 )      (1,891 )      (4,087 )      2,196  

 

  
           (19,562,000)     $ (19,562,000 )    $ (94,288 )    $ (121,942 )    $ 27,654  

 

  

Puts

                 

Put EUR/Call SEK

    Barclays Bank PLC        11.275         01/10/2024       (748,000)       (748,000 )      (12,439 )      (6,643 )      (5,796 ) 

Put EUR/Call CZK

    BofA Securities LLC        24.320         01/02/2024       (723,000)       (723,000 )      (7 )      (4,349 )      4,342  

Put EUR/Call GBP

    Capital Securities Corp         0.858         01/04/2024       (741,000)       (741,000 )      (89 )      (4,512 )      4,423  

Put AUD/Call NZD

    Citibank NA         1.074         01/12/2024       (1,219,000)       (1,219,000 )      (1,506 )      (4,383 )      2,877  

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty  

Exercise

Rate

   Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Written option contracts (continued)

 

          

Puts (continued)

            

Put AUD/Call NZD

    Citibank NA   1.079%     01/18/2024       (1,210,000)     $ (1,210,000 )    $ (3,645 )    $ (4,368 )    $ 723  

Put EUR/Call SEK

    Deutsche Bank AG   11.125        01/25/2024       (744,000)       (744,000 )      (6,766 )      (7,003 )      237  

Put EUR/Call CHF

    HSBC Bank PLC   0.942       01/25/2024       (744,000)       (744,000 )      (14,083 )      (5,366 )      (8,717 ) 

Put AUD/Call NZD

    JPMorgan Securities, Inc.   1.071       01/04/2024       (1,212,000)       (1,212,000 )      (245 )      (3,979 )      3,734  

Put USD/Call SGD

    JPMorgan Securities, Inc.   1.322       01/25/2024       (817,000)       (817,000 )      (5,826 )      (4,255 )      (1,571 ) 

Put AUD/Call NZD

    MS & Co. Int. PLC   1.081       01/25/2024       (1,204,000)       (1,204,000 )      (4,991 )      (4,518 )      (473 ) 

Put EUR/Call CHF

    MS & Co. Int. PLC   0.948       01/18/2024       (745,000)       (745,000 )      (18,036 )      (4,820 )      (13,216 ) 

Put EUR/Call SEK

    MS & Co. Int. PLC   11.080         01/29/2024       (742,000)       (742,000 )      (5,632 )      (7,042 )      1,410  

Put USD/Call MXN

    MS & Co. Int. PLC   17.875         02/05/2024       (592,000)       (592,000 )      (30,209 )      (21,318 )      (8,891 ) 

Put USD/Call SGD

    MS & Co. Int. PLC   1.340       01/12/2024       (802,000)       (802,000 )      (13,277 )      (4,312 )      (8,965 ) 

Put EUR/Call CHF

    UBS AG (London)   0.947       01/04/2024       (742,000)       (742,000 )      (16,226 )      (4,856 )      (11,370 ) 

Put EUR/Call CZK

    UBS AG (London)   24.650         01/25/2024       (744,000)       (744,000 )      (3,162 )      (4,814 )      1,652  

Put EUR/Call SEK

    UBS AG (London)   11.300         01/04/2024       (742,000)       (742,000 )      (13,483 )      (6,471 )      (7,012 ) 

Put EUR/Call USD

    UBS AG (London)   1.082       02/21/2024       (4,234,000)       (4,234,000 )      (13,849 )      (144,187 )      130,338  

Put USD/Call SGD

    UBS AG (London)   1.327       01/17/2024       (815,000)       (815,000 )      (7,087 )      (4,087 )      (3,000 ) 

 

  
           (19,520,000)     $ (19,520,000 )    $ (170,558 )    $ (251,283 )    $ 80,725  

 

  

Total written option contracts

         (39,082,000)     $ (39,082,000 )    $ (264,846 )    $ (373,225 )    $ 108,379  

 

  

TOTAL

            (13,523,600)     $ (13,523,600 )    $ 3,529     $ 40,929     $ (37,400 ) 

 

  

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

BRL  

— Brazil Real

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

CNH  

— Chinese Yuan Renminbi Offshore

CNY  

— Chinese Yuan Renminbi

COP  

— Colombia Peso

CZK  

— Czech Republic Koruna

EUR  

— Euro

GBP  

— British Pound

ILS  

— Israeli Shekel

JPY  

— Japanese Yen

KRW  

— South Korean Won

MXN  

— Mexican Peso

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

PLN  

— Polish Zloty

SEK  

— Swedish Krona

SGD  

— Singapore Dollar

TRY  

— Turkish Lira

TWD  

— Taiwan Dollar

USD  

— U.S. Dollar

ZAR  

— South African Rand

 

GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

Investment Abbreviations:
CLO  

—  Collateralized Loan Obligation

CMT  

—  Constant Maturity Treasury Indexes

GO  

—  General Obligation

ICE  

—  Inter-Continental Exchange

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

RFUCC1 yr.  

— 1 year Refinitiv USD IBOR Consumer Cash Fallbacks Term

SOFR  

—  Secured Overnight Financing Rate

STACR  

—  Structured Agency Credit Risk

USD  

—  US.Dollar

Abbreviations:
1M IRS  

—  1 Month Interest Rate Swaptions

2M IRS  

—  2 Months Interest Rate Swaptions

3M IRS  

—  3 Months Interest Rate Swaptions

6M IRS  

—  6 Months Interest Rate Swaptions

AUDOR  

—  Australian Dollar Offered Rate

BofA Securities  

—  Bank of America Securities LLC

CDOR  

—  Canadian Dollar Offered Rate

CHFOR  

—  Swiss Franc Offered 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

USD   —  US.Dollar
WIBOR   —  Warsaw Interbank Offered Rate

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – 44.5%

Collateralized Mortgage Obligations – 1.5%

Sequential Fixed Rate – 0.7%

Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT

$

     81,396       6.500 %    02/15/36   $       85,685

Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA

    188,426       5.000     02/15/34   191,148

Federal National Mortgage Association REMICS Series 2011-99,
Class DB

    349,242       5.000     10/25/41   352,506

Federal National Mortgage Association REMICS Series 2012- 111,
Class B

    61,608       7.000     10/25/42   66,806

Federal National Mortgage Association REMICS Series 2012- 153,
Class B

    216,272       7.000     07/25/42   236,227

Federal National Mortgage Association REMICS Series 2011-52,
Class GB

    363,908       5.000     06/25/41   370,637

Government National Mortgage Association REMICS Series 2021-135, Class A

    14,366,200       2.000 (a)    08/20/51   12,044,796
       

 

  13,347,805

 

Sequential Floating Rate(a) – 0.8%

Angel Oak Mortgage Trust Series 2021-6, Class A1

    1,406,739       1.458 (b)(c)    09/25/66   1,128,693

Chase Home Lending Mortgage Trust Series 2023-RPL2, Class A1

    2,290,536       3.250 (b)(c)    03/25/63   2,029,555

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (30 day USD SOFR Average + 1.650%)

    443,056       6.987 (b)(c)    01/25/34   444,824

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class M2 (30 day USD SOFR Average + 2.800%)

    266,851       8.137 (b)(c)    10/25/50   270,734

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3, Class M1A (30 day USD SOFR Average + 2.000%)

    468,164       7.337 (b)(c)    04/25/42   472,644

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M1A (30 day USD SOFR Average + 1.000%)

    1,406,623       6.337 (b)(c)    01/25/42   1,402,010

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (30 day USD SOFR Average + 3.500%)

    780,000       8.837 (b)(c)    03/25/42   808,481

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-HQA2, Class M1B (30 Day USD SOFR Average + 3.350%)

    1,387,000       8.687 (b)(c)    06/25/43   1,462,482

Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1M2 (30 day USD SOFR Average + 1.550%)

    978,000       6.887 (b)(c)    10/25/41   978,193

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate(a) – (continued)

Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (30 day USD SOFR Average + 1.650%)

$

     884,000       6.987 %(b)(c)    12/25/41   $      872,558

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (30 day USD SOFR Average + 3.900%)

    739,908       9.237 (b)(c)    04/25/43   792,090

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (30 day USD SOFR Average + 3.100%)

    730,000       8.437 (b)(c)    06/25/43   762,164

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (30 day USD SOFR Average + 2.500%)

    690,000       7.837 (b)(c)    10/25/43   705,211

HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%)

    42,169       5.950 (c)    01/19/36   42,141

Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%)

    42,433       6.190 (c)    10/25/34   40,618

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

    3,250,020       2.520 (b)(c)    05/25/52   2,639,668

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    268,174       3.235 (b)(c)    07/25/59   257,107

OBX Trust Series 2022-NQM7, Class A1

    430,194       5.110 (b)(d)    08/25/62   429,690

Verus Securitization Trust Series 2022-INV1, Class A1

    254,384       5.041 (b)(d)    08/25/67   251,757

WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19,
Class A7

    8,304       4.745 (c)    02/25/33   7,714

Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1

    84,165       3.500 (b)(c)    07/25/49   75,687
       

 

  15,874,021

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   $   29,221,826

 

Commercial Mortgage-Backed Securities – 2.8%

Sequential Fixed Rate – 1.4%

3650R Commercial Mortgage Trust Series 2021-PF1, Class AS

$

     2,526,000       2.778 %(c)    11/15/54   $    2,040,654

Bank Series 2019-BN21, Class A5

    950,000       2.851 (a)    10/17/52   839,930

Bank Series 2023-BNK46, Class A4

    3,350,000       5.745 (a)    08/15/56   3,533,365

Benchmark Mortgage Trust Series 2023-B39, Class A5

    1,325,000       5.754 (a)    07/15/56   1,392,318

BMO Mortgage Trust Series 2022-C3, Class A5

    850,000       5.313 (a)    09/15/54   865,956

BMO Mortgage Trust Series 2023-C5, Class A5

    4,400,000       5.765 (a)    06/15/56   4,631,689

BMO Mortgage Trust Series 2023-C7, Class A5

    3,000,000       6.160 (a)    12/15/56   3,255,416

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

BX Trust Series 2022-CLS, Class A

$

     2,400,000       5.760 %(b)    10/13/27   $    2,393,043

Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4

    1,020,000       3.102 (a)    12/15/72   914,838

DOLP Trust Series 2021-NYC, Class A

    4,650,000       2.956 (b)    05/10/41   3,829,435

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2

    3,450,000       4.900 (a)    10/25/33   3,554,406
       

 

  27,251,050

 

Sequential Floating Rate(c) –1.4%

BBCMS Mortgage Trust Series 2023-C21, Class AS

    2,400,000       6.296 (a)    09/15/56   2,484,017

BBCMS Mortgage Trust Series 2023-5C23, Class A3

    5,700,000       6.675 (a)    12/15/56   6,077,390

BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1 mo. USD Term SOFR + 2.281%)

    1,800,000       7.643 (b)    06/15/40   1,795,635

BX Trust Series 2021-AR1A, Class C (1 mo. USD Term SOFR + 1.760%)

    1,350,000       7.123 (b)    10/15/36   1,304,653

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    1,594,383       7.813 (b)    08/15/39   1,593,512

Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A

    3,100,000       6.360 (b)    07/10/28   3,183,758

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2

    3,600,000       3.780 (a)    11/25/32   3,416,850

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (30 day USD SOFR Average + 0.680%)

    2,600,000       6.011 (a)    02/25/33   2,593,731

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2

    1,350,000       5.069 (a)    10/25/28   1,378,633

Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4

    3,100,000       4.000 (a)    04/15/55   2,870,643
       

 

  26,698,822

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $   53,949,872

 

Federal Agencies – 40.2%

Adjustable Rate Federal National Mortgage Association(c) – 0.0%

(1 yr. CMT + 2.170%)

$

     994       5.040 %    06/01/33   $        1,005

(RFUCC1 yr. Treasury + 1.646%)

    120,677       5.896     07/01/34   122,436

(RFUCC1 yr. Treasury + 1.566%)

    497,786       5.644     09/01/34   503,547

(RFUCC1 yr. Treasury + 1.739%)

    221,722       4.714     05/01/35   225,886

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Adjustable Rate Federal National Mortgage Association(c) – (continued)

(RFUCC1 yr. Treasury + 1.233%)

$

     119,356       4.337 %    06/01/35   $      120,308
       

 

  973,182

 

Federal Home Loan Mortgage Corp. – 0.1%

    3,781       5.500     10/01/25   3,799
    7,183       7.500     12/01/30   7,610
    3,594       7.500     01/01/31   3,805
    4,093       5.000     10/01/33   4,131
    663       5.000     04/01/35   669
    6,414       5.000     07/01/35   6,481
    36,880       5.000     12/01/35   37,533
    90,153       5.000     01/01/38   91,558
    186,179       5.000     01/01/39   189,255
    71,326       5.000     06/01/39   72,634
    7,413       4.000     06/01/40   7,216
    3,768       5.000     08/01/40   3,849
    1,162       4.500     11/01/40   1,159
    48,376       4.000     02/01/41   47,030
    3,820       5.000     06/01/41   3,898
    4,101       4.000     11/01/41   3,974
    999,463       4.500     08/01/48   991,977
       

 

  1,476,578

 

Federal National Mortgage Association – 0.7%

    6,853       8.000     02/01/31   7,026
    11,112       7.000     03/01/31   11,677
    14,460,140       3.500     09/01/62   13,002,954
       

 

  13,021,657

 

Government National Mortgage Association – 13.7%

    4,233       6.000     11/15/38   4,443
    37,006       5.000     07/15/40   37,585
    489       5.000     01/15/41   488
    2,552       4.000     02/20/41   2,494
    4,077       4.000     11/20/41   3,981
    683       4.000     01/20/42   667
    2,172       4.000     04/20/42   2,121
    1,372       4.000     10/20/42   1,339
    20,606       4.000     08/20/43   20,099
    1,931       4.000     03/20/44   1,882
    2,383       4.000     05/20/44   2,322
    164,790       4.000     11/20/44   160,575
    10,812       4.000     05/20/45   10,535
    1,456,841       4.000     07/20/45   1,419,583
    23,152       4.000     10/20/45   22,545
    3,963,737       3.500     04/20/47   3,742,560
    4,174,800       3.500     12/20/47   3,934,458
    114,288       4.500     02/20/48   113,662
    300,514       4.500     04/20/48   297,460
    798,125       4.500     05/20/48   788,768
    762,962       5.000     07/20/48   767,119
    1,294,472       4.500     08/20/48   1,276,867
    687,413       5.000     08/20/48   690,300
    5,501,462       4.500     09/20/48   5,426,642
    5,608       3.500     09/20/48   5,285
    866,469       5.000     10/20/48   870,107

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Government National Mortgage Association – (continued)

$

     2,727,137       5.000 %    11/20/48     $    2,738,588
    4,937,246       4.500     12/20/48     4,867,014
    1,542,562       5.000     12/20/48     1,548,558
    2,820,661       4.500     01/20/49     2,779,656
    2,466,358       5.000     01/20/49     2,475,944
    1,932,653       4.000     02/20/49     1,866,315
    612,065       4.500     02/20/49     602,976
    489,791       4.500     03/20/49     482,670
    1,725,280       4.000     03/20/49     1,666,060
    873,098       5.000     03/20/49     876,491
    7,989       3.500     04/20/49     7,522
    1,957,553       4.000     04/20/49     1,890,360
    605,795       4.000     05/20/49     584,433
    19,289       3.500     08/20/49     18,123
    3,162,794       3.000     08/20/49     2,883,509
    2,151,629       5.000     08/20/49     2,163,353
    1,200,380       3.500     09/20/49     1,127,571
    736,119       4.500     10/20/49     725,648
    15,368,513       3.000     10/20/49     14,002,877
    578,899       3.500     12/20/49     543,652
    1,698,319       3.500     02/20/50     1,594,914
    5,752,531       3.000     03/20/50     5,246,096
    160,800       3.500     06/20/50     150,617
    374,204       3.500     07/20/50     351,290
    1,054,017       4.000     01/20/51     1,011,086
    2,532,830       3.500     03/20/51     2,378,028
    734,101       3.000     07/20/51     665,995
    1,515,363       2.500     09/20/51     1,309,642
    1,800,128       2.500     10/20/51     1,563,061
    7,946,931       3.000     11/20/51     7,185,527
    2,820,864       2.500     11/20/51     2,447,608
    6,689,128       3.000     12/20/51     6,072,731
    10,185,882       2.500     12/20/51     8,815,189
    966,879       2.500     01/20/52     835,014
    35,765,138       4.500     09/20/52     34,899,638
    1,875,030       3.500     02/20/53     1,750,203
    9,000,000       2.000     TBA-30yr(e)   7,622,209
    8,000,000       2.500     TBA-30yr(e)   7,007,750
    6,000,000       5.000     TBA-30yr(e)   5,963,567
    6,000,000       5.500     TBA-30yr(e)   6,037,222
    34,000,000       6.000 (e)    TBA-30yr     34,556,005
    62,000,000       6.500 (e)    TBA-30yr     63,455,004
       

 

        264,373,603

 

Uniform Mortgage-Backed Security – 25.7%

    7,703       7.000     08/01/27     7,805
    349       6.500     09/01/27     351
    20,685       7.000     03/01/28     21,052
    894       6.500     05/01/28     909
    4,241       4.500     04/01/39     4,235
    3,631       4.500     05/01/39     3,624
    4,306       4.500     07/01/39     4,299
    14,929       4.500     08/01/39     14,899
    124,112       4.500     12/01/39     123,891
    8,254       4.500     04/01/41     8,207
    238,998       4.500     05/01/41     237,692
    41,852       4.500     08/01/41     41,780
    10,984       3.000     11/01/42     10,105

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     19,093       3.000 %    12/01/42   $       17,689
    11,082       3.000     12/01/42   10,180
    12,119       3.000     12/01/42   11,170
    30,543       3.000     12/01/42   28,192
    27,706       3.000     12/01/42   25,799
    37,311       3.000     12/01/42   34,505
    11,963       3.000     12/01/42   11,048
    130,634       3.000     12/01/42   120,206
    53,617       3.000     01/01/43   49,613
    13,912       3.000     01/01/43   12,895
    6,192       3.000     01/01/43   5,725
    38,014       3.000     01/01/43   34,915
    8,117       3.000     01/01/43   7,494
    102,648       3.000     01/01/43   95,003
    29,916       3.000     01/01/43   27,516
    9,310       3.000     01/01/43   8,557
    20,739       3.000     01/01/43   19,330
    23,746       3.000     01/01/43   21,804
    19,917       3.000     01/01/43   18,318
    5,985       3.000     01/01/43   5,654
    11,616       3.000     01/01/43   10,674
    28,745       3.000     01/01/43   26,435
    7,204       3.000     01/01/43   6,631
    15,061       3.000     01/01/43   13,843
    8,195       3.000     01/01/43   7,543
    59,576       3.000     02/01/43   55,005
    15,544       3.000     03/01/43   14,276
    36,601       3.000     03/01/43   33,930
    15,035       3.000     03/01/43   13,884
    287,442       3.000     03/01/43   264,311
    94,113       3.000     03/01/43   86,581
    4,046       3.000     03/01/43   3,720
    62,220       3.000     04/01/43   57,396
    25,751       3.000     04/01/43   23,629
    41,616       3.000     04/01/43   38,269
    146,301       3.000     04/01/43   134,549
    117,697       3.000     04/01/43   108,200
    46,375       3.000     04/01/43   42,679
    351,766       3.000     04/01/43   323,515
    19,007       3.000     05/01/43   17,506
    47,010       3.000     05/01/43   43,213
    19,615       3.000     05/01/43   17,973
    174,254       3.000     05/01/43   160,169
    195,258       3.000     05/01/43   179,568
    17,289       3.000     05/01/43   15,868
    58,833       3.000     05/01/43   54,016
    32,647       3.000     06/01/43   29,957
    22,599       3.000     06/01/43   20,771
    15,828       3.000     07/01/43   14,531
    441,026       3.000     07/01/43   405,196
    261,418       5.000     05/01/44   265,621
    2,663,011       4.000     12/01/44   2,570,351
    1,347,844       4.500     04/01/45   1,346,320
    167,733       4.500     05/01/45   167,333
    407,514       4.500     06/01/45   404,394
    1,680,259       4.000     08/01/45   1,624,221
    3,280,025       4.000     08/01/45   3,171,660
    31,808       4.000     03/01/46   30,643

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     27,468       4.000 %    03/01/46   $       26,509
    32,814       4.000     06/01/46   31,612
    9,741       4.000     08/01/46   9,384
    72,161       4.000     10/01/46   69,517
    11,437       4.000     10/01/46   11,018
    117,675       4.000     06/01/47   113,641
    864,324       4.500     07/01/47   856,054
    657,462       4.500     07/01/47   651,171
    388,668       4.500     11/01/47   384,827
    190,297       4.000     12/01/47   183,831
    712,480       4.000     01/01/48   688,051
    560,918       4.000     02/01/48   541,685
    914,746       4.000     02/01/48   882,809
    47,816       4.500     02/01/48   47,224
    133,949       4.000     02/01/48   129,733
    414,143       4.000     02/01/48   399,684
    1,077,072       4.000     03/01/48   1,039,132
    380,469       4.000     03/01/48   367,423
    80,061       4.500     05/01/48   79,019
    565,029       4.000     06/01/48   545,302
    525,384       4.000     06/01/48   507,041
    13,586       4.500     06/01/48   13,405
    9,467       4.500     07/01/48   9,341
    278,002       4.000     07/01/48   268,296
    514,498       4.000     07/01/48   496,536
    221,050       4.000     07/01/48   213,194
    1,909       4.500     07/01/48   1,883
    1,724,046       4.000     08/01/48   1,662,777
    8,264       4.500     08/01/48   8,151
    44,983       4.500     09/01/48   44,384
    516,881       4.500     09/01/48   512,420
    373,542       4.500     09/01/48   368,334
    3,005,836       5.000     11/01/48   3,043,513
    132,921       4.500     11/01/48   130,919
    144,006       4.500     11/01/48   141,998
    475,166       4.500     11/01/48   468,541
    470,768       4.500     11/01/48   464,204
    453,736       4.500     11/01/48   447,410
    871,766       4.500     12/01/48   858,521
    317,066       4.500     12/01/48   312,645
    42,544       4.500     12/01/48   41,951
    955,255       4.500     01/01/49   940,742
    279,959       4.500     01/01/49   276,055
    209,583       4.500     01/01/49   206,398
    908,055       4.500     02/01/49   894,258
    134,971       4.500     02/01/49   132,939
    848,079       3.000     02/01/49   767,035
    3,760       4.500     03/01/49   3,703
    425,164       4.500     06/01/49   417,947
    70,989       4.500     06/01/49   69,783
    71,760       4.500     07/01/49   70,540
    189,572       3.500     07/01/49   177,032
    1,839,083       3.500     07/01/49   1,717,429
    1,369,924       4.500     07/01/49   1,346,542
    521,394       4.500     07/01/49   512,495
    876,543       4.500     08/01/49   861,582
    134,372       4.500     08/01/49   132,088
    1,302,827       3.500     08/01/49   1,216,646

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     6,198,525       3.000 %    09/01/49   $    5,602,320
    2,821,413       5.000     10/01/49   2,832,091
    1,206,570       3.000     10/01/49   1,090,516
    1,726,206       3.000     12/01/49   1,547,332
    155,231       4.500     01/01/50   152,582
    121,346       4.500     02/01/50   119,286
    2,176,269       4.500     03/01/50   2,135,213
    8,992,292       4.000     03/01/50   8,644,622
    20,011,758       4.500     03/01/50   19,820,698
    2,497,746       5.000     03/01/50   2,507,199
    15,448       4.500     04/01/50   15,113
    504,256       4.500     05/01/50   493,258
    12,435       4.500     05/01/50   12,197
    488,805       4.500     05/01/50   478,175
    504,315       4.500     05/01/50   493,390
    2,649,200       2.500     09/01/50   2,297,636
    21,914,748       2.000     10/01/50   18,027,363
    3,174,510       3.000     10/01/50   2,845,857
    6,418,228       3.000     10/01/50   5,787,854
    6,367,286       3.000     10/01/50   5,708,089
    4,900,602       3.000     10/01/50   4,419,284
    6,037,760       3.000     11/01/50   5,422,113
    21,915,649       2.000     11/01/50   18,021,305
    2,913,379       2.500     11/01/50   2,517,653
    7,973,134       3.000     12/01/50   7,165,127
    10,607,570       2.500     01/01/51   9,048,969
    4,666,957       2.500     02/01/51   3,991,298
    203,789       4.500     03/01/51   199,345
    5,373,426       2.500     05/01/51   4,645,229
    11,497,547       2.500     05/01/51   9,871,355
    13,201,960       2.000     05/01/51   10,818,540
    470,057       2.000     08/01/51   385,367
    75,559       2.000     08/01/51   61,848
    5,812,519       2.500     09/01/51   5,001,204
    8,365,105       2.500     09/01/51   7,197,499
    10,128,733       2.500     09/01/51   8,714,959
    172,955       2.000     09/01/51   141,570
    473,761       2.000     09/01/51   387,790
    154,713       2.000     09/01/51   127,171
    1,785,950       2.000     09/01/51   1,462,166
    499,616       4.500     10/01/51   485,073
    62,227       2.000     10/01/51   50,920
    3,489,682       2.000     10/01/51   2,856,423
    19,682,341       2.000     01/01/52   16,071,095
    2,856,623       2.000     02/01/52   2,336,073
    31,499,126       2.000     02/01/52   25,746,449
    25,688,790       2.000     02/01/52   21,001,336
    161,383       4.500     03/01/52   156,470
    625,884       2.000     03/01/52   511,145
    385,373       2.500     03/01/52   327,647
    9,002,725       2.500     03/01/52   7,656,612
    2,866,215       2.000     04/01/52   2,340,710
    707,684       4.500     04/01/52   688,465
    3,068,324       4.500     04/01/52   2,975,047
    1,215,377       4.500     04/01/52   1,178,983
    92,119       2.000     04/01/52   75,230
    5,261,609       2.500     04/01/52   4,471,958
    5,992,388       2.500     04/01/52   5,096,389

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     1,348,647       2.500 %    04/01/52     $    1,146,994
    957,863       2.000     05/01/52     782,244
    1,377,991       4.500     05/01/52     1,336,727
    5,103,677       2.500     05/01/52     4,340,560
    629,890       2.500     05/01/52     535,707
    1,804,263       5.000     07/01/52     1,806,580
    5,306,071       5.000     08/01/52     5,311,228
    5,557,382       5.500     09/01/52     5,656,734
    151,328       2.500     10/01/52     128,701
    4,236,899       6.000     11/01/52     4,367,696
    9,393,041       6.000     11/01/52     9,683,014
    3,997,814       2.500     11/01/52     3,400,049
    2,680,069       2.500     11/01/52     2,279,337
    2,747,183       6.000     12/01/52     2,832,850
    2,523,887       6.000     12/01/52     2,611,267
    5,046,558       2.500     02/01/53     4,291,981
    954,458       5.500     04/01/53     968,837
    4,594,586       5.500     04/01/53     4,622,165
    947,050       6.000     04/01/53     979,838
    940,828       6.000     04/01/53     970,166
    954,819       6.000     04/01/53     980,118
    17,613,280       4.500     05/01/53     17,301,643
    6,895,187       6.500     09/01/53     7,101,675
    37,000,000       2.500     TBA-30yr(e)   31,513,596
    27,000,000       3.500     TBA-30yr(e)   24,785,158
    5,000,000       6.500     TBA-30yr(e)   5,122,653
    14,000,000       7.000 (e)    TBA-30yr     14,439,149
    21,000,000       7.000 (e)    TBA-30yr     21,652,161
       

 

  494,850,583

 

TOTAL FEDERAL AGENCIES   $  774,695,603

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $875,186,932)		   $  857,867,301

 

       
Corporate Obligations – 31.1%

Aerospace & Defense(a) – 0.8%

Boeing Co.

$

     1,575,000       3.450 %    11/01/28     $    1,483,146
    300,000       3.250     02/01/35     253,299
    163,000       3.375     06/15/46     119,781
    100,000       3.625     03/01/48     73,968
    100,000       3.850     11/01/48     77,580
    2,725,000       5.805     05/01/50     2,826,288

RTX Corp.

    8,450,000       6.100     03/15/34     9,162,504
    550,000       4.050     05/04/47     458,760
       

 

  14,455,326

 

Agriculture(a) – 0.1%

BAT Capital Corp.

    2,000,000       2.259     03/25/28     1,789,120

 

Automotive – 1.0%

General Motors Co.

    550,000       4.000     04/01/25     540,556

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Automotive – (continued)

General Motors Financial Co., Inc.(a)

$

     2,425,000       4.300 %    07/13/25   $    2,385,715
    3,200,000       1.500     06/10/26   2,933,888
    2,825,000       2.350     01/08/31   2,336,275

Hyundai Capital America(a)(b)

    1,975,000       5.700     06/26/30   2,020,267
    8,815,000       6.200     09/21/30   9,280,961
       

 

  19,497,662

 

Banks – 8.8%

Banco Santander SA

    2,400,000       2.746     05/28/25   2,316,720
    400,000       4.250     04/11/27   387,580
    800,000       3.306     06/27/29   738,576
    800,000       2.749     12/03/30   664,320
    4,400,000       6.921     08/08/33   4,693,700

Bank of America Corp.

    150,000       4.183 (a)    11/25/27   145,880
    237,000       6.110     01/29/37   253,246

(3 mo. USD Term SOFR + 1.252%)

    225,000       2.496 (a)(c)    02/13/31   193,374

(3 mo. USD Term SOFR + 1.632%)

    1,550,000       3.593 (a)(c)    07/21/28   1,470,857

(5 yr. CMT + 1.200%)

    94,000       2.482 (a)(c)    09/21/36   74,582

(Secured Overnight Financing Rate + 1.220%)

    1,375,000       2.651 (a)(c)    03/11/32   1,162,013

(Secured Overnight Financing Rate + 1.220%)

    245,000       2.299 (a)(c)    07/21/32   200,123

(Secured Overnight Financing Rate + 1.330%)

    250,000       2.972 (a)(c)    02/04/33   212,440

(Secured Overnight Financing Rate + 1.370%)

    3,150,000       1.922 (a)(c)    10/24/31   2,558,335

(Secured Overnight Financing Rate + 1.530%)

    3,725,000       1.898 (a)(c)    07/23/31   3,042,543

(Secured Overnight Financing Rate + 1.630%)

    10,680,000       5.202 (a)(c)    04/25/29   10,745,148

(Secured Overnight Financing Rate + 1.830%)

    5,000,000       4.571 (a)(c)    04/27/33   4,769,300

(Secured Overnight Financing Rate + 2.150%)

    5,225,000       2.592 (a)(c)    04/29/31   4,499,874

(Secured Overnight Financing Rate + 2.160%)

    1,089,000       5.015 (a)(c)    07/22/33   1,076,640

Bank of New York Mellon Corp.(a)(c) (Secured Overnight Financing Rate + 1.755%)

    315,000       4.596     07/26/30   313,324

Barclays PLC(a)(c)

(1 yr. CMT + 3.500%)

    4,410,000       7.437     11/02/33   4,942,331

(Secured Overnight Financing Rate + 2.714%)

    800,000       2.852     05/07/26   772,240

BNP Paribas SA(b)

    900,000       3.375     01/09/25   881,172

(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.149%)

    650,000       6.625 (a)(c)    03/25/24   647,589

(Secured Overnight Financing Rate + 1.004%)

    1,600,000       1.323 (a)(c)    01/13/27   1,475,712

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Banks – (continued)

BNP Paribas SA(b) – (continued)

(Secured Overnight Financing Rate + 2.074%)

$

     1,325,000       2.219 %(a)(c)    06/09/26   $    1,265,017

BPCE SA(b)

    1,150,000       4.625     09/12/28   1,125,126

(Secured Overnight Financing Rate + 1.312%)

    1,650,000       2.277 (a)(c)    01/20/32   1,319,984

Citigroup, Inc.

    2,500,000       4.600     03/09/26   2,468,125
    3,175,000       3.400     05/01/26   3,064,700
    2,450,000       4.450     09/29/27   2,393,381

(Secured Overnight Financing Rate + 1.351%)

    3,725,000       3.057 (a)(c)    01/25/33   3,179,064

(Secured Overnight Financing Rate + 1.422%)

    1,375,000       2.976 (a)(c)    11/05/30   1,225,703

(Secured Overnight Financing Rate + 2.086%)

    2,495,000       4.910 (a)(c)    05/24/33   2,443,229

Credit Agricole SA(b)

    1,050,000       3.250     10/04/24   1,031,814

(5 yr. USD Swap + 4.319%)

    600,000       6.875 (a)(c)    09/23/24   596,274

Credit Suisse AG

    1,175,000       2.950     04/09/25   1,138,528
    4,135,000       1.250     08/07/26   3,750,817

Fifth Third Bancorp(a)

    1,235,000       2.375     01/28/25   1,194,863

First-Citizens Bank & Trust Co.(a)(c) (3 mo. USD Term SOFR + 1.715%)

    1,500,000       2.969     09/27/25   1,463,820

HSBC Holdings PLC

    600,000       4.950     03/31/30   594,780

(3 mo. USD Term SOFR + 1.473%)

    1,625,000       3.803 (a)(c)    03/11/25   1,618,516

Huntington Bancshares, Inc.(a)

    1,625,000       4.000     05/15/25   1,592,273

ING Groep NV(a)(b)(c) (1 yr. CMT + 1.100%)

    3,400,000       1.400     07/01/26   3,198,890

JPMorgan Chase & Co.(a)(c)

(3 mo. USD Term SOFR + 1.507%)

    2,275,000       3.960     01/29/27   2,222,379

(3 mo. USD Term SOFR + 1.599%)

    2,150,000       3.782     02/01/28   2,076,277

(3 mo. USD Term SOFR + 1.622%)

    800,000       3.882     07/24/38   709,280

(3 mo. USD Term SOFR + 2.515%)

    675,000       2.956     05/13/31   593,750

(3 mo. USD Term SOFR + 3.125%)

    1,597,000       4.600     02/01/25   1,538,358

(3 mo. USD Term SOFR + 3.790%)

    275,000       4.493     03/24/31   268,216

(Secured Overnight Financing Rate + 1.260%)

    3,475,000       2.963     01/25/33   2,975,642

(Secured Overnight Financing Rate + 1.800%)

    3,692,000       4.586     04/26/33   3,559,900

(Secured Overnight Financing Rate + 2.040%)

    75,000       2.522     04/22/31   64,906

(Secured Overnight Financing Rate + 2.080%)

    2,480,000       4.912     07/25/33   2,452,447

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Banks – (continued)

Kreditanstalt fuer Wiederaufbau(f)

$

     13,520,000       3.375 %    08/23/24   $   13,370,739

M&T Bank Corp.(a)(c)

(Secured Overnight Financing Rate + 1.850%)

    2,280,000       5.053     01/27/34   2,160,026

(Secured Overnight Financing Rate + 2.800%)

    1,930,000       7.413     10/30/29   2,078,629

Morgan Stanley

    1,631,000       3.950     04/23/27   1,583,016

(3 mo. USD Term SOFR + 1.890%)

    325,000       4.431 (a)(c)    01/23/30   316,589

(Secured Overnight Financing Rate + 0.720%)

    5,100,000       0.985 (a)(c)    12/10/26   4,693,734

(Secured Overnight Financing Rate + 1.034%)

    2,625,000       1.794 (a)(c)    02/13/32   2,094,514

(Secured Overnight Financing Rate + 1.143%)

    3,900,000       2.699 (a)(c)    01/22/31   3,416,283

(Secured Overnight Financing Rate + 1.152%)

    1,050,000       2.720 (a)(c)    07/22/25   1,033,137

(Secured Overnight Financing Rate + 1.295%)

    3,205,000       5.050 (a)(c)    01/28/27   3,207,724

(Secured Overnight Financing Rate + 1.360%)

    3,175,000       2.484 (a)(c)    09/16/36   2,520,220

(Secured Overnight Financing Rate + 1.590%)

    4,320,000       5.164 (a)(c)    04/20/29   4,340,174

(Secured Overnight Financing Rate + 2.076%)

    2,470,000       4.889 (a)(c)    07/20/33   2,408,917

(Secured Overnight Financing Rate + 3.120%)

    1,100,000       3.622 (a)(c)    04/01/31   1,013,628

NatWest Group PLC(a)(c)

(3 mo. USD LIBOR + 1.762%)

    400,000       4.269     03/22/25   398,576

(5 yr. CMT + 2.100%)

    500,000       3.754     11/01/29   487,675

Royal Bank of Canada

    4,750,000       5.000     02/01/33   4,831,795

Shinhan Bank Co. Ltd.(b)

    540,000       4.500     04/12/28   535,048

State Street Corp.(a)(c) (Secured Overnight Financing Rate + 2.650%)

    100,000       3.152     03/30/31   90,093

Toronto-Dominion Bank

    150,000       4.456     06/08/32   145,758

Truist Bank(a)

    1,250,000       2.250     03/11/30   1,037,000

Truist Financial Corp.(a)(c) (Secured Overnight Financing Rate + 2.050%)

    100,000       6.047     06/08/27   101,794

U.S. Bancorp(a)(c) (Secured Overnight Financing Rate + 2.020%)

    115,000       5.775     06/12/29   118,119

UBS Group AG

    276,000       3.750     03/26/25   270,375
    2,550,000       4.125 (b)    09/24/25   2,493,466
    683,000       4.550     04/17/26   673,773

(3 mo. USD LIBOR + 1.410%)

    1,675,000       3.869 (a)(b)(c)    01/12/29   1,579,944

(5 yr. CMT + 4.758%)

    695,000       9.250 (a)(b)(c)    11/13/33   770,526

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Banks – (continued)

UBS Group AG – (continued)

(Secured Overnight Financing Rate + 1.560%)

$

     1,982,000       2.593 %(a)(b)(c)    09/11/25   $    1,939,169

(Secured Overnight Financing Rate + 1.730%)

    1,545,000       3.091 (a)(b)(c)    05/14/32   1,316,943

(Secured Overnight Financing Rate + 5.020%)

    1,725,000       9.016 (a)(b)(c)    11/15/33   2,121,681

(Secured Overnight Financing Rate Index + 0.980%)

    315,000       1.305 (a)(b)(c)    02/02/27   288,622

Wells Fargo & Co.

    2,700,000       3.000     10/23/26   2,563,893
    4,150,000       4.300     07/22/27   4,063,721

(Secured Overnight Financing Rate + 2.100%)

    288,000       4.897 (a)(c)    07/25/33   280,748

Westpac Banking Corp.(a)(c) (5 yr. CMT + 2.000%)

    700,000       4.110     07/24/34   641,648
       

 

  170,351,375

 

Beverages – 0.8%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)

    3,725,000       4.700     02/01/36   3,717,699
    2,179,000       4.900     02/01/46   2,149,823

Anheuser-Busch InBev Worldwide, Inc.

    585,000       8.200     01/15/39   781,443
    1,350,000       5.450 (a)    01/23/39   1,424,358
    400,000       4.950     01/15/42   400,852
    275,000       4.600 (a)    04/15/48   260,901

Constellation Brands, Inc.(a)

    1,375,000       4.400     11/15/25   1,359,352
    50,000       3.600     02/15/28   48,020
    50,000       3.150     08/01/29   46,510
    1,900,000       2.250     08/01/31   1,598,223

JDE Peet’s NV(a)(b)

    1,650,000       1.375     01/15/27   1,482,904

Keurig Dr Pepper, Inc.(a)

    1,968,000       2.250     03/15/31   1,681,440
       

 

  14,951,525

 

Biotechnology(a) – 0.5%

Amgen, Inc.

    3,370,000       5.250     03/02/30   3,465,472
    3,418,000       5.250     03/02/33   3,503,279
    1,890,000       5.650     03/02/53   1,992,400

Royalty Pharma PLC

    1,475,000       1.200     09/02/25   1,377,060
       

 

  10,338,211

 

Building Materials(a) – 0.6%

Carrier Global Corp.

    3,375,000       2.493     02/15/27   3,176,381
    3,570,000       5.900 (b)    03/15/34   3,863,990
    3,545,000       6.200 (b)    03/15/54   4,110,250
       

 

  11,150,621

 

Chemicals(a) – 0.2%

DuPont de Nemours, Inc.

    975,000       4.493     11/15/25   968,887

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Chemicals(a) – (continued)

Huntsman International LLC

$

     850,000       4.500 %    05/01/29   $      820,165

International Flavors & Fragrances, Inc.(b)

    2,300,000       1.832     10/15/27   2,015,237
    950,000       3.268     11/15/40   682,945
       

 

  4,487,234

 

Coal(a) – 0.0%

Teck Resources Ltd.

    655,000       3.900     07/15/30   609,117

 

Commercial Services – 0.4%

Ashtead Capital, Inc.(a)(b)

    650,000       1.500     08/12/26   589,478

DP World Ltd.

    100,000       6.850 (b)    07/02/37   110,128
    200,000       5.625     09/25/48   191,358

Emory University(a)

    4,015,000       2.143     09/01/30   3,453,629

Global Payments, Inc.(a)

    875,000       2.650     02/15/25   848,041

PayPal Holdings, Inc.(a)

    2,375,000       1.650     06/01/25   2,267,484

University of Chicago

    320,000       5.420     10/01/30   332,097
       

 

  7,792,215

 

Computers(a) – 0.3%

Dell International LLC/EMC Corp.

    607,000       5.850     07/15/25   613,252
    2,326,000       6.020     06/15/26   2,380,312
    451,000       5.300     10/01/29   464,647
    200,000       6.200     07/15/30   214,664
    540,000       8.100     07/15/36   663,536

Hewlett Packard Enterprise Co.

    1,782,000       4.900     10/15/25   1,775,763
       

 

  6,112,174

 

Diversified Financial Services – 1.4%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)

    900,000       4.875     01/16/24   899,712
    965,000       6.500     07/15/25   979,359
    5,125,000       2.450     10/29/26   4,747,339
    1,725,000       3.000     10/29/28   1,574,752
    700,000       3.300     01/30/32   609,595
    375,000       3.400     10/29/33   322,185

Air Lease Corp.(a)

    2,250,000       2.300     02/01/25   2,171,002
    1,625,000       3.375     07/01/25   1,573,845
    625,000       2.875     01/15/26   595,825
    2,200,000       3.750     06/01/26   2,125,662

American Express Co.(a)(c) (Secured Overnight Financing Rate + 1.835%)

    4,785,000       5.043     05/01/34   4,778,301

Aviation Capital Group LLC(a)(b)

    450,000       1.950     01/30/26   416,880

Avolon Holdings Funding Ltd.(a)(b)

    975,000       3.950     07/01/24   962,598

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Diversified Financial Services – (continued)

Avolon Holdings Funding Ltd.(a)(b) – (continued)

$

     2,125,000       2.875 %    02/15/25   $    2,052,070
    1,050,000       4.250     04/15/26   1,015,539

Capital One Financial Corp.(a)

    1,110,000       3.300     10/30/24   1,091,097

Charles Schwab Corp.(a)(c) (Secured Overnight Financing Rate + 2.500%)

    95,000       5.853     05/19/34   97,929

Nomura Holdings, Inc.

    950,000       2.608     07/14/31   788,263

REC Ltd.(b)

    200,000       5.625     04/11/28   203,066
       

 

  27,005,019

 

Electrical – 0.9%

Alliant Energy Finance LLC(a)(b)

    225,000       4.250     06/15/28   219,839

Ameren Corp.(a)

    400,000       3.500     01/15/31   364,720

American Electric Power Co., Inc.(a)

    850,000       2.300     03/01/30   726,631

Arizona Public Service Co.(a)

    425,000       2.950     09/15/27   401,481

Avangrid, Inc.(a)

    50,000       3.200     04/15/25   48,618

Berkshire Hathaway Energy Co.(a)

    1,275,000       3.700     07/15/30   1,207,731

Dominion Energy, Inc.(d)

    575,000       3.071     08/15/24   565,144

Entergy Corp.(a)

    1,025,000       2.950     09/01/26   974,006

Exelon Corp.(a)

    1,000,000       4.050     04/15/30   955,560

NextEra Energy Capital Holdings, Inc.(a)

    1,180,000       1.900     06/15/28   1,047,238

NRG Energy, Inc.(a)(b)

    1,625,000       3.750     06/15/24   1,604,541

Ohio Power Co.(a)

    675,000       2.600     04/01/30   591,597

Pacific Gas & Electric Co.(a)

    500,000       3.300     08/01/40   366,480

Southern Co.(a)

    1,730,000       3.250     07/01/26   1,668,741

Vistra Operations Co. LLC(a)(b)

    3,350,000       3.550     07/15/24   3,299,348

Xcel Energy, Inc.(a)

    2,925,000       3.350     12/01/26   2,818,910
       

 

  16,860,585

 

Engineering & Construction(a) – 0.1%

Mexico City Airport Trust

    400,000       4.250     10/31/26   385,212
    440,000       3.875 (b)    04/30/28   412,126
    200,000       5.500 (b)    10/31/46   171,514
    420,000       5.500     07/31/47   360,856
    340,000       5.500 (b)    07/31/47   292,121
       

 

  1,621,829

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Entertainment(a) – 0.6%

Warnermedia Holdings, Inc.

$

     4,100,000       6.412 %    03/15/26   $    4,103,157
    5,050,000       4.054     03/15/29   4,788,511
    3,400,000       4.279     03/15/32   3,110,558
       

 

  12,002,226

 

Environmental – 0.4%

Nature Conservancy

    60,000       0.944     07/01/26   54,164
    75,000       1.304     07/01/28   63,849

Veralto Corp.(a)(b)

    6,895,000       5.450     09/18/33   7,153,562
       

 

  7,271,575

 

Food & Drug Retailing(a) – 0.8%

J M Smucker Co.

    2,498,000       5.900     11/15/28   2,630,244
    6,235,000       6.200     11/15/33   6,801,200
    3,535,000       6.500     11/15/53   4,083,137

Kraft Heinz Foods Co.

    2,056,000       3.750     04/01/30   1,963,850

Sysco Corp.

    225,000       6.600     04/01/40   253,555
    75,000       6.600     04/01/50   87,846
       

 

  15,819,832

 

Gas(a) – 0.0%

East Ohio Gas Co.(b)

    525,000       1.300     06/15/25   496,487

NiSource, Inc.

    325,000       3.600     05/01/30   303,222
       

 

  799,709

 

Healthcare Providers & Services(a) – 1.3%

Adventist Health System

    540,000       2.952     03/01/29   487,548

Banner Health

    3,235,000       2.338     01/01/30   2,792,974

Baylor Scott & White Holdings

    1,140,000       1.777     11/15/30   948,788

Centene Corp.

    925,000       4.250     12/15/27   893,420
    2,100,000       2.625     08/01/31   1,751,148

CommonSpirit Health

    2,385,000       3.910     10/01/50   1,877,394
    2,655,000       6.461     11/01/52   3,109,071

DH Europe Finance II SARL

    50,000       3.250     11/15/39   41,502

HCA, Inc.

    1,590,000       3.500     09/01/30   1,442,225
    3,960,000       5.900     06/01/53   4,066,247

Rush Obligated Group

    1,320,000       3.922     11/15/29   1,254,081

Stanford Health Care

    975,000       3.310     08/15/30   900,184

STERIS Irish FinCo UnLtd Co.

    501,000       2.700     03/15/31   430,785

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Healthcare Providers & Services(a) – (continued)

Stryker Corp.

$

     475,000       3.375 %    11/01/25   $      462,389
    75,000       1.950     06/15/30   64,141

Sutter Health

    605,000       2.294     08/15/30   518,551

UnitedHealth Group, Inc.

    3,750,000       5.350     02/15/33   3,966,337
       

 

  25,006,785

 

Home Builders(a) – 0.1%

Lennar Corp.

    1,235,000       4.750     11/29/27   1,235,111

 

Insurance – 0.1%

Arch Capital Finance LLC(a)

    1,200,000       4.011     12/15/26   1,165,620

Arch Capital Group Ltd.

    300,000       7.350     05/01/34   343,503

Great-West Lifeco Finance 2018 LP(a)(b)

    422,000       4.047     05/17/28   410,674

Willis North America, Inc.(a)

    700,000       2.950     09/15/29   627,641
       

 

  2,547,438

 

Internet – 0.6%

Amazon.com, Inc.(a)

    500,000       4.800     12/05/34   517,465

Expedia Group, Inc.(a)

    1,212,000       4.625     08/01/27   1,208,703
    825,000       3.800     02/15/28   794,409
    875,000       3.250     02/15/30   802,427
    331,000       2.950     03/15/31   292,296

Netflix, Inc.

    3,010,000       5.875     11/15/28   3,179,644
    3,575,000       4.875 (a)(b)    06/15/30   3,615,219

Prosus NV(a)

    200,000       3.257 (b)    01/19/27   183,813
    420,000       3.680 (b)    01/21/30   365,137
    690,000       3.680     01/21/30   599,869

EUR

     100,000       2.031 (b)    08/03/32   84,220

$

     230,000       4.027 (b)    08/03/50   149,931
    210,000       3.832 (b)    02/08/51   132,038
       

 

  11,925,171

 

Investment Companies(a)(b) – 0.0%

JAB Holdings BV

    500,000       2.200     11/23/30   401,540

 

Iron/Steel – 0.1%

POSCO(b)

    260,000       5.750     01/17/28   266,113

Steel Dynamics, Inc.(a)

    490,000       2.400     06/15/25   469,356
    1,075,000       1.650     10/15/27   957,782
       

 

  1,693,251

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Lodging(a) – 0.3%

Hyatt Hotels Corp.

$

     2,000,000       1.800 %    10/01/24   $    1,941,040

Marriott International, Inc.

    2,100,000       5.000     10/15/27   2,126,271
    2,625,000       2.850     04/15/31   2,276,768
       

 

  6,344,079

 

Machinery - Construction & Mining(a)(b) – 0.1%

Weir Group PLC

    2,375,000       2.200     05/13/26   2,205,615

 

Machinery-Diversified(a) – 0.1%

Ingersoll Rand, Inc.

    1,270,000       5.700     08/14/33   1,343,711

 

Media(a) – 1.4%

Charter Communications Operating LLC/Charter Communications Operating Capital

    8,750,000       4.908     07/23/25   8,668,362
    6,675,000       3.750     02/15/28   6,306,607
    1,595,000       6.384     10/23/35   1,619,419

Comcast Corp.

    1,300,000       3.950     10/15/25   1,283,243
    1,173,000       3.300     02/01/27   1,132,367
    5,725,000       4.800     05/15/33   5,797,078
    100,000       3.750     04/01/40   86,038
    275,000       4.700     10/15/48   262,749

Fox Corp.

    700,000       4.030     01/25/24   699,076
    75,000       5.476     01/25/39   73,142

Time Warner Cable LLC

    275,000       5.875     11/15/40   250,154
       

 

    26,178,235

 

Mining(b) – 0.3%

Glencore Funding LLC

    1,300,000       4.125 (a)    03/12/24   1,294,228
    1,181,000       4.625     04/29/24   1,175,626
    1,850,000       1.625 (a)    04/27/26   1,713,452
    2,175,000       2.625 (a)    09/23/31   1,847,532

Newmont Corp./Newcrest Finance Pty. Ltd.(a)

    525,000       3.250     05/13/30   472,804
       

 

    6,503,642

 

Miscellaneous Manufacturing – 0.1%

GE Capital International Funding Co. Unlimited Co.

    405,000       4.418     11/15/35   393,231

General Electric Co.

    700,000       5.875     01/14/38   770,574
       

 

    1,163,805

 

Multi-National(a)(b) – 0.1%

African Export-Import Bank

    740,000       2.634     05/17/26   683,405
    830,000       3.798     05/17/31   703,574
       

 

  1,386,979

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Oil Field Services – 0.3%

Aker BP ASA(a)(b)

$

     639,000       2.000 %    07/15/26   $      589,005

Devon Energy Corp.(a)

    180,000       5.600     07/15/41   174,098

Marathon Petroleum Corp.(a)

    600,000       3.625     09/15/24   590,766
    375,000       3.800     04/01/28   358,504

Occidental Petroleum Corp.

    1,034,000       7.875     09/15/31   1,174,790

Phillips 66(a)

    375,000       3.850     04/09/25   369,026
    725,000       1.300     02/15/26   673,097

QatarEnergy(a)(b)

    410,000       3.300     07/12/51   298,726

Reliance Industries Ltd.(b)

    480,000       2.875     01/12/32   410,918
    250,000       3.750     01/12/62   177,595
       

 

  4,816,525

 

Packaging(a) – 0.1%

Berry Global, Inc.

    1,475,000       1.570     01/15/26   1,371,632

 

Pharmaceuticals(a) – 1.3%

AbbVie, Inc.

    1,709,000       4.500     05/14/35   1,671,470
    638,000       4.300     05/14/36   611,734
    3,250,000       4.050     11/21/39   2,939,235

Bristol-Myers Squibb Co.

    1,440,000       6.250     11/15/53   1,649,650

Cigna Group

    5,100,000       4.125     11/15/25   5,036,556
    1,858,000       2.400     03/15/30   1,627,849
    1,025,000       4.800     08/15/38   992,907

CVS Health Corp.

    7,749,000       4.780     03/25/38   7,325,207

Perrigo Finance Unlimited Co.

    2,975,000       4.375     03/15/26   2,881,853

Zoetis, Inc.

    100,000       4.450     08/20/48   91,111
       

 

  24,827,572

 

Pipelines – 1.5%

Abu Dhabi Crude Oil Pipeline LLC(b)

    1,190,000       4.600     11/02/47   1,088,478

Cheniere Energy Partners LP(a)(b)

    1,185,000       5.950     06/30/33   1,216,402

Columbia Pipelines Operating Co. LLC(a)(b)

    3,620,000       6.036     11/15/33   3,794,991

Enbridge, Inc.(a)

    1,547,000       5.700     03/08/33   1,608,865
    2,300,000       2.500     08/01/33   1,882,780

Energy Transfer LP(a)

    50,000       4.950     06/15/28   49,883
    1,225,000       5.250     04/15/29   1,234,653
    375,000       5.300     04/15/47   345,315

Enterprise Products Operating LLC(a)

    85,000       3.750     02/15/25   83,881

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Pipelines – (continued)

Galaxy Pipeline Assets Bidco Ltd.

$

     200,000       2.625 %(b)    03/31/36   $      164,750
    2,836,685       2.940     09/30/40   2,333,173
    320,000       3.250 (b)    09/30/40   250,000

Kinder Morgan, Inc.(a)

    4,835,000       5.200     06/01/33   4,808,939

MPLX LP(a)

    1,300,000       2.650     08/15/30   1,122,992
    275,000       4.500     04/15/38   244,857
    645,000       5.500     02/15/49   624,818

Plains All American Pipeline LP/PAA Finance Corp.(a)

    875,000       3.800     09/15/30   805,962

Sabine Pass Liquefaction LLC(a)

    1,650,000       5.625     03/01/25   1,653,184
    275,000       5.000     03/15/27   276,169

Targa Resources Corp.(a)

    1,010,000       4.200     02/01/33   929,968

Western Midstream Operating LP(a)

    1,125,000       3.100     02/01/25   1,095,874
    475,000       3.950     06/01/25   463,975
    225,000       5.450     04/01/44   203,927

Williams Cos., Inc.(a)

    850,000       3.900     01/15/25   836,519
    800,000       4.000     09/15/25   785,368
    1,800,000       5.650     03/15/33   1,881,900
       

 

  29,787,623

 

Real Estate Investment Trust(a) – 1.1%

American Homes 4 Rent LP

    723,000       4.900     02/15/29   716,305

American Tower Corp.

    1,750,000       2.400     03/15/25   1,692,722

CubeSmart LP

    600,000       4.000     11/15/25   585,534
    1,095,000       2.500     02/15/32   909,770

Host Hotels & Resorts LP

    952,000       2.900     12/15/31   799,966

Invitation Homes Operating Partnership LP

    1,300,000       2.300     11/15/28   1,157,507
    3,595,000       2.000     08/15/31   2,858,349

NNN REIT, Inc.

    790,000       3.900     06/15/24   783,222
    1,150,000       4.000     11/15/25   1,126,425

Prologis LP

    3,037,000       1.750     07/01/30   2,548,590

Realty Income Corp.

    400,000       3.950     08/15/27   389,176

Retail Opportunity Investments Partnership LP

    3,075,000       6.750     10/15/28   3,233,455

Spirit Realty LP

    1,200,000       3.400     01/15/30   1,092,564

UDR, Inc.

    475,000       2.100     08/01/32   373,350

Ventas Realty LP

    975,000       3.500     02/01/25   952,789

WP Carey, Inc.

    505,000       4.600     04/01/24   502,621
    445,000       4.000     02/01/25   438,396

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Real Estate Investment Trust(a) – (continued)

WP Carey, Inc. – (continued)

$

     1,000,000       3.850 %    07/15/29   $      937,630
    725,000       2.400     02/01/31   612,871
       

 

  21,711,242

 

Retailing(a) – 0.4%

AutoNation, Inc.

    1,404,000       4.500     10/01/25   1,375,499
    500,000       1.950     08/01/28   430,200
    825,000       4.750     06/01/30   796,199

CK Hutchison International 20 Ltd.(b)

    200,000       2.500     05/08/30   174,368

Dollar Tree, Inc.

    975,000       4.000     05/15/25   957,703

Home Depot, Inc.

    625,000       3.250     04/15/32   577,719

Lowe’s Cos., Inc.

    2,500,000       1.700     10/15/30   2,078,650

McDonald’s Corp.

    1,313,000       4.600     09/09/32   1,330,135
    650,000       4.200     04/01/50   577,570
       

 

  8,298,043

 

Savings & Loans(a)(b)(c) – 0.0%

Nationwide Building Society (3 mo. USD LIBOR + 1.855%)

    975,000       3.960     07/18/30   909,997

 

Semiconductors(a) – 1.0%

Broadcom, Inc.(b)

    1,284,000       4.150     04/15/32   1,211,801
    2,770,000       2.600     02/15/33   2,280,569
    1,156,000       3.419     04/15/33   1,015,500
    975,000       3.469     04/15/34   848,650
    4,175,000       3.137     11/15/35   3,428,886
    161,000       3.187     11/15/36   130,660
    1,725,000       3.500     02/15/41   1,369,029

Intel Corp.

    2,750,000       5.200     02/10/33   2,873,282

NXP BV/NXP Funding LLC/NXP USA, Inc.

    825,000       3.400     05/01/30   758,026
    3,125,000       2.500     05/11/31   2,657,906
    2,250,000       2.650     02/15/32   1,896,547
       

 

  18,470,856

 

Software(a) – 1.3%

Black Knight InfoServ LLC(b)

    1,070,000       3.625     09/01/28   1,019,047

Fiserv, Inc.

    75,000       4.200     10/01/28   73,420

Oracle Corp.

    2,000,000       4.500     05/06/28   2,000,560
    1,881,000       2.950     04/01/30   1,697,697
    2,550,000       4.650     05/06/30   2,537,403
    5,625,000       2.875     03/25/31   4,981,387
    2,211,000       4.900     02/06/33   2,200,542
    350,000       3.600     04/01/40   279,902
    3,965,000       5.550     02/06/53   3,971,304

ServiceNow, Inc.

    3,400,000       1.400     09/01/30   2,796,330

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Corporate Obligations – (continued)

Software(a) – (continued)

Take-Two Interactive Software, Inc.

$

     1,495,000       3.700 %    04/14/27   $    1,448,147

VMware LLC

    700,000       1.800     08/15/28   614,334

Workday, Inc.

    50,000       3.700     04/01/29   48,019
    675,000       3.800     04/01/32   628,985
       

 

  24,297,077

 

Telecommunication Services – 1.7%

AT&T, Inc.(a)

    2,375,000       2.750     06/01/31   2,080,785
    1,165,000       4.900     08/15/37   1,127,813
    2,355,000       4.850     03/01/39   2,252,228
    1,325,000       3.500     06/01/41   1,053,070
    450,000       5.150     11/15/46   433,570

Telefonica Emisiones SA

    425,000       4.665     03/06/38   389,028

T-Mobile USA, Inc.(a)

    1,320,000       3.500     04/15/25   1,292,689
    1,350,000       1.500     02/15/26   1,257,525
    5,004,000       3.750     04/15/27   4,855,882
    700,000       4.750     02/01/28   697,277
    125,000       2.050     02/15/28   112,818
    2,333,000       3.875     04/15/30   2,214,927
    2,205,000       2.875     02/15/31   1,941,833
    2,150,000       3.500     04/15/31   1,966,605
    3,075,000       5.200     01/15/33   3,150,491

Verizon Communications, Inc.

    3,758,000       4.329     09/21/28   3,719,443
    2,251,000       4.016 (a)    12/03/29   2,177,888
    100,000       1.750 (a)    01/20/31   82,300
    1,500,000       2.550 (a)    03/21/31   1,293,630
       

 

  32,099,802

 

Transportation(a) – 0.1%

CSX Corp.

    2,645,000       4.100     11/15/32   2,571,019

 

TOTAL CORPORATE OBLIGATIONS
(Cost $622,927,499)		   $  600,012,105

 

       
Asset-Backed Securities – 8.8%

Automotive(a) – 1.1%

Ford Credit Auto Owner Trust Series 2023-C, Class A2A

$

     5,225,000       5.680 %    09/15/26   $    5,248,718

GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1(b)

    4,700,000       5.340     06/15/28   4,749,811

Hyundai Auto Receivables Trust Series 2023-A, Class A2A

    3,232,921       5.190     12/15/25   3,227,614

Nissan Auto Receivables Owner Trust Series 2023-A, Class A2A

    4,045,346       5.340     02/17/26   4,039,824

World Omni Auto Receivables Trust Series 2023-B, Class A2A

    3,604,207       5.250     11/16/26   3,597,467
       

 

  20,863,434

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Asset-Backed Securities – (continued)

Collateralized Loan Obligations – 6.6%

37 Capital CLO 1 Ltd. Series 2021-1A, Class A(a)(b)(c) (3 mo. USD Term SOFR + 1.462%)

$

     4,000,000       6.856 %    10/15/34   $    3,980,532

AB BSL CLO 2 Ltd. Series 2021-2A, Class A(a)(b)(c) (3 mo. USD Term SOFR + 1.362%)

    5,600,000       6.756     04/15/34   5,599,743

Allegro CLO VIII Ltd. Series 2018-2A, Class A(a)(b)(c) (3 mo. USD Term SOFR + 1.362%)

    3,806,801       6.756     07/15/31   3,806,683

AMMC CLO XI Ltd. Series 2012-11A, Class A1R2(a)(b)(c) (3 mo. USD Term SOFR + 1.272%)

    3,671,041       6.662     04/30/31   3,670,872

Apidos CLO XXIII Ltd. Series 2015-23A, Class AR(a)(b)(c) (3 mo. USD Term SOFR + 1.482%)

    4,000,000       6.876     04/15/33   3,999,852

Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (a)(b)(c)
(3 mo. USD Term SOFR + 2.912%)

    2,100,000       8.324     04/22/31   2,067,356

Cedar Funding IX CLO Ltd. Series 2018-9A, Class A1 (a)(b)(c) (3 mo. USD Term SOFR + 1.242%)

    3,442,701       6.657     04/20/31   3,442,019

CIFC Funding Ltd. Series 2018-2A, Class A1(a)(b)(c)

(3 mo. USD Term SOFR + 1.302%)

    3,598,936       6.717     04/20/31   3,598,734
    4,750,000       0.000     01/20/37   4,750,000
    3,775,000       0.000     01/20/37   3,775,000

Crown City CLO I Series 2020-1A, Class A2R(a)(b)(c) (3 mo. USD Term SOFR + 2.012%)

    4,600,000       7.427     07/20/34   4,560,771

Diameter Capital CLO 1 Ltd. Series 2023-A1A, Class A1A(a)(b)(c)
(3 mo. USD Term SOFR + 1.502%)

    5,250,000       6.896     07/15/36   5,240,729

Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2 (a)(b)(c) (3 mo. USD Term SOFR + 1.562%)

    5,838,810       6.956     07/15/31   5,839,143

GoldenTree Loan Opportunities IX Ltd. Series 2014-9A, Class AR2(a)(b)(c) (3 mo. USD Term SOFR + 1.372%)

    1,766,942       6.762     10/29/29   1,767,059

HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(a)(b)(c) (3 mo. USD Term SOFR + 1.712%)

    6,250,000       7.102     11/30/32   6,252,450

Halseypoint CLO 7 Ltd. Series 2023-7A, Class A(a)(b)(c) (3 mo. USD Term SOFR + 2.250%)

    5,200,000       7.509     07/20/36   5,238,475

Hayfin U.S. XII Ltd. Series 2018-8A, Class A(a)(b)(c) (3 mo. USD Term SOFR + 1.382%)

    3,660,425       6.797     04/20/31   3,660,260

Helios Issuer LLC Series 2023-GRID1, Class 1A(a)(b)

    418,132       5.750     12/20/50   426,859

Mountain View CLO LLC Series 2016-1A, Class AR (a)(b)(c) (3 mo. USD Term SOFR + 1.622%)

    3,500,000       7.016     04/14/33   3,479,182

OCP CLO Ltd. Series 2019-16A, Class AR(a)(b)(c) (3 mo. USD Term SOFR + 1.262%)

    3,500,000       6.668     04/10/33   3,493,049

Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1R(a)(b)(c)
(3 mo. USD Term SOFR + 1.432%)

    4,700,000       6.847     01/20/35   4,699,845

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Asset-Backed Securities – (continued)

Collateralized Loan Obligations – (continued)

OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (a)(b)(c) (3 mo. USD Term SOFR + 1.402%)

$

     2,150,000       6.817 %    07/02/35   $    2,149,243

OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (a)(b)(c) (3 mo. USD Term SOFR + 1.712%)

    2,000,000       7.107     04/18/33   1,990,024

Palmer Square CLO Ltd. Series 2019-1A, Class A1R (a)(b)(c) (3 mo. USD Term SOFR + 1.412%)

    6,000,000       6.789     11/14/34   5,999,724

Post CLO Ltd. Series 2018-1A, Class A(a)(b)(c)

    1,329,898       6.706     04/16/31   1,329,866

Recette CLO Ltd. Series 2015-1A, Class ARR(a)(b)(c) (3 mo. USD Term SOFR + 1.342%)

    7,000,000       6.757     04/20/34   6,978,580

RR 26 Ltd. Series 2023-26A, Class A1(a)(b)(c) (3 mo. USD Term SOFR + 1.780%)

    2,800,000       7.174     04/15/38   2,802,304

Southwick Park CLO LLC Series 2019-4A, Class A1R (a)(b)(c) (3 mo. USD Term SOFR + 1.322%)

    4,500,000       6.737     07/20/32   4,486,869

TCW CLO Ltd. Series 2023-1A, Class A1N(a)(b)(c) (3 mo. USD Term SOFR + 2.070%)

    4,500,000       7.460     04/28/36   4,529,727

Venture 32 CLO Ltd. Series 2018-32A, Class A1(a)(b)(c) (3 mo. USD Term SOFR + 1.362%)

    4,273,351       6.757     07/18/31   4,237,292

Venture 39 CLO Ltd. Series 2020-39A, Class A1(a)(b)(c) (3 mo. USD Term SOFR + 1.542%)

    6,900,000       6.936     04/15/33   6,850,044

Zais CLO 15 Ltd. Series 2020-15A, Class A1R(a)(b)(c) (3 mo. USD Term SOFR + 1.612%)

    3,250,000       7.002     07/28/32   3,220,233
       

 

  127,922,519

 

Credit Card(a) – 0.9%

Barclays Dryrock Issuance Trust Series 2023-1, Class A

    8,400,000       4.720     02/15/29   8,388,533

Capital One Multi-Asset Execution Trust Series 2022-A3, Class A

    4,200,000       4.950     10/15/27   4,210,213

Discover Card Execution Note Trust Series 2023-A1, Class A

    4,300,000       4.310     03/15/28   4,265,802
       

 

  16,864,548

 

Ohio – 0.1%

Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022-ELL, Class A3

    2,270,000       4.275     02/01/36   2,204,671

 

Student Loan(a)(c) – 0.1%

AccessLex Institute Series 2004-1, Class A2 (90 day USD SOFR Average + 0.472%)

    473,010       5.824     09/26/33   466,670

Educational Funding of the South, Inc. Series 2011-1, Class A2 (90 day USD SOFR Average + 0.911%)

    114,862       6.246     04/25/35   114,929

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Asset-Backed Securities – (continued)

Student Loan(a)(c) – (continued)

PHEAA Student Loan Trust Series 2016-1A, Class A(b) (30 day USD SOFR Average + 1.264%)

$

     1,267,337       6.602 %    09/25/65   $    1,269,267
       

 

  1,850,866

 

TOTAL ASSET-BACKED SECURITIES
(Cost $169,544,516)		   $  169,706,038

 

       
Agency Debentures – 1.7%

Sovereign – 1.7%

Federal Farm Credit Banks Funding Corp.

$

     7,050,000       2.850 %    03/28/34   $    6,117,497
    11,930,000       2.900     04/12/32   10,753,463
    3,840,000       3.300     05/19/32   3,541,517
    2,500,000       3.500     09/01/32   2,348,975

Federal Home Loan Banks

    2,400,000       5.000     09/28/29   2,509,968

Federal National Mortgage Association

    3,700,000       1.875     09/24/26   3,493,133
    4,200,000       6.250     05/15/29   4,659,396

 

TOTAL AGENCY DEBENTURES
(Cost $36,216,661)		   $   33,423,949

 

       
Sovereign Debt Obligations – 1.0%

Euro – 0.1%

Mexico Government International Bonds(a)

EUR

     839,000       1.450 %    10/25/33   $      720,057

Romania Government International Bonds(b)

    100,000       2.000     01/28/32   85,031
    360,000       3.375     01/28/50   269,866
       

 

  1,074,954

 

Sovereign – 0.1%

Export-Import Bank of Korea

$

     900,000       5.000     01/11/28   916,218

Mexico Government International Bonds(a)

    1,960,000       3.771     05/24/61   1,324,838
    600,000       3.750     04/19/71   399,000
       

 

  2,640,056

 

United States Dollar – 0.8%

Export-Import Bank of Korea

    390,000       5.125     01/11/33   405,530

Hungary Government International Bonds

    1,700,000       6.125     05/22/28   1,768,272

Israel Government AID Bonds(g)

    2,400,000       5.500     04/26/24   2,401,008
    4,700,000       5.500     09/18/33   5,171,175

Israel Government International Bonds(h)

    200,000       4.500     04/03/20   156,056

Mexico Government International Bonds

    200,000       3.750     01/11/28   192,687
    240,000       3.250 (a)    04/16/30   216,900

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Sovereign Debt Obligations – (continued)

United States Dollar – (continued)

Mexico Government International Bonds – (continued)

$

     200,000       4.750 %(a)    04/27/32   $      192,250
    1,746,000       3.500 (a)    02/12/34   1,477,007

Panama Government International Bonds(a)

    360,000       6.875     01/31/36   358,875
    800,000       6.853     03/28/54   747,000
    210,000       4.500     01/19/63   137,222

Peru Government International Bonds(a)

    10,000       2.780     12/01/60   6,222
    100,000       3.230 (i)    07/28/21   62,156

Romania Government International Bonds

    770,000       3.000 (b)    02/27/27   716,100
    690,000       5.125     06/15/48   590,226
    580,000       4.000     02/14/51   417,855
       

 

  15,016,541

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $20,623,158)		   $   18,731,551

 

       
Municipal Debt Obligations – 0.9%

Arizona – 0.0%

City of Tucson AZ Taxable Series A(a)

$

     100,000       1.457 %    07/01/28   $       87,432

City of Yuma AZ Pledged Revenue Taxable Series 2021

    100,000       1.749     07/15/28   87,239
       

 

  174,671

 

California – 0.4%

California State GO Bonds Build America Taxable Series 2009

    2,600,000       7.550 (a)    04/01/39   3,236,138

California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021

    620,000       1.807     02/01/30   521,526

Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A(a)

    2,295,000       2.074     11/01/30   1,963,298

Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C(a)

    245,000       1.831     11/01/29   211,928

Port Of Oakland RB Taxable Refunding Series R

    770,000       1.949 (a)    05/01/28   671,532

San Francisco Municipal Transportation Agency Revenue Refunding Series A

    555,000       1.302     03/01/28   487,297

San Jose Financing Authority Lease RB Taxable Refunding Series A

    540,000       1.812 (a)    06/01/29   465,347
       

 

  7,557,066

 

Florida(a) – 0.0%

Florida State Board of Administration Finance Corp. RB Taxable Series A

    595,000       2.154     07/01/30   507,534

 

Illinois – 0.2%

Illinois State GO Bonds Build America Series 2010

    1,514,835       7.350     07/01/35   1,639,636

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Debt Obligations – (continued)

Illinois – (continued)

Illinois State GO Bonds Taxable-Pension Series 2003

$

     1,170,000       5.100 %    06/01/33   $    1,157,644
       

 

  2,797,280

 

Louisiana(a) – 0.0%

City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021

    170,000       0.958     06/01/26   151,298

City of New Orleans LA Water System Revenue Taxable Refunding Series 2021

    150,000       1.008     12/01/26   130,832

Louisiana State Transportation Authority Revenue Taxable Refunding Series A

    160,000       1.138     02/15/26   142,747

State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021

    205,000       1.059     09/01/26   183,449
       

 

  608,326

 

Maryland – 0.0%

State of Maryland Department of Transportation Revenue Taxable Refunding Series A

    65,000       1.303     08/01/28   56,270

 

New York – 0.2%

Metropolitan Transportation Authority Revenue Series 2010

    395,000       5.989     11/15/30   420,196

New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B

    2,670,000       5.175     11/15/49   2,603,151
       

 

  3,023,347

 

Ohio – 0.1%

American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010

    1,585,000       6.270     02/15/50   1,727,877

 

Pennsylvania – 0.0%

Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C

    125,000       2.758     06/01/30   111,367

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $16,971,772)		   $   16,563,738

 

       
U.S. Treasury Obligations – 20.7%

U.S. Treasury Bonds

$

     6,530,000       4.250 %    05/15/39   $    6,729,981
    75,750,000       4.250     11/15/40   77,253,164
    3,080,000       4.750     11/15/43   3,309,556
    210,000       3.375     05/15/44   185,391
    15,240,000       2.875     11/15/46   12,222,956
    65,870,000       3.000     02/15/47   53,941,355
    9,870,000       4.000     11/15/52   9,760,505

U.S. Treasury Inflation-Indexed Bonds

    5,506,519       1.500     02/15/53   5,012,032

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
U.S. Treasury Obligations – (continued)

U.S. Treasury Notes

$

     22,680,000       0.750 %    05/31/26   $   20,938,247
    66,220,000       4.375     08/15/26   66,680,436
    24,880,000       0.750     08/31/26   22,815,738
    22,370,000       1.375     08/31/26   20,858,277
    25,100,000       2.625     05/31/27   24,031,289
    25,680,000       0.500     06/30/27   22,809,056
    16,320,000       3.500     04/30/28   16,063,725
    1,000,000       4.625     09/30/28   1,032,344
    16,470,000       3.750     12/31/28   16,398,507
    2,590,000       3.875     09/30/29   2,586,155
    16,390,000       3.875     12/31/30   16,261,586

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $437,838,405)		   $  398,890,300

 

Shares    

Dividend

Rate

   Value
Investment Company(j) – 1.2%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    23,705,129       5.248%   $   23,705,129
(Cost $23,705,129)

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 109.9%
(Cost $2,203,014,072)		   $2,118,900,111

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Short-term Investments – 0.8%

Certificates of Deposit – 0.5%

Banco Santander SA(c) (Secured Overnight Financing Rate + 0.490%)

$

     5,000,000       5.890 %    02/09/24   $    5,002,428

Bayerische Landesbank

    4,000,000       5.300     01/25/24   3,998,898
       

 

  9,001,326

 

Commercial Paper(b)(k) – 0.3%

Pure Grove Funding

    6,790,000       0.000     01/18/24   6,769,793

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $15,773,551)		   $   15,771,119

 

TOTAL INVESTMENTS – 110.7%
(Cost $2,218,787,623)		   $2,134,671,230

 

LIABILITIES IN EXCESS OF

 OTHER ASSETS – (10.7)%

   (207,014,638)

 

NET ASSETS – 100.0%   $1,927,656,592

 

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(d)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(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 $222,154,474 which represents approximately 11.6% of net assets as of December 31, 2023.
(f)   Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $13,370,739, which represents approximately 1% of the Fund’s net assets as of December 31, 2023.
(g)   Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,572,183, which represents approximately 0% of the Fund’s net assets as of December 31, 2023
(h)   Actual maturity date is April 03, 2120.
(i)   Actual maturity date is July 28, 2121.
(j)   Represents an affiliated Issuer.
(k)   Issued with a zero coupon. Income is recognized through the accretion of discount.
 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2023, 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

      AUD        1,785,843          USD          1,202,219          03/20/24        $ 17,690  
    

GBP

        1,334,530          USD          1,691,100          03/20/24          10,627  
    

JPY

        407,914,251          USD          2,835,246          03/21/24          94,952  
    

SEK

        15,028,015          USD          1,468,097          03/20/24          26,617  

BofA Securities LLC

      CAD        2,572,223          USD          1,914,101          03/20/24          29,258  

Citibank NA

      NZD        2,213,817          USD          1,375,179          03/20/24          24,563  

MS & Co. Int. PLC

      CHF        3,499,185          USD          4,015,166          03/20/24          180,060  
    

NOK

        14,077,297          USD          1,338,012          03/20/24          50,029  

State Street Bank and Trust

      EUR        1,710,912          USD          1,877,575          03/20/24          17,309  

 

  

TOTAL

                               $ 451,105  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		       

Unrealized

Loss

  

 

  

Barclays Bank PLC

      USD          1,722,532          EUR          1,595,546          03/20/24        $ (44,581 ) 
    

USD

        1,349,386          SEK          14,109,745          03/20/24          (53,996 ) 

BNP Paribas SA

      USD        1,608,571          GBP          1,278,466          03/20/24          (21,667 ) 
    

USD

        1,072,770          NOK          11,749,317          03/20/24          (85,729 ) 
    

USD

        1,237,703          NZD          2,019,875          03/20/24          (39,415 ) 

Citibank NA

      USD        4,088,477          CHF          3,526,810          03/20/24          (139,868 ) 

MS & Co. Int. PLC

      USD        1,721,863          CAD          2,333,081          03/20/24          (40,821 ) 
    

USD

        3,475,117          JPY          485,203,480          03/21/24          (10,278 ) 

State Street Bank and Trust

      USD        1,198,578          AUD          1,820,324          03/20/24          (44,885 ) 

 

  

TOTAL

                               $ (481,240 ) 

 

  

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

 

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

 

  

Government National Mortgage Association

      3.000%      TBA - 30yr        01/22/24        $ (20,000,000 )     $ (18,119,368 ) 

Government National Mortgage Association

      3.500        TBA - 30yr        01/22/24          (3,000,000 )       (2,794,315 ) 

Government National Mortgage Association

      4.500        TBA - 30yr        01/22/24          (46,000,000 )       (44,908,342 ) 

Uniform Mortgage-Backed Security

      2.000        TBA - 30yr        01/16/24          (53,000,000 )       (43,336,605 ) 

Uniform Mortgage-Backed Security

      3.000        TBA - 30yr        01/16/24          (4,000,000 )       (3,540,625 ) 

Uniform Mortgage-Backed Security

      4.500        TBA - 30yr        01/16/24          (48,000,000 )       (46,567,478 ) 

Uniform Mortgage-Backed Security

      5.000        TBA - 30yr        01/16/24          (64,000,000 )       (63,359,968 ) 

Uniform Mortgage-Backed Security

      5.500        TBA - 30yr        01/16/24          (32,000,000 )       (32,157,517 ) 

Uniform Mortgage-Backed Security

      6.000        TBA - 30yr        01/16/24          (9,000,000 )       (9,143,440 ) 

 

  

(PROCEEDS RECEIVABLE: $(259,186,426))

                        $ (263,927,658 ) 

 

  

 

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

FUTURES CONTRACTS — At December 31, 2023, 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

      260        03/19/24        $ 29,351,563      $ 54,165  

2 Year U.S. Treasury Notes

      368        03/28/24          75,776,375        59,262  

20 Year U.S. Treasury Bonds

      89        03/19/24          11,119,438        47,970  

30 Year German Euro-Buxl

      4        03/07/24          625,807        40,001  

5 Year German Euro-Bund

      3        03/07/24          454,452        11,521  

5 Year U.S. Treasury Notes

      1,453        03/28/24          158,047,805        1,348,836  

Ultra Long U.S. Treasury Bonds

      574        03/19/24          76,682,812        5,567,513  

 

  

Total

                   $ 7,129,268  

 

  

Short position contracts:

                  

5 Year German Euro-Bobl

      (183)        03/07/24          (24,097,289 )       (330,083 ) 

5 Year German Euro-Oat

      (10)        03/07/24          (1,451,805 )       (3,670 ) 

Ultra 10-Year U.S. Treasury Note

      (298)        03/19/24          (35,168,656 )       (1,582,456 ) 

 

  

Total

                   $ (1,916,209 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ 5,213,059  

 

  

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

SWAP CONTRACTS — At December 31, 2023, 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)		  

 

  

3M EURO(b)

          3.720%(c)        03/18/25        EUR  79,160        $ 608,444      $ (114,475 )     $ 722,919  

3.500%(c)

      12M SOFR(c)        04/19/25        $ 2,700          19,649        (2,517 )       22,166  

1.250(d)

      12M CHFOR(d)        03/20/26        CHF  25,660          (116,878 )       (127,651 )       10,773  

3.000(d)

      12M EURO(d)        03/20/26        EUR  109,600          (1,577,954 )       (1,478,311 )       (99,643 ) 

3M STIBOR(b)

        3.500(d)        03/20/26        SEK  457,990          734,947        472,714        262,233  

12M CDOR(e)

        3.750(e)        03/20/26        CAD  40,220          90,141        (44,820 )       134,961  

3.750(b)

      3M AUDOR(b)        03/20/26        AUD  63,540          34,354        261,558        (227,204 ) 

12M SOFR(d)

      4.000(d)        03/20/26        $ 31,740          108,586        (75,093 )       183,679  

6M NIBOR(e)

      4.250(d)        03/20/26        NOK  427,720          413,642        320,379        93,263  

12M GBP(d)

      5.250(d)        03/20/26        GBP  33,840          1,190,464        905,856        284,608  

12M JYOR(d)

      0.500(d)        08/02/26        JPY  2,732,850          61,798        13,640        48,158  

12M SOFR(d)

      3.350(d)        10/06/27        $ 90,850          425,886        52,795        373,091  

6M EURO(e)

      3.000(d)        10/20/27        EUR  40,300          755,760        (276,914 )       1,032,674  

12M SOFR(d)

      3.730(d)        11/28/27        $ 17,750          203,901        64,774        139,127  

12M EURO(d)

      2.673(d)        04/22/28        EUR  35,450          902,892        146,473        756,419  

2.852(d)

      3M EURO(b)        04/22/28          35,450          (883,751 )       (126,263 )       (757,488 ) 

0.500(d)

      12M JYOR(d)        08/03/28        JPY  5,691,460          122,399        (70,272 )       192,671  

12M SOFR(d)

      3.696(d)        09/22/28        $ 75,640          748,647        (159,945 )       908,592  

12M EURO(d)

      2.500(d)        10/19/28        EUR  22,400          421,064        156,601        264,463  

12M SOFR(d)

      4.250(d)        03/20/29        $ 20,680          770,884        656,204        114,680  

12M GBP(d)

      4.750(d)        03/20/29        GBP  8,370          709,484        409,594        299,890  

0.500(d)

      12M JYOR(d)        03/21/29        JPY   16,918,000          68,788        1,161,739        (1,092,951 ) 

2.680(d)

      12M SOFR(d)        07/28/32        $ 20,070          506,033        279,326        226,707  

12M JYOR(d)

      1.250(d)        08/02/33        JPY  1,172,060          19,268        (3,144 )       22,412  

1.250(d)

      12M JYOR(d)        08/03/33          1,623,000          (26,490 )       (84,338 )       57,848  

12M SOFR(d)

      4.306(d)        10/05/33        $ 31,250          1,123,085        2,308        1,120,777  

6M EURO(e)

      3.000(d)        11/10/33        EUR  30,290          633,796        385,773        248,023  

12M CHFOR(d)

      1.500(d)        03/20/34        CHF  5,260          199,961        186,447        13,514  

4.250(d)

      12M GBP(d)        03/20/34        GBP  740          (79,157 )       (40,055 )       (39,102 ) 

6M EURO(e)

      3.000(d)        03/20/34        EUR  5,760          304,095        268,532        35,563  

12M CDOR(e)

      3.250(e)        03/20/34        CAD  1,480          20,567        (12,215 )       32,782  

3.000(d)

      3M STIBOR(b)        03/20/34        SEK  114,440          (690,582 )       (416,638 )       (273,944 ) 

6M AUDOR(e)

      4.250(e)        03/20/34        AUD  7,110          26,640        (165,330 )       191,970  

12M SOFR(d)

      4.250(d)        03/20/34        $ 13,300          925,289        847,621        77,668  

3M NZDOR(b)

      4.750(e)        03/20/34        NZD  6,720          221,130        7,771        213,359  

3.750(d)

      6M NIBOR(e)        03/20/34        NOK  16,420          (63,541 )       (43,421 )       (20,120 ) 

12M JYOR(d)

      1.000(d)        03/21/34        JPY  50,000          3,925        (3,696 )       7,621  

3.240(d)

      12M SOFR(d)        10/06/35        $ 21,670          140,272        (260,257 )       400,529  

3.781(d)

      12M SOFR(d)        09/22/36          17,850          (562,184 )       276,951        (839,135 ) 

12M SOFR(d)

      2.910(d)        07/28/37          48,890          (1,069,454 )       (652,894 )       (416,560 ) 

6M EURO(e)

      2.152(d)        08/09/37        EUR  25,940          (635,483 )       (1,153,227 )       517,744  

12M SOFR(d)

      3.391(d)        05/10/38        $ 58,990          (354,506 )       (604,439 )       249,933  

12M JYOR(d)

      1.500(d)        08/03/38        JPY  1,759,000          (91,811 )       (130,409 )       38,598  

1.451(d)

      6M EURO(e)        08/10/42        EUR  66,340          2,421,615        2,205,216        216,399  

2.080(d)

      12M SOFR(d)        07/28/47        $ 48,510          1,102,327        808,586        293,741  

6M EURO(e)

      1.051(d)        08/11/47        EUR  38,840          (1,200,289 )       (982,688 )       (217,601 ) 

2.564(d)

      12M SOFR(d)        05/11/53        $ 50,200          533,611        508,916        24,695  

2.000(d)

      6M EURO(e)        05/17/53        EUR  11,230          38,911        83,122        (44,211 ) 

2.500(d)

      6M EURO(e)        11/10/53          13,510          (648,737 )       (462,941 )       (185,796 ) 

3.613(d)

      12M SOFR(d)        11/15/53        $ 16,680          (719,839 )       (110,705 )       (609,134 ) 

3.512(d)

      12M SOFR(d)        11/29/53          5,630          (203,205 )       (96,250 )       (106,955 ) 

2.500(d)

      6M EURO(e)        03/20/54        EUR  3,090          (140,963 )       (90,972 )       (49,991 ) 

 

  

TOTAL

                     $ 7,547,431      $ 2,693,016      $ 4,854,415  

 

  

 

(a)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.
(b)   Payments made quarterly.
(c)   Payments made at maturity.
(d)   Payments made annually.
(e)   Payments made semi-annually.

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index

  

Financing Rate

Paid by

the Fund(a)

    

Credit

Spread at

December 31,

2023(b)

    

Counterparty

    

Termination

Date

  

Notional

Amount

(000s)

    

Value

    

Upfront

Premiums

(Received)

Paid

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Protection Sold:

                

CMBX.NA.AAA.16

     0.500%       0.766%       MS & Co. Int. PLC     04/17/65   $ 10,700     $ (187,211 )    $ (216,579 )    $ 29,368  

 

  

TOTAL

             $ (187,211 )    $ (216,579 )    $ 29,368  

 

  

 

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index		    Financing Rate
Received/(Paid) by
the Fund(a)		     Credit
Spread at
December 31,
2023(b)		     Termination
Date		      Notional
Amount
(000s)		      Value      Upfront
Premiums
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

                  

CDX.NA.IG Index 40

      1.000%       0.507%       06/20/28      $ 106,631      $ 2,179,894      $ 845,733     $ 1,334,161  

General Electric Co. 6.750%, 3/15/32

      1.000         0.285         06/20/26        3,875        66,715        26,061       40,654  

Nordstrom, Inc., 6.950%, 3/15/2028

      1.000         0.729         12/20/24        1,950        5,665        (12,304 )      17,969  

Nordstrom, Inc., 6.950%, 3/15/2028

      1.000         0.549         06/20/24        5,525        13,630        (2,509 )      16,139  

Republic of Chile, 3.240%, 02/06/28

      1.000         0.493         12/20/28        5,440        127,017        86,821       40,196  

The Boeing Co., 8.750%, 08/15/21

      1.000         0.225         06/20/24        1,225        4,903        2,491       2,412  

United Mexican States, 4.150%, 03/28/27

      1.000         0.880         12/20/28        3,980        22,845        (41,776 )      64,621  

 

  

TOTAL

              $ 2,420,669      $ 904,517     $ 1,516,152  

 

  

 

(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 December 31, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

 

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

 

  

Purchased option contracts

          

Calls

                

3M IRS

   MS & Co. Int. PLC     3.425%     03/13/2024     50,850,000     $ 50,850,000     $ 19,647     $ 54,779     $ (35,132 ) 

3M IRS

   MS & Co. Int. PLC     3.800       03/13/2024     101,700,000       101,700,000       8,151       29,880       (21,729 ) 

 

  
      152,550,000     $ 152,550,000     $ 27,798     $ 84,659     $ (56,861 ) 

 

  

Puts

 

            

3M IRS

   Citibank NA     4.050       02/05/2024     24,020,000       24,020,000       170       4,711       (4,541 ) 

3M IRS

   Citibank NA     3.700       02/05/2024     24,020,000       24,020,000       1,474       27,773       (26,299 ) 

3M IRS

   Citibank NA     3.750       02/05/2024     24,020,000       24,020,000       1,077       21,326       (20,249 ) 

3M IRS

   Citibank NA     4.000       02/05/2024     24,020,000       24,020,000       228       5,951       (5,723 ) 

 

  
      96,080,000     $ 96,080,000     $ 2,949     $ 59,761     $ (56,812 ) 

 

  

Total purchased option contracts

 

       248,630,000     $ 248,630,000     $ 30,747     $ 144,420     $ (113,673 ) 

 

  

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

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)		  

 

  

Written option contracts

 

          

Calls

 

            

6M IRS

   Citibank NA      3.720%       03/14/2024     (44,710,000)   $ (44,710,000 )    $ (349,556 )    $ (101,598 )    $ (247,958 ) 

6M IRS

   Citibank NA     3.744         03/14/2024     (44,710,000)     (44,710,000 )      (360,493 )      (98,906 )      (261,587 ) 

1M IRS

   JPMorgan Securities, Inc.     2.378         01/29/2024     (5,140,000)     (5,140,000 )      (35,706 )      (57,087 )      21,381  

1M IRS

   MS & Co. Int. PLC     3.835         01/11/2024     (5,070,000)     (5,070,000 )      (164,007 )      (61,093 )      (102,914 ) 

1M IRS

   MS & Co. Int. PLC     3.550         01/18/2024     (5,110,000)     (5,110,000 )      (69,339 )      (56,849 )      (12,490 ) 

1M IRS

   MS & Co. Int. PLC     3.392         01/29/2024     (5,140,000)     (5,140,000 )      (44,099 )      (57,311 )      13,212  

2M IRS

   MS & Co. Int. PLC     3.948         01/03/2024     (5,110,000)     (5,110,000 )      (208,245 )      (55,827 )      (152,418 ) 

3M IRS

   MS & Co. Int. PLC     3.650         03/13/2024     (152,550,000)     (152,550,000 )      (23,005 )      (73,039 )      50,034  

1M IRS

   UBS AG (London)     2.660         01/15/2024     (5,060,000)     (5,060,000 )      (14,420 )      (52,858 )      38,438  

1M IRS

   UBS AG (London)     2.431         01/22/2024     (5,120,000)     (5,120,000 )      (37,869 )      (52,616 )      14,747  

 

  
    (277,720,000)   $ (277,720,000 )    $ (1,306,739 )    $ (667,184 )    $ (639,555 ) 

 

  

Puts

 

            

3M IRS

   Citibank NA     3.900         02/05/2024     (48,040,000)     (48,040,000 )      (843 )      (18,846 )      18,003  

3M IRS

   Citibank NA     3.850         02/05/2024     (48,040,000)     (48,040,000 )      (1,151 )      (25,716 )      24,565  

6M IRS

   Citibank NA     3.720         03/14/2024     (44,710,000)     (44,710,000 )      (5,020 )      (101,598 )      96,578  

6M IRS

   Citibank NA     3.744         03/14/2024     (44,710,000)     (44,710,000 )      (4,541 )      (98,906 )      94,365  

1M IRS

   JPMorgan Securities, Inc.     2.378         01/29/2024     (5,140,000)     (5,140,000 )      (87,331 )      (57,087 )      (30,244 ) 

1M IRS

   MS & Co. Int. PLC     3.835         01/11/2024     (5,070,000)     (5,070,000 )      (2,687 )      (61,093 )      58,406  

1M IRS

   MS & Co. Int. PLC     3.550         01/18/2024     (5,110,000)     (5,110,000 )      (27,284 )      (56,849 )      29,565  

1M IRS

   MS & Co. Int. PLC     3.392         01/29/2024     (5,140,000)     (5,140,000 )      (67,366 )      (57,311 )      (10,055 ) 

2M IRS

   MS & Co. Int. PLC     3.948         01/03/2024     (5,110,000)     (5,110,000 )      (1 )      (55,827 )      55,826  

1M IRS

   UBS AG (London)     2.660         01/15/2024     (5,060,000)     (5,060,000 )      (100,046 )      (52,858 )      (47,188 ) 

1M IRS

   UBS AG (London)     2.431         01/22/2024     (5,120,000)     (5,120,000 )      (63,932 )      (52,616 )      (11,316 ) 

 

  
        (221,250,000)   $ (221,250,000 )    $ (360,202 )    $ (638,707 )    $ 278,505  

 

  

Total written option contracts

 

     (498,970,000)   $ (498,970,000 )    $ (1,666,941 )    $ (1,305,891 )    $ (361,050 ) 

 

  

TOTAL

         (250,340,000)   $ (250,340,000 )    $ (1,636,194 )    $ (1,161,471 )    $ (474,723 ) 

 

  

 

 

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

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

REMICS  

— Real Estate Mortgage Investment Conduits

RFUCC1 yr.  

— 1 year Refinitiv USD IBOR Consumer Cash Fallbacks Term

SOFR  

— Secured Overnight Financing Rate

STACR  

— Structured Agency Credit Risk

USD  

— US.Dollar

 

GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

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

6M IRS  

— 6 Months Interest Rate Swaptions

AUDOR  

— Australian Dollar Offered Rate

BofA Securities  

— Bank of America Securities LLC

CDOR  

— Canadian Dollar Offered Rate

CDX.NA.IG Ind 40  

— CDX North America Investment Grade Index 40

CHFOR  

— Swiss Franc Offered Rate

EURO  

— Euro Offered Rate

JYOR  

— Japanese Yen Offered Rate

MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

NIBOR  

— Norwegian Interbank Offered Rate

NZDOR  

— New Zealand Dollar Offered Rate

SOFR  

— Secured Overnight Financing Rate

STIBOR  

— Stockholm Interbank Offered Rate

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – 32.4%

Aerospace & Defense(a) – 0.3%

Boeing Co.

$

     779,000       5.150 %    05/01/30   $   793,116
    89,000       3.250     02/01/35   75,145
    225,000       3.375     06/15/46   165,341
    80,000       3.625     03/01/48   59,174
    100,000       3.750     02/01/50   77,886

L3Harris Technologies, Inc.

    50,000       4.400     06/15/28   49,392
    425,000       5.400     07/31/33   442,174
    75,000       5.600     07/31/53   80,106
       

 

  1,742,334

 

Agriculture(a) – 0.1%

BAT Capital Corp.

    50,000       3.557     08/15/27   47,754

BAT International Finance PLC

EUR

     200,000       2.250     01/16/30   196,499

Philip Morris International, Inc.

$

     525,000       5.625     11/17/29   550,693
       

 

  794,946

 

Automotive – 1.0%

General Motors Financial Co., Inc.(a)

EUR

     100,000       1.694     03/26/25   107,600
    195,000       0.850     02/26/26   204,373

$

     1,725,000       1.500     06/10/26   1,581,549
    650,000       5.000     04/09/27   648,992
    375,000       3.850     01/05/28   358,519
    200,000       5.650     01/17/29   204,718
    90,000       4.300     04/06/29   86,819

Hyundai Capital America(a)(b)

    2,425,000       1.650     09/17/26   2,205,246
    175,000       5.700     06/26/30   179,011

PACCAR Financial Corp.

    725,000       0.900     11/08/24   698,552
       

 

  6,275,379

 

Banks – 12.0%

ABN AMRO Bank NV(a)(b)(c) (1 yr. CMT + 0.800%)

    1,200,000       1.542     06/16/27   1,089,036

AIB Group PLC(a)(c)

(1 yr. EUR Swap + 1.950%)

EUR

     1,150,000       4.625     07/23/29   1,309,736

(-1X 5 yr. EUR Swap + 3.300%)

    494,000       2.875     05/30/31   522,839

(3 mo. USD LIBOR + 1.874%)

$

     1,250,000       4.263 (b)    04/10/25   1,243,487

Australia & New Zealand Banking Group Ltd.(a)(b)(c) (5 yr. CMT +1.288%)

    750,000       2.950     07/22/30   713,362

Banco Santander SA

    800,000       2.706     06/27/24   789,104
    1,000,000       3.800     02/23/28   944,400
    1,400,000       3.490     05/28/30   1,260,910
    200,000       2.749     12/03/30   166,080
    400,000       6.921     08/08/33   426,700

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

Bank of America Corp.(a)(c)

(3 mo. USD Term SOFR + 1.072%)

$

     2,900,000       3.366 %    01/23/26   $  2,832,546

(Secured Overnight Financing Rate + 1.320%)

    350,000       2.687     04/22/32   295,530

(Secured Overnight Financing Rate + 1.630%)

    2,125,000       5.202     04/25/29   2,137,962

(Secured Overnight Financing Rate + 1.830%)

    1,039,000       4.571     04/27/33   991,061

(Secured Overnight Financing Rate + 1.910%)

    600,000       5.288     04/25/34   601,686

(Secured Overnight Financing Rate + 2.150%)

    375,000       2.592     04/29/31   322,958

(Secured Overnight Financing Rate + 2.160%)

    300,000       5.015     07/22/33   296,595

Bank of Ireland Group PLC(a)(c) (5 yr. EUR Swap + 4.150%)

EUR

     400,000       6.750     03/01/33   477,639

Banque Federative du Credit Mutuel SA(a)(c) (5 yr. EUR Swap + 2.200%)

    1,200,000       3.875     06/16/32   1,309,386

Barclays PLC(a)(c)

(1 yr. CMT + 1.050%)

$

     1,025,000       2.279     11/24/27   940,130

(1 yr. CMT + 3.500%)

    1,230,000       7.437     11/02/33   1,378,473

BNP Paribas SA

    1,450,000       3.375 (b)    01/09/25   1,419,666
    1,250,000       3.375     01/09/25   1,223,850

(Secured Overnight Financing Rate + 1.004%)

    575,000       1.323 (a)(b)(c)    01/13/27   530,334

(Secured Overnight Financing Rate + 2.074%)

    550,000       2.219 (a)(b)(c)    06/09/26   525,102

BPCE SA

EUR

     300,000       1.750     04/26/27   317,040

(Secured Overnight Financing Rate + 1.520%)

$

     1,000,000       1.652 (a)(b)(c)    10/06/26   930,820

CaixaBank SA

EUR

     400,000       1.125     05/17/24   436,957

(-1X3 mo. EUR EURIBOR + 0.850%)

    700,000       0.375 (a)(c)    11/18/26   727,141

(-1X3 mo. EUR EURIBOR + 0.900%)

    1,500,000       0.500 (a)(c)    02/09/29   1,460,774

(-1X3 mo. EUR EURIBOR + 1.000%)

    300,000       0.750 (a)(c)    05/26/28   301,842

(3 mo. EUR EURIBOR + 0.620%)

    300,000       0.625 (a)(c)    01/21/28   305,558

(5 yr. EUR Swap + 3.000%)

    200,000       6.125 (a)(c)    05/30/34   233,616

(5 yr. EUR Swap + 3.550%)

    200,000       6.250 (a)(c)    02/23/33   233,075

Citigroup, Inc.(a)(c)

(Secured Overnight Financing Rate + 0.686%)

$

     1,575,000       6.069     10/30/24   1,574,212

(Secured Overnight Financing Rate + 2.842%)

    1,700,000       3.106     04/08/26   1,652,961

(Secured Overnight Financing Rate + 3.914%)

    300,000       4.412     03/31/31   287,274

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Banks – (continued)

Commonwealth Bank of Australia(a)(b)(c) (5 yr. CMT + 2.050%)

$

     661,000       3.610 %    09/12/34   $    589,969

Credit Agricole SA

EUR

     800,000       3.875     04/20/31   912,940

(Secured Overnight Financing Rate + 0.892%)

$

     1,100,000       1.247 (a)(b)(c)    01/26/27   1,012,550

(Secured Overnight Financing Rate + 1.676%)

    300,000       1.907 (a)(b)(c)    06/16/26   284,730

Credit Suisse AG

    1,000,000       2.950     04/09/25   968,960

Danske Bank AS(a)(b)(c) (1 yr. CMT + 1.750%)

    1,275,000       4.298     04/01/28   1,234,060

Deutsche Bank AG(a)(c)

(-1X3 mo. EUR EURIBOR + 2.050%)

EUR

     400,000       1.750     11/19/30   383,671

(3 mo. EUR EURIBOR + 2.950%)

    2,100,000       5.000     09/05/30   2,394,451

(Secured Overnight Financing Rate + 1.870%)

$

     275,000       2.129     11/24/26   257,744

HSBC Holdings PLC

    200,000       4.250     08/18/25   195,710

(3 mo. USD Term SOFR + 1.473%)

    2,150,000       3.803 (a)(c)    03/11/25   2,141,421

(3 mo. USD Term SOFR + 1.796%)

    300,000       4.583 (a)(c)    06/19/29   291,102

Huntington Bancshares, Inc.(a)(c) (Secured Overnight Financing Rate + 2.020%)

    500,000       6.208     08/21/29   515,465

ING Groep NV(a)(c) (Secured Overnight Financing Rate + 1.830%)

    400,000       4.017     03/28/28   389,640

JPMorgan Chase & Co.(a)(c)

(3 mo. USD Term SOFR + 1.250%)

    350,000       2.580     04/22/32   296,216

(3 mo. USD Term SOFR + 2.515%)

    750,000       2.956     05/13/31   659,723

(Secured Overnight Financing Rate + 1.560%)

    3,125,000       4.323     04/26/28   3,073,219

(Secured Overnight Financing Rate + 2.080%)

    300,000       4.912     07/25/33   296,667

Kreditanstalt fuer Wiederaufbau(d)

EUR

     3,500,000       3.125     10/10/28   3,990,366

Macquarie Bank Ltd.(a)(b)(c) (5 yr. CMT + 1.700%)

$

     600,000       3.052     03/03/36   485,802

Macquarie Group Ltd.(a)(b)(c)

(3 mo. USD LIBOR + 1.372%)

    380,000       3.763     11/28/28   355,897

(Secured Overnight Financing Rate + 1.069%)

    400,000       1.340     01/12/27   367,448

Morgan Stanley(a)(c)

(5 yr. CMT + 2.430%)

    475,000       5.948     01/19/38   480,976

(Secured Overnight Financing Rate + 1.360%)

    775,000       2.484     09/16/36   615,172

(Secured Overnight Financing Rate + 1.590%)

    3,325,000       5.164     04/20/29   3,340,528

(Secured Overnight Financing Rate + 1.870%)

    500,000       5.250     04/21/34   499,485

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

National Australia Bank Ltd.(b)

$

     750,000       6.429 %    01/12/33   $    790,770

Norinchukin Bank(b)

    1,050,000       1.284     09/22/26   950,596

Permanent TSB Group Holdings PLC(a)(c) (1 yr. EURIBOR ICE Swap + 3.500%)

EUR

     265,000       6.625     04/25/28   308,845

Santander U.K. Group Holdings PLC(a)(c)

(1 yr. CMT + 1.250%)

$

     1,000,000       1.532     08/21/26   932,960

(Secured Overnight Financing Rate + 0.787%)

    1,250,000       1.089     03/15/25   1,235,887

Shinhan Bank Co. Ltd.(b)

    240,000       4.500     04/12/28   237,799

Societe Generale SA(a)(b)(c) (1 yr. CMT + 1.100%)

    1,500,000       1.488     12/14/26   1,380,930

Standard Chartered PLC(a)(b)(c)

(1 yr. CMT + 0.880%)

    325,000       1.214     03/23/25   321,266

(1 yr. CMT + 1.000%)

    1,550,000       1.456     01/14/27   1,421,040

Sumitomo Mitsui Financial Group, Inc.

    325,000       3.040     07/16/29   296,806

Swedbank AB

EUR

     950,000       1.300     02/17/27   976,577

Truist Financial Corp.(a)(c) (Secured Overnight Financing Rate + 2.050%)

$

     225,000       6.047     06/08/27   229,037

U.S. Bancorp(a)(c) (Secured Overnight Financing Rate + 2.020%)

    700,000       5.775     06/12/29   718,984

UBS Group AG

    250,000       3.750     03/26/25   244,905

(-1X 1 yr. EUR Swap + 0.770%)

EUR

     509,000       0.650 (a)(c)    01/14/28   513,671

(-1X 1 yr. EURIBOR ICE Swap + 1.050%)

    750,000       1.000 (a)(c)    06/24/27   777,399

(3 mo. USD LIBOR + 1.410%)

$

     2,800,000       3.869 (a)(b)(c)    01/12/29   2,641,100

(5 yr. CMT + 4.758%)

    281,000       9.250 (a)(b)(c)    11/13/33   311,536

(Secured Overnight Financing Rate + 1.560%)

    2,000,000       2.593 (a)(b)(c)    09/11/25   1,956,780

(Secured Overnight Financing Rate + 1.560%)

    250,000       2.593 (a)(c)    09/11/25   244,598

Wells Fargo & Co.(a)(c)

(3 mo. USD Term SOFR + 1.432%)

    325,000       2.879     10/30/30   288,785

(Secured Overnight Financing Rate + 2.100%)

    300,000       4.897     07/25/33   292,446

Westpac Banking Corp.(a)(c)

(5 yr. CMT + 1.350%)

    1,200,000       2.894     02/04/30   1,156,404

(5 yr. CMT + 1.750%)

    475,000       2.668     11/15/35   386,360
       

 

  76,859,235

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Beverages(a) – 1.1%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.

$

     1,850,000       4.700 %    02/01/36   $  1,846,374
    750,000       4.900     02/01/46   739,957

Anheuser-Busch InBev Worldwide, Inc.

    300,000       4.750     01/23/29   305,022
    400,000       4.750     04/15/58   380,820

Bacardi Ltd.(b)

    1,200,000       4.700     05/15/28   1,176,120

Constellation Brands, Inc.

    1,500,000       4.400     11/15/25   1,482,930
    25,000       4.650     11/15/28   25,042
    238,000       4.750     05/09/32   237,315

Keurig Dr Pepper, Inc.

    776,000       4.417     05/25/25   768,232
    125,000       3.950     04/15/29   121,819
       

 

  7,083,631

 

Biotechnology(a) – 0.6%

Amgen, Inc.

    650,000       5.150     03/02/28   664,606
    1,450,000       5.250     03/02/30   1,491,079
    258,000       4.200     03/01/33   245,484
    1,275,000       5.250     03/02/33   1,306,811
       

 

  3,707,980

 

Building Materials(a) – 0.0%

Carrier Global Corp.

    145,000       2.493     02/15/27   136,467

 

Chemicals(a) – 0.2%

DuPont de Nemours, Inc.

    600,000       4.493     11/15/25   596,238

International Flavors & Fragrances, Inc.(b)

    450,000       1.230     10/01/25   416,511
    200,000       1.832     10/15/27   175,238

Syngenta Finance NV(b)

    400,000       4.892     04/24/25   394,504
       

 

  1,582,491

 

Commercial Services – 0.2%

Autostrade per l’Italia SpA(a)

EUR

     575,000       4.750     01/24/31   653,865

DP World Crescent Ltd.

$

     200,000       4.848     09/26/28   198,640

DP World Ltd.

    390,000       5.625     09/25/48   373,148

PayPal Holdings, Inc.(a)

    100,000       2.850     10/01/29   91,588
       

 

  1,317,241

 

Computers – 0.7%

Dell International LLC/EMC Corp.(a)

    1,250,000       6.020     06/15/26   1,279,187
    875,000       5.300     10/01/29   901,478
    75,000       6.200     07/15/30   80,499

Hewlett Packard Enterprise Co.(a)

    1,850,000       4.900     10/15/25   1,843,525

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Computers – (continued)

International Business Machines Corp.

$

     325,000       3.500 %    05/15/29   $    310,050
       

 

  4,414,739

 

Diversified Financial Services – 0.7%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)

    244,000       3.000     10/29/28   222,748
    208,000       3.300     01/30/32   181,137

Air Lease Corp.(a)

    1,150,000       3.250     03/01/25   1,119,881
    575,000       2.875     01/15/26   548,159

Ally Financial, Inc.(a)

    650,000       7.100     11/15/27   677,488

American Express Co.(a)

    255,000       2.500     07/30/24   250,650

Aviation Capital Group LLC(a)(b)

    400,000       1.950     01/30/26   370,560

Avolon Holdings Funding Ltd.(a)(b)

    400,000       3.950     07/01/24   394,912

Capital One Financial Corp.(a)

    505,000       3.300     10/30/24   496,400

Nomura Holdings, Inc.

    400,000       2.608     07/14/31   331,900
       

 

  4,593,835

 

Electrical – 0.9%

Ameren Corp.(a)

    150,000       2.500     09/15/24   146,696

E.ON International Finance BV

GBP

     417,000       6.375     06/07/32   587,063

Electricite de France SA

$

     1,450,000       4.500 (a)(b)    09/21/28   1,428,699

GBP

     650,000       6.125     06/02/34   883,661

Enel Finance America LLC(a)(b)

$

     675,000       2.875     07/12/41   458,055

Enel SpA(a)(c)

(-1X 5 yr. EUR Swap + 1.719%)

EUR

     850,000       1.375     06/08/27   819,890

(5 yr. EUR Swap + 2.580%)

    235,000       3.375     08/24/26   247,105

Sempra(a)

$

     700,000       3.400     02/01/28   667,590

TenneT Holding BV(a)

EUR

     679,000       4.500     10/28/34   832,269
       

 

  6,071,028

 

Engineering & Construction(a) – 0.1%

Mexico City Airport Trust

$

     540,000       3.875 (b)    04/30/28   505,791
    200,000       5.500 (b)    10/31/46   171,514
    200,000       5.500     07/31/47   171,836
       

 

  849,141

 

Entertainment(a) – 0.4%

Warnermedia Holdings, Inc.

    1,875,000       4.054     03/15/29   1,777,913

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Entertainment(a) – (continued)

Warnermedia Holdings, Inc. – (continued)

$

     975,000       4.279 %    03/15/32   $   891,998
       

 

  2,669,911

 

Environmental(a) – 0.2%

Veralto Corp.(b)

    875,000       5.350     09/18/28   896,875

Waste Management, Inc.

    216,000       4.875     02/15/34   220,415
       

 

  1,117,290

 

Food & Drug Retailing(a) – 0.1%

J M Smucker Co.

    900,000       5.900     11/15/28   947,646

 

Gas(a) – 0.1%

ONE Gas, Inc.

    828,000       1.100     03/11/24   820,407

 

Healthcare Providers & Services(a) – 1.3%

Alcon Finance Corp.(b)

    759,000       5.375     12/06/32   782,886

American Medical Systems Europe BV

EUR

     1,325,000       0.750     03/08/25   1,414,127

GE HealthCare Technologies, Inc.

$

     321,000       5.905     11/22/32   342,330
    550,000       6.377     11/22/52   639,210

HCA, Inc.

    250,000       3.375     03/15/29   230,613
    1,575,000       3.625     03/15/32   1,408,853

Medtronic Global Holdings SCA

EUR

     400,000       0.250     07/02/25   421,422

Quest Diagnostics, Inc.

$

     343,000       6.400     11/30/33   381,008

Stryker Corp.

EUR

     325,000       3.375     12/11/28   363,760

UnitedHealth Group, Inc.

$

     1,775,000       4.250     01/15/29   1,771,202
    38,000       4.200     05/15/32   37,159
    357,000       5.875     02/15/53   404,281
       

 

  8,196,851

 

Insurance(a) – 0.2%

Aviva PLC(c) (5 yr. UK Government Bond + 2.850%)

GBP

     450,000       6.125     11/14/36   586,642

Rothesay Life PLC

    475,000       7.734     05/16/33   645,340
       

 

  1,231,982

 

Internet – 0.7%

Amazon.com, Inc.(a)

$

     350,000       2.100     05/12/31   301,875

Expedia Group, Inc.(a)

    1,150,000       3.250     02/15/30   1,054,619

Netflix, Inc.

EUR

     1,800,000       4.625     05/15/29   2,124,499

Prosus NV(a)

$

     350,000       3.257     01/19/27   321,672
    210,000       3.680 (b)    01/21/30   182,569

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Internet – (continued)

Prosus NV(a) – (continued)

$

     200,000       4.027 %(b)    08/03/50   $    130,375
    200,000       3.832 (b)    02/08/51   125,750
       

 

  4,241,359

 

Iron/Steel(a) – 0.2%

Steel Dynamics, Inc.

    1,275,000       1.650     10/15/27   1,135,974

 

Lodging(a) – 0.4%

Marriott International, Inc.

    515,000       5.000     10/15/27   521,443
    1,500,000       4.650     12/01/28   1,493,355
    375,000       4.900     04/15/29   377,411
       

 

  2,392,209

 

Machinery-Diversified(a) – 0.1%

Ingersoll Rand, Inc.

    200,000       5.700     08/14/33   211,608

Otis Worldwide Corp.

    225,000       5.250     08/16/28   231,649
       

 

  443,257

 

Media(a) – 0.6%

Charter Communications Operating LLC/Charter Communications Operating Capital

    3,400,000       4.908     07/23/25   3,368,278
    650,000       4.800     03/01/50   505,914

Comcast Corp.

    300,000       4.150     10/15/28   295,848
       

 

  4,170,040

 

Mining(a) – 0.2%

Glencore Finance Europe Ltd.

GBP

     125,000       3.125     03/26/26   153,097

Glencore Funding LLC(b)

$

     455,000       1.625     04/27/26   421,416
    775,000       4.875     03/12/29   774,055
       

 

  1,348,568

 

Miscellaneous Manufacturing – 0.4%

GE Capital Funding LLC(a)

    1,500,000       4.550     05/15/32   1,471,455

General Electric Co.

    43,000       6.750     03/15/32   49,001

Teledyne Technologies, Inc.(a)

    1,250,000       0.950     04/01/24   1,235,400
       

 

  2,755,856

 

Multi-National – 2.7%

African Export-Import Bank(a)(b)

    390,000       2.634     05/17/26   360,173
    360,000       3.798     05/17/31   305,165

Asian Development Bank

GBP

     4,200,000       1.125     06/10/25   5,098,435

European Investment Bank

EUR

     1,240,000       0.875     01/14/28   1,291,145
    3,500,000       3.000     11/15/28   3,966,487
    4,410,000       2.250     03/15/30   4,818,713

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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   $  1,348,961
       

 

  17,189,079

 

Oil Field Services – 0.7%

BP Capital Markets PLC

EUR

     300,000       1.594     07/03/28   311,268

Diamondback Energy, Inc.(a)

$

     325,000       6.250     03/15/33   347,938

Occidental Petroleum Corp.(a)

    750,000       8.500     07/15/27   818,370

Pertamina Persero PT

    200,000       6.500     05/27/41   219,250

QatarEnergy(a)(b)

    820,000       3.300     07/12/51   597,452

TotalEnergies SE(a)(c)

(-1X 5 yr. EUR Swap + 2.404%)

EUR

     375,000       2.000     06/04/30   349,351

(5 yr. EUR Swap + 3.350%)

    300,000       3.369     10/06/26   322,621

Wintershall Dea Finance BV(a)

    1,300,000       1.332     09/25/28   1,284,546
       

 

  4,250,796

 

Pharmaceuticals(a) – 0.7%

AbbVie, Inc.

$

     1,350,000       2.600     11/21/24   1,319,098
    325,000       3.200     11/21/29   303,660

Bayer U.S. Finance II LLC(b)

    1,000,000       4.250     12/15/25   973,800

Becton Dickinson & Co.

EUR

     185,000       0.034     08/13/25   193,425

Bristol-Myers Squibb Co.

$

     325,000       3.400     07/26/29   308,175

Cigna Group

    300,000       4.375     10/15/28   297,636
    714,000       5.400     03/15/33   742,674

CVS Health Corp.

    325,000       4.780     03/25/38   307,226

McKesson Corp.

EUR

     125,000       1.500     11/17/25   133,664

Pfizer Investment Enterprises Pte. Ltd.

$

     188,000       4.750     05/19/33   188,340
       

 

  4,767,698

 

Pipelines – 1.0%

Abu Dhabi Crude Oil Pipeline LLC(b)

    1,260,000       4.600     11/02/47   1,152,506

Enbridge, Inc.(a)

    350,000       6.000     11/15/28   367,759
    700,000       5.700     03/08/33   727,993

Energy Transfer LP(a)

    750,000       6.100     12/01/28   789,592
    250,000       5.250     04/15/29   251,970
    500,000       6.400     12/01/30   534,875

Galaxy Pipeline Assets Bidco Ltd.

    200,000       2.625 (b)    03/31/36   164,750

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Pipelines – (continued)

Galaxy Pipeline Assets Bidco Ltd. – (continued)

$

     578,534       2.940 %    09/30/40   $    475,845

Sabine Pass Liquefaction LLC(a)

    1,500,000       5.625     03/01/25   1,502,895

Williams Cos., Inc.(a)

    350,000       2.600     03/15/31   299,639
       

 

  6,267,824

 

Real Estate(a) – 0.3%

CBRE Services, Inc.

    600,000       5.950     08/15/34   631,380

Logicor Financing SARL

EUR

     600,000       2.250     05/13/25   641,386
    550,000       3.250     11/13/28   577,100
    325,000       1.625     01/17/30   306,753
       

 

  2,156,619

 

Real Estate Investment Trust(a) – 0.4%

American Homes 4 Rent LP

$

     125,000       2.375     07/15/31   103,145

NNN REIT, Inc.

    375,000       3.900     06/15/24   371,782
    400,000       5.600     10/15/33   413,548

Realty Income Corp.

    900,000       4.625     11/01/25   894,429

Spirit Realty LP

    300,000       2.100     03/15/28   266,298

WEA Finance LLC/Westfield U.K. & Europe Finance PLC(b)

    400,000       3.750     09/17/24   391,864

WP Carey, Inc.

    240,000       4.600     04/01/24   238,870
    170,000       4.000     02/01/25   167,477
       

 

  2,847,413

 

Retailing(a) – 0.4%

AutoNation, Inc.

    200,000       1.950     08/01/28   172,080

CK Hutchison International 20 Ltd.(b)

    200,000       2.500     05/08/30   174,368

CK Hutchison International 23 Ltd.(b)

    350,000       4.750     04/21/28   350,546

Dollar Tree, Inc.

    650,000       4.000     05/15/25   638,469

Lowe’s Cos., Inc.

    378,000       5.000     04/15/33   386,097
    625,000       5.150     07/01/33   642,469
       

 

  2,364,029

 

Semiconductors(a) – 0.7%

Broadcom, Inc.

    325,000       4.300     11/15/32   311,607
    175,000       3.469 (b)    04/15/34   152,322
    2,784,000       3.137 (b)    11/15/35   2,286,471
    350,000       4.926 (b)    05/15/37   338,569

Micron Technology, Inc.

    125,000       6.750     11/01/29   135,090

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Semiconductors(a) – (continued)

NXP BV/NXP Funding LLC/NXP USA, Inc.

$

     1,004,000       5.000 %    01/15/33   $  1,002,303
       

 

        4,226,362

 

Software(a) – 0.9%

Fidelity National Information Services, Inc.

EUR

     550,000       0.625     12/03/25   577,330

Fiserv, Inc.

$

     237,000       3.500     07/01/29   223,214

Oracle Corp.

    1,550,000       2.875     03/25/31   1,372,649
    450,000       6.250     11/09/32   489,343
    500,000       4.900     02/06/33   497,635
    850,000       3.950     03/25/51   668,125
    900,000       6.900     11/09/52   1,054,872
    525,000       5.550     02/06/53   525,835

Workday, Inc.

    125,000       3.700     04/01/29   120,049
       

 

        5,529,052

 

Telecommunication Services – 1.4%

AT&T, Inc.(a)

    300,000       4.300     02/15/30   293,664

EUR

     307,000       1.800     09/14/39   258,279

$

     350,000       4.750     05/15/46   317,327
    280,000       3.650     06/01/51   211,338

Deutsche Telekom International Finance BV

    250,000       8.750     06/15/30   301,372

Telefonica Emisiones SA

GBP

     450,000       5.445     10/08/29   593,181

T-Mobile USA, Inc.(a)

$

     500,000       3.500     04/15/25   489,655
    656,000       3.750     04/15/27   636,582
    300,000       4.750     02/01/28   298,833
    1,225,000       3.875     04/15/30   1,163,003
    1,675,000       2.550     02/15/31   1,441,924
    375,000       2.700     03/15/32   319,969
    1,525,000       5.200     01/15/33   1,562,439

Verizon Communications, Inc.

    300,000       4.329     09/21/28   296,922
    325,000       4.016 (a)    12/03/29   314,444
    350,000       2.355 (a)    03/15/32   291,368

Vodafone Group PLC(a)

EUR

     165,000       1.875     09/11/25   177,602
       

 

        8,967,902

 

Water – 0.4%

Thames Water Utilities Finance PLC

GBP

     150,000       4.000     06/19/25   182,934

Veolia Environnement SA(a)

EUR

     1,300,000       1.940     01/07/30   1,342,841

(-1X 5 yr. EUR Swap + 2.840%)

    200,000       2.500 (c)    01/20/29   197,603

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Water – (continued)

Veolia Environnement SA(a) – (continued)

(-5 yr. EURIBOR ICE Swap + 2.151%)

EUR

     600,000       1.625 %(c)    06/01/26   $    611,646
        2,335,024

 

TOTAL CORPORATE OBLIGATIONS

(Cost $211,912,143)

   $207,801,595

 

       
Sovereign Debt Obligations – 29.1%

British Pound – 0.7%

State of North Rhine-Westphalia

GBP

     400,000       2.125 %    06/13/25   $    491,118

U.K. Gilts

    840,000       1.500     07/31/53   596,929
    1,990,000       3.500     01/22/45   2,310,598
    220,000       1.750     07/22/57   163,548
    710,000       3.500     07/22/68   812,682
       

 

        4,374,875

 

Canadian Dollar – 1.5%

Province of British Columbia

CAD

     2,600,000       2.850     06/18/25   1,923,417
    2,000,000       4.950     06/18/40   1,690,850

Province of Ontario

    1,700,000       2.600     06/02/25   1,253,834
    2,300,000       4.650     06/02/41   1,874,455

Province of Quebec

GBP

     2,390,000       2.250     09/15/26   2,895,921
       

 

        9,638,477

 

Euro – 5.6%

European Financial Stability Facility(d)

EUR

     1,170,000       0.875     04/10/35   1,057,838

European Union

    820,000       0.200     06/04/36   659,666

Finland Government Bonds

    1,190,000       1.500     09/15/32   1,210,969

French Republic Government Bonds OAT

    1,760,000       1.250     05/25/34   1,707,486
    310,000       3.250     05/25/45   358,230
    210,000       2.000     05/25/48   191,874
    800,000       1.750     05/25/66   632,051
    1,030,000       4.500     04/25/41   1,386,405

Indonesia Government International Bonds(b)

    240,000       2.150     07/18/24   261,604

Ireland Government Bonds

    430,000       0.200     10/18/30   413,894
    920,000       0.350     10/18/32   855,215

Italy Buoni Poliennali Del Tesoro

    5,400,000       0.000 (e)    08/01/26   5,554,589
    3,220,000       0.900     04/01/31   3,009,106
    1,130,000       3.250     03/01/38   1,146,282
    1,170,000       2.150     09/01/52   861,951
    100,000       2.800     03/01/67   80,858
    1,680,000       6.000     05/01/31   2,183,167

Kingdom of Belgium Government Bonds

    1,690,000       0.350     06/22/32   1,559,350

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Sovereign Debt Obligations – (continued)

Euro – (continued)

Kingdom of Belgium Government Bonds – (continued)

EUR

     250,000       2.150 %    06/22/66   $    218,839

Portugal Obrigacoes do Tesouro OT

    1,200,000       1.950     06/15/29   1,302,127

Region Wallonne Belgium

    1,300,000       2.875     01/14/38   1,369,736

Republic of Austria Government Bonds

    1,270,000       0.000 (e)    10/20/28   1,256,543
    280,000       2.100 (f)    09/20/17   239,610
    280,000       0.850 (g)    06/30/20   145,697

Romania Government Bonds

RON

     1,375,000       6.700     02/25/32   312,577

Romania Government International Bonds

EUR

     630,000       2.124     07/16/31   552,865
    70,000       2.000 (b)    01/28/32   59,521
    400,000       3.375 (b)    01/28/50   299,851

Spain Government Bonds

    3,430,000       2.550     10/31/32   3,691,810
    650,000       0.850     07/30/37   528,876
    870,000       1.250     10/31/30   874,343
    700,000       2.900     10/31/46   699,252
    1,110,000       3.450     07/30/66   1,145,551
       

 

        35,827,733

 

Indonesian Rupiah – 0.4%

Indonesia Treasury Bonds

IDR

     29,050,000,000       6.625     02/15/34   1,893,737
    2,324,000,000       6.500     02/15/31   150,622
    7,391,000,000       6.375     04/15/32   474,988
    1,439,000,000       6.375     07/15/37   91,591
       

 

        2,610,938

 

Israeli Shekel – 0.2%

Israel Government Bonds - Fixed

    ILS 2,430,000       2.000     03/31/27   637,336
    2,500,000       1.300     04/30/32   561,962
       

 

        1,199,298

 

Japanese Yen – 18.5%

Japan Government Forty Year Bonds

JPY

     712,600,000       1.000     03/20/62   4,002,235

Japan Government Ten Year Bonds

    2,015,900,000       0.100     06/20/30   14,114,445
    2,089,600,000       0.100     09/20/31   14,424,761

Japan Government Thirty Year Bonds

    721,900,000       1.400     09/20/52   4,824,545

Japan Government Twenty Year Bonds

    903,000,000       1.100     09/20/42   6,155,898

Japan Government Two Year Bonds

    4,031,000,000       0.005     07/01/24   28,606,663
    780,250,000       0.005     09/01/24   5,536,731
    1,892,350,000       0.005     01/01/25   13,425,619

Japan Treasury Discount Bills(e)

    3,925,500,000       0.000     01/15/24   27,841,818
       

 

        118,932,715

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Sovereign Debt Obligations – (continued)

Peruvian Nuevo Sol – 0.1%

Peru Government Bonds

PEN

     1,550,000       5.940 %    02/12/29     $    418,179

 

Singapore Dollar – 0.2%

Singapore Government Bonds

SGD

     1,320,000       3.375     09/01/33     1,057,100

 

South Korean Won – 0.6%

Korea Treasury Bonds

KRW

     2,598,070,000       1.875     06/10/29     1,883,395
    2,641,660,000       1.375     12/10/29     1,848,509
       

 

        3,731,904

 

Sovereign – 0.2%

Export-Import Bank of Korea

$

     390,000       5.000     01/11/28     397,028

Mexico Government International Bonds(a)

    1,521,000       3.771     05/24/61     1,028,101
    360,000       3.750     04/19/71     239,400
       

 

        1,664,529

 

Thai Baht – 0.0%

Thailand Government Bonds

THB

     12,000,000       3.450     06/17/43     366,221

 

Thailand Baht – 0.2%

Thailand Government Bonds

    6,350,000       2.650     06/17/28     187,435
    3,240,000       3.350     06/17/33     99,942
    2,490,000       3.390     06/17/37     77,035
    6,710,000       2.875     12/17/28     200,304
    26,930,000       1.585     12/17/35     696,357
       

 

        1,261,073

 

Total Colombia Peso – 0.1%

Colombia TES

COP

     1,779,900,000       9.250     05/28/42     418,384

 

United States Dollar – 0.8%

Chile Government International Bonds(a)

$

     430,000       3.100     05/07/41     325,725

Export-Import Bank of Korea

    330,000       5.125     01/11/33     343,141

Hungary Government International Bonds

    2,040,000       6.125     05/22/28     2,121,927

Korea Hydro & Nuclear Power Co. Ltd.(b)

    630,000       4.250     07/27/27     619,397

Panama Government International Bonds(a)

    200,000       6.875     01/31/36     199,375

Peru Government International Bonds(a)

    10,000       2.780     12/01/60     6,222
    100,000       3.230     07/28/21(h)   62,156

Philippines Government International Bonds

    470,000       3.700     03/01/41     402,731

Romania Government International Bonds(b)

    240,000       3.000     02/27/27     223,200

Saudi Government International Bonds

    830,000       4.875     07/18/33     846,600

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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   $     89,128
       

 

        5,239,602

 

TOTAL SOVEREIGN DEBT OBLIGATIONS

(Cost $197,328,204)

   $186,741,028

 

       
Mortgage-Backed Obligations – 25.2%

Collateralized Mortgage Obligations – 1.4%

Interest Only(i) – 0.2%

Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 30 day USD SOFR Average + 5.986%)

$

     985,457       0.648 %(c)    07/25/50   $    118,826

Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI

    162,842       4.000     09/25/50   32,118

Federal Home Loan Mortgage Corp. REMICS Series 5020, Class IH

    877,764       3.000     08/25/50   144,090

Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%)

    411,821       0.547 (c)    05/15/46   46,660

Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%)

    115,049       0.597 (c)    03/15/44   11,706

Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI

    866,267       4.000     08/25/50   168,372

Federal National Mortgage Association REMICS Series 2020-60, Class NI

    151,232       4.000     09/25/50   29,828

Federal National Mortgage Association REMICS Series 2017-31, Class SG (30 day USD SOFR Average + 5.986%)

    322,577       0.648 (c)    05/25/47   37,760

Federal National Mortgage Association REMICS Series 2018-17, Class CS (-1X 30 day USD SOFR Average + 3.336%)

    791,885       0.000 (c)    03/25/48   14,246

Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%)

    157,446       0.498 (c)    02/25/42   15,201

Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)

    134,143       0.628 (a)(c)    10/20/43   6,961

Government National Mortgage Association REMICS Series 2015-129, Class IC

    95,286       4.500 (a)    09/16/45   17,481

Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)

    144,394       0.578 (a)(c)    01/20/49   14,223

Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)

    100,112       0.628 (a)(c)    06/20/49   9,621

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Interest Only(i) – (continued)

Government National Mortgage Association REMICS Series 2020-78, Class DI

$

     577,989       4.000 %(a)    06/20/50   $    111,740

Government National Mortgage Association REMICS Series 2020-146, Class KI

    1,187,439       2.500 (a)    10/20/50   161,274

Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)

    237,829       0.578 (a)(c)    08/20/43   25,809

Government National Mortgage Association REMICS Series 2015-123, Class SP (1 mo. USD Term SOFR + 6.136%)

    145,074       0.778 (a)(c)    09/20/45   16,438

Government National Mortgage Association REMICS Series 2016-27, Class IA

    104,960       4.000 (a)    06/20/45   13,242

Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%)

    291,087       0.728 (a)(c)    09/20/48   30,911

Government National Mortgage Association REMICS Series 2019-110, Class PS (-1X 1 mo. USD Term SOFR + 5.936%)

    985,070       0.578 (a)(c)    09/20/49   113,702

Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%)

    285,482       0.778 (a)(c)    02/20/40   29,559

Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%)

    106,616       0.728 (a)(c)    01/20/46   11,328

Government National Mortgage Association REMICS Series 2019-151, Class IA

    1,363,805       3.500 (a)    12/20/49   238,947

Government National Mortgage Association REMICS Series 2016-138, Class GI

    250,776       4.000 (a)    10/20/46   47,092

Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%)

    86,135       0.778 (a)(c)    11/20/45   9,141
       

 

        1,476,276

 

Sequential Fixed Rate – 0.1%

Federal National Mortgage Association REMICS Series 2011-99, Class DB

    143,806       5.000     10/25/41   145,149

Federal National Mortgage Association REMICS Series 2012- 111, Class B

    18,956       7.000     10/25/42   20,556

Federal National Mortgage Association REMICS Series 2012- 153, Class B

    76,332       7.000     07/25/42   83,374

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

Federal National Mortgage Association REMICS Series 2011-52, Class GB

$

     157,460       5.000 %    06/25/41   $    160,372
       

 

        409,451

 

Sequential Floating Rate(a) – 1.1%

Angel Oak Mortgage Trust Series 2021-6, Class A1

    484,377       1.458 (b)(c)    09/25/66   388,638

Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%)

    37,699       6.512 (c)    09/25/35   33,531

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (30 day USD SOFR Average + 1.650%)

    143,525       6.987 (b)(c)    01/25/34   144,098

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M1A (30 day USD SOFR Average + 1.000%)

    480,744       6.337 (b)(c)    01/25/42   479,168

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (30 day USD SOFR Average + 3.500%)

    379,000       8.837 (b)(c)    03/25/42   392,839

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (30 day USD SOFR Average + 3.914%)

    301,489       9.252 (c)    03/25/29   315,226

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-HQA2, Class M1B (30 Day USD SOFR Average + 3.350%)

    438,000       8.687 (b)(c)    06/25/43   461,836

Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1M2 (30 day USD SOFR Average + 1.550%)

    318,000       6.887 (b)(c)    10/25/41   318,063

Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (30 day USD SOFR Average + 1.650%)

    285,000       6.987 (b)(c)    12/25/41   281,311

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M1 (30 day USD SOFR Average + 1.900%)

    189,965       7.237 (b)(c)    04/25/42   191,119

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (30 day USD SOFR Average + 3.000%)

    227,000       8.337 (b)(c)    04/25/42   232,442

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (30 day USD SOFR Average + 3.900%)

    457,298       9.237 (b)(c)    04/25/43   489,549

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (30 day USD SOFR Average + 3.100%)

    230,000       8.437 (b)(c)    06/25/43   240,134

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate(a) – (continued)

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R06, Class 1M2 (30 day USD SOFR Average + 2.700%)

$

     220,000       8.037 %(b)(c)    07/25/43   $    226,566

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (30 day USD SOFR Average + 2.500%)

    555,000       7.837 (b)(c)    10/25/43   567,235

GCAT Trust Series 2022-NQM4, Class A1

    153,935       5.269 (b)(j)    08/25/67   154,789

HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A

    157,889       4.322 (c)    08/19/36   125,972

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

    1,057,661       2.520 (b)(c)    05/25/52   859,033

JP Morgan Mortgage Trust Series 2022-LTV1, Class A2

    353,362       3.520 (b)(c)    07/25/52   299,903

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    163,884       3.235 (b)(c)    07/25/59   157,121

OBX Trust Series 2022-NQM7, Class A1

    154,870       5.110 (b)(j)    08/25/62   154,688

Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%)

    29,449       6.577 (c)    11/20/34   26,982

Towd Point Mortgage Trust Series 2020-1, Class A2A

    530,000       3.100 (b)(c)    01/25/60   461,703

Verus Securitization Trust Series 2021-8, Class A1

    127,708       1.824 (b)(c)    11/25/66   109,396

Verus Securitization Trust Series 2022-INV1, Class A1

    87,719       5.041 (b)(j)    08/25/67   86,813
       

 

        7,198,155

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   $  9,083,882

 

Commercial Mortgage-Backed Securities – 3.6%

Sequential Fixed Rate – 1.9%

3650R Commercial Mortgage Trust Series 2021-PF1, Class AS

$

     850,000       2.778 %(c)    11/15/54   $    686,681

Bank Series 2023-BNK46, Class A4

    1,700,000       5.745 (a)    08/15/56   1,793,051

Bank5 Series 2023-5YR4, Class A3

    400,000       6.500 (a)    12/15/56   422,895

Benchmark Mortgage Trust Series 2023-B39, Class A5

    1,125,000       5.754 (a)    07/15/56   1,182,157

BMO Mortgage Trust Series 2022-C3, Class A5

    300,000       5.313 (a)    09/15/54   305,632

BMO Mortgage Trust Series 2023-C5, Class A5

    1,500,000       5.765 (a)    06/15/56   1,578,985

BMO Mortgage Trust Series 2023-C7, Class A5

    2,300,000       6.160 (a)    12/15/56   2,495,819

Citigroup Commercial Mortgage Trust Series 2017-P8, Class D

    400,000       3.000 (a)(b)    09/15/50   276,369

Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4

    385,000       3.102 (a)    12/15/72   345,307

DOLP Trust Series 2021-NYC, Class A

    1,500,000       2.956 (b)    05/10/41   1,235,301

GS Mortgage Securities Trust Series 2017-GS7, Class A4

    950,000       3.430 (a)    08/10/50   877,216

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5

$

     1,100,000       2.626 %(a)    04/15/54   $    933,420
       

 

  12,132,833

 

Sequential Floating Rate(c) –1.7%

Bank Series 2022-BNK40, Class A4

    1,150,000       3.394 (a)    03/15/64   1,026,190

Bank5 Series 2023-5YR2, Class A3

    1,225,000       6.656 (a)    07/15/56   1,296,911

Bank5 Series 2023-5YR4, Class AS

    400,000       7.274 (a)    12/15/56   417,977

BBCMS Mortgage Trust Series 2023-5C23, Class A3

    1,900,000       6.675 (a)    12/15/56   2,025,797

BBCMS Mortgage Trust Series 2023-5C23, Class AS

    650,000       7.703 (a)    12/15/56   693,306

BX Trust Series 2021-AR1A, Class C (1 mo. USD Term SOFR + 1.760%)

    450,000       7.123 (b)    10/15/36   434,884

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    1,062,922       7.813 (b)    08/15/39   1,062,341

Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A

    1,000,000       6.360 (b)    07/10/28   1,027,019

ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%)

    1,298,489       6.178 (b)    11/15/38   1,272,419

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (30 day USD SOFR Average + 0.680%)

    800,000       6.011 (a)    02/25/33   798,071

Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4

    700,000       4.000 (a)    04/15/55   648,210
       

 

  10,703,125

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $ 22,835,958

 

Federal Agencies – 20.2%

Federal Home Loan Mortgage Corp. – 0.0%

$

     1,656       5.000 %    01/01/33   $      1,671
    154       5.000     06/01/33   155
    1,694       5.000     07/01/33   1,709
    2,255       5.000     08/01/33   2,276
    388       5.000     10/01/33   391
    1,027       5.000     11/01/33   1,036
    488       5.000     12/01/33   492
    1,552       5.000     02/01/34   1,567
    769       5.000     03/01/34   777
    1,361       5.000     04/01/34   1,376
    1,771       5.000     05/01/34   1,787
    27,278       5.000     06/01/34   27,529
    651       5.000     11/01/34   658
    6,809       5.000     04/01/35   6,871
    2       5.000     11/01/35   2
    8,089       5.000     01/01/40   8,254

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Federal Home Loan Mortgage Corp. – (continued)

$

     5,559       4.000 %    06/01/40     $      5,412
    36,282       4.000     02/01/41     35,273
    3,076       4.000     11/01/41     2,980
       

 

  100,216

 

Government National Mortgage Association – 8.7%

    164,790       4.000     11/20/44     160,575
    15,469       4.000     05/20/45     15,074
    353,574       4.000     07/20/45     344,532
    246,363       4.000     01/20/46     239,909
    85,675       4.500     02/20/48     85,207
    28,369       4.500     03/20/48     28,170
    100,171       4.500     04/20/48     99,153
    224,244       4.500     05/20/48     221,615
    900,918       4.000     07/20/48     871,401
    314,466       4.500     08/20/48     310,189
    179,325       5.000     08/20/48     180,078
    910,016       4.000     09/20/48     878,334
    1,466,641       4.500     09/20/48     1,446,694
    205,657       5.000     09/20/48     206,520
    209,387       5.000     10/20/48     210,266
    833,843       5.000     11/20/48     837,345
    346,729       5.000     12/20/48     348,077
    1,128,474       4.500     01/20/49     1,112,069
    588,221       5.000     01/20/49     590,507
    306,033       4.500     02/20/49     301,488
    217,800       4.500     03/20/49     214,633
    334,465       5.000     03/20/49     335,765
    632,559       3.000     08/20/49     576,702
    487,652       4.500     10/20/49     480,715
    184,838       4.500     12/20/49     182,151
    2,054,475       3.000     03/20/50     1,873,606
    764,039       3.000     07/20/51     693,156
    378,841       2.500     09/20/51     327,410
    900,479       2.500     10/20/51     781,891
    564,341       2.500     11/20/51     489,668
    836,141       3.000     12/20/51     759,091
    2,719,214       2.500     12/20/51     2,355,650
    966,879       2.500     01/20/52     835,014
    13,232,516       4.500     10/20/52     12,912,296
    4,000,000       2.000     TBA-30yr(k)   3,387,648
    3,000,000       3.000     TBA-30yr(k)   2,717,905
    2,000,000       3.500     TBA-30yr(k)   1,862,876
    1,000,000       5.000     TBA-30yr(k)   993,928
    2,000,000       5.500     TBA-30yr(k)   2,012,407
    4,000,000       6.000     TBA-30yr(k)   4,065,412
    9,000,000       6.500     TBA-30yr(k)   9,211,210
       

 

  55,556,337

 

Uniform Mortgage-Backed Security – 11.5%  

    149,780       4.500     07/01/36     148,926
    10,032       4.500     12/01/36     9,975
    4,350       4.500     05/01/38     4,336
    3,275       4.500     05/01/39     3,269
    2,800       4.500     05/01/39     2,793
    5,110       4.500     05/01/39     5,101
    7,612       4.500     06/01/39     7,598

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     3,623       4.500 %    08/01/39   $      3,616
    4,978       4.500     09/01/39   4,959
    8,734       4.500     10/01/39   8,699
    3,679       4.500     03/01/40   3,664
    2,362       4.500     04/01/40   2,352
    44,711       4.500     04/01/40   44,521
    5,090       4.500     12/01/40   5,069
    40,357       4.500     01/01/41   40,186
    8,473       4.500     04/01/41   8,424
    5,813       4.500     04/01/41   5,780
    20,639       4.500     06/01/41   20,522
    22,409       4.500     07/01/41   22,281
    19,825       4.500     08/01/41   19,790
    14,447       4.500     08/01/41   14,365
    79,195       4.500     09/01/41   78,744
    11,530       4.500     09/01/41   11,465
    43,814       4.500     10/01/41   43,564
    57,847       4.500     11/01/41   57,518
    50,173       4.500     12/01/41   49,887
    17,145       4.500     01/01/42   17,047
    24,739       4.500     01/01/42   24,599
    3,221       4.500     03/01/42   3,236
    7,259       4.500     04/01/42   7,226
    3,218       4.500     04/01/42   3,203
    7,970       3.000     12/01/42   7,383
    12,749       3.000     12/01/42   11,768
    11,565       3.000     12/01/42   10,769
    15,574       3.000     12/01/42   14,402
    22,380       3.000     01/01/43   20,708
    15,867       3.000     01/01/43   14,573
    42,845       3.000     01/01/43   39,654
    12,487       3.000     01/01/43   11,486
    8,657       3.000     01/01/43   8,068
    8,313       3.000     01/01/43   7,646
    4,849       3.000     01/01/43   4,455
    25,971       3.000     04/01/43   23,957
    10,748       3.000     04/01/43   9,863
    17,371       3.000     04/01/43   15,974
    61,066       3.000     04/01/43   56,161
    49,127       3.000     04/01/43   45,163
    1,065,204       4.000     12/01/44   1,028,140
    203,757       4.500     06/01/45   202,197
    1,231,262       4.000     08/01/45   1,190,198
    1,640,013       4.000     08/01/45   1,585,830
    866,667       4.500     11/01/47   858,374
    2,586,525       4.000     01/01/48   2,496,221
    14,548       4.500     08/01/48   14,349
    258,440       4.500     09/01/48   256,210
    181,056       5.000     11/01/48   183,325
    848,079       3.000     02/01/49   767,035
    11,972       4.500     03/01/49   11,790
    94,786       3.500     07/01/49   88,516
    919,541       3.500     07/01/49   858,714
    859,800       4.000     07/01/49   828,070
    651,414       3.500     08/01/49   608,323
    400,888       4.500     10/01/50   395,299
    2,453,272       3.000     12/01/50   2,204,654
    149,426       2.500     03/01/51   129,410

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     885,456       2.500 %    05/01/51     $    765,461
    1,768,853       2.500     05/01/51     1,518,670
    719,722       2.000     07/01/51     589,451
    942,645       2.000     08/01/51     771,807
    830,360       2.500     09/01/51     714,458
    1,673,021       2.500     09/01/51     1,439,500
    185,955       2.500     09/01/51     160,580
    741,350       2.500     10/01/51     639,725
    437,609       2.500     11/01/51     377,621
    339,239       2.500     11/01/51     292,736
    1,796,787       2.000     01/01/52     1,476,168
    519,944       2.500     01/01/52     441,997
    843,981       2.000     02/01/52     690,939
    199,455       2.500     02/01/52     169,974
    1,193,648       2.500     02/01/52     1,017,364
    273,861       2.500     02/01/52     232,760
    442,158       2.000     03/01/52     361,091
    544,204       2.500     03/01/52     462,686
    267,799       2.500     03/01/52     227,757
    938,551       4.500     04/01/52     910,376
    1,962,104       2.000     04/01/52     1,602,362
    1,070,333       2.000     04/01/52     874,093
    6,064,034       2.000     05/01/52     4,952,225
    61,301       5.000     05/01/52     61,495
    76,994       5.000     06/01/52     77,454
    1,045,818       5.000     06/01/52     1,052,064
    756,734       5.000     06/01/52     759,125
    436,132       2.000     06/01/52     356,695
    902,131       5.000     07/01/52     903,290
    31,819       5.000     07/01/52     31,989
    31,810       5.000     07/01/52     31,891
    48,603       5.000     07/01/52     48,863
    35,159       5.000     07/01/52     35,248
    1,422,283       5.000     07/01/52     1,430,777
    1,769,516       5.000     07/01/52     1,775,107
    884,345       5.000     08/01/52     885,205
    40,646       5.000     08/01/52     40,749
    17,754       5.000     08/01/52     17,849
    916,843       3.000     08/01/52     822,783
    977,749       2.000     09/01/52     799,662
    926,230       5.500     09/01/52     942,789
    381,141       2.500     09/01/52     324,151
    1,845,907       5.500     11/01/52     1,878,907
    1,414,111       6.000     11/01/52     1,466,604
    1,330,307       6.000     11/01/52     1,375,948
    1,805,902       6.000     12/01/52     1,862,217
    931,553       6.000     01/01/53     960,602
    467,120       2.500     02/01/53     397,275
    918,917       5.500     04/01/53     924,433
    5,871,094       4.500     05/01/53     5,767,215
    6,000,000       7.000     TBA-30yr(k)   6,188,207

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

     7,000,000       7.000 %    TBA-30yr(k)   $  7,217,387
  73,817,182

 

TOTAL FEDERAL AGENCIES   $129,473,735

 

TOTAL MORTGAGE-BACKED OBLIGATIONS

(Cost $164,184,124)

   $161,393,575

 

       
Asset-Backed Securities(a) –8.0%

Automotive – 1.4%

Bank of America Auto Trust Series 2023-2A, Class A2(b)

$

     1,125,000       5.850 %    08/17/26     $  1,131,554

Ford Credit Auto Owner Trust Series 2023-C, Class A2A

    2,175,000       5.680     09/15/26     2,184,873

GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class A2A

    1,475,000       5.890     11/16/26     1,483,046

GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1(b)

    1,500,000       5.340     06/15/28     1,515,897

Mercedes-Benz Auto Receivables Trust Series 2023-2, Class A2

    200,000       5.920     11/16/26     201,509

Nissan Auto Receivables Owner Trust Series 2023-B, Class A3

    425,000       5.930     03/15/28     435,274

Santander Drive Auto Receivables Trust Series 2023-6, Class A2

    1,875,000       6.080     05/17/27     1,881,615
       

 

  8,833,768

 

Collateralized Loan Obligations(b) – 4.7%

AGL CLO 3 Ltd. Series 2020-3A, Class A(c) (3 mo. USD Term SOFR + 1.562%)

    2,100,000       6.956     01/15/33     2,100,376

Apidos CLO XXIII Ltd. Series 2015-23A, Class AR(c) (3 mo. USD Term SOFR + 1.482%)

    2,100,000       6.876     04/15/33     2,099,922

ARES LXIV CLO Ltd. Series 2022-64A, Class A1(c) (3 mo. USD Term SOFR + 1.440%)

    3,225,000       6.834     04/15/35     3,225,419

Elmwood CLO IV Ltd. Series 2020-1A, Class A(c) (3 mo. USD Term SOFR + 1.502%)

    5,300,000       6.896     04/15/33     5,300,678

Helios Issuer LLC Series 2023-GRID1, Class 1A

    172,172       5.750     12/20/50     175,765

JP Morgan Mortgage Trust Series 2023-HE3, Class A1(c) (30 day USD SOFR Average + 1.600%)

    670,000       6.937     05/25/54     670,000

Mountain View CLO LLC Series 2016-1A, Class AR(c) (3 mo. USD Term SOFR + 1.622%)

    1,800,000       7.016     04/14/33     1,789,294

Neuberger Berman Loan Advisers CLO 45 Ltd. Series 2021-45A, Class A(c) (3 mo. USD Term SOFR + 1.392%)

    740,000       6.786     10/14/35     739,966

New Mountain CLO 1 Ltd. Series CLO-1A, Class AR(c) (3 mo. USD Term SOFR + 1.462%)

    1,150,000       6.856     10/15/34     1,148,336

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Asset-Backed Securities(a) – (continued)

Collateralized Loan Obligations(b) – (continued)

Oaktree CLO Ltd. Series 2021-1A, Class A1(c) (3 mo. USD Term SOFR + 1.422%)

$

     5,000,000       6.816 %    07/15/34   $  4,997,515

OZLM XIV Ltd. Series 2015-14A, Class CRR(c) (3 mo. USD Term SOFR + 3.652%)

    1,700,000       9.046     07/15/34   1,699,859

Venture 36 CLO Ltd. Series 2019-36A, Class D(c) (3 mo. USD Term SOFR + 4.412%)

    900,000       9.827     04/20/32   845,562

Venture 39 CLO Ltd. Series 2020-39A, Class A1(c) (3 mo. USD Term SOFR + 1.542%)

    3,475,000       6.936     04/15/33   3,449,841

Voya CLO Ltd. Series 2019-1A, Class AR(c) (3 mo. USD Term SOFR + 1.322%)

    1,803,858       6.716     04/15/31   1,803,840
       

 

  30,046,373

 

Credit Card – 0.8%

Barclays Dryrock Issuance Trust Series 2023-1, Class A

    1,500,000       4.720     02/15/29   1,497,952

(30 day USD SOFR Average + 0.900%)

    2,600,000       6.227 (c)    08/15/28   2,603,507

Citibank Credit Card Issuance Trust Series 2023-A1, Class A1

    1,275,000       5.230     12/08/27   1,283,751
       

 

  5,385,210

 

Student Loan(b)(c) – 1.1%

ECMC Group Student Loan Trust Series 2017-1A, Class A (30 day USD SOFR Average + 1.314%)

    2,360,047       6.652     12/27/66   2,359,341

Navient Student Loan Trust Series 2017-2A, Class A (30 day USD SOFR Average + 1.164%)

    3,545,592       6.502     12/27/66   3,523,586

PHEAA Student Loan Trust Series 2016-1A, Class A (30 day USD SOFR Average + 1.264%)

    1,036,912       6.602     09/25/65   1,038,491
       

 

  6,921,418

 

TOTAL ASSET-BACKED SECURITIES

(Cost $50,989,381)

   $ 51,186,769

 

       
Agency Debentures – 0.2%

Sovereign – 0.2%

Federal Home Loan Mortgage Corp.

$

     1,160,000       6.750 %    03/15/31   $  1,350,739
(Cost $1,364,161)  

 

TOTAL AGENCY DEBENTURES
(Cost $1,364,161)		   $  1,350,739

 

 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Structured Note(b)(c) – 0.2%

Banks – 0.2%

JPMorgan Chase Bank NA

IDR

     15,414,000,000       7.500 %    06/17/35   $  1,074,185
(Cost $1,109,967)  

 

TOTAL STRUCTURED NOTES
(Cost $1,109,967)		   $  1,074,185

 

       
U.S. Treasury Obligations – 0.3%

U.S. Treasury Inflation-Indexed Bonds

$

     2,008,016       1.500 %    02/15/53   $  1,827,696
(Cost $1,596,203)  

 

Shares     Description   Value
Exchange Traded Funds – 0.1%
    3,755      


 Vanguard
Intermediate-Term
Corporate Bond
ETF		   $    305,206
(Cost $306,201)  

 

Shares    

Dividend

Rate

   Value
Investment Company(l) – 0.6%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    3,881,647       5.248%   $  3,881,647
(Cost $3,881,647)  

 

TOTAL INVESTMENTS BEFORE SHORT-
TERM INVESTMENTS – 96.1%
(Cost $632,672,031)		   $615,562,440

 

       
Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Short-term Investments(e) – 4.7%

U.S. Treasury Obligations – 4.7%

U.S. Cash Management Bills

$

     30,293,800       0.000 %    02/15/24   $ 30,161,025
(Cost $30,156,442)  

 

TOTAL SHORT- TERM INVESTMENTS

(Cost $30,156,442)

   $ 30,161,025

 

TOTAL INVESTMENTS – 100.8%

(Cost $662,828,473)

   $645,723,465

 

LIABILITIES IN EXCESS OF

 OTHER ASSETS – (0.8)%

   (5,022,000)

 

NET ASSETS – 100.0%   $640,701,465

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(d)   Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $6,397,165, which represents approximately 1% of the Fund’s net assets as of December 31, 2023.
(e)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)   Actual maturity date is September 20, 2117.
(g)   Actual maturity date is June 30, 2120.
(h)   Actual maturity date is July 28, 2121.
(i)   Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(j)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(k)   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 $37,656,980 which represents approximately 5.9% of net assets as of December 31, 2023.
(l)   Represents an affiliated Issuer.
 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2023, 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

      663,000          JPY        62,194,770          03/21/24        $ 6,139  
    

AUD

      8,080,184          USD        5,382,383          03/20/24          137,191  
    

CAD

      8,077,600          USD        6,022,716          03/20/24          80,054  
    

CHF

      3,811,471          USD        4,379,850          03/20/24          189,780  
    

CNH

      12,406,326          USD        1,749,000          03/20/24          1,863  
    

COP

      1,614,629,165          USD        409,591          01/03/24          6,807  
    

EUR

      4,346,583          GBP        3,753,197          03/20/24          28,070  
    

EUR

      404,000          PLN        1,749,724          03/20/24          3,248  
    

EUR

      2,751,532          USD        3,005,488          03/20/24          41,913  
    

GBP

      3,195,522          USD        4,041,738          03/20/24          33,037  
    

ILS

      903,094          USD        245,686          03/20/24          4,364  
    

JPY

      1,157,354,795          USD        8,043,798          03/21/24          269,908  
    

KRW

      1,134,889,920          USD        864,000          03/20/24          16,469  
    

MXN

      2,698,000          USD        152,536          03/20/24          4,275  
    

NOK

      23,856,072          USD        2,243,595          03/20/24          108,647  
    

NZD

      2,034,569          USD        1,269,263          03/20/24          17,145  
    

PLN

      9,917,885          USD        2,455,527          03/20/24          62,276  
    

SEK

      50,675,446          USD        4,945,855          03/20/24          94,418  
    

SGD

      3,137,696          USD        2,343,796          03/20/24          42,544  
    

TWD

      51,161,848          USD        1,642,150          03/13/24          51,877  
    

USD

      422,451          COP        1,614,629,165          01/03/24          6,053  
    

ZAR

      8,016,163          USD        429,710          03/20/24          5,434  

 

  

TOTAL

                           $ 1,211,512  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency
Purchased

       

Currency
Sold

        Settlement
Date		        Unrealized
Loss		  

 

  

JPMorgan Securities, Inc.

     

CNH

      6,437,955        USD      910,447          03/20/24        $ (1,880 ) 
    

COP

      1,614,629,165        USD      422,451          01/03/24          (6,053 ) 
    

EUR

      553,912        AUD      908,250          03/20/24          (6,951 ) 
    

EUR

      785,000        CHF      737,217          03/20/24          (14,451 ) 
    

EUR

      1,689,667        NOK      20,070,230          03/20/24          (107,597 ) 
    

EUR

      687,000        SEK      7,747,869          03/20/24          (9,745 ) 
    

GBP

      1,714,383        EUR      1,993,698          03/20/24          (21,981 ) 
    

GBP

      1,050,245        USD      1,343,233          03/20/24          (4,010 ) 
    

NZD

      658,294        AUD      611,045          03/20/24          (1,182 ) 
    

SEK

      20,257,350        USD      2,024,318          03/20/24          (9,484 ) 
    

TRY

      12,153,732        USD      383,519          03/20/24          (1,029 ) 
    

USD

      6,248,055        CAD      8,548,564          02/09/24          (207,054 ) 
    

USD

      6,187,450        CAD      8,320,750          03/20/24          (99,022 ) 
    

USD

      3,928,667        CHF      3,384,778          03/20/24          (129,394 ) 
    

USD

      4,955,985        CNH      35,422,915          03/20/24          (43,133 ) 
    

USD

      390,826        COP      1,614,629,165          01/03/24          (25,573 ) 
    

USD

      406,280        COP      1,614,629,165          02/07/24          (7,065 ) 
    

USD

      902,277        CZK      20,432,985          03/20/24          (9,473 ) 
    

USD

      76,989,336        EUR      70,971,903          02/14/24          (1,502,099 ) 
    

USD

      6,307,344        EUR      5,820,249          03/20/24          (138,749 ) 
    

USD

      17,153,212        GBP      14,106,898          01/10/24          (829,168 ) 
    

USD

      6,218,564        GBP      4,939,459          03/20/24          (79,995 ) 

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

 

Counterparty      Currency
Purchased		        Currency
Sold		        Settlement
Date		        Unrealized
Loss		  

 

  

JPMorgan Securities, Inc. (continued)

     

USD

      4,136,956          IDR        64,294,574,301          03/13/24        $ (38,574 ) 
    

USD

      1,169,186          ILS        4,339,183          02/22/24          (30,939 ) 
    

USD

      667,956          ILS        2,470,394          03/20/24          (16,051 ) 
    

USD

      26,757,103          JPY        3,927,525,557          01/16/24          (1,169,462 ) 
    

USD

      88,052,686          JPY        12,894,862,379          02/13/24          (4,025,696 ) 
    

USD

      8,060,602          JPY        1,130,057,849          03/21/24          (57,019 ) 
    

USD

      4,000,550          KRW        5,232,759,550          03/13/24          (57,583 ) 
    

USD

      529,989          KRW        691,731,334          03/20/24          (6,670 ) 
    

USD

      315,106          MXN        5,582,583          03/20/24          (9,360 ) 
    

USD

      165,553          NOK        1,813,194          03/20/24          (13,230 ) 
    

USD

      3,145,419          NZD        5,115,240          03/20/24          (88,821 ) 
    

USD

      411,768          PEN        1,556,646          02/20/24          (8,361 ) 
    

USD

      875,000          PLN        3,448,851          03/20/24          (542 ) 
    

USD

      4,820,715          SEK        50,407,424          03/20/24          (192,900 ) 
    

USD

      944,908          SGD        1,282,018          01/12/24          (27,073 ) 
    

USD

      879,000          SGD        1,166,375          03/20/24          (8,074 ) 
    

USD

      1,687,887          THB        59,760,138          03/20/24          (75,166 ) 
    

USD

      1,087,651          ZAR        20,929,715          03/20/24          (48,483 ) 

 

  

TOTAL

                           $ (9,129,092 ) 

 

  

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

 

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

 

  

Government National Mortgage

                       

Association

        2.500 %       TBA - 30yr          01/20/24        $ (2,000,000)        $ (1,751,938)  

Government National Mortgage

                       

Association

        4.000        TBA - 30yr          01/20/24          (2,000,000)          (1,910,662)  

Government National Mortgage

                       

Association

        4.500        TBA - 30yr          01/20/24          (17,000,000)          (16,596,561)  

Uniform Mortgage-Backed Security

        2.000        TBA - 30yr          01/01/24          (4,000,000)          (3,270,687)  

Uniform Mortgage-Backed Security

        4.500        TBA - 30yr          01/01/24          (7,000,000)          (6,791,091)  

Uniform Mortgage-Backed Security

        5.000        TBA - 30yr          01/01/24          (7,000,000)          (6,929,996)  

Uniform Mortgage-Backed Security

        4.000        TBA - 30yr          01/01/24          (3,000,000)          (2,839,217)  

Uniform Mortgage-Backed Security

        5.500        TBA - 30yr          01/01/24          (3,000,000)          (3,014,767)  

 

  

(PROCEEDS RECEIVABLE: $(42,395,352))

                        $ (43,104,919)  

 

  

 

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

FUTURES CONTRACTS — At December 31, 2023, 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

      67      03/26/24      $ 8,766,470        $ 614,193  

10 Year U.S. Treasury Notes

      19      03/19/24        2,144,922          (1,622 ) 

20 Year U.S. Treasury Bonds

      87      03/19/24        10,869,562          81,085  

30 Year German Euro-Buxl

      45      03/07/24        7,040,332          450,009  

5 Year German Euro-Bund

      25      03/07/24        3,787,101          96,004  

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FUTURES CONTRACTS (continued)

 

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

 

  

Long position contracts:

                  

5 Year U.S. Treasury Notes

      229      03/28/24      $ 24,909,117      $ 235,841  

Australian 10 Year Government Bonds

      58      03/15/24        4,611,108        124,036  

Australian 3 Year Government Bonds

      85      03/15/24        6,189,412        51,328  

Canada 10 Year Government Bonds

      179      03/19/24        16,775,382        655,060  

Euro BTP

      18      03/07/24        2,367,642        71,706  

Euro-Bobl

      66      03/07/24        8,690,826        110,490  

Euro-Schatz

      122      03/07/24        14,349,685        67,148  

French 10 Year Government Bonds

      72      03/07/24        10,452,995        281,361  

Ultra Long U.S. Treasury Bonds

      148      03/19/24        19,771,875        982,448  

 

  

Total

                   $ 3,819,087  

 

  

Short position contracts:

                  

2 Year U.S. Treasury Notes

      (88)      03/28/24        (18,120,437 )       (80,734 ) 

Ultra 10-Year U.S. Treasury Note

      (25)      03/19/24        (2,950,391 )       (131,297 ) 

 

  

Total

                   $ (212,031 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ 3,607,056  

 

  

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

 

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

 

  

3M KLIBOR(b)

    3.271%(b)   BofA Securities LLC      12/21/31      MYR  1,540      $ (11,897 )    $ —     $ (11,897 ) 

3M KLIBOR(b)

    3.735(b)   Citibank NA      07/14/32        1,950        (1,731 )      —       (1,731 ) 

3M KLIBOR(b)

    3.750(b)   Citibank NA      12/21/32        3,450        (3,637 )      (43,281 )      39,644  

3M KLIBOR(b)

    3.680(b)   MS & Co. Int. PLC      07/12/32        1,940        (3,504 )      —       (3,504 ) 

 

  

TOTAL

               $ (20,769 )    $ (43,281 )    $ 22,512  

 

  

 

(a)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.
(b)   Payments made quarterly.

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)		  

 

  

1M BID Average(b)

    11.814%(b)   01/02/24   BRL  20,820     $ (58,781)     $ (3,155 )    $ (55,626 ) 

12.795%(c)

    12M BID Average(c)   01/02/24     19,730       22,325       —       22,325  

12M BID Average(c)

    13.950(c)   01/02/24     6,380       8,788       (21,851 )      30,639  

3M EURO(d)

    1.750(e)   09/21/24   EUR  2,880       (31,235 )      (7,024 )      (24,211 ) 

12M BID Average(c)

    12.060(c)   01/02/25   BRL  9,890       2,389       216,931       (214,542 ) 

12M BID Average(c)

    12.063(c)   01/02/25     11,420       24,201       249,499       (225,298 ) 

13.300(c)

    12M BID Average(c)   01/02/25     7,340       (41,032 )      (210,707 )      169,675  

10.950(c)

    1M BID Average(c)   01/02/25     530       2,610       (9,851 )      12,461  

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

 

Payments Made
by the Fund		   

Payments
Received by

Fund

   Termination
Date		   Notional
Amount
(000s)(a)		     Market
Value		     Upfront
Premium
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

3M EURO(d)

    3.720%(b)   03/18/25   EUR  57,480     $ 441,806     $ (82,977 )    $ 524,783  

12M GBP(b)

    5.500(b)   03/20/25   GBP  9,530       131,327       81,797       49,530  

12M BID Average(c)

    10.850(c)   01/02/26   BRL  38,810       84,966       11,954       73,012  

Mexico Interbank TIIE 28 Days(c)

    9.500(c)   03/18/26   MXN  15,820       3,084       3,148       (64 ) 

1.250%(e)

    12M CHFOR(e)   03/20/26   CHF  62,980       (286,867 )      (316,807 )      29,940  

3.000(e)

    12M EURO(e)   03/20/26   EUR  97,990       (1,410,800 )      (1,332,391 )      (78,409 ) 

4M CNRR(d)

    2.000(d)   03/20/26   CNY  108,490       (3,618 )      (53,649 )      50,031  

3M STIBOR(d)

    3.500(e)   03/20/26   SEK  674,100       1,081,743       697,528       384,215  

3M KWCDC(d)

    3.750(d)   03/20/26   KRW  8,200,110       76,603       (3,478 )      80,081  

12M CDOR(f)

    3.750(f)   03/20/26   CAD  26,210       58,742       (25,900 )      84,642  

3.750(d)

    3M AUDOR(d)   03/20/26   AUD  49,910       26,985       208,231       (181,246 ) 

12M SOFR(e)

    4.000(e)   03/20/26   $ 24,600       84,159       24,380       59,779  

6M NIBOR(f)

    4.250(e)   03/20/26   NOK  317,990       307,524       238,209       69,315  

12M GBP(e)

    5.250(e)   03/20/26   GBP  56,360       1,982,699       1,414,119       568,580  

3M JIBAR(d)

    8.000(d)   03/20/26   ZAR  59,850       19,922       20,458       (536 ) 

12M JYOR(e)

    0.500(e)   08/02/26   JPY  2,099,120       47,467       15,629       31,838  

11.230(c)

    12M BID Average(c)   01/04/27   BRL  740       (2,500 )      1,447       (3,947 ) 

13.030(b)

    12M BID Average(b)   01/04/27     2,379       (33,204 )      —       (33,204 ) 

10.286(c)

    12M BID Average(c)   01/04/27     8,240       (15,362 )      —       (15,362 ) 

12M BID Average(c)

    8.495(c)   01/04/27     2,060       (30,564 )      (37,319 )      6,755  

12M GBP(e)

    5.000(e)   03/20/27   GBP  6,510       342,749       193,389       149,360  

12M SOFR(e)

    3.350(e)   10/06/27   $ 66,060       309,676       (29,423 )      339,099  

6M EURO(f)

    3.000(e)   10/20/27   EUR  30,150       565,414       (207,162 )      772,576  

12M SOFR(e)

    3.730(e)   11/28/27   $  13,390       153,816       64,670       89,146  

3.000(e)

    6M EURO(f)   03/20/28   EUR  1,680       (44,741 )      (24,888 )      (19,853 ) 

12M EURO(e)

    2.673(e)   04/22/28     27,720       706,013       103,605       602,408  

2.852(e)

    3M EURO(d)   04/22/28     27,720       (691,046 )      (88,873 )      (602,173 ) 

0.500(e)

    12M JYOR(e)   08/03/28   JPY  4,371,290       94,008       (43,410 )      137,418  

12M SOFR(e)

    3.696(e)   09/22/28   $ 56,690       561,089       (120,467 )      681,556  

12M EURO(e)

    2.500(e)   10/19/28   EUR  16,840       316,550       117,730       198,820  

11.500(c)

    12M BID Average(c)   01/02/29   BRL  8,710       (80,088 )      (33,182 )      (46,906 ) 

3.250(f)

    12M CDOR(f)   03/20/29   CAD  6,050       (50,422 )      10,128       (60,550 ) 

1.250(e)

    12M CHFOR(e)   03/20/29   CHF  2,880       (35,300 )      (30,488 )      (4,812 ) 

2.750(e)

    12M EURO(e)   03/20/29   EUR  3,280       (110,414 )      (67,736 )      (42,678 ) 

4.750(e)

    12M GBP(e)   03/20/29   GBP  5,900       (500,114 )      (287,001 )      (213,113 ) 

4M CNRR(d)

    2.500(d)   03/20/29   CNY  459,930       644,882       153,657       491,225  

12M THOR(d)

    2.750(d)   03/20/29   THB  38,370       22,804       7,820       14,984  

3M KWCDC(d)

    3.750(d)   03/20/29   KRW  2,145,690       61,474       13,878       47,596  

6M NIBOR(f)

    3.750(e)   03/20/29   NOK  69,320       126,466       109,806       16,660  

8.500(d)

    3M JIBAR(d)   03/20/29   ZAR  37,400       (35,766 )      (36,855 )      1,089  

12M SOFR(e)

    4.250(e)   03/20/29   $ 20,530       765,293       651,445       113,848  

4.000(f)

    6M AUDOR(f)   03/20/29   AUD  8,650       (23,111 )      101,481       (124,592 ) 

3.000(e)

    6M EURO(f)   03/20/29   EUR  3,630       (120,881 )      (95,966 )      (24,915 ) 

0.500(e)

    12M JYOR(e)   03/21/29   JPY  10,588,000       43,051       789,483       (746,432 ) 

12M GBP(e)

    4.500(e)   03/20/31   GBP  6,130       618,602       344,027       274,575  

3.000(e)

    6M EURO(f)   03/20/31   EUR  1,000       (43,482 )      (35,695 )      (7,787 ) 

2.680(e)

    12M SOFR(e)   07/28/32   $ 14,780       372,654       209,644       163,010  

4.250(e)

    12M GBP(e)   03/20/33   GBP  3,390       (339,262 )      (169,677 )      (169,585 ) 

12M JYOR(e)

    1.250(e)   08/02/33   JPY  900,220       14,799       57       14,742  

1.250(e)

    12M JYOR(e)   08/03/33     1,110,000       (18,117 )      (60,364 )      42,247  

12M SOFR(e)

    4.306(e)   10/05/33   $ 23,010       826,950       2,432       824,518  

6M EURO(f)

    3.000(e)   11/10/33   EUR  22,790       476,864       299,054       177,810  

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

 

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

 

  

12M SOFR(e)

    3.500%(e)     12/20/33     $ 350     $ 751     $ 1,796     $ (1,045 ) 

Mexico Interbank TIIE

             

28 Days(c)

    9.000(c)     03/08/34     MXN  1,320       3,318       3,113       205  

12M CHFOR(e)

    1.500(e)     03/20/34     CHF  5,820       221,249       200,187       21,062  

3.250%(f)

    12M CDOR(f)     03/20/34     CAD  2,730       (37,938 )      13,974       (51,912 ) 

12M EURO(e)

    2.750(e)     03/20/34     EUR  3,040       148,566       87,155       61,411  

6M EURO(f)

    3.000(e)     03/20/34       4,420       233,351       208,371       24,980  

3M KWCDC(d)

    3.750(d)     03/20/34     KRW  8,196,630       438,638       230,048       208,590  

3.000(e)

    3M STIBOR(d)     03/20/34     SEK  71,320       (430,376 )      (262,472 )      (167,904 ) 

6M AUDOR(f)

    4.250(f)     03/20/34     AUD  3,130       11,727       (72,783 )      84,510  

12M GBP(e)

    4.250(e)     03/20/34     GBP  710       75,949       38,357       37,592  

12M SOFR(e)

    4.250(e)     03/20/34     $ 10,130       704,750       644,404       60,346  

3M NZDOR(d)

    4.750(f)     03/20/34     NZD  4,580       150,710       5,296       145,414  

6M WIBOR(f)

    5.000(e)     03/20/34     PLN  5,180       58,846       55,713       3,133  

3.750(e)

    6M NIBOR(f)     03/20/34     NOK  10,670       (41,290 )      (28,216 )      (13,074 ) 

3M JIBAR(d)

    9.500(d)     03/20/34     ZAR  7,690       9,120       4,956       4,164  

1.000(e)

    12M JYOR(e)     03/21/34     JPY  829,000       (65,088 )      62,160       (127,248 ) 

3.240(e)

    12M SOFR(e)     10/06/35     $ 15,170       98,197       (188,029 )      286,226  

4.250(e)

    12M GBP(e)     03/20/36     GBP  1,390       (164,222 )      (82,467 )      (81,755 ) 

3.781(e)

    12M SOFR(e)     09/22/36     $ 12,780       (402,505 )      189,730       (592,235 ) 

12M SOFR(e)

    2.910(e)     07/28/37       37,860       (828,177 )      (527,965 )      (300,212 ) 

6M EURO(f)

    2.152(e)     08/09/37     EUR  18,040       (441,947 )      (782,565 )      340,618  

12M SOFR(e)

    3.391(e)     05/10/38     $ 44,120       (265,143 )      (463,954 )      198,811  

12M JYOR(e)

    1.500(e)     08/03/38     JPY  1,203,000       (62,790 )      (90,951 )      28,161  

1.451(e)

    6M EURO(f)     08/10/42     EUR  46,140       1,684,253       1,384,505       299,748  

12M GBP(e)

    4.250(e)     03/20/44     GBP  950       150,856       77,769       73,087  

2.750(e)

    6M EURO(f)     03/20/44     EUR  350       (16,355 )      (11,153 )      (5,202 ) 

2.080(e)

    12M SOFR(e)     07/28/47     $ 37,570       853,729       587,457       266,272  

6M EURO(f)

    1.051(e)     08/11/47     EUR  27,020       (835,010 )      (613,250 )      (221,760 ) 

2.564(e)

    12M SOFR(e)     05/11/53     $ 37,550       399,145       391,336       7,809  

2.000(e)

    6M EURO(f)     05/17/53     EUR  8,400       29,105       75,500       (46,395 ) 

2.500(e)

    6M EURO(f)     11/10/53       10,160       (487,872 )      (353,980 )      (133,892 ) 

3.613(e)

    12M SOFR(e)     11/15/53     $ 12,280       (529,953 )      (81,483 )      (448,470 ) 

3.512(e)

    12M SOFR(e)     11/29/53       4,230       (152,675 )      (75,936 )      (76,739 ) 

12M GBP(e)

    4.000(e)     03/20/54     GBP  720       113,225       47,190       66,035  

2.500(e)

    6M EURO(f)     03/20/54     EUR  1,950       (88,957 )      (57,409 )      (31,548 ) 

12M GBP(e)

    3.000(e)     12/21/62     GBP  470       (33,963 )      3,695       (37,658 ) 

 

  

TOTAL

          $ 7,925,011     $ 3,539,439     $ 4,385,572  

 

  

 

(a)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.
(b)   Payments made at maturity.
(c)   Payments made at monthly.
(d)   Payments made quarterly.
(e)   Payments made annually.
(f)   Payments made semi-annually.

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index		   Financing Rate
Paid by
the Fund(a)		     Credit
Spread at
December 31,
2023(b)		     Counterparty   Termination
Date		     Notional
Amount
(000s)		     Value     Upfront
Premiums
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

 

              

CMBX.NA.AAA.16

     0.500%       0.766%     MS & Co. Int. PLC     04/17/65     $ 10,500     $ (185,337 )    $ (207,931 )    $ 22,594  

 

  

TOTAL

             $ (185,337 )    $ (207,931 )    $ 22,594  

 

  

 

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index		    Financing Rate
Received/(Paid) by
the Fund(a)		     Credit
Spread at
December 31,
2023(b)		     Termination
Date		      Notional
Amount
(000s)		      Value     Upfront
Premiums
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Purchased:

 

              

BASF SE

      (1.000)%       0.454%       06/20/28      EUR  1,050      $ (27,254 )    $ (16,359 )    $ (10,895 ) 

Continental AG

      (1.000)         0.907         12/20/28        1,424        (7,315 )      692       (8,007 ) 

Next Group PLC

      (1.000)         0.614         06/20/28        900        (16,544 )      3,988       (20,532 ) 

Protection Sold:

                 

CDX.NA.IG Index 34

       1.000         0.220         06/20/25      $ 3,125        35,912       16,304       19,608  

CDX.NA.IG Index 40

       1.000         0.507         06/20/28        8,143        166,441       118,113       48,328  

CDX.NA.IG Index 41

       1.000         0.565         12/20/28        3,518        69,728       34,316       35,412  

Republic of Indonesia, 4.125%, 01/15/25

       1.000         0.701         12/20/28        1,740        23,925       11,397       12,528  

Republic of Peru, 8.750%, 11/21/2033

       1.000         0.701         12/20/28        1,150        15,929       8,848       7,081  

Unibail-Rodamco-Westfield SE, 1.375%, 03/09/26

       1.000         0.338         06/20/24      EUR  1,200        4,618       2,142       2,476  

United Mexican States, 4.150%, 03/28/27

       1.000         0.880         12/20/28      $  1,560        8,955       (16,374 )      25,329  

 

  

TOTAL

              $ 274,395     $ 163,067     $ 111,328  

 

  

 

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

 

Description    Counterparty   Exercise
Rate		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		    

Premiums

Paid
(Received) by
Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

      

Calls

                                                                           

3M IRS

    MS & Co. Int. PLC     3.425%       03/13/2024       38,300,000     $ 38,300,000     $ 14,799     $ 41,260     $ (26,461 ) 

3M IRS

    MS & Co. Int. PLC     3.800         03/13/2024       76,600,000       76,600,000       6,139       22,505       (16,366 ) 

 

  
           114,900,000     $ 114,900,000     $ 20,938     $ 63,765     $ (42,827 ) 

 

  

Puts

 

            

3M IRS

    Citibank NA     4.050         02/05/2024       18,390,000       18,390,000       130       3,607       (3,477 ) 

3M IRS

    Citibank NA     3.700         02/05/2024       18,390,000       18,390,000       1,129       21,263       (20,134 ) 

3M IRS

    Citibank NA     3.750         02/05/2024       18,390,000       18,390,000       824       16,327       (15,503 ) 

3M IRS

    Citibank NA     4.000         02/05/2024       18,390,000       18,390,000       175       4,557       (4,382 ) 

 

  
      73,560,000     $ 73,560,000     $ 2,258     $ 45,754     $ (43,496 ) 

 

  

Total purchased option contracts

 

       188,460,000     $ 188,460,000     $ 23,196     $ 109,519     $ (86,323 ) 

 

  

Written option contracts

 

          

Calls

 

            

6M IRS

    Citibank NA     3.720         03/14/2024       (32,470,000 )      (32,470,000 )      (253,860 )      (73,784 )      (180,076 ) 

6M IRS

    Citibank NA     3.744         03/14/2024       (32,470,000 )      (32,470,000 )      (261,803 )      (71,829 )      (189,974 ) 

1M IRS

    JPMorgan Securities, Inc.     2.378         01/29/2024       (3,800,000 )      (3,800,000 )      (26,397 )      (42,205 )      15,808  

1M IRS

    MS & Co. Int. PLC     3.835         01/11/2024       (3,800,000 )      (3,800,000 )      (122,925 )      (45,790 )      (77,135 ) 

1M IRS

    MS & Co. Int. PLC     3.550         01/18/2024       (3,850,000 )      (3,850,000 )      (52,242 )      (42,831 )      (9,411 ) 

1M IRS

    MS & Co. Int. PLC     3.392         01/29/2024       (3,800,000 )      (3,800,000 )      (32,602 )      (42,370 )      9,768  

2M IRS

    MS & Co. Int. PLC     3.948         01/03/2024       (3,700,000 )      (3,700,000 )      (150,784 )      (40,422 )      (110,362 ) 

3M IRS

    MS & Co. Int. PLC     3.650         03/13/2024       (114,900,000 )      (114,900,000 )      (17,327 )      (55,013 )      37,686  

1M IRS

    UBS AG (London)     2.660         01/15/2024       (3,810,000 )      (3,810,000 )      (10,857 )      (39,800 )      28,943  

1M IRS

    UBS AG (London)     2.431         01/22/2024       (3,840,000 )      (3,840,000 )      (28,402 )      (39,462 )      11,060  

 

  
           (206,440,000 )    $ (206,440,000 )    $ (957,199 )    $ (493,506 )    $ (463,693 ) 

 

  

Puts

 

            

3M IRS

    Citibank NA     3.900         02/05/2024       (36,780,000 )      (36,780,000 )      (646 )      (14,429 )      13,783  

3M IRS

    Citibank NA     3.850         02/05/2024       (36,780,000 )      (36,780,000 )      (881 )      (19,688 )      18,807  

6M IRS

    Citibank NA     3.720         03/14/2024       (32,470,000 )      (32,470,000 )      (3,645 )      (73,784 )      70,139  

6M IRS

    Citibank NA     3.744         03/14/2024       (32,470,000 )      (32,470,000 )      (3,298 )      (71,829 )      68,531  

1M IRS

    JPMorgan Securities, Inc.     2.378         01/29/2024       (3,800,000 )      (3,800,000 )      (63,988 )      (42,205 )      (21,783 ) 

1M IRS

    MS & Co. Int. PLC     3.835         01/11/2024       (3,800,000 )      (3,800,000 )      (2,014 )      (45,790 )      43,776  

1M IRS

    MS & Co. Int. PLC     3.550         01/18/2024       (3,850,000 )      (3,850,000 )      (20,556 )      (42,831 )      22,275  

1M IRS

    MS & Co. Int. PLC     3.392         01/29/2024       (3,800,000 )      (3,800,000 )      (49,804 )      (42,370 )      (7,434 ) 

2M IRS

    MS & Co. Int. PLC     3.948         01/03/2024       (3,700,000 )      (3,700,000 )      (1 )      (40,423 )      40,422  

1M IRS

    UBS AG (London)     2.660         01/15/2024       (3,810,000 )      (3,810,000 )      (75,331 )      (39,800 )      (35,531 ) 

1M IRS

    UBS AG (London)     2.431         01/22/2024       (3,840,000)       (3,840,000 )      (47,949 )      (39,462 )      (8,487 ) 

 

  
      (165,100,000 )    $ (165,100,000 )    $ (268,113 )    $ (472,611 )    $ 204,498  

 

  

Total written option contracts

 

       (371,540,000 )    $ (371,540,000 )    $ (1,225,312 )    $ (966,117 )    $ (259,195 ) 

 

  

TOTAL

 

       (183,080,000 )    $ (183,080,000 )    $ (1,202,116 )    $ (856,598 )    $ (345,518 ) 

 

  

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

BRL  

— Brazil Real

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

CNH  

— Chinese Yuan Renminbi Offshore

CNY  

— Chinese Yuan Renminbi

COP  

— Colombia Peso

CZK  

— Czech Republic Koruna

EUR  

— Euro

GBP  

— British Pound

IDR  

— Indonesia Rupiah

ILS  

— Israeli Shekel

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

TWD  

— Taiwan Dollar

USD  

— U. S. Dollar

ZAR  

— South African Rand

Investment Abbreviations:
CLO  

— Collateralized Loan Obligation

CMT  

— Constant Maturity Treasury Indexes

ETF  

— Exchange Traded Fund

EURIBOR  

— Euro Interbank Offered Rate

ICE  

— Inter-Continental Exchange

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

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

USD  

— U. S. Dollar

 

Abbreviations:    
1M IRS  

— 1 Month Interest Rate Swaptions

2M IRS  

— 2 Months Interest Rate Swaptions

3M IRS  

— 3 Months Interest Rate Swaptions

6M IRS  

— 6 Months Interest Rate Swaptions

AUDOR  

— Australian Dollar Offered Rate

BofA Securities  

— Bank of America Securities LLC

CDOR  

— Canadian Dollar Offered Rate

CDX.NA.IG Ind 34  

— CDX North America Investment Grade Index 34

CDX.NA.IG Ind 40  

— CDX North America Investment Grade Index 40

CDX.NA.IG Ind 41  

— CDX North America Investment Grade Index 41

CHFOR  

— Swiss Franc Offered 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

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – 79.1%

Aerospace & Defense – 1.0%

Boeing Co.(a)

$

     90,000       5.150 %    05/01/30   $     91,631
    25,000       3.250     02/01/35   21,108
    90,000       5.805     05/01/50   93,345

Howmet Aerospace, Inc.

    180,000       5.950     02/01/37   188,255

TransDigm, Inc.(a)

    105,000       5.500     11/15/27   103,074
    30,000       4.625     01/15/29   28,129
    220,000       4.875     05/01/29   205,999

Triumph Group, Inc.(a)

    220,000       7.750     08/15/25   219,683
       

 

        951,224

 

Agriculture – 0.2%

MHP Lux SA

    200,000       6.950     04/03/26   154,000

 

Airlines(b) – 0.8%

Allegiant Travel Co.(a)

    110,000       7.250     08/15/27   108,140

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

    280,000       5.750     04/20/29   273,117

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets
Ltd.(a)

    82,600       6.500     06/20/27   82,836

United Airlines, Inc.(a)

    255,000       4.375     04/15/26   248,707
       

 

        712,800

 

Automotive – 2.0%

Dealer Tire LLC/DT Issuer LLC(a)(b)

    575,000       8.000     02/01/28   570,101

Ford Motor Co.

    185,000       4.750     01/15/43   152,821

Ford Motor Credit Co. LLC(a)

    235,000       4.950     05/28/27   229,435

General Motors Co.(a)

    135,000       6.125     10/01/25   136,744

General Motors Financial Co., Inc.(a)

    365,000       5.650     01/17/29   373,611

Hyundai Capital America(a)(b)

    370,000       6.200     09/21/30   389,558
       

 

        1,852,270

 

Banks – 16.9%

Banco do Brasil SA(a)(c) (10 yr. CMT + 4.398%)

    400,000       6.250     04/15/24   388,672

Banco Mercantil del Norte SA(a)(c) (10 yr. CMT + 5.353%)

    400,000       7.625     01/10/28   384,600

Banco Santander SA

    600,000       2.749     12/03/30   498,240
    400,000       6.921     08/08/33   426,700

Bank of America Corp.(a)(c)

(3 mo. USD Term SOFR + 1.252%)

    345,000       2.496     02/13/31   296,507

(3 mo. USD Term SOFR + 1.332%)

    285,000       3.970     03/05/29   272,203

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

  

Bank of America Corp.(a)(c) – (continued)

(3 mo. USD Term SOFR + 1.572%)

$

     340,000       4.271 %    07/23/29   $    328,097

(Secured Overnight Financing Rate + 1.220%)

    415,000       2.651     03/11/32   350,716

(Secured Overnight Financing Rate + 1.530%)

    470,000       1.898     07/23/31   383,891

(Secured Overnight Financing Rate + 1.630%)

    150,000       5.202     04/25/29   150,915

(Secured Overnight Financing Rate + 2.150%)

    515,000       2.592     04/29/31   443,528

Bank of New York Mellon Corp.(a)(c) (Secured Overnight Financing Rate + 1.755%)

    15,000       4.596     07/26/30   14,920

Barclays PLC(a)

    250,000       4.337     01/10/28   242,873

(Secured Overnight Financing Rate + 2.714%)

    225,000       2.852 (c)    05/07/26   217,193

BBVA Bancomer SA(a)(c) (5 yr. CMT + 2.650%)

    200,000       5.125     01/18/33   180,416

BNP Paribas SA(a)(b)(c) (Secured Overnight Financing Rate + 1.004%)

    200,000       1.323     01/13/27   184,464

Citigroup, Inc.

    635,000       4.125     07/25/28   610,025

(Secured Overnight Financing Rate + 1.422%)

    370,000       2.976 (a)(c)    11/05/30   329,825

Fifth Third Bancorp(a)(c) (Secured Overnight Financing Rate Index + 2.127%)

    350,000       4.772     07/28/30   343,301

Freedom Mortgage Corp.(a)(b)

    275,000       7.625     05/01/26   271,639

HSBC Holdings PLC(a)(c) (Secured Overnight Financing Rate + 1.538%)

    200,000       1.645     04/18/26   190,084

Itau Unibanco Holding SA(a)(c) (5 yr. CMT + 3.981%)

    200,000       7.721     06/12/24   197,856

JPMorgan Chase & Co.(a)(c)

(3 mo. USD Term SOFR + 1.207%)

    285,000       3.509     01/23/29   269,807

(3 mo. USD Term SOFR + 2.515%)

    335,000       2.956     05/13/31   294,676

(3 mo. USD Term SOFR + 3.125%)

    2,220,000       4.600     02/01/25   2,138,482

M&T Bank Corp.(a)(c) (Secured Overnight Financing Rate + 1.850%)

    475,000       5.053     01/27/34   450,005

Macquarie Bank Ltd.(a)(b)(c) (5 yr. CMT + 1.700%)

    635,000       3.052     03/03/36   514,140

Morgan Stanley(a)(c)

(3 mo. USD Term SOFR + 1.890%)

    280,000       4.431     01/23/30   272,754

(Secured Overnight Financing Rate + 1.034%)

    405,000       1.794     02/13/32   323,154

(Secured Overnight Financing Rate + 1.143%)

    750,000       2.699     01/22/31   656,977

(Secured Overnight Financing Rate + 1.590%)

    125,000       5.164     04/20/29   125,584

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

  

Morgan Stanley(a)(c) – (continued)

(Secured Overnight Financing Rate + 1.610%)

$

     150,000       4.210 %    04/20/28   $    146,550

NatWest Group PLC(a)(c) (3 mo. USD LIBOR + 1.762%)

    225,000       4.269     03/22/25   224,199

PNC Financial Services Group, Inc.(a)(c) (5 yr. CMT + 3.238%)

    510,000       6.200     09/15/27   498,183

Popular, Inc.(a)

    98,000       7.250     03/13/28   100,807

Truist Financial Corp.(a)(c)

(1 yr. CMT + 4.349%)

    561,000       5.100     03/01/30   512,013

(Secured Overnight Financing Rate + 2.050%)

    25,000       6.047     06/08/27   25,449

Turkiye Vakiflar Bankasi TAO(b)

    200,000       6.500     01/08/26   197,563

UBS Group AG

    250,000       4.550     04/17/26   246,623

(1 yr. CMT + 1.100%)

    435,000       2.746 (a)(b)(c)    02/11/33   356,182

(5 yr. CMT + 4.745%)

    200,000       9.250 (a)(b)(c)    11/13/28   215,500

Wells Fargo & Co.

    230,000       4.300     07/22/27   225,218
    95,000       4.150 (a)    01/24/29   92,422

(5 yr. CMT + 3.606%)

    400,000       7.625 (a)(c)    09/15/28   419,304

(Secured Overnight Financing Rate + 2.100%)

    390,000       4.897 (a)(c)    07/25/33   380,180

Yapi ve Kredi Bankasi AS(a)(b)(c) (5 yr. USD Swap + 11.245%)

    200,000       13.875     01/15/24   200,313
       

 

        15,592,750

 

Beverages(a) – 0.9%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.

    390,000       4.700     02/01/36   389,236

Constellation Brands, Inc.

    100,000       3.150     08/01/29   93,019

Keurig Dr Pepper, Inc.

    421,000       3.200     05/01/30   387,004
       

 

        869,259

 

Biotechnology(a) – 0.5%

Amgen, Inc.

    115,000       5.250     03/02/30   118,258
    375,000       5.250     03/02/33   384,356
       

 

        502,614

 

Building Materials(a) – 1.4%

Carrier Global Corp.

    410,000       2.722     02/15/30   367,073

Cornerstone Building Brands, Inc.(b)

    255,000       6.125     01/15/29   210,900

CP Atlas Buyer, Inc.(b)

    305,000       7.000     12/01/28   266,058

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Building Materials(a) – (continued)

  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

$

     270,000       4.900 %    12/01/32   $    272,921

Standard Industries, Inc.(b)

    230,000       4.375     07/15/30   211,030
       

 

        1,327,982

 

Chemicals(a)(b) – 2.1%

ASP Unifrax Holdings, Inc.

    50,000       5.250     09/30/28   36,458

Avient Corp.

    180,000       7.125     08/01/30   186,656

Axalta Coating Systems LLC

    325,000       3.375     02/15/29   292,302

Chemours Co.

    315,000       4.625     11/15/29   276,513

Ingevity Corp.

    190,000       3.875     11/01/28   170,724

International Flavors & Fragrances, Inc.

    540,000       2.300     11/01/30   448,006

Minerals Technologies, Inc.

    325,000       5.000     07/01/28   311,610

WR Grace Holdings LLC

    230,000       5.625     08/15/29   203,141
       

 

        1,925,410

 

Coal(a) – 0.0%

Teck Resources Ltd.

    25,000       3.900     07/15/30   23,249

 

Commercial Services – 2.1%

Adani Ports & Special Economic Zone Ltd.(a)

    350,000       4.000     07/30/27   311,281

Alarm.com Holdings, Inc.(d)

    15,000       0.000     01/15/26   13,305

Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)(b)

    170,000       6.000     06/01/29   139,264

APi Group DE, Inc.(a)(b)

    365,000       4.125     07/15/29   333,822
    50,000       4.750     10/15/29   46,892

APX Group, Inc.(a)(b)

    305,000       5.750     07/15/29   284,733

CoStar Group, Inc.(a)(b)

    75,000       2.800     07/15/30   64,178

Garda World Security Corp.(a)(b)

    75,000       7.750     02/15/28   77,980

Quanta Services, Inc.(a)

    61,000       2.900     10/01/30   53,737

Verisure Midholding AB(a)

EUR

     380,000       5.250     02/15/29   399,759

VT Topco, Inc.(a)(b)

$

     205,000       8.500     08/15/30   213,329
       

 

        1,938,280

 

Computers(a) – 0.7%

Dell International LLC/EMC Corp.

    99,000       6.020     06/15/26   101,312
    270,000       5.300     10/01/29   278,170

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Computers(a) – (continued)

  

KBR, Inc.(b)

$

     110,000       4.750 %    09/30/28   $    102,118

Unisys Corp.(b)

    65,000       6.875     11/01/27   58,575

Virtusa Corp.(b)

    95,000       7.125     12/15/28   81,653
       

 

        621,828

 

Distribution & Wholesale(a)(b) – 0.2%

BCPE Empire Holdings, Inc.

    195,000       7.625     05/01/27   188,471

 

Diversified Financial Services(a) – 4.9%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    175,000       6.500     07/15/25   177,604

AG Issuer LLC(b)

    350,000       6.250     03/01/28   347,858

AG TTMT Escrow Issuer LLC(b)

    45,000       8.625     09/30/27   47,362

Air Lease Corp.

    75,000       2.875     01/15/26   71,499
    245,000       3.750     06/01/26   236,721

Ally Financial, Inc.(c) (7 yr. CMT + 3.481%)

    295,000       4.700     05/15/28   201,538

Aviation Capital Group LLC(b)

    75,000       1.950     01/30/26   69,480

Avolon Holdings Funding Ltd.(b)

    60,000       3.950     07/01/24   59,237
    75,000       2.875     02/15/25   72,426
    50,000       4.250     04/15/26   48,359

Global Aircraft Leasing Co. Ltd.(b)(e) (PIK 7.250%, Cash 6.500%)

    74,581       6.500     09/15/24   70,223

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

    285,000       4.750     09/15/24   283,242

Macquarie Airfinance Holdings Ltd.(b)

    155,000       8.125     03/30/29   162,099

Midcap Financial Issuer Trust(b)

    200,000       6.500     05/01/28   187,206

Nationstar Mortgage Holdings, Inc.(b)

    200,000       5.500     08/15/28   192,714

Navient Corp.

    300,000       5.500     03/15/29   276,777
    205,000       9.375     07/25/30   215,986

NFP Corp.(b)

    540,000       6.875     08/15/28   549,272

OneMain Finance Corp.

    250,000       4.000     09/15/30   213,918

Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.(b)

    160,000       6.375     02/01/27   151,446

United Wholesale Mortgage LLC(b)

    265,000       5.500     11/15/25   263,325
    210,000       5.500     04/15/29   198,755

VistaJet Malta Finance PLC/Vista Management Holding, Inc.(b)

    460,000       7.875     05/01/27   398,240
       

 

        4,495,287

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Electrical(a) – 1.8%

  

AES Panama Generation Holdings SRL

$

     392,838       4.375 %    05/31/30   $    329,002

American Electric Power Co., Inc.

    325,000       2.300     03/01/30   277,830

NextEra Energy Operating Partners LP(b)

    165,000       7.250     01/15/29   172,875

Pacific Gas & Electric Co.

    25,000       2.100     08/01/27   22,546
    355,000       2.500     02/01/31   293,219

Pike Corp.(b)

    445,000       5.500     09/01/28   423,898

Vistra Operations Co. LLC(b)

    50,000       3.550     07/15/24   49,244
    60,000       4.300     07/15/29   56,415
       

 

        1,625,029

 

Electronics(a)(b) – 0.4%

Imola Merger Corp.

    375,000       4.750     05/15/29   355,875

 

Engineering & Construction(a) – 1.3%

Aeropuerto Internacional de Tocumen SA(b)

    210,000       4.000     08/11/41   158,172

Arcosa, Inc.(b)

    190,000       4.375     04/15/29   176,911

Global Infrastructure Solutions, Inc.(b)

    280,000       5.625     06/01/29   257,342
    85,000       7.500     04/15/32   78,706

IHS Netherlands Holdco BV

    200,000       8.000     09/18/27   177,313

Mexico City Airport Trust

    400,000       5.500     10/31/46   343,028
       

 

        1,191,472

 

Entertainment(a)(b) – 0.6%

Cinemark USA, Inc.

    290,000       5.875     03/15/26   284,910

SeaWorld Parks & Entertainment, Inc.

    290,000       5.250     08/15/29   271,948
       

 

        556,858

 

Environmental(a)(b) – 0.9%

GFL Environmental, Inc.

    340,000       4.000     08/01/28   313,732

Waste Pro USA, Inc.

    535,000       5.500     02/15/26   515,852
       

 

        829,584

 

Food & Drug Retailing – 0.8%

H-Food Holdings LLC/Hearthside Finance Co., Inc.(a)(b)

    230,000       8.500     06/01/26   22,213

Kraft Heinz Foods Co.

    155,000       6.875     01/26/39   179,552
    351,000       5.500 (a)    06/01/50   362,401

U.S. Foods, Inc.(a)(b)

    205,000       4.625     06/01/30   191,066
       

 

        755,232

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Hand/Machine Tools(a)(b) – 0.1%

Regal Rexnord Corp.

$

     105,000       6.300 %    02/15/30   $    108,087

 

Healthcare Providers & Services(a) – 2.0%

CAB SELAS(b)

EUR

     150,000       3.375     02/01/28   147,419

Chrome Holdco SAS(b)

    100,000       5.000     05/31/29   76,782

CHS/Community Health Systems, Inc.(b)

$

     230,000       4.750     02/15/31   181,180

DaVita, Inc.(b)

    305,000       3.750     02/15/31   250,377

Laboratoire Eimer Selas(b)

EUR

     100,000       5.000     02/01/29   89,420

LifePoint Health, Inc.(b)

$

     140,000       11.000     10/15/30   147,679

Medline Borrower LP(b)

    400,000       3.875     04/01/29   361,800
    275,000       5.250     10/01/29   259,702

Tenet Healthcare Corp.

    145,000       6.125     10/01/28   144,330
    155,000       6.125     06/15/30   156,727
       

 

        1,815,416

 

Home Builders(a) – 0.7%

KB Home

    185,000       7.250     07/15/30   192,317

LGI Homes, Inc.(b)

    485,000       4.000     07/15/29   419,995
       

 

        612,312

 

Housewares(a) – 0.4%

Newell Brands, Inc.

    185,000       6.500     04/01/46   152,841

Scotts Miracle-Gro Co.

    250,000       4.000     04/01/31   215,188
       

 

        368,029

 

Insurance(a) – 2.0%

Acrisure LLC/Acrisure Finance, Inc.(b)

    50,000       10.125     08/01/26   52,429
    200,000       4.250     02/15/29   182,252
    540,000       6.000     08/01/29   491,011

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b)

    180,000       6.750     10/15/27   179,384

American International Group, Inc.

    305,000       3.400     06/30/30   280,615

AssuredPartners, Inc.(b)

    110,000       5.625     01/15/29   102,585

BroadStreet Partners, Inc.(b)

    460,000       5.875     04/15/29   431,232

Equitable Holdings, Inc.

    60,000       4.350     04/20/28   58,013

USI, Inc.(b)

    90,000       7.500     01/15/32   92,135
       

 

        1,869,656

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Internet(a) – 1.7%

Expedia Group, Inc.

$

     127,000       4.625 %    08/01/27   $    126,655
    326,000       2.950     03/15/31   287,881

Getty Images, Inc.(b)

    550,000       9.750     03/01/27   553,492

Match Group Holdings II LLC(b)

    255,000       3.625     10/01/31   220,307

Meta Platforms, Inc.

    80,000       5.750     05/15/63   87,696

Prosus NV(b)

EUR

     120,000       2.031     08/03/32   101,064

United Group BV(b)

    175,000       4.625     08/15/28   182,598
       

 

        1,559,693

 

Investment Companies(a)(b) – 0.2%

JAB Holdings BV

$

     250,000       2.200     11/23/30   200,770

 

Iron/Steel(a) – 0.1%

Metinvest BV

    200,000       8.500     04/23/26   139,000

 

Leisure Time(a)(b) – 0.6%

Carnival Corp.

    60,000       7.000     08/15/29   62,580

MajorDrive Holdings IV LLC

    315,000       6.375     06/01/29   273,697

TUI Cruises GmbH

EUR

     235,000       6.500     05/15/26   255,700
       

 

        591,977

 

Lodging(a) – 0.7%

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.(b)

$

     350,000       5.000     06/01/29   323,011

Marriott International, Inc.

    75,000       5.000     10/15/27   75,938
    185,000       4.900     04/15/29   186,190

Marriott Ownership Resorts, Inc.(b)

    95,000       4.500     06/15/29   84,015
       

 

        669,154

 

Machinery - Construction & Mining(a)(b) – 0.3%

Vertiv Group Corp.

    255,000       4.125     11/15/28   238,208

 

Machinery-Diversified(a) – 1.4%

Husky III Holding Ltd.(b)(e)

    45,000       13.000     02/15/25   44,893

Otis Worldwide Corp.

    245,000       2.565     02/15/30   218,133

Titan Acquisition Ltd./Titan Co.-Borrower LLC(b)

    615,000       7.750     04/15/26   618,782

TK Elevator Holdco GmbH(b)

    428,000       7.625     07/15/28   422,646
       

 

        1,304,454

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Media – 4.0%

  

Altice Financing SA(a)(b)

$

     200,000       5.000 %    01/15/28   $    181,864

CCO Holdings LLC/CCO Holdings Capital Corp.(a)(b)

    575,000       4.750     02/01/32   507,000

Charter Communications Operating LLC/Charter Communications Operating Capital(a)

    170,000       3.750     02/15/28   160,618

Directv Financing LLC/Directv Financing Co.-Obligor, Inc.(a)(b)

    370,000       5.875     08/15/27   347,426

DISH DBS Corp.

    108,000       7.750     07/01/26   75,397
    110,000       5.250 (a)(b)    12/01/26   94,519
    145,000       7.375 (a)    07/01/28   87,347

DISH Network Corp.(a)(b)

    230,000       11.750     11/15/27   239,927

iHeartCommunications, Inc.(a)

    290,000       8.375     05/01/27   188,187

Scripps Escrow, Inc.(a)(b)

    161,000       5.875     07/15/27   142,842

Sinclair Television Group, Inc.(a)(b)

    170,000       5.125     02/15/27   153,471

Sirius XM Radio, Inc.(b)

    635,000       3.875     09/01/31   542,195

Townsquare Media, Inc.(a)(b)

    325,000       6.875     02/01/26   318,844

Urban One, Inc.(a)(b)

    410,000       7.375     02/01/28   348,217

Ziggo Bond Co. BV(a)(b)

EUR

     300,000       3.375     02/28/30   279,023
       

 

        3,666,877

 

Miscellaneous Manufacturing – 0.3%

General Electric Co.

$

     95,000       5.875     01/14/38   104,578

Hillenbrand, Inc.(a)

    235,000       3.750     03/01/31   204,093
       

 

        308,671

 

Multi-National(a)(b) – 0.4%

Banque Ouest Africaine de Developpement

EUR

     480,000       2.750     01/22/33   401,025

 

Oil Field Services – 4.2%

Cenovus Energy, Inc.

$

     11,000       6.750     11/15/39   12,010

Civitas Resources, Inc.(a)(b)

    205,000       5.000     10/15/26   199,143
    55,000       8.375     07/01/28   57,523

Ecopetrol SA(a)

    240,000       6.875     04/29/30   236,400

Marathon Petroleum Corp.(a)

    50,000       3.800     04/01/28   47,801

Matador Resources Co.(a)(b)

    230,000       6.875     04/15/28   234,200

MEG Energy Corp.(a)(b)

    215,000       5.875     02/01/29   208,926

Nabors Industries, Inc.(a)(b)

    645,000       7.375     05/15/27   632,680

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Oil Field Services – (continued)

  

Nabors Industries, Inc.(a)(b) – (continued)

$

     45,000       9.125 %    01/31/30   $     45,370

Noble Finance II LLC(a)(b)

    130,000       8.000     04/15/30   135,675

Occidental Petroleum Corp.(a)

    200,000       5.550     03/15/26   201,640

Permian Resources Operating LLC(a)(b)

    162,000       7.000     01/15/32   167,082

Sitio Royalties Operating Partnership LP/Sitio Finance Corp.(a)(b)

    170,000       7.875     11/01/28   175,826

Southwestern Energy Co.(a)

    180,000       4.750     02/01/32   167,027

TechnipFMC PLC(a)(b)

    375,000       6.500     02/01/26   374,595

Transocean Poseidon Ltd.(a)(b)

    82,500       6.875     02/01/27   82,406

Transocean Titan Financing Ltd.(a)(b)

    70,000       8.375     02/01/28   72,440

Transocean, Inc.(a)(b)

    440,000       11.500     01/30/27   460,130
    29,450       8.750     02/15/30   30,805

USA Compression Partners LP/USA Compression Finance Corp.(a)

    325,000       6.875     04/01/26   324,278
       

 

        3,865,957

 

Packaging(b) – 0.5%

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC(a)

    350,000       6.000     09/15/28   327,411

Sealed Air Corp.

    175,000       6.875     07/15/33   185,754
       

 

        513,165

 

Pharmaceuticals(a)(b) – 0.5%

AdaptHealth LLC

    220,000       6.125     08/01/28   189,943
    95,000       4.625     08/01/29   73,688
    65,000       5.125     03/01/30   51,195

Bausch Health Cos., Inc.

    206,000       6.125     02/01/27   139,017
       

 

        453,843

 

Pipelines(a) – 6.0%

Cheniere Energy Partners LP(b)

    40,000       5.950     06/30/33   41,060

CNX Midstream Partners LP(b)

    145,000       4.750     04/15/30   128,473

Columbia Pipelines Operating Co. LLC(b)

    345,000       6.036     11/15/33   361,677

CQP Holdco LP/BIP-V Chinook Holdco LLC(b)

    685,000       5.500     06/15/31   649,126

Energy Transfer LP

    385,000       5.250     04/15/29   388,034

Global Partners LP/GLP Finance Corp.

    530,000       6.875     01/15/29   513,687

Howard Midstream Energy Partners LLC(b)

    315,000       6.750     01/15/27   313,028

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Pipelines(a) – (continued)

  

Howard Midstream Energy Partners LLC(b) – (continued)

$

     120,000       8.875 %    07/15/28   $    126,384

Kinetik Holdings LP(b)

    265,000       5.875     06/15/30   259,814

MPLX LP

    105,000       4.000     03/15/28   101,339
    365,000       2.650     08/15/30   315,302

NuStar Logistics LP

    285,000       6.375     10/01/30   285,653

ONEOK, Inc.

    275,000       6.350     01/15/31   293,623

Plains All American Pipeline LP/PAA Finance Corp.

    400,000       3.800     09/15/30   368,440

Summit Midstream Holdings LLC/Summit Midstream Finance

    Corp. (b)       
    391,000       12.000     10/15/26   381,049

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b)

    75,000       6.000     12/31/30   70,349

Targa Resources Partners LP/Targa Resources Partners Finance

    Corp.        
    395,000       4.875     02/01/31   383,502
    197,000       4.000     01/15/32   179,514

Venture Global LNG, Inc.(b)

    315,000       8.125     06/01/28   318,131
    30,000       9.500     02/01/29   31,717
       

 

        5,509,902

 

Real Estate Investment Trust(a) – 0.8%

Agree LP

    25,000       2.900     10/01/30   21,526

Prologis LP

    25,000       1.750     07/01/30   20,980

Realty Income Corp.

    355,000       2.850     12/15/32   302,407

Regency Centers LP

    60,000       2.950     09/15/29   53,780

Spirit Realty LP

    60,000       4.000     07/15/29   56,913

Trust Fibra Uno

    200,000       4.869     01/15/30   180,125

WP Carey, Inc.

    60,000       3.850     07/15/29   56,258
    25,000       2.400     02/01/31   21,133
       

 

        713,122

 

Retailing(a) – 3.0%

Asbury Automotive Group, Inc.(b)

    220,000       4.625     11/15/29   203,911
    55,000       5.000     02/15/32   50,109

Foundation Building Materials, Inc.(b)

    270,000       6.000     03/01/29   243,967

Group 1 Automotive, Inc.(b)

    110,000       4.000     08/15/28   102,043

GYP Holdings III Corp.(b)

    180,000       4.625     05/01/29   164,518

Ken Garff Automotive LLC(b)

    290,000       4.875     09/15/28   275,312

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Retailing(a) – (continued)

  

LCM Investments Holdings II LLC(b)

$

     410,000       4.875 %    05/01/29   $    381,722

Penske Automotive Group, Inc.

    290,000       3.750     06/15/29   259,280

Sonic Automotive, Inc.(b)

    185,000       4.625     11/15/29   168,337
    75,000       4.875     11/15/31   66,804

Specialty Building Products Holdings LLC/SBP Finance Corp.(b)

    330,000       6.375     09/30/26   326,515

SRS Distribution, Inc.(b)

    155,000       6.125     07/01/29   147,044
    205,000       6.000     12/01/29   193,008

Tractor Supply Co.

    75,000       1.750     11/01/30   61,508

Yum! Brands, Inc.(b)

    135,000       4.750     01/15/30   130,711
       

 

        2,774,789

 

Semiconductors(a) – 1.8%

Broadcom, Inc.(b)

    372,000       3.469     04/15/34   323,793
    594,000       3.137     11/15/35   487,846
    645,000       3.187     11/15/36   523,450

NXP BV/NXP Funding LLC/NXP USA, Inc.

    360,000       3.400     05/01/30   330,775
       

 

        1,665,864

 

Software(a) – 2.9%

AthenaHealth Group, Inc.(b)

    225,000       6.500     02/15/30   204,167

Castle U.S. Holding Corp.(b)

    362,000       9.500     02/15/28   186,372

Clarivate Science Holdings Corp.(b)

    365,000       3.875     07/01/28   343,684
    310,000       4.875     07/01/29   290,929

Elastic NV(b)

    245,000       4.125     07/15/29   225,099

Oracle Corp.

    415,000       2.875     03/25/31   367,516
    580,000       6.250     11/09/32   630,709

TeamSystem SpA(b)

EUR

     435,000       3.500     02/15/28   444,855
       

 

        2,693,331

 

Telecommunication Services – 3.8%

Altice France SA(a)(b)

    330,000       2.125     02/15/25   350,926

AT&T, Inc.(a)

$

     365,000       2.750     06/01/31   319,784
    482,000       2.550     12/01/33   393,240
    135,000       4.900     08/15/37   130,691
    315,000       5.150     11/15/46   303,499
    395,000       3.650     06/01/51   298,138
    420,000       3.500     09/15/53   305,583

Bharti Airtel Ltd.(a)(b)

    360,000       3.250     06/03/31   317,019

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Telecommunication Services – (continued)

  

CommScope, Inc.(a)(b)

$

     55,000       6.000 %    03/01/26   $     48,952

Frontier Communications Holdings LLC(a)(b)

    125,000       5.000     05/01/28   115,494

Sprint Capital Corp.

    325,000       8.750     03/15/32   401,037

T-Mobile USA, Inc.(a)

    190,000       2.050     02/15/28   171,483
    402,000       3.875     04/15/30   381,655
       

 

        3,537,501

 

Transportation – 1.2%

Cargo Aircraft Management, Inc.(a)(b)

    120,000       4.750     02/01/28   109,793

MV24 Capital BV

    483,816       6.748     06/01/34   450,771

Rand Parent LLC(a)(b)

    240,000       8.500     02/15/30   229,548

RXO, Inc.(a)(b)

    170,000       7.500     11/15/27   175,862

XPO, Inc.(a)(b)

    110,000       7.125     02/01/32   113,451
       

 

        1,079,425

 

TOTAL CORPORATE OBLIGATIONS  
(Cost $73,014,983)   $ 73,129,702

 

       
Mortgage-Backed Obligations – 14.1%

Collateralized Mortgage Obligations(a) – 1.0%

Interest Only(f) – 0.3%

Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%)

$

     138,858       0.728 %(c)    09/20/48   $     14,576

Government National Mortgage Association REMICS Series 2020-7, Class GI

    61,293       4.000     01/20/50   10,800

Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    175,755       0.578 (c)    02/20/50   20,257

Government National Mortgage Association REMICS Series 2020-146, Class KI

    593,719       2.500     10/20/50   80,637

Government National Mortgage Association REMICS Series 2019-110, Class PS (-1X 1 mo. USD Term SOFR + 5.936%)

    347,918       0.578 (c)    09/20/49   40,158

Government National Mortgage Association REMICS Series 2019-153, Class EI

    341,999       4.000     12/20/49   63,521

Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%)

    258,791       0.578 (c)    04/20/50   30,142

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Interest Only(f) – (continued)

  

Government National Mortgage Association REMICS Series 2020-61, Class GI

$

     140,660       5.000 %    05/20/50   $     27,340
       

 

        287,431

 

Sequential Floating Rate(b)(c) – 0.7%

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA3, Class M2 (30 day USD SOFR Average + 2.100%)

    100,000       7.437     10/25/33   100,432

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1, Class M2 (30 day USD SOFR Average + 1.800%)

    28,015       7.137     01/25/51   28,223

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA4, Class M1A (30 day USD SOFR Average + 2.200%)

    117,348       7.537     05/25/42   118,986

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2022-HQA2, Class M1B (30 day USD SOFR Average + 4.000%)

    100,000       9.337     07/25/42   105,468

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R08, Class 1M2 (30 day USD SOFR Average + 3.600%)

    30,000       8.937     07/25/42   31,518

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (30 day USD SOFR Average + 3.000%)

    85,000       8.337     04/25/42   87,038

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2B1 (30 day USD SOFR Average + 4.500%)

    95,000       9.837     04/25/42   98,368

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (30 day USD SOFR Average + 3.100%)

    25,000       8.437     06/25/43   26,101
       

 

        596,134

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   $    883,565

 

Federal Agencies(g) – 13.1%

Government National Mortgage Association – 5.3%

$

     1,000,000       4.500 %    TBA-30yr   $    976,268
    4,000,000       5.000     TBA-30yr   3,975,712
       

 

        4,951,980

 

Uniform Mortgage-Backed Security – 7.8%

    2,000,000       6.500     TBA-30yr   2,049,061
    2,000,000       7.000     TBA-30yr   2,062,736

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

  

$

     3,000,000       7.000 %    TBA-30yr   $  3,093,166
       

 

        7,204,963

 

TOTAL FEDERAL AGENCIES   $ 12,156,943

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $12,913,350)		   $ 13,040,508

 

       
Asset-Backed Securities(a)(b)(c) – 4.8%

Collateralized Loan Obligations – 4.8%

Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR (3 mo. USD Term SOFR + 3.712%)

$

     175,000       9.108 %    04/19/34   $    175,030

CIFC Funding Ltd. Series 2022-6A, Class B1

    600,000       8.494     07/16/35   604,084

Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3 mo. USD Term SOFR + 3.512%)

    600,000       8.906     10/15/32   598,102

Neuberger Berman Loan Advisers CLO 31 Ltd. Series 2019-31A, Class DR (3 mo. USD Term SOFR + 3.512%)

    600,000       8.927     04/20/31   594,000

Rad CLO Ltd. Series 2023-22A, Class B

    350,000       8.042     01/20/37   349,417

Rockford Tower CLO Ltd. Series 2023-1A, Class C

    300,000       8.551     01/20/36   299,543

RRX 7 Ltd. Series 2022-7A, Class A1 (3 mo. USD Term SOFR + 1.360%)

    1,000,000       6.754     07/15/35   997,843

THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%)

    600,000       9.377     04/18/36   582,251

Tikehau U.S. CLO I Ltd. Series 2021-1A, Class E (3 mo. USD Term SOFR + 7.172%)

    300,000       12.567     01/18/35   265,004
       

 

        4,465,274

 

TOTAL ASSET-BACKED SECURITIES
(Cost $4,493,680)		   $  4,465,274

 

       
Sovereign Debt Obligations – 4.6%

Euro – 1.0%

Benin Government International Bonds(b)

EUR

     260,000       4.875 %    01/19/32   $    233,658

Egypt Government International Bonds

    200,000       4.750     04/16/26   178,288

Indonesia Government International Bonds

    100,000       1.100     03/12/33   86,962

Ivory Coast Government International Bonds(b)

    500,000       4.875     01/30/32   464,004

Romania Government International Bonds(b)

    30,000       2.625     12/02/40   22,210
       

 

        985,122

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Sovereign Debt Obligations – (continued)

Sovereign – 0.3%

  

Ecuador Government International Bonds(b)(d)

$

     34,036       0.000 %    07/31/30   $      9,649

Romania Government International Bonds

EUR

     290,000       2.875     03/11/29   289,418
       

 

        299,067

 

United States Dollar – 3.3%

Abu Dhabi Government International Bonds(b)

$

     200,000       3.875     04/16/50   167,330

Argentina Republic Government International Bonds(a)

    13,920       1.000     07/09/29   5,513
    455,900       0.750 (h)    07/09/30   182,041

Dominican Republic International Bonds(b)

    240,000       4.875     09/23/32   218,194

Ecuador Government International Bonds(b)(h)

    46,400       2.500     07/31/40   14,616
    40,000       6.000     07/31/30   18,520

Egypt Government International Bonds(b)

    200,000       8.875     05/29/50   126,937

Lebanon Government International Bonds(i)

    10,000       8.250     05/17/34   598
    10,000       6.200     02/26/25   591
    20,000       6.850     05/25/29   1,195
    110,000       6.650     02/26/30   6,566
    10,000       6.750     11/29/27   597

Mexico Government International Bonds(a)

    603,000       3.500     02/12/34   510,100

Morocco Government International Bonds(b)

    310,000       3.000     12/15/32   254,684

National Bank of Uzbekistan

    260,000       4.850     10/21/25   240,825

Peru Government International Bonds(a)

    400,000       2.783     01/23/31   347,625

Republic of Uzbekistan International Bonds(b)

    200,000       3.700     11/25/30   167,875

Turkiye Government International Bonds

    200,000       6.125     10/24/28   196,250
    200,000       7.625     04/26/29   206,750
    200,000       6.500     09/20/33   191,000

Ukraine Government International Bonds

    200,000       7.750     09/01/26   54,800
    200,000       7.750     09/01/28   54,900
    190,000       7.750     09/01/25   55,860
       

 

        3,023,367

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,784,692)		   $  4,307,556

 

       
Bank Loans(c)(j) – 4.5%

Aerospace & Defense – 0.3%

ADS Tactical, Inc. (1 mo. USD Term SOFR + 5.750%)

$

     252,849       11.220 %    03/19/26   $    249,478

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Bank Loans(c)(j) – (continued)

Automotive – 0.4%

  

First Brands Group LLC

(3 mo. USD Term SOFR + 8.500%)

$

     250,000       14.381 %    03/30/28   $    235,937

(6 mo. USD Term SOFR + 5.000%)

    129,229       10.881     03/30/27   127,937
       

 

        363,874

 

Building & Construction – 0.3%

Energize HoldCo LLC

(1 mo. USD Term SOFR + 3.750%)

    171,938       9.220     12/08/28   171,415

(1 mo. USD Term SOFR + 6.750%)

    75,000       12.220 (k)    12/07/29   70,125
       

 

        241,540

 

Building Materials – 0.6%

Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%)

    343,000       8.706     11/03/28   341,837

Icebox Holdco III, Inc.

(3 mo. USD Term SOFR + 3.500%)

    172,087       9.110     12/22/28   170,624

(3 mo. USD Term SOFR + 6.750%)

    50,000       12.360     12/21/29   45,250
       

 

        557,711

 

Capital Goods - Others – 0.3%

Engineered Machinery Holdings, Inc.

(3 mo. EUR EURIBOR + 3.750%)

EUR

     73,313       7.675     05/21/28   77,999

(3 mo. USD Term SOFR + 3.500%)

$

     185,820       9.110     05/19/28   184,252
       

 

        262,251

 

Diversified Financial Services – 0.4%

DRW Holdings LLC (1 mo. USD Term SOFR + 3.750%)

    367,500       9.220     03/01/28   366,581

 

Entertainment – 0.3%

Arcis Golf LLC (1 mo. USD Term SOFR + 3.750%)

    172,375       9.220     11/24/28   172,663

Cinemark USA, Inc. (1 mo. USD Term SOFR + 3.750%) (1 mo. USD Term SOFR + 3.750%) - (3 mo. USD Term SOFR + 3.750%)

    148,875       9.100     05/24/30   148,726
       

 

        321,389

 

Machinery – 0.0%

Clark Equipment Co. (3 mo. USD Term SOFR + 2.500%)

    21,621       7.948     04/20/29   21,633

 

Media - Cable – 0.2%

DirecTV Financing LLC (3 mo. USD Term SOFR + 5.000%)

    179,437       10.650     08/02/27   179,237

 

Media - Non Cable – 0.1%

Entercom Media Corp. (3 mo. USD Term SOFR + 2.500%)

    225,000       8.145     11/18/24   107,438

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Bank Loans(c)(j) – (continued)

Metals & Mining – 0.2%

  

Grinding Media, Inc. (3 mo. USD Term SOFR + 4.000%)

$

     195,500       9.684 %    10/12/28   $    194,523

 

Packaging – 0.4%

LABL, Inc. (1 mo. USD Term SOFR + 5.000%)

    147,000       10.456     10/29/28   140,668

Pretium Packaging LLC (1 mo. USD Term SOFR + 5.000%)

    275,000       10.353     10/02/28   268,986
       

 

        409,654

 

Retailers – 0.2%

TruGreen LP (3 mo. USD Term SOFR + 8.500%)

    210,000       14.145     11/02/28   155,400

 

Technology – 0.2%

Syndigo LLC (1 mo. USD Term SOFR + 4.500%)

    218,812       9.970     12/15/27   212,522

 

Technology - Software – 0.6%

DCert Buyer, Inc. (1 mo. USD Term SOFR + 7.000%)

    325,000       12.356     02/19/29   294,463

Isolved, Inc. (3 mo. USD Term SOFR + 4.000%)

    50,000       9.484     10/14/30   50,000

Loyalty Ventures, Inc.(i) (3 mo. U.S. (Fed) Prime Rate + 0.000%) - (3 mo. U.S. (Fed) Prime Rate + 5.500%)

    196,262       13.750     11/03/27   1,717

Virtusa Corp. (1 mo. USD Term SOFR + 3.750%)

    191,834       9.220     02/11/28   191,915
       

 

        538,095

 

TOTAL BANK LOANS
(Cost $4,568,997)		   $  4,181,326

 

 

Shares    Description   Value
Common Stocks – 0.4%

Communications Equipment – 0.1%

4,216    Intelsat SA   $    119,894

 

Media – 0.2%

45,301    iHeartMedia, Inc. Class A   120,954

 

Oil, Gas & Consumable Fuels – 0.1%

6,420    Summit Midstream Partners LP   114,982

 

TOTAL COMMON STOCKS
(Cost $477,756)		   $    355,830

 

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
U.S. Treasury Obligations – 2.8%

U.S. Treasury Bonds

$

     190,000       4.750 %    11/15/43   $    204,161

U.S. Treasury Notes

    1,040,000       3.750     12/31/28   1,035,486
    339,900       3.500     04/30/30   332,332

 

 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
U.S. Treasury Obligations – (continued)

$

     1,020,000       3.875 %    12/31/30   $  1,012,008

 

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $2,593,159)

   $  2,583,987

 

 

Shares  

Dividend

Rate

     Value
Investment Company(l) – 0.9%

Goldman Sachs Financial Square Government Fund — Institutional Shares

  820,514     5.248 %    $    820,514
(Cost $820,514)

 

  

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 111.2%

(Cost $104,667,131)

 

 

   $102,884,697

 

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments(d) – 0.8%

U.S. Treasury Obligations – 0.8%

U.S. Cash Management Bills – Reopening

$

     691,400       0.000 %    02/15/24   $    689,781
(Cost $689,659)

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $689,659)

   $    689,781

 

TOTAL INVESTMENTS – 112.0%

(Cost $105,356,790)

   $103,574,478

 

LIABILITIES IN EXCESS OF
 OTHER ASSETS – (12.0)%		   (11,076,118)

 

NET ASSETS – 100.0%   $ 92,498,360

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(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 $12,156,943 which represents approximately 13.1% of net assets as of December 31, 2023.
(h)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(i)   Security is currently in default and/or non-income producing.
(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 December 31, 2023. 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)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(l)   Represents an affiliated Issuer.
 

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2023, 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

      247,095          USD        166,343          03/20/24        $ 2,448  
    

CAD

      314,157          USD        233,778          03/20/24          3,573  
    

CHF

      430,645          USD        494,146          03/20/24          22,160  
    

EUR

      208,944          USD        229,298          03/20/24          2,114  
    

GBP

      162,992          USD        206,541          03/20/24          1,298  
    

JPY

      80,660,135          USD        561,042          03/21/24          18,370  
    

NOK

      1,719,093          USD        163,417          03/20/24          6,088  
    

NZD

      270,253          USD        167,957          03/20/24          2,917  
    

SEK

      1,832,070          USD        179,306          03/20/24          2,915  

 

  

TOTAL

                           $ 61,883  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

        Currency
Sold		        Settlement
Date		        Unrealized
Loss		  

 

  

JPMorgan Securities, Inc.

        USD       165,840          AUD       251,867          03/20/24        $ (6,211 ) 
       USD       230,728          CAD       312,631          03/20/24          (5,470 ) 
       USD       499,351          CHF       430,751          03/20/24          (17,082 ) 
       USD       3,868,800          EUR       3,564,495          02/14/24          (73,356 ) 
       USD       218,017          EUR       201,945          03/20/24          (5,643 ) 
       USD       204,053          GBP       162,178          03/20/24          (2,749 ) 
       USD       562,673          JPY       79,174,491          03/21/24          (6,066 ) 
       USD       156,426          NOK       1,713,226          03/20/24          (12,501 ) 
       USD       169,965          NZD       277,374          03/20/24          (5,413 ) 
       USD       176,109          SEK       1,841,465          03/20/24          (7,047 ) 

 

  

TOTAL

                         $ (141,538 ) 

 

  

FORWARD SALES CONTRACTS — At December 31, 2023, 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          01/01/24        $ (1,000,000)        $ (970,156)  

Uniform Mortgage-Backed Security

        5.000        TBA - 30yr          01/01/24          (5,000,000)          (4,949,998)  

Uniform Mortgage-Backed Security

        4.000        TBA - 30yr          01/01/24          (1,000,000)          (946,406)  

Uniform Mortgage-Backed Security

        5.500        TBA - 30yr          01/01/24          (1,000,000)          (1,004,922)  

 

  

(PROCEEDS RECEIVABLE: $(7,772,734))

                        $ (7,871,482)  

 

  

 

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

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FUTURES CONTRACTS — At December 31, 2023, 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

      3      03/19/24      $ 338,672      $ 197  

2 Year U.S. Treasury Notes

      45      03/28/24        9,266,133        49,641  

5 Year U.S. Treasury Notes

      54      03/28/24        5,873,766        113,193  

 

  

Total

                   $ 163,031  

 

  

Short position contracts:

                  

20 Year U.S. Treasury Bonds

      (12)      03/19/24        (1,499,250 )       (93,247 ) 

 

  

Short position contracts:

                  

Ultra 10-Year U.S. Treasury Note

      (30)      03/19/24        (3,540,469 )       (159,393 ) 

Ultra Long U.S. Treasury Bonds

      (16)      03/19/24        (2,137,500 )       (143,867 ) 

 

  

Total

                   $ (396,507 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ (233,476 ) 

 

  

SWAP CONTRACTS — At December 31, 2023, 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)		  

 

  

3.000%(b)

      6M EURO(c)      03/20/27          EUR     700        $ (13,056 )     $ (6,303 )     $ (6,753 ) 

3.000(b)

      6M EURO(c)      03/20/28          110          (2,930 )       (1,630 )       (1,300 ) 

3.000(b)

      6M EURO(c)      03/20/29          950          (31,635 )       (25,115 )       (6,520 ) 

3.000(b)

      6M EURO(c)      03/20/31          740          (32,178 )       (26,415 )       (5,763 ) 

3.000(b)

      6M EURO(c)      03/20/34          440          (23,230 )       (21,674 )       (1,556 ) 

 

  

TOTAL

                   $ (103,029 )     $ (81,137 )     $ (21,892 ) 

 

  

 

(a)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.
(b)   Payments made annually.
(c)   Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index		    Financing Rate
Received/(Paid) by
the Fund(a)		     Credit
Spread at
December 31,
2023(b)		     Termination
Date		      Notional
Amount
(000s)		      Value      Upfront
Premiums
(Received)
Paid		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

 

         

CDX.NA.HY Index 34

      5.000%       1.740%       06/20/25      $ 45      $ 2,123      $ (519 )     $ 2,642  

CDX.NA.IG Index 33

      1.000         0.136         12/20/24        1,950        16,840        8,625        8,215  

CDX.NA.IG Index 34

      1.000         0.220         06/20/25        15,350        176,824        55,882        120,942  

 

  

TOTAL

              $ 195,787      $ 63,988      $ 131,799  

 

  

 

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

GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

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

EURIBOR  

— Euro Interbank Offered Rate

LIBOR  

— London 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

USD  

— U.S. Dollar

Abbreviations:
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 34  

— CDX North America Investment Grade Index 34

EURO  

— Euro Offered Rate

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – 70.7%

Bank Loans(a)(b) – 21.5%

Aerospace & Defense – 1.1%

ADS Tactical, Inc. (B+/B3) (1 mo. USD Term SOFR + 5.750%)

$

     259,768       11.220 %    03/19/26   $   256,305

Propulsion (BC) Finco SARL (B/B2) (3 mo. USD Term SOFR + 3.750%)

    233,024       9.098     09/14/29   233,066
       

 

  489,371

 

Airlines – 0.5%

Air Canada (BB+/Ba1) (3 mo. USD Term SOFR + 3.500%)

    72,134       9.139     08/11/28   72,246

United Airlines, Inc. (BB/Ba1) (1 mo. USD Term SOFR + 3.750%)

    172,094       9.220     04/21/28   172,476
       

 

  244,722

 

Automotive – 0.7%

First Brands Group LLC (B+/B1) (6 mo. USD Term SOFR + 5.000%)

    192,485       10.881     03/30/27   190,613

Mavis Tire Express Services Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%)

    119,438       9.470     05/04/28   119,506
       

 

  310,119

 

Building & Construction – 1.0%

DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%)

    219,382       9.220     03/31/28   217,033

Energize HoldCo LLC (B/B2) (1 mo. USD Term SOFR + 3.750%)

    121,949       9.220     12/08/28   121,578

Energize HoldCo LLC (CCC+/Caa2) (1 mo. USD Term SOFR +

    6.750 %)       
    100,000       12.220 (c)    12/07/29   93,500
       

 

  432,111

 

Building Materials – 0.6%

Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%)

    221,254       9.110     12/22/28   219,374

Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%)

    50,000       12.360     12/21/29   45,250
       

 

  264,624

 

Capital Goods-Others – 1.1%

Engineered Machinery Holdings, Inc. (B-/B1)

(3 mo. EUR EURIBOR + 3.750%)

EUR

     122,187       7.675     05/21/28   129,999

(3 mo. USD Term SOFR + 3.500%)

$

     96,383       9.110     05/19/28   95,570

RC Buyer, Inc. (B-/B1) (3 mo. USD Term SOFR + 3.250%)

    244,375       8.895     07/28/28   242,542
       

 

  468,111

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Chemicals – 1.2%

Chemours Co. (BBB-/Ba1) (1 mo. USD Term SOFR + 2.500%)

$

     149,625       8.856 %    08/18/28   $   149,176

Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%)

    145,235       8.970     06/30/27   145,307

Trident TPI Holdings, Inc. (B-/B2)

(3 mo. USD Term SOFR + 4.500%)

    199,437       9.848     09/15/28   199,344

(3 mo. USD Term SOFR + 5.250%)

    49,500       10.598     09/15/28   49,574
       

 

  543,401

 

Commercial Services – 1.0%

Garda World Security Corp. (B/B2) (3 mo. USD Term SOFR + 4.250%)

    232,008       9.725     10/30/26   232,045

Holding Socotec (B/B2)

(3 mo. EUR EURIBOR + 3.500%)

EUR

     100,000       7.425     06/02/28   109,085

(3 mo. USD Term SOFR + 4.035%)

$

     121,015       9.822     06/30/28   119,502
       

 

  460,632

 

Consumer Cyclical Services – 1.2%

FCG Acquisitions, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.750%)

    217,250       10.106     03/31/28   216,685

Hertz Corp. (BB+/Ba3) (1 mo. USD Term SOFR + 3.250%)

    341,604       8.720     06/30/28   340,217
       

 

  556,902

 

Diversified Financial Services – 0.7%

DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.750%)

    318,500       9.220     03/01/28   317,704

 

Diversified Manufacturing – 0.7%

Apex Tool Group LLC (CCC+/B3) (1 mo. USD Term SOFR + 5.250%)

    99,787       10.707     02/08/29   87,286

Vertical U.S. Newco, Inc. (B+/B1) (6 mo. USD Term SOFR + 3.500%)

    205,481       9.381     07/30/27   205,738
       

 

  293,024

 

Entertainment – 0.3%

Cinemark USA, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%)

    124,063       9.100     05/24/30   123,938

 

Food & Beverage – 0.5%

Chobani LLC (B-/B1) (1 mo. USD Term SOFR + 3.500%)

    241,875       8.970     10/25/27   241,996

 

Health Care – 1.2%

Jazz Financing Lux SARL (BB-/Ba2) (1 mo. USD Term SOFR + 3.500%)

    233,287       8.970     05/05/28   234,356

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Health Care – (continued)

Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%)

$

     292,500       10.395 %    02/28/28   $   287,747
       

 

  522,103

 

Health Care - Services – 0.1%

LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 5.500%)

    56,335       11.168     11/16/28   56,095

 

Insurance – 0.2%

Acrisure LLC (B/B2) (3 mo. USD LIBOR + 3.500%)

    92,653       9.150     02/15/27   92,339

 

Machinery – 0.5%

SPX Flow, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.500%)

    217,853       9.956     04/05/29   218,367

 

Media - Cable – 0.6%

DirecTV Financing LLC (BB/Ba3) (3 mo. USD Term SOFR + 5.000%)

    277,328       10.650     08/02/27   277,018

 

Media-Non Cable – 0.5%

Entercom Media Corp. (D/Ca) (3 mo. USD Term SOFR + 2.500%)

    200,000       8.145     11/18/24   95,500

iHeartCommunications, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 3.000%)

    142,962       8.470     05/01/26   122,883
       

 

  218,383

 

Metals & Mining – 0.2%

PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%)

    98,997       9.807     04/23/29   94,460

 

Midstream – 0.7%

AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 3.750%)

    128,445       9.210     04/13/28   128,365

M6 ETX Holdings II Midco LLC (B+/B1) (1 mo. USD Term SOFR + 4.500%)

    197,500       9.955     09/19/29   197,686
       

 

  326,051

 

Oil Field Services – 0.6%

ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%)

    246,757       8.206     06/07/29   247,297

 

Packaging – 1.8%

Charter NEX U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 3.750%)

    266,855       9.220     12/01/27   267,773

Clydesdale Acquisition Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 4.175%)

    219,076       9.631     04/13/29   219,805

LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%)

    219,204       10.456     10/29/28   209,763

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Packaging – (continued)

Pretium Packaging LLC (B/B2) (1 mo. USD Term SOFR + 5.000%)

$

     125,000       10.353 %    10/02/28   $   122,266
       

 

  819,607

 

Pharmaceuticals – 1.2%

Covetrus, Inc. (B-/B1) (3 mo. USD Term SOFR + 5.000%)

    272,937       10.348     10/13/29   272,427

Gainwell Acquisition Corp. (B/B2) (3 mo. USD Term SOFR + 4.000%)

    291,000       9.448     10/01/27   282,270
       

 

  554,697

 

Pipelines – 0.4%

CQP Holdco LP (NR/B1) (3 mo. USD Term SOFR + 3.000%)

    197,505       8.348     12/31/30   197,752

 

Retailers – 0.6%

BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.750%)

    244,341       10.106     12/11/28   244,769

 

Technology - Software – 2.0%

Camelot U.S. Acquisition LLC (B+/B1) (1 mo. USD Term SOFR + 3.000%)

    189,936       8.470     10/30/26   190,070

Castle U.S. Holding Corp. (CCC+/B3) (3 mo. USD Term SOFR + 3.750%)

    290,625       9.400     01/29/27   203,749

DCert Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.000%)

    180,348       9.356     10/16/26   178,463

DCert Buyer, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 7.000%)

    125,000       12.356     02/19/29   113,255

Isolved, Inc. (B/B2) (3 mo. USD Term SOFR + 4.000%)

    50,000       9.484     10/14/30   50,000

Loyalty Ventures, Inc. (NR/WR)

    239,876       13.750     11/03/27   2,099

Virtusa Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%)

    142,135       9.220     02/11/28   142,194
       

 

  879,830

 

Technology - Software/Services – 0.3%

Ahead DB Holdings LLC (B+/B1) (3 mo. USD Term SOFR + 3.750%)

    118,509       9.198     10/18/27   117,805

 

TOTAL BANK LOANS   $ 9,613,228

 

Other Secured Debt Obligations – 49.2%

Advertising(d)(e) – 0.8%

CMG Media Corp. (CCC+/Caa1)

$

     97,000       8.875 %    12/15/27   $    76,692

Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2)

    279,000       4.625     03/15/30   250,157

Outfront Media Capital LLC/Outfront Media Capital Corp. (BB/Ba1)

    10,000       7.375     02/15/31   10,561
       

 

  337,410

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Aerospace & Defense(d) – 2.6%

Spirit AeroSystems, Inc. (BB-/Ba2)

$

     135,000       9.375 %(e)    11/30/29   $   147,814

TransDigm, Inc. (B-/B3)

    105,000       5.500     11/15/27   103,074
    327,000       4.625     01/15/29   306,602

TransDigm, Inc. (B+/Ba3)

    295,000       6.750 (e)    08/15/28   302,738

Triumph Group, Inc. (CCC+/B2)

    290,000       9.000 (e)    03/15/28   308,206
       

 

  1,168,434

 

Airlines(e) – 0.4%

American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba1)

    42,261       5.750     04/20/29   41,222

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/B2)(d)

    139,170       5.750     01/20/26   131,392
       

 

  172,614

 

Automotive(d)(e) – 0.8%

Adient Global Holdings Ltd. (BB/B3)

    75,000       8.250     04/15/31   79,476

Adient Global Holdings Ltd. (BBB-/Ba3)

    81,000       7.000     04/15/28   83,984

Allison Transmission, Inc. (NR/Ba2)

    226,000       3.750     01/30/31   199,533
       

 

  362,993

 

Building Materials(d)(e) – 0.5%

Builders FirstSource, Inc. (BB-/Ba2)

    248,000       4.250     02/01/32   223,832

 

Chemicals(d)(e) – 2.5%

ASP Unifrax Holdings, Inc. (CCC+/B2)

    182,000       5.250     09/30/28   132,707

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV(BB-/B1)

    183,000       4.750     06/15/27   177,684

Chemours Co. (BB/B1)

    222,000       4.625     11/15/29   194,876

Element Solutions, Inc. (BB/B1)

    147,000       3.875     09/01/28   135,584

Ingevity Corp. (NR/Ba3)

    256,000       3.875     11/01/28   230,029

WR Grace Holdings LLC (B-/B1)

    247,000       4.875     06/15/27   237,967
       

 

  1,108,847

 

Commercial Services(d)(e) – 2.6%

ADT Security Corp. (BB/Ba2)

    266,000       4.125     08/01/29   245,973

Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B3)

    142,000       6.625     07/15/26   141,414

APi Group DE, Inc. (B/B1)

    421,000       4.125     07/15/29   385,038
    28,000       4.750     10/15/29   26,259

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Commercial Services(d)(e) – (continued)

APX Group, Inc. (B/Ba3)

$

     149,000       5.750 %    07/15/29   $   139,099

APX Group, Inc. (BB/Ba2)

    50,000       6.750     02/15/27   50,040

Garda World Security Corp. (B/B2)

    40,000       7.750     02/15/28   41,590

VT Topco, Inc. (B/B2)

    105,000       8.500     08/15/30   109,266
       

 

  1,138,679

 

Distribution & Wholesale(d)(e) – 0.4%

H&E Equipment Services, Inc. (BB-/B1)

    174,000       3.875     12/15/28   158,025

 

Diversified Financial Services(d) – 1.2%

Coinbase Global, Inc. (BB-/B1)

    210,000       3.375 (e)    10/01/28   174,716

Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB/Ba3)

    122,000       4.750     09/15/24   121,247

NFP Corp. (B/B1)

    87,000       4.875 (e)    08/15/28   86,478

OneMain Finance Corp. (BB/Ba2)

    165,000       9.000     01/15/29   174,507
       

 

  556,948

 

Electrical(d)(e) – 1.5%

Calpine Corp. (BB+/Ba2)

    283,000       3.750     03/01/31   249,241

NRG Energy, Inc. (BB/Ba2)

    50,000       3.375     02/15/29   44,174
    131,000       3.625     02/15/31   112,686

Pike Corp. (B-/B3)

    257,000       5.500     09/01/28   244,813
       

 

  650,914

 

Electrical Components & Equipment(d)(e) – 0.3%

WESCO Distribution, Inc. (BB/Ba3)

    138,000       7.250     06/15/28   141,807

 

Electronics(d)(e) – 0.0%

Sensata Technologies, Inc. (BB+/Ba2)

    17,000       3.750     02/15/31   14,981

 

Engineering & Construction(d)(e) – 0.5%

Global Infrastructure Solutions, Inc. (BB-/B1)

    257,000       5.625     06/01/29   236,204

 

Entertainment(d)(e) – 0.9%

Caesars Entertainment, Inc. (B+/Ba3)

    175,000       7.000     02/15/30   179,916

Cinemark USA, Inc. (B+/B3)

    120,000       5.875     03/15/26   117,894

SeaWorld Parks & Entertainment, Inc. (B/B2)

    115,000       5.250     08/15/29   107,841
       

 

  405,651

 

Environmental(d)(e) – 0.3%

Stericycle, Inc. (BB-/NR)

    138,000       3.875     01/15/29   125,732

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

   Interest
Rate		     Maturity
Date		     Value
Secured Debt Obligations – (continued)

Food & Drug Retailing(d)(e) – 0.9%

Performance Food Group, Inc. (BB/B2)

$

   93,000     4.250 %      08/01/29     $   85,333

Post Holdings, Inc. (B+/B2)

 

  
  51,000     5.500       12/15/29     49,254

U.S. Foods, Inc. (BB-/B2)

  176,000     4.750       02/15/29     167,425
  84,000     4.625       06/01/30     78,291
       

 

        380,303

 

Forest Products & Paper(d)(e) – 0.2%

Glatfelter Corp. (CCC/Caa1)

  122,000     4.750       11/15/29     84,545

 

Health Care - Services(d)(e) – 0.1%

LifePoint Health, Inc. (B/B2)

  60,000     11.000       10/15/30     63,291

 

Healthcare Providers & Services(d)(e) – 0.5%

Medline Borrower LP (B+/B1)

  269,000     3.875       04/01/29     243,311

 

Home Builders(d) – 1.1%

Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1)

  141,000     4.875 (e)      02/15/30     124,395

Century Communities, Inc. (BB/Ba2)

  220,000     3.875 (e)      08/15/29     199,027

KB Home (BB/Ba2)

  82,000     7.250       07/15/30     85,243

LGI Homes, Inc. (BB-/Ba2)

  108,000     4.000 (e)      07/15/29     93,525
       

 

  502,190

 

Housewares(d) – 0.3%

Scotts Miracle-Gro Co. (B-/B2)

  149,000     4.375       02/01/32     127,326

 

Insurance(d)(e) – 1.1%

Acrisure LLC/Acrisure Finance, Inc. (B/B2)

  178,000     4.250       02/15/29     162,204

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2)

  160,000     6.750       04/15/28     163,811

HUB International Ltd. (B-/Caa2)

  164,000     7.000       05/01/26     164,240
       

 

  490,255

 

Internet(d)(e) – 1.1%

GrubHub Holdings, Inc. (B-/B3)

  263,000     5.500       07/01/27     220,936

Uber Technologies, Inc. (B+/B1)

  135,000     6.250       01/15/28     135,841
  147,000     4.500       08/15/29     140,219
       

 

  496,996

 

Iron/Steel(d)(e) – 0.3%

Cleveland-Cliffs, Inc. (BB-/Ba3)

  145,000     6.750       04/15/30     146,971

 

Principal

Amount

   Interest
Rate		     Maturity
Date		     Value
Secured Debt Obligations – (continued)

Leisure Time(d)(e) – 1.2%

Acushnet Co. (BB/Ba3)

$

   15,000     7.375 %      10/15/28     $   15,668

Carnival Corp. (BB-/B3)

  231,000     7.625       03/01/26     234,959
  186,000     6.000       05/01/29     178,733

Carnival Corp. (BB+/Ba2)

  40,000     7.000       08/15/29     41,720

Carnival Corp. (BB+/Ba3)

  81,000     9.875       08/01/27     85,043
       

 

  556,123

 

Lodging(d)(e) – 0.8%

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (B+/B2)

  193,000     4.875       07/01/31     170,158

Travel & Leisure Co. (BB-/Ba3)

  191,000     4.500       12/01/29     171,039
       

 

  341,197

 

Machinery-Construction & Mining(d)(e) – 0.3%

Vertiv Group Corp. (BB/Ba3)

  150,000     4.125       11/15/28     140,123

 

Machinery-Diversified(d)(e) – 0.2%

Chart Industries, Inc. (B+/Ba3)

  100,000     7.500       01/01/30     104,667

 

Media(d) – 6.6%

Altice Financing SA (B/B3)

  316,000     5.000 (e)      01/15/28     287,345

Audacy Capital Corp. (D/C)

  63,000     6.500 (e)(f)      05/01/27     1,109

Cable One, Inc. (BB-/B2)

  256,000     4.000 (e)      11/15/30     207,624

CSC Holdings LLC (B/B2)

  290,000     4.500 (e)      11/15/31     219,315

DISH DBS Corp. (B/B2)

  195,000     5.250 (e)      12/01/26     167,556

DISH DBS Corp. (B-/Caa2)

  146,000     7.375       07/01/28     87,949

DISH Network Corp. (B/B2)

  195,000     11.750 (e)      11/15/27     203,416

Gray Television, Inc. (B/B3)

  140,000     7.000 (e)      05/15/27     132,418

iHeartCommunications, Inc. (CCC+/Caa3)

  154,113     8.375       05/01/27     100,007

Nexstar Media, Inc. (BB+/B2)

  261,000     4.750 (e)      11/01/28     240,530

Scripps Escrow II, Inc. (BB/Ba3)

  124,000     3.875 (e)      01/15/29     109,434

Sinclair Television Group, Inc. (BB-/Ba3)

  227,000     4.125 (e)      12/01/30     160,058

Sirius XM Radio, Inc. (BB/Ba3)

  202,000     4.125 (e)      07/01/30     180,843

TEGNA, Inc. (BB+/Ba3)

  251,000     5.000       09/15/29     230,292

UPC Holding BV (B/B3)

  200,000     5.500 (e)      01/15/28     188,634

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Media(d) – (continued)

Urban One, Inc. (B-/B3)

$

     62,000       7.375 %(e)    02/01/28   $   52,657

VZ Secured Financing BV (B+/B1)

    256,000       5.000 (e)    01/15/32   219,379

Ziggo Bond Co. BV (B-/B3)

    200,000       5.125 (e)    02/28/30   167,304
       

 

  2,955,870

 

Miscellaneous Manufacturing(d) – 0.5%

Hillenbrand, Inc. (BB+/Ba1)

    252,000       3.750     03/01/31   218,857

 

Oil Field Services(d) – 6.4%

Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)

    157,000       6.250 (e)    04/01/28   154,829

California Resources Corp. (BB-/B2)

    164,000       7.125 (e)    02/01/26   166,547

Callon Petroleum Co. (BB-/B2)

    77,000       7.500 (e)    06/15/30   77,823

Civitas Resources, Inc. (BB-/B1)

    105,000       8.375 (e)    07/01/28   109,816

CNX Resources Corp. (BB/B1)

    77,000       6.000 (e)    01/15/29   74,001
    90,000       7.375 (e)    01/15/31   90,932

Matador Resources Co. (BB-/B1)

    110,000       6.875 (e)    04/15/28   112,009

MEG Energy Corp. (BB-/B1)

    80,000       5.875 (e)    02/01/29   77,740

Nabors Industries Ltd. (CCC/B3)

    332,000       7.500 (e)    01/15/28   288,857

Nabors Industries, Inc. (B-/Ba3)

    239,000       7.375 (e)    05/15/27   234,435
    45,000       9.125 (e)    01/31/30   45,370

Noble Finance II LLC (BB-/B2)

    60,000       8.000 (e)    04/15/30   62,619

Permian Resources Operating LLC (BB-/B1)

    144,000       7.000 (e)    01/15/32   148,517

Southwestern Energy Co. (BB+/Ba2)

    135,000       5.375     03/15/30   131,556
    67,000       4.750     02/01/32   62,171

Southwestern Energy Co. (BB+/NR)

    124,000       5.375     02/01/29   120,738

Sunoco LP/Sunoco Finance Corp. (BB/Ba3)

    194,000       4.500     04/30/30   179,679

TechnipFMC PLC (BB+/Ba1)

    188,000       6.500 (e)    02/01/26   187,797

Transocean Poseidon Ltd. (B/B2)

    39,000       6.875 (e)    02/01/27   38,956

Transocean Titan Financing Ltd. (B/B2)

    150,000       8.375 (e)    02/01/28   155,227

Transocean, Inc. (B/B2)

    95,000       8.750 (e)    02/15/30   99,371

Transocean, Inc. (B-/Caa1)

    207,000       11.500 (e)    01/30/27   216,470
       

 

  2,835,460

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Packaging(d)(e) – 0.9%

Clearwater Paper Corp. (BB-/Ba3)

$

     138,000       4.750 %    08/15/28   $   128,511

Mauser Packaging Solutions Holding Co. (B/B2)

    130,000       7.875     08/15/26   132,503

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1)

    85,000       4.375     10/15/28   79,973

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (B+/B1)

    87,000       4.000     10/15/27   81,779
       

 

  422,766

 

Pharmaceuticals(d)(e) – 0.3%

AdaptHealth LLC (B/B1)

    84,000       6.125     08/01/28   72,524
    38,000       4.625     08/01/29   29,475
    49,000       5.125     03/01/30   38,593
       

 

  140,592

 

Pipelines(d) – 2.4%

DT Midstream, Inc. (BB+/Ba2)

    210,000       4.375 (e)    06/15/31   189,643

Global Partners LP/GLP Finance Corp. (B+/B2)

    124,000       6.875     01/15/29   120,183

Kinetik Holdings LP (BB+/Ba1)

    171,000       5.875 (e)    06/15/30   167,653

NuStar Logistics LP (BB-/Ba3)

    60,000       6.000     06/01/26   59,831

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)

    107,000       6.000 (e)    12/31/30   100,365
    156,000       6.000 (e)    09/01/31   144,536

Venture Global LNG, Inc. (BB/B1)

    155,000       8.125 (e)    06/01/28   156,541
    105,000       9.500 (e)    02/01/29   111,011
       

 

  1,049,763

 

Retailing(d) – 4.9%

1011778 BC ULC/New Red Finance, Inc. (B+/B2)

    192,000       4.375 (e)    01/15/28   183,418
    305,000       4.000 (e)    10/15/30   274,415

Arko Corp. (B-/B3)

    211,000       5.125 (e)    11/15/29   183,059

Asbury Automotive Group, Inc. (BB/B1)

    86,000       4.500     03/01/28   81,975
    42,000       4.625 (e)    11/15/29   38,929
    132,000       4.750     03/01/30   123,215
    28,000       5.000 (e)    02/15/32   25,510

Beacon Roofing Supply, Inc. (B/B2)

    137,000       4.125 (e)    05/15/29   124,847

Foundation Building Materials, Inc. (CCC+/Caa1)

    221,000       6.000 (e)    03/01/29   199,691

Group 1 Automotive, Inc. (BB+/Ba2)

    145,000       4.000 (e)    08/15/28   134,511

Lithia Motors, Inc. (BB+/Ba2)

    191,000       4.375 (e)    01/15/31   173,873

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Secured Debt Obligations – (continued)

Retailing(d) – (continued)

Murphy Oil USA, Inc. (BB+/Ba2)

$

     29,000       3.750 %(e)    02/15/31   $   25,409

Penske Automotive Group, Inc. (BB-/Ba3)

    280,000       3.750     06/15/29   250,340

Sonic Automotive, Inc. (BB-/B1)

    174,000       4.625 (e)    11/15/29   158,328
    63,000       4.875 (e)    11/15/31   56,115

Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3)

    158,000       6.375 (e)    09/30/26   156,331
       

 

  2,189,966

 

Semiconductors(d)(e) – 0.2%

Qorvo, Inc. (BBB-/Ba1)

    114,000       3.375     04/01/31   97,919

 

Software(d)(e) – 1.6%

Camelot Finance SA (B+/B1)

    28,000       4.500     11/01/26   27,341

Clarivate Science Holdings Corp. (B-/Caa1)

    119,000       4.875     07/01/29   111,679

Clarivate Science Holdings Corp. (B+/B1)

    158,000       3.875     07/01/28   148,773

Open Text Corp. (BB-/Ba3)

    122,000       3.875     02/15/28   113,172
    159,000       3.875     12/01/29   142,658

ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B+/B1)

    186,000       3.875     02/01/29   168,572
       

 

  712,195

 

Telecommunication Services(d)(e) – 1.2%

Altice France SA (B-/B2)

    225,000       5.125     01/15/29   174,730
    264,000       5.500     10/15/29   206,873

Frontier Communications Holdings LLC (CCC+/Caa2)

    161,000       6.750     05/01/29   143,955
       

 

  525,558

 

Transportation(d)(e) – 0.8%

Cargo Aircraft Management, Inc. (BB/Ba2)

    171,000       4.750     02/01/28   156,455

Rand Parent LLC (BB/Ba1)

    199,000       8.500     02/15/30   190,333
       

 

  346,788

 

TOTAL OTHER SECURED DEBT OBLIGATIONS   $21,976,103

 

TOTAL SECURED DEBT OBLIGATIONS

(Cost $33,167,397)

   $31,589,331

 

       
Unsecured Debt Obligations(d) – 18.9%

Advertising(e) – 0.1%

Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2)

$

     46,000       4.250 %    01/15/29   $    41,473

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Unsecured Debt Obligations(d) – (continued)

Automotive – 0.6%

Dana, Inc. (BB-/B1)

$

     162,000       5.625 %    06/15/28   $   160,565

Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)

    107,000       8.000 (e)    02/01/28   106,088
       

 

  266,653

 

Banks – 0.5%

Freedom Mortgage Corp. (B/B2)

    139,000       6.625 (e)    01/15/27   132,453

Wells Fargo & Co. (BB+/Baa2) (5 yr. CMT + 3.606%)

    80,000       7.625 (b)    09/15/28   83,861
       

 

  216,314

 

Building Materials(e) – 0.7%

CP Atlas Buyer, Inc. (CCC/Caa2)

    137,000       7.000     12/01/28   119,508

Standard Industries, Inc. (BB/B1)

    96,000       5.000     02/15/27   93,615
    95,000       4.375     07/15/30   87,164
       

 

  300,287

 

Chemicals(e) – 1.2%

Avient Corp. (BB-/Ba3)

    102,000       7.125     08/01/30   105,772

Olympus Water U.S. Holding Corp. (CCC+/Caa2)

    229,000       6.250     10/01/29   204,348

Vibrantz Technologies, Inc. (CCC+/Caa2)

    102,000       9.000     02/15/30   80,252

WR Grace Holdings LLC (CCC/B3)

    185,000       5.625     08/15/29   163,396
       

 

  553,768

 

Commercial Services(e) – 0.1%

Metis Merger Sub LLC (CCC/Caa2)

    41,000       6.500     05/15/29   37,120

 

Computers(e) – 0.1%

Virtusa Corp. (CCC+/Caa1)

    39,000       7.125     12/15/28   33,520

 

Distribution & Wholesale(e) – 0.3%

American Builders & Contractors Supply Co., Inc. (B+/B1)

    148,000       3.875     11/15/29   131,914

 

Diversified Financial Services – 3.0%

Castlelake Aviation Finance DAC (B+/B2)

    116,000       5.000 (e)    04/15/27   108,881

Global Aircraft Leasing Co. Ltd. (NR/B2) (PIK 7.250%, Cash 6.500%)

    101,529       6.500 (e)(g)    09/15/24   95,597

Macquarie Airfinance Holdings Ltd. (BB+/NR)

    80,000       8.125 (e)    03/30/29   83,664

Navient Corp. (B+/Ba3)

    134,000       4.875     03/15/28   124,550
    118,000       5.500     03/15/29   108,866
    85,000       9.375     07/25/30   89,555

NFP Corp. (CCC+/Caa2)

    224,000       6.875 (e)    08/15/28   227,846

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Unsecured Debt Obligations(d) – (continued)

Diversified Financial Services – (continued)

United Wholesale Mortgage LLC (NR/Ba3)

$

     138,000       5.500 %(e)    04/15/29   $   130,610

VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B-/B3)

    243,000       7.875 (e)    05/01/27   210,375
    235,000       6.375 (e)    02/01/30   164,204
       

 

  1,344,148

 

Engineering & Construction(e) – 0.5%

Global Infrastructure Solutions, Inc. (BB-/B1)

    241,000       7.500     04/15/32   223,154

 

Entertainment(e) – 0.4%

Boyne USA, Inc. (B/B1)

    120,000       4.750     05/15/29   113,138

Caesars Entertainment, Inc. (B/B3)

    88,000       4.625     10/15/29   79,556
       

 

  192,694

 

Healthcare Providers & Services(e) – 0.4%

Medline Borrower LP (B-/Caa1)

    210,000       5.250     10/01/29   198,318

 

Insurance(e) – 0.3%

Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)

    90,000       6.000     08/01/29   81,835

USI, Inc. (CCC+/Caa1)

    45,000       7.500     01/15/32   46,067
       

 

  127,902

 

Internet(e) – 1.7%

Match Group Holdings II LLC (BB/Ba3)

    242,000       4.625     06/01/28   232,071
    590,000       4.125     08/01/30   536,782
       

 

  768,853

 

Leisure Time(e) – 1.1%

MajorDrive Holdings IV LLC (CCC+/Caa2)

    148,000       6.375     06/01/29   128,594

NCL Corp. Ltd. (CCC+/Caa1)

    71,000       3.625     12/15/24   69,028

Royal Caribbean Cruises Ltd. (BB-/B1)

    157,000       4.250     07/01/26   151,640
    143,000       5.500     04/01/28   141,113
       

 

  490,375

 

Lodging(e) – 0.3%

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (B+/B2)

    139,000       5.000     06/01/29   128,282

 

Machinery-Diversified(e) – 0.9%

Titan Acquisition Ltd./Titan Co.-Borrower LLC (CCC/Caa2)

    419,000       7.750     04/15/26   421,577

 

Media(e) – 1.8%

CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1)

    420,000       4.750     03/01/30   384,191
    320,000       4.250     01/15/34   260,221

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Unsecured Debt Obligations(d) – (continued)

Media(e) – (continued)

GCI LLC (B+/B3)

$

     190,000       4.750 %    10/15/28   $   175,301
       

 

  819,713

 

Metal Fabricate & Hardware(e) – 0.2%

Roller Bearing Co. of America, Inc. (B+/B1)

    107,000       4.375     10/15/29   99,330

 

Oil Field Services(e) – 0.7%

CrownRock LP/CrownRock Finance, Inc. (BB-/B1)

    84,000       5.000     05/01/29   82,095

Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (B/B3)

    95,000       7.875     11/01/28   98,256

Viper Energy, Inc. (BBB-/Ba3)

    125,000       7.375     11/01/31   130,091
       

 

  310,442

 

Pharmaceuticals(e) – 0.4%

Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1)

    200,000       5.125     04/30/31   170,488

 

Pipelines(e) – 1.0%

EQM Midstream Partners LP (BB-/Ba3)

    71,000       7.500     06/01/27   73,285

Howard Midstream Energy Partners LLC (B+/B2)

    217,000       6.750     01/15/27   215,642
    130,000       8.875     07/15/28   136,916
       

 

  425,843

 

Real Estate Investment Trust – 0.4%

SBA Communications Corp. (BB/Ba3)

    198,000       3.125     02/01/29   178,222

 

Retailing(e) – 1.0%

Ken Garff Automotive LLC (BB-/B1)

    147,000       4.875     09/15/28   139,554

LCM Investments Holdings II LLC (B+/B2)

    218,000       4.875     05/01/29   202,965

Lithia Motors, Inc. (BB+/Ba2)

    93,000       3.875     06/01/29   84,325
       

 

  426,844

 

Software(e) – 0.4%

AthenaHealth Group, Inc. (CCC/Caa2)

    136,000       6.500     02/15/30   123,408

Castle U.S. Holding Corp. (CCC-/Caa2)

    111,000       9.500     02/15/28   57,147
       

 

  180,555

 

Telecommunication Services(e) – 0.8%

Viasat, Inc. (B-/Caa1)

    348,000       5.625     09/15/25   340,326

 

TOTAL UNSECURED DEBT OBLIGATIONS

(Cost $8,901,314)

   $  8,428,115

 

 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 0.5%
 

Energy Equipment & Services – 0.4%

  3,489      Noble Corp. PLC   $   168,030

 

 

 

Oil, Gas & Consumable Fuels(f) – 0.1%

     1,141,924      Prairie Provident Resources, Inc.   60,326

 

 

 

 TOTAL COMMON STOCKS

(Cost $2,968,823)

   $   228,356

 

 

Shares     

Dividend

Rate

   Value
  Investment Company(h) – 5.9%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  2,621,210      5.248%   $ 2,621,210
  (Cost $2,621,210)

 

 

 

 TOTAL INVESTMENTS – 96.0%

(Cost $47,658,744)

   $42,867,012

 

 

 

 OTHER ASSETS IN EXCESS OF

 LIABILITIES – 4.0%

   $ 1,807,446

 

 

  NET ASSETS – 100.0%   $44,674,458

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2023. 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 December 31, 2023.
(c)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(d)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)   Security is currently in default and/or non-income producing.
(g)   Pay-in-kind securities.
(h)   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.
 

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased		        Currency
Sold		        Settlement
Date		        Unrealized
Loss		  

 

  

MS & Co. Int. PLC

     

USD

      240,314        EUR      221,421          02/14/24        $ (4,567 ) 

 

  

SWAP CONTRACTS — At December 31, 2023, 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)		  

 

  

4.250%

    12M SOFR    03/20/31    $ 2,250      $(117,006)    $ (114,510 )     $ (2,496 ) 

 

  

 

(a)   Payments made annually.
(b)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index		    Financing Rate
Received/(Paid)
by the Fund(a)		    Credit
Spread at
December 31,
2023(b)		     Termination
Date		    Notional
Amount
(000s)		    Value      Upfront
Premiums
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Purchased:

 

CDX.NA.HY Index 41

    (5.000)%      3.559 %    12/20/28    $8,910    $ (536,099 )     $ (72,730 )    $ (463,369 ) 

 

  

 

(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

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

USD  

— U.S. Dollar

WR  

— Withdrawn Rating

Abbreviations:
CDX.NA.HY Ind 41  

— CDX North America High Yield Index 41

MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

SOFR  

— Secured Overnight Financing Rate

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – 47.9%

Collateralized Mortgage Obligations – 7.9%

Interest Only(a) –1.6%

Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 30 day USD SOFR Average + 5.986%)

$

     3,598,903       0.647 %(b)    05/15/45   $    390,998

Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI

    1,764,546       4.000     09/25/50   348,032

Federal Home Loan Mortgage Corp. REMICS Series 5020, Class IH

    601,545       3.000     08/25/50   98,747

Federal Home Loan Mortgage Corp. REMICS Series 5148, Class AI

    8,334,948       2.500     10/25/51   899,779

Federal National Mortgage Association REMICS Series 2011-100, Class S (-1X 30 day USD SOFR Average + 6.336%)

    2,138,885       0.998 (b)    10/25/41   227,792

Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 30 day USD SOFR Average + 6.556%)

    2,041,440       1.218 (b)    07/25/42   195,873

Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 30 day USD SOFR Average + 6.036%)

    858,275       0.698 (b)    01/25/48   93,466

Federal National Mortgage Association REMICS Series 2020-60, Class NI

    1,638,742       4.000     09/25/50   323,219

Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%)

    2,757,060       0.208 (b)(c)    03/20/40   223,699

Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%)

    3,446,253       0.678 (b)(c)    07/20/43   336,871

Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%)

    3,995,721       0.678 (b)(c)    04/20/43   281,810

Government National Mortgage Association REMICS Series 2014-11, Class NI

    999,797       4.500 (c)    12/16/42   51,872

Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)

    3,831,845       0.628 (b)(c)    10/20/43   198,853

Government National Mortgage Association REMICS Series 2015-168, Class SD (-1X 1 mo. USD Term SOFR + 6.086%)

    6,900,373       0.728 (b)(c)    11/20/45   775,659

Government National Mortgage Association REMICS Series 2014-180, Class PI

    2,645,669       4.000 (c)    08/20/44   357,832

Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%)

    1,226,287       0.228 (b)(c)    09/20/45   105,371

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Interest Only(a) – (continued)

Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%)

$

     1,576,186       0.228 %(b)(c)    09/20/45   $    135,622

Government National Mortgage Association REMICS Series 2015-129, Class IC

    952,861       4.500 (c)    09/16/45   174,813

Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%)

    3,378,579       0.728 (b)(c)    08/20/45   379,105

Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%)

    4,063,241       0.228 (b)(c)    10/20/45   327,059

Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%)

    2,178,262       0.728 (b)(c)    09/20/45   238,897

Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%)

    5,149,875       0.178 (b)(c)    01/20/46   409,530

Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)

    977,736       0.188 (b)(c)    07/20/47   86,487

Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%)

    1,099,595       0.228 (b)(c)    01/20/48   101,697

Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%)

    1,641,429       0.728 (b)(c)    05/20/48   179,338

Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%)

    1,449,354       0.728 (b)(c)    09/20/48   152,144

Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%)

    696,570       0.728 (b)(c)    09/20/48   75,094

Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%)

    972,036       0.678 (b)(c)    10/20/48   97,120

Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    384,765       0.578 (b)(c)    01/20/49   38,913

Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)

    1,096,131       0.578 (b)(c)    01/20/49   107,972

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Interest Only(a) – (continued)

Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)

$

     675,922       0.628 %(b)(c)    06/20/49   $     64,959

Government National Mortgage Association REMICS Series 2019-151, Class NI

    2,418,957       3.500 (c)    10/20/49   381,250

Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    2,975,290       0.578 (b)(c)    02/20/50   342,917

Government National Mortgage Association REMICS Series 2020-61, Class SF (-1X 1 mo. USD Term SOFR + 6.326%)

    4,614,738       0.968 (b)(c)    07/20/43   527,726

Government National Mortgage Association REMICS Series 2020-78, Class DI

    3,411,084       4.000 (c)    06/20/50   659,446

Government National Mortgage Association REMICS Series 2020-146, Class KI

    8,707,881       2.500 (c)    10/20/50   1,182,675

Government National Mortgage Association REMICS Series 2020-146, Class IM

    1,204,173       2.500 (c)    10/20/50   160,928
       

 

  10,733,565

 

Regular Floater(b) – 0.2%

Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (30 day USD SOFR Average + 0.484%)

    173,007       5.823     03/15/41   171,748

Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (30 day USD SOFR Average + 0.464%)

    134,832       5.803     10/15/36   132,709

Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (30 day USD SOFR Average + 0.514%)

    83,882       5.853     12/15/36   82,544

Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (30 day USD SOFR Average + 0.714%)

    143,061       6.053 (c)    09/15/37   141,658

Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (30 day USD SOFR Average + 0.964%)

    38,975       6.303     06/15/39   39,083

Federal National Mortgage Association REMICS Series 2006-45, Class TF (30 day USD SOFR Average + 0.514%)

    265,937       5.852     06/25/36   262,340

Federal National Mortgage Association REMICS Series 2006-76, Class QF (30 day USD SOFR Average + 0.514%)

    315,990       5.852     08/25/36   311,960

Federal National Mortgage Association REMICS Series 2006-79, Class PF (30 day USD SOFR Average + 0.514%)

    316,458       5.852     08/25/36   312,136

Federal National Mortgage Association REMICS Series 2007-75, Class VF (30 day USD SOFR Average + 0.564%)

    110,530       5.902     08/25/37   109,287

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Regular Floater(b) – (continued)

Federal National Mortgage Association REMICS Series 2009-84, Class WF (30 day USD SOFR Average + 1.214%)

$

     37,104       6.552 %    10/25/39   $     37,554
       

 

  1,601,019

 

Sequential Fixed Rate(c) – 0.5%

Angel Oak Mortgage Trust Series 2022-1, Class A1

    907,703       2.881 (d)(e)    12/25/66   810,080

Residential Accredit Loans, Inc. Trust Series 2006-QS6, Class 1A13

    317,211       6.000     06/25/36   254,692

Residential Accredit Loans, Inc. Trust Series 2006-QS9, Class 1A11

    584,388       6.500     07/25/36   462,250

Residential Accredit Loans, Inc. Trust Series 2006-QS2, Class 1A9

    207,041       5.500     02/25/36   160,812

Residential Asset Securitization Trust Series 2006-A8, Class 1A1

    653,539       6.000     08/25/36   400,519

RFMSI Trust Series 2007-S9, Class 1A1

    1,629,551       6.000     10/25/37   924,813
       

 

  3,013,166

 

Sequential Floating Rate(c) – 5.6%

Angel Oak Mortgage Trust Series 2021-6, Class A1

    477,554       1.458 (b)(d)    09/25/66   383,165

Angel Oak Mortgage Trust Series 2020-4, Class A3

    806,005       2.805 (b)(d)    06/25/65   756,989

Angel Oak Mortgage Trust Series 2020-2, Class M1

    654,000       4.500 (b)(d)    01/26/65   592,626

Banc of America Funding Trust Series 2007-2, Class 2A1

    20,809       4.124 (b)    03/25/37   19,203

Chase Home Lending Mortgage Trust Series 2023-RPL2, Class A1

    812,771       3.250 (b)(d)    03/25/63   720,164

Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%)

    1,713,185       5.970 (b)    08/25/37   1,114,647

Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%)

    248,294       5.500 (b)    07/25/35   163,540

Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%)

    286,924       5.500 (b)    12/25/35   237,412

Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%)

    256,339       5.870 (b)    08/25/37   162,831

CSMC Trust Series 2021-NQM7, Class A1

    6,136,389       1.756 (b)(d)    10/25/66   5,062,509

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA2, Class B1 (30 day USD SOFR Average + 4.214%)

    2,000,000       9.552 (b)(d)    03/25/50   2,175,122

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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-DNA4, Class B1 (30 day USD SOFR Average + 6.114%)

$

     1,265,266       11.452 %(b)(d)    08/25/50   $  1,422,759

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class B1 (30 day USD SOFR Average + 4.800%)

    1,533,000       10.137 (b)(d)    10/25/50   1,716,957

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (30 day USD SOFR Average + 5.650%)

    600,000       10.987 (b)(d)    12/25/50   646,083

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1, Class M2 (30 day USD SOFR Average + 1.800%)

    226,118       7.137 (b)(d)    01/25/51   227,797

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA2, Class M2 (30 day USD SOFR Average + 2.050%)

    460,000       7.387 (b)(d)    12/25/33   455,546

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B1 (30 day USD SOFR Average + 3.400%)

    137,000       8.737 (b)(d)    10/25/41   139,647

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class M2 (30 day USD SOFR Average + 2.800%)

    125,066       8.137 (b)(d)    10/25/50   126,886

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class M2 (30 day USD SOFR Average + 2.000%)

    882,829       7.337 (b)(d)    12/25/50   894,894

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (30 day USD SOFR Average + 3.500%)

    1,845,401       8.837 (b)(d)    03/25/42   1,912,784

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA4, Class B1 (30 day USD SOFR Average + 5.364%)

    762,290       10.702 (b)(d)    09/25/50   828,426

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA3, Class B1 (30 day USD SOFR Average + 5.864%)

    1,171,521       11.202 (b)(d)    07/25/50   1,293,305

Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (30 day USD SOFR Average + 2.164%)

    509,388       7.502 (b)(d)    04/25/49   512,579

Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA3, Class M2 (30 day USD SOFR Average + 1.964%)

    54,461       7.302 (b)(d)    09/25/49   54,757

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate(c) – (continued)

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class M2 (30 day USD SOFR Average + 2.600%)

$

     318,736       7.937 %(b)(d)    11/25/50   $    324,314

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-HQA2, Class M1B (30 Day USD SOFR Average + 3.350%)

    1,104,000       8.687 (b)(d)    06/25/43   1,164,081

Federal National Mortgage Association Connecticut Avenue Securities Series 2020-R01, Class 1M2 (30 day USD SOFR Average + 2.164%)

    61,897       7.502 (b)(d)    01/25/40   62,661

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R03, Class 1B1 (30 day USD SOFR Average + 6.250%)

    153,000       11.587 (b)(d)    03/25/42   167,644

Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R01, Class 2M2 (30 day USD SOFR Average + 2.564%)

    70,381       7.902 (b)(d)    07/25/31   70,664

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R04, Class 1B1 (30 day USD SOFR Average + 5.250%)

    433,000       10.587 (b)(d)    03/25/42   460,789

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (30 day USD SOFR Average + 3.000%)

    279,000       8.337 (b)(d)    04/25/42   285,689

Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2B1 (30 day USD SOFR Average + 4.500%)

    392,000       9.837 (b)(d)    04/25/42   405,897

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (30 day USD SOFR Average + 3.900%)

    508,336       9.237 (b)(d)    04/25/43   544,186

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (30 day USD SOFR Average + 3.100%)

    250,000       8.437 (b)(d)    06/25/43   261,015

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R06, Class 1M2 (30 day USD SOFR Average + 2.700%)

    230,000       8.037 (b)(d)    07/25/43   236,864

Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R02, Class 2M1 (30 day USD SOFR Average + 0.900%)

    315,967       6.237 (b)(d)    11/25/41   315,206

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M2 (30 day USD SOFR Average + 2.500%)

    610,000       7.837 (b)(d)    10/25/43   623,448

Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1B1

    1,670,000       8.887 (b)(d)    10/25/43   1,692,573

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

    Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate(c) – (continued)

GCAT Trust Series 2022-NQM4, Class A1

$

     175,925       5.269 %(d)(e)    08/25/67   $    176,902

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

    1,309,638       2.520 (b)(d)    05/25/52   1,063,688

JP Morgan Mortgage Trust Series 2022-LTV1, Class A2

    448,167       3.520 (b)(d)    07/25/52   380,364

JP Morgan Mortgage Trust Series 2023-2, Class A3A

    1,718,607       5.000 (b)(d)    07/25/53   1,673,560

JP Morgan Mortgage Trust Series 2023-10, Class A6

    733,645       6.000 (b)(d)    05/25/54   732,695

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    395,639       3.235 (b)(d)    07/25/59   379,312

OBX Trust Series 2022-NQM7, Class A1

    172,078       5.110 (d)(e)    08/25/62   171,876

Residential Accredit Loans, Inc. Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%)

    65,347       5.880 (b)    09/25/46   57,307

Residential Mortgage Loan Trust Series 2020-2, Class A3

    152,000       2.911 (b)(d)    05/25/60   139,188

STACR Trust Series 2018-HRP2, Class B1

    1,100,000       9.652 (b)(d)    02/25/47   1,203,182

Towd Point Mortgage Trust Series 2020-1, Class A2A

    550,000       3.100 (b)(d)    01/25/60   479,126

Verus Securitization Trust Series 2021-5, Class A3

    964,666       1.373 (b)(d)    09/25/66   789,510

Verus Securitization Trust Series 2021-7, Class A2

    1,485,089       2.137 (b)(d)    10/25/66   1,236,257
       

 

  36,718,626

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   $ 52,066,376

 

Commercial Mortgage-Backed Securities – 8.1%

Sequential Fixed Rate – 5.2%

3650R Commercial Mortgage Trust Series 2021-PF1, Class AS

$

     1,050,000       2.778 %(b)    11/15/54   $    848,253

Bank Series 2022-BNK39, Class A4

    2,400,000       2.928 (b)(c)    02/15/55   2,072,882

Bank Series 2021-BN38, Class A5

    1,050,000       2.521 (c)    12/15/64   873,574

Bank Series 2023-BNK46, Class A4

    600,000       5.745 (c)    08/15/56   632,841

Bank5 Series 2023-5YR4, Class A3

    900,000       6.500 (c)    12/15/56   951,513

BBCMS Mortgage Trust Series 2021-C9, Class A5

    1,600,000       2.299 (c)    02/15/54   1,342,326

BBCMS Mortgage Trust Series 2023-C20, Class ASB

    1,229,000       5.860 (c)    07/15/56   1,265,474

BBCMS Mortgage Trust Series 2023-C20, Class A3

    1,600,000       5.991 (c)    07/15/56   1,642,610

Benchmark Mortgage Trust Series 2022-B33, Class A5

    1,125,000       3.458 (c)    03/15/55   991,555

Benchmark Mortgage Trust Series 2021-B29, Class A5

    1,450,000       2.388 (c)    09/15/54   1,200,732

 

    Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

Benchmark Mortgage Trust Series 2020-B21, Class A5

$

     1,000,000       1.978 %(c)    12/17/53   $    809,048

Benchmark Mortgage Trust Series 2021-B26, Class A5

    1,375,000       2.613 (c)    06/15/54   1,120,961

Benchmark Mortgage Trust Series 2023-B39, Class A5

    1,250,000       5.754 (c)    07/15/56   1,313,508

BMO Mortgage Trust Series 2023-C5, Class A5

    1,600,000       5.765 (c)    06/15/56   1,684,251

BMO Mortgage Trust Series 2023-C5, Class ASB

    1,600,000       5.995 (c)    06/15/56   1,658,675

BMO Mortgage Trust Series 2023-C7, Class A5

    2,500,000       6.160 (c)    12/15/56   2,712,847

BX Trust Series 2022-CLS, Class A

    2,000,000       5.760 (d)    10/13/27   1,994,202

Citigroup Commercial Mortgage Trust Series 2017-P8, Class D

    1,000,000       3.000 (c)(d)    09/15/50   690,924

CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4

    1,300,000       3.718 (c)    08/15/48   1,252,093

GS Mortgage Securities Trust Series 2017-GS7, Class A4

    1,000,000       3.430 (c)    08/10/50   923,385

GS Mortgage Securities Trust Series 2017-GS8, Class A4

    1,600,000       3.469 (c)    11/10/50   1,488,001

Manhattan West Mortgage Trust Series 2020-1MW, Class A

    1,100,000       2.130 (d)    09/10/39   971,263

Morgan Stanley Capital I Trust Series 2019-H7, Class A4

    1,500,000       3.261 (c)    07/15/52   1,351,785

MSWF Commercial Mortgage Trust Series 2023-2, Class A2

    1,575,000       6.890 (c)    12/15/56   1,648,986

Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D

    756,000       3.250 (c)(d)    01/15/60   578,827

Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5

    1,500,000       2.626 (c)    04/15/54   1,272,845

Wells Fargo Commercial Mortgage Trust Series 2020-C58, Class A4

    1,575,000       2.092 (c)    07/15/53   1,300,252
       

 

    34,593,613

 

Sequential Floating Rate(b) – 2.9%

Bank Series 2018-BN13, Class A5

    1,600,000       4.217 (c)    08/15/61   1,530,015

Bank5 Series 2023-5YR2, Class A3

    1,500,000       6.656 (c)    07/15/56   1,588,054

Bank5 Series 2023-5YR3, Class AS

    1,850,000       7.315 (c)    09/15/56   1,946,918

Bank5 Series 2023-5YR4, Class AS

    400,000       7.274 (c)    12/15/56   417,977

BBCMS Mortgage Trust Series 2023-C21, Class AS

    1,075,000       6.296 (c)    09/15/56   1,112,632

BBCMS Mortgage Trust Series 2023-C22, Class A5

    1,275,000       6.804 (c)    11/15/56   1,454,071

BBCMS Mortgage Trust Series 2023-5C23, Class A3

    2,000,000       6.675 (c)    12/15/56   2,132,417

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate(b) – (continued)

BBCMS Mortgage Trust Series 2023-5C23, Class AS

$

     700,000       7.703 %(c)    12/15/56   $    746,637

BLP Commercial Mortgage Trust Series 2023-IND, Class A (1 mo. USD Term SOFR + 1.692%)

    700,000       7.054 (d)    03/15/40   699,060

BMO Mortgage Trust Series 2022-C2, Class A5

    1,361,000       4.813     07/15/54   1,347,687

BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1 mo. USD Term SOFR + 2.281%)

    700,000       7.643 (d)    06/15/40   698,303

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    3,410,208       7.813 (d)    08/15/39   3,408,345

BX Trust Series 2021-LBA, Class AV (1 mo. USD Term SOFR + 0.914%)

    838,258       6.277 (d)    02/15/36   824,362

Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A

    1,100,000       6.360 (d)    07/10/28   1,129,721

Morgan Stanley Capital I Trust Series 2022-L8, Class A5

    125,000       3.794 (c)    04/15/55   114,275
       

 

  19,150,474

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $53,744,087

 

Federal Agencies – 31.9%

Federal Home Loan Mortgage Corp. – 0.1%

$

     10,065       5.000 %    01/01/33   $     10,159
    282       5.000     03/01/33   285
    3,888       5.000     04/01/33   3,924
    468       5.000     05/01/33   471
    1,605       5.000     06/01/33   1,619
    10,295       5.000     07/01/33   10,388
    15,951       5.000     08/01/33   16,103
    1,698       5.000     09/01/33   1,717
    3,581       5.000     10/01/33   3,614
    6,243       5.000     11/01/33   6,300
    3,421       5.000     12/01/33   3,452
    3,092       5.000     01/01/34   3,120
    10,067       5.000     02/01/34   10,160
    5,599       5.000     03/01/34   5,656
    9,533       5.000     04/01/34   9,632
    11,720       5.000     05/01/34   11,828
    165,810       5.000     06/01/34   167,341
    4,543       5.000     11/01/34   4,590
    41,389       5.000     04/01/35   41,764
    12       5.000     11/01/35   12
       

 

  312,135

 

Government National Mortgage Association – 17.9%

    7,854,710       4.500     12/20/48   7,742,976
    2,949,983       5.000     12/20/48   2,961,449
    4,493,108       4.500     01/20/49   4,427,789
    1,800,128       2.500     10/20/51   1,563,061

 

Principal
Amount		     Interest
Rate		     Maturity
Date		     Value
Mortgage-Backed Obligations – (continued)

Government National Mortgage Association – (continued)

$

     2,256,522       2.500 %      11/20/51     $  1,957,940
    5,049,703       2.500       12/20/51     4,377,779
    966,879       2.500       01/20/52     835,014
    43,000,000       5.000       TBA-30yr (f)    42,738,900
    7,000,000       5.500       TBA-30yr (f)    7,043,426
    23,000,000       6.000       TBA-30yr (f)    23,376,121
    21,000,000       6.500       TBA-30yr (f)    21,492,824
       

 

  118,517,279

 

Uniform Mortgage-Backed Security – 13.9%

    15,720       4.500       08/01/37     15,676
    3,134       4.500       04/01/39     3,129
    5,153       4.000       08/01/39     5,010
    2,177       4.000       09/01/39     2,117
    17,314       4.500       10/01/39     17,255
    2,158       4.500       05/01/41     2,154
    9,033       4.500       06/01/41     9,017
    8,479       4.500       08/01/41     8,463
    2,713       4.500       10/01/41     2,708
    653       4.500       11/01/42     655
    11,387       4.500       12/01/43     11,378
    453,736       4.500       11/01/48     447,410
    82,577       4.500       01/01/49     81,323
    390,163       4.500       06/01/49     384,235
    142,132       4.500       06/01/49     139,716
    429,261       4.500       08/01/49     421,934
    5,368,835       5.000       10/01/49     5,389,153
    372,869       4.500       01/01/50     366,531
    7,504,409       4.500       03/01/50     7,432,762
    4,752,933       5.000       03/01/50     4,770,920
    19,934,085       2.000       04/01/52     16,279,275
    15,271,183       2.000       04/01/52     12,471,292
    931,553       6.000       01/01/53     960,602
    924,113       6.000       01/01/53     946,577
    5,509,710       6.000       01/01/53     5,609,207
    1,908,916       5.500       04/01/53     1,937,673
    947,050       6.000       04/01/53     979,838
    940,828       6.000       04/01/53     970,166
    954,819       6.000       04/01/53     980,118
    13,000,000       7.000       TBA-30yr (f)    13,407,781
    17,000,000       7.000       TBA-30yr (f)    17,527,940
       

 

  91,582,015

 

TOTAL FEDERAL AGENCIES

 

   $210,411,429

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $315,118,062)

 

   $316,221,892

 

       
Corporate Obligations – 23.4%

Advertising(c) – 0.2%

Lamar Media Corp.

$

     765,000       3.625 %      01/15/31     $    681,087

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

    Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Advertising(c) – (continued)

Outfront Media Capital LLC/Outfront Media Capital Corp.(d)

$

     364,000       5.000 %    08/15/27   $    354,704
       

 

  1,035,791

 

Aerospace & Defense(c) – 0.7%

RTX Corp.

    2,175,000       6.100     03/15/34   2,358,396

TransDigm, Inc.

    650,000       5.500     11/15/27   638,079
    1,115,000       6.750 (d)    08/15/28   1,144,246
    55,000       7.125 (d)    12/01/31   57,748

Triumph Group, Inc.

    285,000       7.750     08/15/25   284,590
       

 

  4,483,059

 

Airlines(c)(d) – 0.2%

American Airlines, Inc.

    1,310,000       7.250     02/15/28   1,330,672

 

Automotive(c)(d) – 0.2%

ZF North America Capital, Inc.

    1,265,000       6.875     04/14/28   1,315,119

 

Banks – 3.5%

AIB Group PLC(b)(c) (-1X 5 yr. EUR Swap + 6.629%)

EUR

     372,000       6.250     06/23/25   407,047

Banco do Brasil SA(b)(c) (10 yr. CMT + 4.398%)

$

     1,550,000       6.250     04/15/24   1,506,104

Banco Mercantil del Norte SA(b)(c)(d) (5 yr. CMT + 4.643%)

    640,000       5.875     01/24/27   585,843

Bank of America Corp.(b)(c) (Secured Overnight Financing Rate + 1.570%)

    6,390,000       5.819     09/15/29   6,596,142

Citigroup, Inc.(b)(c) (Secured Overnight Financing Rate + 1.887%)

    3,160,000       4.658     05/24/28   3,140,155

JPMorgan Chase & Co.(b)(c) (Secured Overnight Financing Rate + 1.570%)

    3,095,000       6.087     10/23/29   3,255,631

Morgan Stanley(b)(c) (Secured Overnight Financing Rate + 1.630%)

    6,390,000       5.449     07/20/29   6,510,899

Shinhan Bank Co. Ltd.(d)

    200,000       4.500     04/12/28   198,166

Societe Generale SA(b)(c) (5 yr. USD Swap + 3.929%)

    224,000       6.750     04/06/28   199,409

UBS Group AG(b)(c)(d) (5 yr. CMT + 4.745%)

    470,000       9.250     11/13/28   506,425

Virgin Money U.K. PLC(b)(c) (5 yr. U.K. Government Bond + 8.307%)

GBP

     344,000       9.250     06/08/24   438,541
       

 

  23,344,362

 

Building Materials(c)(d) – 0.5%

Carrier Global Corp.

$

     2,225,000       5.900     03/15/34   2,408,229

 

    Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Building Materials(c)(d) – (continued)

Summit Materials LLC/Summit Materials Finance Corp.

$

     305,000       6.500 %    03/15/27   $     305,604
    438,000       5.250     01/15/29   424,833
       

 

  3,138,666

 

Chemicals(c)(d) – 0.4%

Chemours Co.

    720,000       5.750     11/15/28   685,944

Ingevity Corp.

    2,086,000       3.875     11/01/28   1,874,375
       

 

  2,560,319

 

Commercial Services – 0.9%

ADT Security Corp.(c)(d)

    2,170,000       4.125     08/01/29   2,006,621

Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(d)

    843,000       6.625     07/15/26   839,519

DP World Crescent Ltd.

    200,000       4.848     09/26/28   198,640
    200,000       3.875     07/18/29   189,224

DP World Ltd.

    200,000       5.625     09/25/48   191,358

Herc Holdings, Inc.(c)(d)

    1,269,000       5.500     07/15/27   1,254,127

TriNet Group, Inc.(c)(d)

    745,000       3.500     03/01/29   667,721

United Rentals North America, Inc.(c)

    604,000       3.875     02/15/31   548,945
       

 

  5,896,155

 

Computers(c)(d) – 0.2%

KBR, Inc.

    708,000       4.750     09/30/28   657,272

Seagate HDD Cayman

    610,000       8.250     12/15/29   657,677
       

 

  1,314,949

 

Diversified Financial Services – 1.5%

AerCap Holdings NV(b)(c) (5 yr. CMT + 4.535%)

    508,000       5.875     10/10/79   502,178

Global Aircraft Leasing Co. Ltd.(c)(d)(g) (PIK 7.250%, Cash 6.500%)

    2,008,039       6.500     09/15/24   1,890,709

Midcap Financial Issuer Trust(c)(d)

    1,681,000       6.500     05/01/28   1,573,466

Navient Corp.

    255,000       6.750     06/25/25   258,190
    740,000       5.500 (c)    03/15/29   682,717
    1,030,000       9.375 (c)    07/25/30   1,085,198

OneMain Finance Corp.(c)

    775,000       3.875     09/15/28   686,309
    1,655,000       4.000     09/15/30   1,416,134

Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.(c)(d)

    2,120,000       2.875     10/15/26   1,965,134
       

 

  10,060,035

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Electrical(c)(d) – 0.5%

Calpine Corp.

$

     1,048,000       4.625 %    02/01/29   $    973,351

NRG Energy, Inc.

    760,000       3.375     02/15/29   671,445

Vistra Operations Co. LLC

    1,455,000       4.375     05/01/29   1,349,381
       

 

  2,994,177

 

Electronics(c)(d) – 0.6%

Imola Merger Corp.

    710,000       4.750     05/15/29   673,790

Sensata Technologies BV

    515,000       4.000     04/15/29   478,965

Sensata Technologies, Inc.

    1,659,000       4.375     02/15/30   1,544,612

TTM Technologies, Inc.

    1,485,000       4.000     03/01/29   1,348,826
       

 

  4,046,193

 

Energy-Alternate Sources(c)(d) – 0.1%

Greenko Dutch BV

    185,000       3.850     03/29/26   172,513

Greenko Power II Ltd.

    180,000       4.300     12/13/28   163,350
       

 

  335,863

 

Engineering & Construction(c) – 0.2%

Dycom Industries, Inc.(d)

    720,000       4.500     04/15/29   666,828

Mexico City Airport Trust

    320,000       4.250 (d)    10/31/26   308,170
    546,000       5.500     07/31/47   469,112
       

 

  1,444,110

 

Entertainment(c)(d) – 0.4%

Motion Bondco DAC

    567,000       6.625     11/15/27   525,875

WMG Acquisition Corp.

    2,205,000       3.750     12/01/29   2,017,950
       

 

  2,543,825

 

Environmental(c)(d) – 1.1%

GFL Environmental, Inc.

    3,270,000       3.500     09/01/28   3,008,335

Stericycle, Inc.

    730,000       3.875     01/15/29   665,103

Veralto Corp.

    2,300,000       5.450     09/18/33   2,386,250

Waste Pro USA, Inc.

    1,524,000       5.500     02/15/26   1,469,456
       

 

  7,529,144

 

Food & Drug Retailing(c) – 1.0%

B&G Foods, Inc.

    394,000       5.250     04/01/25   388,661

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Food & Drug Retailing(c) – (continued)

$

     243,000       5.250 %    09/15/27   $    221,169

J M Smucker Co.

    2,205,000       6.200     11/15/33   2,405,236

Lamb Weston Holdings, Inc.(d)

    2,200,000       4.125     01/31/30   2,029,566

Performance Food Group, Inc.(d)

    219,000       6.875     05/01/25   220,108
    1,041,000       5.500     10/15/27   1,026,468
       

 

  6,291,208

 

Healthcare Providers & Services(c) – 0.4%

Charles River Laboratories International, Inc.(d)

    1,470,000       3.750     03/15/29   1,353,547

Encompass Health Corp.

    641,000       4.500     02/01/28   614,668

Tenet Healthcare Corp.

    841,000       6.125     10/01/28   837,114
       

 

  2,805,329

 

Holding Companies-Diversified(c)(d) – 0.2%

Benteler International AG

    1,230,000       10.500     05/15/28   1,289,630

 

Housewares(c) – 0.3%

Newell Brands, Inc.

    670,000       6.375     09/15/27   668,426
    1,350,000       6.625     09/15/29   1,345,882
       

 

  2,014,308

 

Insurance(c)(d) – 0.4%

Acrisure LLC/Acrisure Finance, Inc.

    1,449,000       7.000     11/15/25   1,445,595

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

    730,000       6.750     10/15/27   727,503

USI, Inc.

    455,000       7.500     01/15/32   465,793
       

 

  2,638,891

 

Internet(c) – 0.6%

Go Daddy Operating Co. LLC/GD Finance Co., Inc.(d)

    740,000       3.500     03/01/29   670,558

Match Group Holdings II LLC(d)

    1,404,000       4.625     06/01/28   1,346,394

Prosus NV

    1,070,000       3.257     01/19/27   983,397
    850,000       3.680 (d)    01/21/30   738,969
    400,000       4.027 (d)    08/03/50   260,750
       

 

  4,000,068

 

Lodging(c) – 0.6%

Hilton Domestic Operating Co., Inc.

    110,000       5.375 (d)    05/01/25   109,679
    1,584,000       4.875     01/15/30   1,535,054

MGM Resorts International

    1,425,000       4.750     10/15/28   1,355,716

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Lodging(c) – (continued)

Travel & Leisure Co.(d)

$

     750,000       4.500 %    12/01/29   $    671,618
       

 

        3,672,067

 

Machinery-Diversified(c)(d) – 0.1%

Titan Acquisition Ltd./Titan Co.-Borrower LLC

    646,000       7.750     04/15/26   649,973

 

Media(c) – 1.5%

CCO Holdings LLC/CCO Holdings Capital Corp.(d)

    875,000       6.375     09/01/29   863,581
    1,334,000       4.250     02/01/31   1,165,449

Directv Financing LLC/Directv Financing Co.-Obligor, Inc.(d)

    720,000       5.875     08/15/27   676,073

iHeartCommunications, Inc.

    271,665       8.375     05/01/27   176,289

News Corp.(d)

    2,180,000       3.875     05/15/29   2,015,454

Nexstar Media, Inc.(d)

    784,000       5.625     07/15/27   761,335

Scripps Escrow, Inc.(d)

    887,000       5.875     07/15/27   786,964

Sirius XM Radio, Inc.(d)

    2,180,000       4.000     07/15/28   2,021,034

Virgin Media Secured Finance PLC(d)

    1,454,000       5.500     05/15/29   1,402,165
       

 

        9,868,344

 

Multi-National(c)(d) – 0.2%

African Export-Import Bank

    550,000       2.634     05/17/26   507,936
    850,000       3.798     05/17/31   720,528
       

 

        1,228,464

 

Oil Field Services – 2.5%

Civitas Resources, Inc.(c)(d)

    615,000       8.375     07/01/28   643,210

Ecopetrol SA(c)

    120,000       8.625     01/19/29   127,950
    1,890,000       6.875     04/29/30   1,861,650
    290,000       8.875     01/13/33   314,378

Nabors Industries, Inc.(c)(d)

    585,000       9.125     01/31/30   589,815

Petroleos de Venezuela SA(h)

    137,050,000       0.000     10/28/22   9,908,715

Reliance Industries Ltd.(d)

    310,000       3.625     01/12/52   225,748

Sunoco LP/Sunoco Finance Corp.(c)

    1,280,000       7.000 (d)    09/15/28   1,321,370
    710,000       4.500     05/15/29   662,607

Transocean, Inc.(c)(d)

    531,000       11.500     01/30/27   555,293
    171,000       8.750     02/15/30   178,868

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Oil Field Services – (continued)

USA Compression Partners LP/USA Compression Finance Corp.(c)

$

     318,000       6.875 %    04/01/26   $    317,294
       

 

        16,706,898

 

Packaging(c) – 1.2%

ARD Finance SA(g)

(PIK 5.750%, Cash 5.000%)

EUR

     236,165       5.000     06/30/27   130,128

(PIK 7.250%, Cash 6.500%)

$

     958,594       6.500 (d)    06/30/27   447,107

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(d)

    755,000       3.250     09/01/28   662,354

Berry Global, Inc.(d)

    524,000       4.500     02/15/26   511,471

Crown Americas LLC

    2,933,000       5.250     04/01/30   2,885,955

LABL, Inc.(d)

    231,000       6.750     07/15/26   225,218
    241,000       10.500     07/15/27   230,912

Sealed Air Corp./Sealed Air Corp. U.S.(d)

    1,960,000       6.125     02/01/28   1,979,600

Trivium Packaging Finance BV(d)

    516,000       5.500     08/15/26   507,728
    353,000       8.500     08/15/27   346,593
       

 

        7,927,066

 

Pharmaceuticals(c)(d) – 0.4%

Jazz Securities DAC

    1,430,000       4.375     01/15/29   1,331,931

Organon & Co./Organon Foreign Debt Co.-Issuer BV

    1,425,000       4.125     04/30/28   1,311,584
       

 

        2,643,515

 

Pipelines – 1.0%

Antero Midstream Partners LP/Antero Midstream Finance Corp.(c)(d)

    685,000       5.375     06/15/29   659,538

Buckeye Partners LP(c)

    640,000       4.350     10/15/24   627,277
    1,049,000       3.950     12/01/26   994,851

Galaxy Pipeline Assets Bidco Ltd.

    240,000       2.625 (d)    03/31/36   197,700
    1,828,915       2.940     09/30/40   1,504,283
    430,000       3.250 (d)    09/30/40   335,937

Global Partners LP/GLP Finance Corp.(c)

    215,000       7.000     08/01/27   210,203

Venture Global LNG, Inc.(c)(d)

    1,875,000       9.500     02/01/29   1,982,344
       

 

        6,512,133

 

Real Estate(c)(h) – 0.0%

Zhenro Properties Group Ltd.

    200,000       6.700     08/04/26   1,000

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Real Estate Investment Trust(c) – 0.3%

Iron Mountain, Inc.(d)

$

     650,000       7.000 %    02/15/29   $    670,137

MPT Operating Partnership LP/MPT Finance Corp.

    1,288,000       4.625     08/01/29   934,264

Starwood Property Trust, Inc.(d)

    705,000       4.375     01/15/27   666,260
       

 

          2,270,661

 

Retailing(c) – 0.6%

Asbury Automotive Group, Inc.(d)

    730,000       4.625     11/15/29   676,615

CK Hutchison International 20 Ltd.(d)

    200,000       2.500     05/08/30   174,368

CK Hutchison International 21 Ltd.(d)

    230,000       2.500     04/15/31   196,889

Group 1 Automotive, Inc.(d)

    314,000       4.000     08/15/28   291,285

LCM Investments Holdings II LLC(d)

    474,000       4.875     05/01/29   441,308

Lithia Motors, Inc.(d)

    745,000       3.875     06/01/29   675,506

Penske Automotive Group, Inc.

    942,000       3.500     09/01/25   914,117

Sonic Automotive, Inc.(d)

    750,000       4.625     11/15/29   682,448
       

 

        4,052,536

 

Semiconductors(c)(d) – 0.1%

Entegris Escrow Corp.

    675,000       5.950     06/15/30   670,694

 

Software(c) – 0.7%

Camelot Finance SA(d)

    152,000       4.500     11/01/26   148,425

Castle U.S. Holding Corp.(d)

    574,000       9.500     02/15/28   295,518

Clarivate Science Holdings Corp.(d)

    725,000       3.875     07/01/28   682,660

Open Text Corp.(d)

    2,265,000       3.875     12/01/29   2,032,203

ROBLOX Corp.(d)

    770,000       3.875     05/01/30   686,594

Twilio, Inc.

    745,000       3.625     03/15/29   679,500
       

 

        4,524,900

 

Telecommunication Services(c)(d) – 0.0%

Altice France SA

    218,000       5.500     01/15/28   179,275

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Transportation(c)(d) – 0.1%

Rand Parent LLC

$

     1,040,000       8.500 %    02/15/30   $    994,708

 

TOTAL CORPORATE OBLIGATIONS

(Cost $189,375,748)

   $154,314,107

 

       
Asset-Backed Securities – 10.9%

Automotive(c) – 0.9%

Bank of America Auto Trust Series 2023-2A, Class A2(d)

$

     1,200,000       5.850 %    08/17/26   $  1,206,991

Ford Credit Auto Owner Trust Series 2023-C, Class A2A

    2,300,000       5.680     09/15/26   2,310,440

Santander Drive Auto Receivables Trust Series 2023-6, Class A2

    2,000,000       6.080     05/17/27   2,007,056
       

 

        5,524,487

 

Collateralized Loan Obligations – 9.2%

37 Capital CLO 1 Ltd. Series 2021-1A, Class A(b)(c)(d) (3 mo. USD Term SOFR + 1.462%)

    1,400,000       6.856     10/15/34   1,393,186

Apidos CLO XXIII Ltd. Series 2015-23A, Class AR(b)(c)(d) (3 mo. USD Term SOFR + 1.482%)

    2,600,000       6.876     04/15/33   2,599,904

Barings CLO Ltd. Series 2020-4A, Class D1(b)(c)(d) (3 mo. USD Term SOFR + 3.962%)

    1,000,000       9.377     01/20/32   1,000,016

Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D(b)(c)(d)

    2,000,000       0.000     01/25/36   2,000,350

Cathedral Lake VII Ltd. Series 2021-7RA, Class D(b)(c)(d) (3 mo. USD Term SOFR + 4.542%)

    270,000       9.944     01/15/32   266,441

CIFC Funding Ltd. Series 2023-3A, Class E(b)(c)(d)

    1,025,000       0.000     01/20/37   1,025,000
    1,300,000       0.000     01/20/37   1,300,000

Crown City CLO I Series 2020-1A, Class A1AR(b)(c)(d) (3 mo. USD Term SOFR + 1.452%)

    2,000,000       6.867     07/20/34   1,992,866

Crown Point CLO 9 Ltd. Series 2020-9A, Class AR(b)(c)(d) (3 mo. USD Term SOFR + 1.452%)

    8,900,000       6.846     07/14/34   8,869,428

Halsey Point CLO I Ltd. Series 2019-1A, Class A1A1(b)(c)(d) (3 mo. USD Term SOFR + 1.612%)

    9,400,000       7.027     01/20/33   9,388,626

Halseypoint CLO 5 Ltd. Series 2021-5A, Class C1(b)(c)(d)

    2,000,000       7.852     01/30/35   1,974,688

Helios Issuer LLC Series 2023-GRID1, Class 1A(c)(d)

    172,172       5.750     12/20/50   175,765

JP Morgan Mortgage Trust Series 2023-HE3, Class A1(b)(c)(d) (30 day USD SOFR Average + 1.600%)

    680,000       6.937     05/25/54   680,000

LCCM Trust Series 2021-FL2, Class A(b)(c)(d) (1 mo. USD Term SOFR + 1.314%)

    1,144,273       6.676     12/13/38   1,133,764

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Asset-Backed Securities – (continued)

Collateralized Loan Obligations – (continued)

Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.562%)

$

     6,700,000       6.956 %    07/15/34   $  6,650,145

MF1 Ltd. Series 2021-FL6, Class A(b)(c)(d) (1 mo. USD Term SOFR + 1.214%)

    1,350,900       6.573     07/16/36   1,336,981

Ocean Trails CLO XI Series 2021-11A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 3.962%)

    3,000,000       9.377     07/20/34   2,813,385

Palmer Square CLO Ltd. Series 2021-4A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 6.312%)

    260,000       11.706     10/15/34   255,887

Stellar Jay Ireland DAC Series 2021-1, Class A(d)

    1,754,372       3.967     10/15/41   1,491,918

Tikehau U.S. CLO I Ltd. Series 2021-1A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 7.172%)

    1,000,000       12.567     01/18/35   883,345

Venture 39 CLO Ltd. Series 2020-39A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.542%)

    6,200,000       6.936     04/15/33   6,155,112

Voya CLO Ltd. Series 2019-1A, Class AR(b)(c)(d) (3 mo. USD Term SOFR + 1.322%)

    3,350,022       6.716     04/15/31   3,349,989

Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b)(c)(d) (3 mo. USD Term SOFR + 1.612%)

    4,000,000       7.002     07/28/32   3,963,364
       

 

        60,700,160

 

Credit Card(c) – 0.8%

Barclays Dryrock Issuance Trust Series 2023-2, Class A(b) (30 day USD SOFR Average + 0.900%)

    4,100,000       6.227     08/15/28   4,105,531

Citibank Credit Card Issuance Trust Series 2023-A1, Class A1

    1,350,000       5.230     12/08/27   1,359,265
       

 

        5,464,796

 

Home Equity(b)(c) – 0.0%

Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%)

    69,114       6.299     03/25/37   64,200

Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%)

    668,643       5.810     11/25/36   123,263
       

 

        187,463

 

Student Loan(b)(c) – 0.0%

SLM Student Loan Trust Series 2008-3, Class A3 (90 day USD SOFR Average + 1.261%)

    17       6.596     10/25/21   17

 

TOTAL ASSET-BACKED SECURITIES (Cost $72,591,472)   $ 71,876,923

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Bank Loans(b)(i) – 1.7%

Banks – 0.2%

Nouryon Finance BV (3 mo. USD Term SOFR + 4.000%)

$

     1,279,400       9.467 %    04/03/28   $  1,282,995

 

Building & Construction – 0.2%

KKR Apple Bidco LLC (1 mo. USD Term SOFR + 2.750%)

    1,470,000       8.220     09/22/28   1,466,884

 

Consumer Cyclical Services – 0.2%

Hertz Corp.

(1 mo. USD Term SOFR + 3.250%)

    1,025,486       8.720     06/30/28   1,021,322

(1 mo. USD Term SOFR + 3.250%)

    198,220       8.720     06/30/28   197,415
       

 

        1,218,737

 

Health Care Products – 0.1%

Sotera Health Holdings LLC (3 mo. USD Term SOFR + 2.750%)

    425,000       8.395     12/11/26   424,290

 

Media – 0.3%

CSC Holdings LLC (1 mo. USD Term SOFR + 4.500%)

    1,909,237       9.862     01/18/28   1,841,230

 

Media - Non Cable – 0.2%

Getty Images, Inc. (3 mo. USD Term SOFR + 4.500%) (1 mo. USD LIBOR + 3.000%) – (1 mo. USD LIBOR + 7.000%)

    581,875       9.948     02/19/26   583,912

iHeartCommunications, Inc. (1 mo. USD Term SOFR + 3.000%)

    1,300,000       8.470     05/01/26   1,117,415
       

 

        1,701,327

 

Technology - Software – 0.5%

Camelot U.S. Acquisition LLC (1 mo. USD Term SOFR + 3.000%)

    1,970,104       8.470     10/30/26   1,971,089

Isolved, Inc. (3 mo. USD Term SOFR + 4.000%)

    600,000       9.484     10/14/30   600,000

Travelport Finance (Luxembourg) SARL (3 mo. USD Term SOFR + 7.000%)

    11,685       12.371     02/28/25   11,280

Ultimate Software Group, Inc. (3 mo. USD Term SOFR + 3.750%)

    885,688       9.233     05/04/26   887,113
       

 

        3,469,482

 

TOTAL BANK LOANS

(Cost $11,620,818)

   $ 11,404,945

 

       
Sovereign Debt Obligations – 1.4%

Euro – 0.3%

Ivory Coast Government International Bonds

EUR

     530,000       4.875 %    01/30/32   $    491,844

Oman Government International Bonds

$

     1,410,000       4.750     06/15/26   1,391,494

Romania Government International Bonds(d)

EUR

     230,000       2.000     01/28/32   195,571

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Sovereign Debt Obligations – (continued)

Euro – (continued)

Romania Government International Bonds(d) – (continued)

EUR

     200,000       3.375 %    01/28/50   $    149,925
       

 

        2,228,834

 

Sovereign – 0.3%

Export-Import Bank of Korea

$

     200,000       5.000     01/11/28   203,604

Ivory Coast Government International Bonds

    566,000       6.125     06/15/33   519,659

Romania Government International Bonds

EUR

     1,250,000       3.624 (d)    05/26/30   1,267,031
    120,000       3.375     01/28/50   89,955
       

 

        2,080,249

 

United States Dollar – 0.8%

Export-Import Bank of Korea

$

     200,000       5.125     01/11/33   207,964

Hungary Government International Bonds

    2,680,000       6.125     05/22/28   2,787,629

Indonesia Government International Bonds(c)

    950,000       4.850     01/11/33   969,297

Oman Government International Bonds

    1,280,000       5.625     01/17/28   1,302,400
       

 

        5,267,290

 

TOTAL SOVEREIGN DEBT OBLIGATIONS

(Cost $10,005,796)

   $  9,576,373

 

       
Municipal Debt Obligations – 1.3%

Illinois – 1.3%

Illinois State GO Bonds Build America Series 2010

$

     3,831,429       7.350 %    07/01/35   $  4,161,572

Illinois State GO Bonds Taxable-Pension Series 2003

    4,280,000       5.100     06/01/33   4,234,802

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $8,401,373)		   $  8,396,374

 

       

 

Shares      Description   Value
  Common Stocks(h) – 0.1%
 

Media – 0.1%

        242,215      iHeartMedia, Inc. Class A   $    646,714

 

 

 

 TOTAL COMMON STOCKS

(Cost $641,642)

   $    646,714

 

 

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
U.S. Treasury Obligations – 25.2%

U.S. Treasury Bonds

$

     500,000       4.375%     05/15/41   $    516,016

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
U.S. Treasury Obligations – (continued)

$

     500,000       3.625 %    02/15/53   $    462,891

U.S. Treasury Inflation-Indexed Bonds

    14,511,541       1.500     02/15/53   13,208,399

U.S. Treasury Notes

    39,010,000       4.250 (j)    10/15/25   38,941,428
    32,710,000       3.875     01/15/26   32,467,231
    19,246,200       3.875     09/30/29   19,217,631
    30,840,000       4.000     10/31/29   31,001,428
    31,040,000       3.875     11/30/29   30,998,775

 

TOTAL U.S. TREASURY OBLIGATIONS (Cost $167,158,104)   $166,813,799

 

 

Shares   Dividend
Rate		     Value
Investment Company(k) – 0.4%

Goldman Sachs Financial Square Government Fund — Institutional Shares

2,506,747

     5.248 %    $  2,506,747
(Cost $2,506,747)

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 112.3%

(Cost $777,419,762)

 

 

   $741,757,874

 

   
Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – 1.2%

Certificates of Deposit – 1.2%

Banco Santander SA(b) (Secured Overnight Financing Rate + 0.490%)

$

     2,000,000       5.890%     02/09/24   $  2,000,971

Bayerische Landesbank

    1,700,000       5.300     01/25/24   1,699,532

Svenska Handelsbanken AB(b) (Secured Overnight Financing Rate + 0.570%)

    3,939,000       5.970     01/09/24   3,939,566

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $7,639,000)		   $  7,640,069

 

TOTAL INVESTMENTS – 113.5%
(Cost $785,058,762)		   $749,397,943

 

LIABILITIES IN EXCESS OF
 OTHER ASSETS – (13.5)%		   (88,965,740)

 

NET ASSETS – 100.0%   $660,432,203

 

 

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.

 

 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

(b)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(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 December 31, 2023.
(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 $125,586,992 which represents approximately 19.1% of net assets as of December 31, 2023.
(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 December 31, 2023. 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)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(k)   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.
 

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty      Currency
Purchased		        Currency
Sold		        Settlement
Date		        Unrealized
Gain		  

 

  

JPMorgan Securities, Inc.

      AUD        1,973,000          JPY          185,083,381          03/21/24        $ 18,271  
     AUD        920,412          USD          605,903          02/12/24          22,182  
     AUD        27,286,101          USD          18,194,528          03/20/24          444,606  
     CAD        5,971,674          USD          4,364,634          02/09/24          144,639  
     CAD        28,851,296          USD          21,510,504          03/20/24          287,156  
     CHF        883,400          EUR          939,400          01/15/24          14,373  
     CHF        5,523,502          EUR          5,873,051          01/25/24          95,060  
     CHF        15,928,417          USD          18,298,522          03/20/24          798,292  
     CNH        36,913,909          USD          5,204,000          03/20/24          5,536  
     COP        6,475,717,646          USD          1,567,174          02/07/24          90,607  
     COP        4,251,056,320          USD          1,031,582          02/09/24          56,298  
     COP        11,333,614,511          USD          2,599,753          02/16/24          296,981  
     COP        9,549,391,531          USD          2,305,852          05/10/24          95,484  
     EUR        3,325,806          CZK          81,827,713          01/25/24          19,707  
     EUR        980,778          GBP          849,991          01/25/24          286  
     EUR        16,116,420          GBP          13,911,247          03/20/24          110,453  
     EUR        1,203,000          PLN          5,210,193          03/20/24          9,672  
     EUR        6,575,191          SEK          72,864,018          01/25/24          34,371  
     EUR        9,696,910          USD          10,676,298          01/02/24          29,430  
     EUR        15,202,419          USD          16,661,112          01/18/24          134,326  
     EUR        9,946,227          USD          10,817,437          02/14/24          182,602  
     EUR        34,179,691          USD          37,186,716          02/23/24          626,963  
     EUR        11,043,569          USD          12,103,658          02/26/24          115,422  
     EUR        12,278,287          USD          13,438,619          03/20/24          159,937  
     EUR        47,655,220          USD          51,371,637          04/05/24          1,440,810  
     GBP        1,043,608          EUR          1,203,120          01/15/24          1,336  
     GBP        8,247,658          USD          10,367,333          02/09/24          147,866  
     GBP        9,299,273          USD          11,776,138          03/20/24          81,844  
     HKD        6,401,081          USD          820,045          02/28/24          828  
     ILS        2,688,601          USD          731,433          03/20/24          12,992  
     JPY        4,634,739,240          USD          32,212,661          03/21/24          1,080,377  
     KRW        3,381,026,220          USD          2,574,000          03/20/24          49,065  
     MXN        56,844,144          USD          3,142,533          02/07/24          183,446  
     MXN        26,767,501          USD          1,476,819          03/08/24          82,008  
     MXN        8,693,702          USD          491,017          03/20/24          14,271  
     MXN        65,124,114          USD          3,524,571          04/10/24          247,840  
     NOK        94,223,166          USD          8,879,858          03/20/24          410,675  
     NZD        5,870,471          AUD          5,430,000          01/25/24          7,877  
     NZD        9,113,826          USD          5,677,442          03/20/24          85,005  
     PLN        31,227,702          USD          7,731,072          03/20/24          196,546  
     SEK        111,350,360          EUR          9,964,981          01/25/24          39,406  
     SEK        187,242,879          USD          18,270,689          03/20/24          352,835  
     SGD        1,352,692          USD          1,023,960          01/16/24          1,818  
     SGD        8,818,171          USD          6,652,482          01/25/24          37,687  
     SGD        9,750,167          USD          7,283,179          03/20/24          132,203  
     TWD        158,254,954          USD          5,079,535          03/13/24          160,467  
     USD        36,594          COP          130,916,394          02/16/24          3,134  
     USD        823,518          COP          3,237,249,337          05/10/24          9,464  
     USD        4,054,472          EUR          3,654,892          01/18/24          16,594  
     USD        475,160          EUR          426,533          02/14/24          3,435  
     USD        1,496,723          EUR          1,341,602          02/23/24          12,481  
     USD        46,540          EUR          40,485          02/26/24          1,746  
     USD        47,134          EUR          40,401          04/05/24          2,361  
     USD        72,681          MXN          1,232,533          02/07/24          565  
     USD        5,420,305          PLN          21,298,720          03/08/24          12,242  
     ZAR        15,399,814          USD          838,784          01/18/24          1,719  
     ZAR        23,827,803          USD          1,277,281          03/20/24          16,172  

 

  

TOTAL

                               $ 8,639,769  

 

  

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

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          15,402,290          NZD          16,640,138          01/25/24        $ (15,040 ) 
       CHF          3,342,082          EUR          3,611,356          01/25/24          (6,329 ) 
       CNH          19,086,557          USD          2,699,196          03/20/24          (5,574 ) 
       CZK          35,680,489          EUR          1,450,356          01/25/24          (8,767 ) 
       EUR          1,862,206          AUD          3,053,460          03/20/24          (23,372 ) 
       EUR          3,349,724          CHF          3,148,047          01/25/24          (51,464 ) 
       EUR          2,347,000          CHF          2,204,138          03/20/24          (43,203 ) 
       EUR          978,253          CZK          24,201,489          01/25/24          (131 ) 
       EUR          4,736,197          GBP          4,110,179          01/25/24          (5,698 ) 
       EUR          5,358,543          NOK          63,650,697          03/20/24          (341,306 ) 
       EUR          2,065,000          SEK          23,288,719          03/20/24          (29,292 ) 
       EUR          1,133,570          USD          1,257,593          02/26/24          (3,362 ) 
       GBP          825,042          EUR          954,848          01/25/24          (3,436 ) 
       GBP          5,758,669          EUR          6,696,898          03/20/24          (73,832 ) 
       GBP          3,127,104          USD          3,998,331          03/20/24          (10,800 ) 
       NZD          6,055,409          AUD          5,620,807          01/25/24          (5,341 ) 
       NZD          1,959,899          AUD          1,819,227          03/20/24          (3,518 ) 
       PLN          21,420,032          USD          5,451,178          03/08/24          (12,311 ) 
       SEK          45,719,831          EUR          4,142,342          01/25/24          (39,934 ) 
       SEK          68,672,367          USD          6,862,433          03/20/24          (32,152 ) 
       SGD          1,449,310          USD          1,101,985          01/25/24          (2,422 ) 
       TRY          37,779,069          USD          1,192,145          03/20/24          (3,199 ) 
       USD          4,729,969          CAD          6,471,524          02/09/24          (156,746 ) 
       USD          22,416,467          CAD          30,166,548          03/20/24          (374,891 ) 
       USD          17,885,711          CHF          15,414,662          03/20/24          (595,156 ) 
       USD          15,301,167          CNH          109,364,630          03/20/24          (133,099 ) 
       USD          4,115,387          COP          16,941,922,907          02/09/24          (220,188 ) 
       USD          2,040,809          COP          8,813,730,491          02/16/24          (211,874 ) 
       USD          4,967,757          COP          20,494,620,091          05/10/24          (185,918 ) 
       USD          2,697,041          CZK          61,077,214          03/20/24          (28,317 ) 
       USD          10,607,685          EUR          9,693,494          01/02/24          (94,272 ) 
       USD          8,921,778          EUR          8,098,608          01/18/24          (25,462 ) 
       USD          9,617,613          EUR          8,851,724          02/14/24          (171,959 ) 
       USD          42,595,669          EUR          39,566,893          02/23/24          (1,177,975 ) 
       USD          4,554,645          EUR          4,143,562          02/26/24          (29,970 ) 
       USD          25,377,645          EUR          23,434,045          03/20/24          (576,235 ) 
       USD          46,130,187          EUR          42,955,674          04/05/24          (1,474,136 ) 
       USD          7,227,045          GBP          5,839,164          01/10/24          (216,268 ) 
       USD          10,360,739          GBP          8,240,180          02/09/24          (144,926 ) 
       USD          19,764,817          GBP          15,700,292          03/20/24          (255,435 ) 
       USD          2,076,559          ILS          7,680,030          03/20/24          (49,901 ) 
       USD          3,475,178          JPY          509,457,614          02/13/24          (162,707 ) 
       USD          31,518,394          JPY          4,414,991,363          03/21/24          (196,115 ) 
       USD          1,620,272          KRW          2,115,095,785          03/20/24          (20,660 ) 
       USD          3,131,778          MXN          55,611,611          02/07/24          (122,084 ) 
       USD          1,512,222          MXN          26,767,501          03/08/24          (46,607 ) 
       USD          386,922          MXN          6,854,902          03/20/24          (11,493 ) 
       USD          3,656,050          MXN          65,124,113          04/10/24          (116,361 ) 
       USD          1,992,789          NOK          21,825,660          03/20/24          (159,250 ) 
       USD          13,373,607          NZD          21,772,963          03/20/24          (392,901 ) 
       USD          2,600,000          PLN          10,248,027          03/20/24          (1,614 ) 
       USD          3,833,868          SEK          38,750,655          01/30/24          (13,172 ) 
       USD          16,743,548          SEK          175,077,568          03/20/24          (669,993 ) 
       USD          3,607,853          SGD          4,774,925          01/25/24          (14,786 ) 
       USD          2,602,000          SGD          3,452,682          03/20/24          (23,899 ) 
       USD          3,995,364          ZAR          76,899,268          03/20/24          (178,984 ) 

 

  

TOTAL

                               $ (8,973,837 ) 

 

  

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

 

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

 

  

Government National Mortgage Association

        4.500 %     TBA - 30yr      01/22/24      $ (12,000,000)        $ (11,715,220)  

Uniform Mortgage-Backed Security

        2.000      TBA - 30yr      01/16/24        (36,000,000)          (29,436,185)  

Uniform Mortgage-Backed Security

        2.500      TBA - 30yr      01/16/24        (6,000,000)          (5,110,313)  

Uniform Mortgage-Backed Security

        3.500      TBA - 30yr      01/16/24        (1,000,000)          (917,969)  

Uniform Mortgage-Backed Security

        4.500      TBA - 30yr      01/16/24        (10,000,000)          (9,701,558)  

Uniform Mortgage-Backed Security

        5.000      TBA - 30yr      01/16/24        (74,000,000)          (73,259,963)  

Uniform Mortgage-Backed Security

        4.000      TBA - 30yr      01/16/24        (8,000,000)          (7,571,246)  

Uniform Mortgage-Backed Security

        6.000      TBA - 30yr      01/16/24        (35,000,000)          (35,557,823)  

Uniform Mortgage-Backed Security

        6.500      TBA - 30yr      01/16/24        (39,000,000)          (39,956,689)  

 

  

(PROCEEDS RECEIVABLE: $(211,038,984))

                        $ (213,226,966)  

 

  

 

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

FUTURES CONTRACTS — At December 31, 2023, 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

      39      03/19/24      $ 4,402,734      $ (3,330 ) 

30 Year German Euro-Buxl

      1      03/07/24        156,452        10,000  

5 Year U.S. Treasury Notes

      874      03/28/24        95,067,985        328,353  

 

  

Total

                   $ 335,023  

 

  

Short position contracts:

                  

10 Year U.K. Long Gilt

      (1)      03/26/24        (130,843 )       (8,453 ) 

2 Year U.S. Treasury Notes

      (288)      03/28/24        (59,303,250 )       (53,294 ) 

20 Year U.S. Treasury Bonds

      (48)      03/19/24        (5,997,000 )       (3,398 ) 

5 Year German Euro-Bobl

      (487)      03/07/24        (64,127,758 )       (880,242 ) 

5 Year German Euro-Bund

      (5)      03/07/24        (757,420 )       3,514  

5 Year German Euro-Oat

      (22)      03/07/24        (3,193,971 )       992  

Ultra 10-Year U.S. Treasury Note

      (402)      03/19/24        (47,442,281 )       (2,079,483 ) 

Ultra Long U.S. Treasury Bonds

      (139)      03/19/24        (18,569,531 )       (715 ) 

 

  

Total

                   $ (3,021,079 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ (2,686,056 ) 

 

  

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

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

 

  

1M BID Average(a)

    13.950%(a)     01/02/24   BRL     20,170     $ 27,782     $ (69,081 )    $ 96,863  

12.795%(a)

    1M BID Average(a)   01/02/24       7,360       8,328       —       8,328  

12M SOFR(b)

    3.500(b)     03/16/24   $     7,390       (130,492 )      1,904       (132,396 ) 

12M SOFR(b)

    4.430(b)     12/31/24       10       (86 )      (1 )      (85 ) 

1M BID Average(a)

    12.060(a)     01/02/25   BRL     42,110       10,170       923,637       (913,467 ) 

1M BID Average(a)

    12.063(a)     01/02/25       37,210       78,852       812,930       (734,078 ) 

13.300(a)

    1M BID Average(a)   01/02/25       26,230       (146,633 )      (752,962 )      606,329  

12.713(a)

    1M BID Avg(a)   01/02/25       15,070       (57,244 )      (396,097 )      338,853  

6M EURO(c)

    3.720(d)     03/18/25   EUR     203,010 (e)      1,560,386       (293,334 )      1,853,720  

1M BID Average(a)

    10.850(a)     01/02/26   BRL     131,839       288,631       27,526       261,105  

9.500(a)

    Mexico Interbank TIIE 28 Days(a)   03/18/26   MXN     129,580 (e)      (25,258 )      (3,400 )      (21,858 ) 

4M CNRR(c)

    2.000(c)     03/20/26   CNY     100,890 (e)      (3,364 )      (45,521 )      42,157  

3M STIBOR(c)

    3.500(b)     03/20/26   SEK     2,047,510 (e)      3,285,683       2,116,794       1,168,889  

3M KWCDC(c)

    3.750(c)     03/20/26   KRW     15,231,240 (e)      142,286       26,277       116,009  

6M CDOR(f)

    3.750(f)     03/20/26   CAD     94,690 (e)      212,219       (101,915 )      314,134  

12M SOFR(b)

    4.000(b)     03/20/26   $     76,440 (e)      261,509       77,474       184,035  

3M NIBOR(f)

    4.250(b)     03/20/26   NOK     1,111,630 (e)      1,075,042       831,990       243,052  

6M GBP(b)

    5.250(b)     03/20/26   GBP     185,220 (e)      6,515,891       4,655,412       1,860,479  

3.750(c)

    6M AUDOR(c)   03/20/26   AUD     153,120 (e)      82,786       626,552       (543,766 ) 

1.250(b)

    6M CHFOR(b)   03/20/26   CHF     213,740 (e)      (973,565 )      (1,074,973 )      101,408  

3.000(b)

    6M EURO(b)   03/20/26   EUR     335,360 (e)      (4,828,308 )      (4,514,490 )      (313,818 ) 

3M JIBAR(c)

    8.000(c)     03/20/26   ZAR     189,710 (e)      63,149       64,817       (1,668 ) 

6M JYOR(b)

    0.500(b)     08/02/26   JPY     7,326,590 (e)      165,674       56,848       108,826  

1M BID Average(a)

    13.030(a)     01/04/27   BRL     13,000       181,466       9,869       171,597  

11.230(a)

    1M BID Average(a)   01/04/27       27,620       (93,310 )      47,990       (141,300 ) 

10.286(a)

    1M BID Average(a)   01/04/27       26,920       (50,186 )      —       (50,186 ) 

1M BID Average(a)

    8.495(a)     01/04/27       6,710       (99,556 )      (121,559 )      22,003  

3.000(b)

    6M EURO(f)   03/20/27   EUR     3,220 (e)      (60,061 )      (28,995 )      (31,066 ) 

3.490(b)

    12M SOFR(b)   05/31/27   $     10       (94 )      (25 )      (69 ) 

12M SOFR(b)

    3.350(b)     10/06/27       234,210 (e)      1,097,930       (322,403 )      1,420,333  

6M EURO(f)

    3.000(b)     10/20/27   EUR     99,350 (e)      1,863,146       (830,286 )      2,693,432  

12M SOFR(b)

    3.730(b)     11/28/27   $     44,630 (e)      512,683       216,509       296,174  

6M EURO(b)

    2.673(b)     04/22/28   EUR     95,650 (e)      2,436,153       222,119       2,214,034  

2.852(b)

    3M EURO(c)   04/22/28       95,650 (e)      (2,384,508 )      (184,555 )      (2,199,953 ) 

0.500(b)

    12M JYOR(b)   08/03/28   JPY     15,261,890 (e)      328,217       (146,959 )      475,176  

12M SOFR(b)

    3.696(b)     09/22/28   $     188,840 (e)      1,869,044       (432,374 )      2,301,418  

6M EURO(b)

    2.500(b)     10/19/28   EUR     57,690 (e)      1,084,428       403,317       681,111  

1.250(b)

    6M EURO(f)   12/19/28       2,630       162,811       (39,616 )      202,427  

11.500(a)

    1M BID Average(a)   01/02/29   BRL     30,290       (278,515 )      (113,868 )      (164,647 ) 

4M CNRR(c)

    2.500(c)     03/20/29   CNY     38,280 (e)      53,674       10,428       43,246  

3M KWCDC(c)

    3.750(c)     03/20/29   KRW     15,046,790 (e)      431,095       97,322       333,773  

3M NIBOR(f)

    3.750(b)     03/20/29   NOK     237,270 (e)      432,870       374,807       58,063  

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

 

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

 

  

8.500%(c)

    3M JIBAR(c)     03/20/29       ZAR       115,530 (e)    $ (110,483 )    $ (113,860 )    $ 3,377  

12M SOFR(b)

    4.250%(b)       03/20/29       $       66,480 (e)      2,478,162       2,109,501       368,661  

6M GBP(b)

    4.750(b)       03/20/29       GBP       21,250 (e)      1,801,259       1,039,890       761,369  

4.000(f)

    6M AUDOR(f)     03/20/29       AUD       19,260 (e)      (51,458 )      225,957       (277,415 ) 

1.250(b)

    6M CHFOR(b)     03/20/29       CHF       10,080 (e)      (123,551 )      (106,709 )      (16,842 ) 

2.750(b)

    6M EURO(b)     03/20/29       EUR       10,990 (e)      (369,952 )      (226,956 )      (142,996 ) 

0.500(b)

    6M JYOR(b)     03/21/29       JPY       41,750,000 (e)      169,754       2,961,156       (2,791,402 ) 

2.680(b)

    12M SOFR(b)     07/28/32       $       49,690 (e)      1,252,854       158,215       1,094,639  

6M JYOR(b)

    1.250(b)       08/02/33       JPY       3,143,400 (e)      51,677       1,339       50,338  

1.250(b)

    12M JYOR(b)     08/03/33         3,793,000 (e)      (61,907 )      (208,372 )      146,465  

12M SOFR(b)

    4.306(b)       10/05/33       $       81,880 (e)      2,942,661       7,039       2,935,622  

6M EURO(f)

    3.000(b)       11/10/33       EUR       73,630 (e)      1,540,654       920,583       620,071  

12M SOFR(b)

    3.500(b)       12/20/33       $       1,110       2,383       5,696       (3,313 ) 

9.000(a)

    Mexico Interbank TIIE 28 Days(a)     03/08/34       MXN       45,150 (e)      (113,526 )      (88,791 )      (24,735 ) 

6M CHFOR(b)

    1.500(b)       03/20/34       CHF       11,080 (e)      421,210       398,920       22,290  

6M EURO(b)

    2.750(b)       03/20/34       EUR       10,820 (e)      528,777       310,202       218,575  

6M EURO(f)

    3.000(b)       03/20/34         15,030 (e)      793,499       702,413       91,086  

3M KWCDC(c)

    3.750(c)       03/20/34       KRW       4,089,570 (e)      218,851       157,019       61,832  

3.750(b)

    3M NIBOR(f)     03/20/34       NOK       70,830 (e)      (274,092 )      (187,301 )      (86,791 ) 

3.000(b)

    3M STIBOR(c)     03/20/34       SEK       260,540 (e)      (1,572,214 )      (962,226 )      (609,988 ) 

6M AUDOR(f)

    4.250(f)       03/20/34       AUD       12,760 (e)      47,809       (296,710 )      344,519  

6M GBP(b)

    4.250(b)       03/20/34       GBP       1,520 (e)      162,594       82,116       80,478  

12M SOFR(b)

    4.250(b)       03/20/34       $       31,370 (e)      2,182,430       1,999,670       182,760  

3M NZDOR(c)

    4.750(f)       03/20/34       NZD       16,400 (e)      539,663       18,965       520,698  

6M WIBOR(f)

    5.000(b)       03/20/34       PLN       12,360 (e)      140,414       135,308       5,106  

3.250(f)

    6M CDOR(f)     03/20/34       CAD       2,130 (e)      (29,599 )      6,301       (35,900 ) 

3M JIBAR(c)

    9.500(c)       03/20/34       ZAR       35,490 (e)      42,093       22,874       19,219  

1.000(b)

    6M JYOR(b)     03/21/34       JPY       2,829,000 (e)      (222,117 )      112,708       (334,825 ) 

3.240(b)

    12M SOFR(b)     10/06/35       $       53,770 (e)      348,059       (561,085 )      909,144  

3.781(b)

    12M SOFR(b)     09/22/36         42,590 (e)      (1,341,368 )      657,657       (1,999,025 ) 

12M SOFR(b)

    2.910(b)       07/28/37         133,650 (e)      (2,923,554 )      (1,116,306 )      (1,807,248 ) 

6M EURO(f)

    2.152(b)       08/09/37       EUR       64,760 (e)      (1,586,503 )      (2,534,176 )      947,673  

12M SOFR(b)

    3.391(b)       05/10/38       $       152,640 (e)      (917,305 )      (1,468,547 )      551,242  

6M JYOR(b)

    1.500(b)       08/03/38       JPY       4,111,000 (e)      (214,574 )      (312,755 )      98,181  

1.451(b)

    6M EURO(f)     08/10/42       EUR       165,670 (e)      6,047,469       4,288,495       1,758,974  

2.750(b)

    6M EURO(f)     03/20/44         570 (e)      (26,635 )      (18,162 )      (8,473 ) 

2.080(b)

    12M SOFR(b)     07/28/47       $       132,620 (e)      3,013,617       1,609,470       1,404,147  

6M EURO(f)

    1.051(b)       08/11/47       EUR       96,990 (e)      (2,997,324 )      (1,901,700 )      (1,095,624 ) 

2.564(b)

    12M SOFR(b)     05/11/53       $       129,900 (e)      1,380,798       1,269,639       111,159  

2.000(b)

    6M EURO(f)     05/17/53       EUR       27,690 (e)      95,945       211,766       (115,821 ) 

2.500(b)

    6M EURO(f)     11/10/53         32,780 (e)      (1,574,062 )      (1,111,094 )      (462,968 ) 

3.613(b)

    12M SOFR(b)     11/15/53       $       43,700 (e)      (1,885,908 )      (290,088 )      (1,595,820 ) 

3.512(b)

    12M SOFR(b)     11/29/53         14,100 (e)      (508,914 )      (253,742 )      (255,172 ) 

2.500%(b)

    6M EURO(f)     03/20/54       EUR       8,470 (e)    $ (386,394 )    $ (249,364 )    $ (137,030 ) 

 

  

TOTAL

            $ 24,011,917     $ 9,537,063     $ 14,474,854  

 

  

 

(a)   Payments made at monthly.
(b)   Payments made annually.
(c)   Payments made quarterly.
(d)   Payments made at maturity.
(e)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.
(f)   Payments made semi-annually.

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index		   Financing Rate
Paid by the
Fund(a)		     Credit
Spread at
December 31,
2023(b)		     Counterparty     Termination
Date		     Notional
Amount
(000s)		     Value     Upfront
Premiums
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

                

CD CMBX-NA-AAA.16

     0.500%       0.766%       MS & Co. Int. PLC       04/17/65     $ 26,200     $ (464,947 )    $ (511,799 )    $ 46,852  

 

  

TOTAL

             $ (464,947 )    $ (511,799 )    $ 46,852  

 

  

 

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index		    Financing Rate
Received/(Paid) by
the Fund(a)		     Credit
Spread at
December 31,
2023(b)		     Termination
Date		      Notional
Amount
(000s)		      Value      Upfront
Premiums
(Received)
Paid		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

                  

CDX.NA.IG Index 40

      1.000%       0.507%       06/20/28      $ 26,349      $ 538,570      $ 382,191     $ 156,379  

Republic of Chile, 3.24%, 2/6/2028

      1.000         0.493         12/20/28        4,700        109,739        75,011       34,728  

Republic of Indonesia, 4.125%, 1/15/2025

      1.000         0.701         12/20/28        4,390        60,362        28,754       31,608  

Republic of Peru, 8.750%, 11/21/2033

      1.000         0.701         12/20/28        4,280        59,282        32,928       26,354  

Republic of the Philippines, 10.625%, 3/16/2025

      1.000         0.624         12/20/28        3,530        60,973        27,403       33,570  

 

  

United Mexican States, 4.150%, 03/28/27

      1.000%       0.879%       12/20/28      $ 4,010      $ 23,017      $ (42,091 )    $ 65,108  

 

  

TOTAL

              $ 851,943      $ 504,196     $ 347,747  

 

  

 

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

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

 

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

 

  

Purchased option contracts

            

Calls

            

3M IRS

    MS & Co. Int. PLC   3.425%     03/13/2024       126,890,000     $ 126,890,000     $ 49,028     $ 136,694     $ (87,667 ) 

3M IRS

    MS & Co. Int. PLC   3.800       03/13/2024       253,780,000       253,780,000       20,340       74,561       (54,221 ) 

 

  
           380,670,000     $ 380,670,000     $ 69,368     $ 211,255     $ (141,888 ) 

 

  

Puts

            

3M IRS

    Citibank NA   4.050       02/05/2024       64,020,000       64,020,000       452       12,557       (12,105 ) 

3M IRS

    Citibank NA   3.700       02/05/2024       64,020,000       64,020,000       3,930       74,022       (70,092 ) 

3M IRS

    Citibank NA   3.750       02/05/2024       64,020,000       64,020,000       2,869       56,839       (53,970 ) 

3M IRS

    Citibank NA   4.000       02/05/2024       64,020,000       64,020,000       608       15,862       (15,254 ) 

 

  
           256,080,000     $ 256,080,000     $ 7,859     $ 159,280     $ (151,421 ) 

 

  

Total purchased option contracts

       636,750,000     $ 636,750,000     $ 77,227     $ 370,535     $ (293,309 ) 

 

  

Written option contracts

            

Calls

            

6M IRS

    Citibank NA   3.720       03/14/2024       (114,680,000)       (114,680,000 )      (896,601 )      (260,597 )      (636,004 ) 

6M IRS

    Citibank NA   3.744       03/14/2024       (114,680,000)       (114,680,000 )      (924,656 )      (253,690 )      (670,966 ) 

1M IRS

    JPMorgan Securities, Inc.   2.378       01/29/2024       (12,800,000)       (12,800,000 )      (88,917 )      (142,163 )      53,246  

1M IRS

    MS & Co. Int. PLC   3.835       01/11/2024       (12,690,000)       (12,690,000 )      (410,504 )      (152,915 )      (257,589 ) 

1M IRS

    MS & Co. Int. PLC   3.550       01/18/2024       (12,660,000)       (12,660,000 )      (171,787 )      (140,843 )      (30,944 ) 

1M IRS

    MS & Co. Int. PLC   3.392       01/29/2024       (12,810,000)       (12,810,000 )      (109,903 )      (142,832 )      32,929  

2M IRS

    MS & Co. Int. PLC   3.948       01/03/2024       (12,790,000)       (12,790,000 )      (521,225 )      (139,731 )      (381,494 ) 

3M IRS

    MS & Co. Int. PLC   3.650       03/13/2024       (380,670,000)       (380,670,000 )      (57,405 )      (182,259 )      124,854  

1M IRS

    UBS AG (London)   2.660       01/15/2024       (12,630,000)       (12,630,000 )      (35,992 )      (131,936 )      95,944  

1M IRS

    UBS AG (London)   2.431       01/22/2024       (12,690,000)       (12,690,000 )      (93,860 )      (130,409 )      36,549  

 

  
           (699,100,000)     $ (699,100,000 )    $ (3,310,850 )    $ (1,677,375 )    $ (1,633,475 ) 

 

  

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

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)		  

Puts

 

            

3M IRS

    Citibank NA     3.900         02/05/2024       (128,040,000)     $ (128,040,000 )    $ (2,248 )    $ (50,229 )    $ 47,981  

3M IRS

    Citibank NA     3.850%       02/05/2024       (128,040,000)       (128,040,000 )      (3,067 )      (68,540 )      65,473  

6M IRS

    Citibank NA     3.720         03/14/2024       (114,680,000)       (114,680,000 )      (12,875 )      (260,597 )      247,722  

6M IRS

    Citibank NA     3.744         03/14/2024       (114,680,000)       (114,680,000 )      (11,647 )      (253,690 )      242,043  

1M IRS

    JPMorgan Securities, Inc.     2.378         01/29/2024       (12,800,000)       (12,800,000 )      (215,537 )      (142,163 )      (73,374 ) 

1M IRS

    MS & Co. Int. PLC     3.835         01/11/2024       (12,690,000)       (12,690,000 )      (6,724 )      (152,915 )      146,191  

1M IRS

    MS & Co. Int. PLC     3.550         01/18/2024       (12,660,000)       (12,660,000 )      (67,597 )      (140,843 )      73,245  

1M IRS

    MS & Co. Int. PLC     3.392         01/29/2024       (12,810,000)       (12,810,000 )      (167,892 )      (142,832 )      (25,060 ) 

2M IRS

    MS & Co. Int. PLC     3.948         01/03/2024       (12,790,000)       (12,790,000 )      (3 )      (139,731 )      139,728  

1M IRS

    UBS AG (London)     2.660         01/15/2024       (12,630,000)       (12,630,000 )      (249,720 )      (131,936 )      (117,784 ) 

1M IRS

    UBS AG (London)     2.431         01/22/2024       (12,690,000)       (12,690,000 )      (158,457 )      (130,409 )      (28,048 ) 

 

  
           (574,510,000)     $ (574,510,000 )    $ (895,767 )    $ (1,613,885 )    $ 718,117  

 

  

Total written option contracts

 

       (1,273,610,000)     $ (1,273,610,000 )    $ (4,206,617 )    $ (3,291,260 )    $ (915,358 ) 

 

  

TOTAL

 

       (636,860,000)     $ (636,860,000 )    $ (4,129,390 )    $ (2,920,725 )    $ (1,208,667 ) 

 

  

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

 

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

 

  

Purchased option contracts

 

            

Calls

 

            

Call USD/Put COP

   Barclays Bank PLC     4,200.000%       02/14/2024     2,474,000   $ 2,474,000     $ 14,854     $ 121,795     $ (106,941 ) 

Call USD/Put MXN

   BofA Securities LLC     17.875         02/05/2024     2,482,000     2,482,000       9,432       85,728       (76,296 ) 

Call EUR/Put USD

   Deutsche Bank AG (London)     1.107         01/16/2024     19,259,000     19,259,000       112,641       115,247       (2,606 ) 

Call USD/Put COP

   MS & Co. Int. PLC     4,300.000         02/07/2024     2,478,000     2,478,000       7,146       111,138       (103,992 ) 

Call USD/Put COP

   UBS AG (London)     4,232.000         05/08/2024     2,552,000     2,552,000       50,501       117,137       (66,636 ) 

 

  
        29,245,000   $ 29,245,000     $ 194,574     $ 551,045     $ (356,471 ) 

 

  

Puts

 

            

Put USD/Call COP

   Barclays Bank PLC     4,200.000         02/14/2024     2,474,000     2,474,000       197,116       96,857       100,259  

Put USD/Call MXN

   BofA Securities LLC     17.875         02/05/2024     2,482,000     2,482,000       126,649       85,728       40,921  

Put EUR/Call USD

   Capital Securities Corp.     1.091         01/16/2024     19,043,486     19,043,486       41,731       105,334       (63,603 ) 

Put EUR/Call USD

   Capital Securities Corp.     1.083         02/22/2024     13,940,000     13,940,000       48,799       99,030       (50,231 ) 

Put GBP/Call USD

   HSBC Bank PLC     1.198         02/07/2024     8,218,000     8,218,000       1,341       63,223       (61,882 ) 

Put EUR/Call USD

   MS & Co. Int. PLC     1.082         02/21/2024     18,071,000     18,071,000       59,110       249,081       (189,971 ) 

Put USD/Call COP

   MS & Co. Int. PLC     4,300.000         02/07/2024     2,478,000     2,478,000       256,020       111,138       144,882  

Put EUR/Call USD

   UBS AG (London)     1.060         04/03/2024     15,190,607     15,190,607       35,736       345,483       (309,747 ) 

Put USD/Call COP

   UBS AG (London)     4,232.000         05/08/2024     2,552,000     2,552,000       212,502       117,137       95,365  

 

  
        84,449,093   $ 84,449,093     $ 979,004     $ 1,273,011     $ (294,007 ) 

 

  

Total purchased option contracts

 

     113,694,093   $ 113,694,093     $ 1,173,578     $ 1,824,056     $ (650,478 ) 

 

  

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

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

 

  

Written option contracts

 

            

Calls

 

            

Call EUR/Put SEK

   Barclays Bank PLC     11.275 %      01/10/2024       (3,348,000)     $ (3,348,000 )    $ (3,807 )    $ (29,731 )    $ 25,924  

Call EUR/Put CZK

   BofA Securities LLC     24.320       01/02/2024       (3,298,000)       (3,298,000 )      (54,168 )      (19,838 )      (34,330 ) 

Call EUR/Put GBP

   Capital Securities Corp.     0.858       01/04/2024       (3,342,000)       (3,342,000 )      (35,839 )      (20,348 )      (15,491 ) 

Call EUR/Put USD

   Capital Securities Corp.     1.107       01/16/2024       (19,259,000)       (19,259,000 )      (112,641 )      (66,869 )      (45,772 ) 

Call AUD/Put NZD

   Citibank NA     1.074       01/12/2024       (5,497,000)       (5,497,000 )      (22,670 )      (19,765 )      (2,905 ) 

Call AUD/Put NZD

   Citibank NA     1.079       01/18/2024       (5,419,000)       (5,419,000 )      (15,491 )      (19,562 )      4,071  

Call EUR/Put SEK

   Deutsche Bank AG (London)     11.125       01/25/2024       (3,355,000)       (3,355,000 )      (28,393 )      (31,577 )      3,184  

Call EUR/Put CHF

   HSBC Bank PLC     0.942       01/25/2024       (3,355,000)       (3,355,000 )      (7,237 )      (24,198 )      16,961  

Call AUD/Put NZD

   JPMorgan Securities, Inc.     1.071       01/04/2024       (5,464,000)       (5,464,000 )      (26,261 )      (17,940 )      (8,321 ) 

Call USD/Put SGD

   JPMorgan Securities, Inc.     1.322       01/25/2024       (3,687,000)       (3,687,000 )      (15,061 )      (19,202 )      4,141  

Call AUD/Put NZD

   MS & Co. Int. PLC     1.081       01/25/2024       (5,433,000)       (5,433,000 )      (15,505 )      (20,387 )      4,882  

Call EUR/Put CHF

   MS & Co. Int. PLC     0.947       01/04/2024       (3,345,000)       (3,345,000 )      (259 )      (21,889 )      21,630  

Call EUR/Put SEK

   MS & Co. Int. PLC     11.080       01/29/2024       (3,354,000)       (3,354,000 )      (38,274 )      (31,831 )      (6,443 ) 

Call USD/Put MXN

   MS & Co. Int. PLC     17.875       02/05/2024       (2,482,000)       (2,482,000 )      (9,432 )      (89,377 )      79,945  

Call USD/Put SGD

   MS & Co. Int. PLC     1.340       01/12/2024       (3,603,000)       (3,603,000 )      (1,557 )      (19,373 )      17,816  

Call EUR/Put CHF

   UBS AG (London)     0.948       01/18/2024       (3,337,000)       (3,337,000 )      (2,741 )      (21,590 )      18,849  

Call EUR/Put CZK

   UBS AG (London)     24.650       01/25/2024       (3,355,000)       (3,355,000 )      (26,397 )      (21,706 )      (4,691 ) 

Call EUR/Put SEK

   UBS AG (London)     11.300       01/04/2024       (3,345,000)       (3,345,000 )      (650 )      (29,173 )      28,523  

Call USD/Put SGD

   UBS AG (London)     1.327       01/17/2024       (3,657,000)       (3,657,000 )      (8,484 )      (18,340 )      9,856  

 

  
          (87,935,000)     $ (87,935,000 )    $ (424,867 )    $ (542,696 )    $ 117,829  

 

  

Puts

 

            

Put EUR/Call SEK

   Barclays Bank PLC     11.275       01/10/2024       (3,348,000)       (3,348,000 )      (55,677 )      (29,731 )      (25,946 ) 

Put EUR/Call CZK

   BofA Securities LLC     24.320       01/02/2024       (3,298,000)       (3,298,000 )      (33 )      (19,838 )      19,805  

Put EUR/Call GBP

   Capital Securities Corp.     0.858       01/04/2024       (3,342,000)       (3,342,000 )      (402 )      (20,348 )      19,946  

Put AUD/Call NZD

   Citibank NA     1.074       01/12/2024       (5,497,000)       (5,497,000 )      (6,791 )      (19,766 )      12,975  

Put AUD/Call NZD

   Citibank NA     1.079       01/18/2024       (5,419,000)       (5,419,000 )      (16,322 )      (19,562 )      3,240  

Put EUR/Call SEK

   Deutsche Bank AG (London)     11.125       01/25/2024       (3,355,000)       (3,355,000 )      (30,511 )      (31,577 )      1,066  

Put EUR/Call CHF

   HSBC Bank PLC     0.942       01/25/2024       (3,355,000)       (3,355,000 )      (63,505 )      (24,198 )      (39,307 ) 

Put AUD/Call NZD

   JPMorgan Securities, Inc.     1.071       01/04/2024       (5,464,000)       (5,464,000 )      (1,106 )      (17,940 )      16,834  

Put USD/Call SGD

   JPMorgan Securities, Inc.     1.322       01/25/2024       (3,687,000)       (3,687,000 )      (26,292 )      (19,202 )      (7,090 ) 

Put AUD/Call NZD

   MS & Co. Int. PLC     1.081       01/25/2024       (5,433,000)       (5,433,000 )      (22,521 )      (20,387 )      (2,134 ) 

Put EUR/Call CHF

   MS & Co. Int. PLC     0.947       01/04/2024       (3,345,000)       (3,345,000 )      (73,149 )      (21,889 )      (51,260 ) 

Put EUR/Call SEK

   MS & Co. Int. PLC     11.080       01/29/2024       (3,354,000)       (3,354,000 )      (25,456 )      (31,831 )      6,375  

Put USD/Call MXN

   MS & Co. Int. PLC     17.875       02/05/2024       (2,482,000)       (2,482,000 )      (126,649 )      (89,377 )      (37,272 ) 

Put USD/Call SGD

   MS & Co. Int. PLC     1.340       01/12/2024       (3,603,000)       (3,603,000 )      (59,648 )      (19,373 )      (40,275 ) 

Put EUR/Call CHF

   UBS AG (London)     0.948       01/18/2024       (3,337,000)       (3,337,000 )      (80,788 )      (21,590 )      (59,198 ) 

Put EUR/Call CZK

   UBS AG (London)     24.650       01/25/2024       (3,355,000)       (3,355,000 )      (14,259 )      (21,706 )      7,447  

Put EUR/Call SEK

   UBS AG (London)     11.300       01/04/2024       (3,345,000)       (3,345,000 )      (60,782 )      (29,173 )      (31,609 ) 

Put EUR/Call USD

   UBS AG (London)     1.082       02/21/2024       (18,071,000)       (18,071,000 )      (59,110 )      (615,407 )      556,297  

Put USD/Call SGD

   UBS AG (London)     1.327         01/17/2024       (3,657,000)       (3,657,000 )      (31,801 )      (18,340 )      (13,461 ) 

 

  
          (86,747,000)     $ (86,747,000 )    $ (754,802 )    $ (1,091,235 )    $ 336,433  

 

  

Total written option contracts

 

       (174,682,000)     $ (174,682,000 )    $ (1,179,669 )    $ (1,633,931 )    $ 454,262  

 

  

TOTAL

 

       (60,987,907)     $ (60,987,907 )    $ (6,091 )    $ 190,125     $ (196,216 ) 

 

  

GOLDMAN SACHS STRATEGIC INCOME FUND

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

BRL  

— Brazil Real

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

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

ILS  

— Israeli Shekel

JPY  

— Japanese Yen

KRW  

— South Korean Won

MXN  

— Mexican Peso

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

PLN  

— Polish Zloty

SEK  

— Swedish Krona

SGD  

— Singapore Dollar

TRY  

— Turkish Lira

TWD  

— Taiwan Dollar

USD  

— U.S. Dollar

ZAR  

— South African Rand

Investment Abbreviations:
CLO  

— Collateralized Loan Obligation

CMT  

— Constant Maturity Treasury Indexes

GO  

— General Obligation

LIBOR  

— London Interbank Offered Rate

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

USD  

— U.S. Dollar

 

Abbreviations:
1M BID Avg  

— 1 Month Brazilian Interbank Deposit Average

1M IRS  

— 1 Month Interest Rate Swaptions

2M IRS  

— 2 Months Interest Rate Swaptions

3M IRS  

— 3 Months Interest Rate Swaptions

6M IRS  

— 6 Months Interest Rate Swaptions

AUDOR  

— Australian Dollar Offered Rate

BofA Securities  

— Bank of America Securities LLC

CDOR  

— Canadian Dollar Offered Rate

CHFOR  

— Swiss Franc Offered 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

USD  

— U.S. Dollar

WIBOR  

— Warsaw Interbank Offered Rate

 

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

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 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 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 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.

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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). 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 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. The 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 the 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 Income, Long Short Credit Strategies 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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.

A total return swap is an agreement that gives a Fund the right to receive the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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 believes 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2023:

 

                                                                    
BOND           
Investment Type      Level 1      Level 2      Level 3  
Assets

 

Fixed Income

           

Mortgage-Backed Obligations

      $ —      $ 174,747,513      $ —  

Corporate Obligations

        —        127,855,590        —  

Asset-Backed Securities

        —        39,238,629        —  

U.S. Treasury Obligations

        8,298,698        —        —  

Agency Debentures

        —        5,365,688        —  

Municipal Debt Obligations

        —        3,972,853        —  

Sovereign Debt Obligations

        —        1,882,546        —  

Investment Companies

        1,423,078        —        —  

Short-term Investments

        —        1,000,486        —  
Total      $ 9,721,776      $ 354,063,305      $ —  
Liabilities           

Fixed Income

           

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —      $ (53,976,317 )     $ —  
Derivative Type                          
Assets

 

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ 2,776,395      $ —  

Futures Contracts(a)

        1,858,647        —        —  

Interest Rate Swap Contracts(a)

        —        5,657,913        —  

Credit Default Swap Contracts(a)

        —        32,761        —  

Purchased Option Contracts

        —        283,137        —  
Total      $ 1,858,647      $ 8,750,206      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ (2,871,197 )     $ —  

Futures Contracts(a)

        (423,824 )       —        —  

Interest Rate Swap Contracts(a)

        —        (2,912,683 )       —  

Written Option Contracts

        —        (1,069,400 )       —  
Total      $ (423,824 )     $ (6,853,280 )     $   —  

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
CORE FIXED INCOME           
Investment Type      Level 1      Level 2      Level 3  
Assets

 

Fixed Income

           

Mortgage-Backed Obligations

      $ —      $ 857,867,301      $ —  

Corporate Obligations

        —        600,012,105        —  

U.S. Treasury Obligations

        398,890,300        —        —  

Asset-Backed Securities

        —        169,706,038        —  

Agency Debentures

        —        33,423,949        —  

Sovereign Debt Obligations

        —        18,731,551        —  

Municipal Debt Obligations

        —        16,563,738        —  

Investment Companies

        23,705,129        —        —  

Short-term Investments

        —        15,771,119        —  
Total      $ 422,595,429      $ 1,712,075,801      $ —  
Liabilities           

Fixed Income

           

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —      $ (263,927,658 )     $ —  
Derivative Type                          
Assets

 

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ 451,105      $ —  

Futures Contracts(a)

        7,129,268        —        —  

Interest Rate Swap Contracts(a)

        —        9,834,250        —  

Credit Default Swap Contracts(a)

        —        1,545,520        —  

Purchased Option Contracts

        —        30,747        —  
Total      $ 7,129,268      $ 11,861,622      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ (481,240 )     $ —  

Futures Contracts(a)

        (1,916,209 )       —        —  

Interest Rate Swap Contracts(a)

        —        (4,979,835 )       —  

Written Option Contracts

        —        (1,666,941 )       —  
Total      $ (1,916,209 )     $ (7,128,016 )     $   —  

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
GLOBAL CORE FIXED INCOME           
Investment Type      Level 1      Level 2      Level 3  
Assets

 

Fixed Income

           

Corporate Obligations

      $ —      $ 207,801,595      $ —  

Sovereign Debt Obligations

        150,058,066        36,682,962        —  

Mortgage-Backed Obligations

        —        161,393,575        —  

Asset-Backed Securities

        —        51,186,769        —  

U.S. Treasury Obligations

        1,827,696        —        —  

Agency Debentures

        —        1,350,739        —  

Structured Note

        —        1,074,185        —  

Exchange Traded Funds

        305,206        —        —  

Investment Companies

        3,881,647        —        —  

Short-term Investments

        30,161,025        —        —  
Total      $ 186,233,640      $ 459,489,825      $ —  
Liabilities           

Fixed Income

           

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —      $ (43,104,919 )     $ —  
Derivative Type                          
Assets

 

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ 1,211,512      $ —  

Futures Contracts(a)

        3,820,709        —        —  

Interest Rate Swap Contracts(a)

        —        9,658,106        —  

Credit Default Swap Contracts(a)

        —        173,356        —  

Purchased Option Contracts

        —        23,196        —  
Total      $ 3,820,709      $ 11,066,170      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ (9,129,092 )     $ —  

Futures Contracts(a)

        (213,653 )       —        —  

Interest Rate Swap Contracts(a)

        —        (5,250,022 )       —  

Credit Default Swap Contracts(a)

        —        (39,434 )       —  

Written Option Contracts

        —        (1,225,312 )       —  
Total      $ (213,653 )     $ (15,643,860 )     $   —  

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
INCOME           
Investment Type      Level 1      Level 2      Level 3  
Assets

 

Fixed Income

           

Corporate Obligations

      $ —      $ 73,129,702      $ —  

Mortgage-Backed Obligations

        —        13,040,508        —  

Asset-Backed Securities

        —        4,465,274        —  

Sovereign Debt Obligations

        —        4,307,556        —  

Bank Loans

        —        4,111,201        70,125  

U.S. Treasury Obligations

        2,583,987        —        —  

Common Stock and/or Other Equity Investments(b)

           

Europe

        —        119,894        —  

North America

        235,936        —        —  

Investment Companies

        820,514        —        —  

Short-term Investments

        689,781        —        —  
Total      $ 4,330,218      $ 99,174,135      $ 70,125  
Liabilities           

Fixed Income

           

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —      $ (7,871,482 )     $ —  
Derivative Type                          
Assets

 

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ 61,883      $ —  

Futures Contracts(a)

        163,031        —        —  

Credit Default Swap Contracts(a)

        —        131,799        —  
Total      $ 163,031      $ 193,682      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ (141,538 )     $ —  

Futures Contracts(a)

        (396,507 )       —        —  

Interest Rate Swap Contracts(a)

        —        (21,892 )       —  
Total      $ (396,507 )     $ (163,430 )     $ —  
LONG SHORT CREDIT STRATEGIES           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

           

Other Secured Debt Obligations

      $ —      $ 21,976,103      $ —  

Bank Loans

        —        9,519,728        93,500  

Unsecured Debt Obligations

        —        8,428,115        —  

Common Stock and/or Other Equity Investments(b)

           

North America

        228,356        —        —  

Investment Company

        2,621,210        —        —  
Total      $ 2,849,566      $ 39,923,946      $ 93,500  

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
LONG SHORT CREDIT STRATEGIES (continued)             
Derivative Type      Level 1        Level 2      Level 3  
Liabilities(a)             

Forward Foreign Currency Exchange Contracts

      $ —        $ (4,567 )     $ —  

Interest Rate Swap Contracts

        —          (2,496 )       —  

Credit Default Swap Contracts

        —          (463,369 )       —  
Total      $ —        $ (470,432 )     $   —  
STRATEGIC INCOME             
Investment Type      Level 1        Level 2      Level 3  
Assets             

Fixed Income

             

Mortgage-Backed Obligations

      $ —        $ 316,221,892      $ —  

U.S. Treasury Obligations

        166,813,799          —        —  

Corporate Obligations

        —          154,314,107        —  

Asset-Backed Securities

        —          71,876,923        —  

Bank Loans

        —          11,404,945        —  

Sovereign Debt Obligations

        —          9,576,373        —  

Municipal Debt Obligations

        —          8,396,374        —  

Common Stock and/or Other Equity Investments(b)

             

North America

        646,714          —        —  

Investment Companies

        2,506,747          —        —  

Short-term Investments

        —          7,640,069        —  
Total      $ 169,967,260        $ 579,430,683      $ —  
Liabilities             

Fixed Income

             

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —        $ (213,226,966 )     $ —  
Derivative Type                            
Assets             

Forward Foreign Currency Exchange Contracts(a)

      $ —        $ 8,639,769      $ —  

Futures Contracts(a)

        342,859          —        —  

Interest Rate Swap Contracts(a)

        —          31,524,599        —  

Credit Default Swap Contracts(a)

        —          394,599        —  

Purchased Option Contracts

        —          1,250,805        —  
Total      $ 342,859        $ 41,809,772      $ —  

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
STRATEGIC INCOME (continued)           
Derivative Type      Level 1      Level 2      Level 3  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ (8,973,837 )     $ —  

Futures Contracts(a)

        (3,028,915 )       —        —  

Interest Rate Swap Contracts(a)

        —        (17,049,745 )       —  

Written Option Contracts

        —        (5,386,286 )       —  
Total      $ (3,028,915 )     $ (31,409,868 )     $   —  

 

(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.

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 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 obligation, 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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 — The Funds’ 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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, the 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 the 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 the Fund to the creditworthiness of that lender as well. Investors in loans, such as the 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, the 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 the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 a Fund has unsettled or open transactions defaults.

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

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 Fund 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 its 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 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.